<SEC-DOCUMENT>0001193125-22-064568.txt : 20220304
<SEC-HEADER>0001193125-22-064568.hdr.sgml : 20220304
<ACCEPTANCE-DATETIME>20220303174407
ACCESSION NUMBER:		0001193125-22-064568
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220303
FILED AS OF DATE:		20220304
DATE AS OF CHANGE:		20220303

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10805
		FILM NUMBER:		22710657

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d274980d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>under the Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of March, 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number <FONT STYLE="white-space:nowrap">001-10805</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ROGERS COMMUNICATIONS INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>333 Bloor
Street East </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10th Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Toronto, Ontario M4W 1G9 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="white-space:nowrap">Form&nbsp;40-F&nbsp;&nbsp;&#9745;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp;&#9745; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp;&#9745; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Signatures </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>ROGERS COMMUNICATIONS INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <B><I>&#147;Glenn Brandt&#148;</I></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Glenn Brandt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;3, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Exhibit&nbsp;Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Description of Document</P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED DECEMBER&nbsp;31, 2021</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d274980dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_1"></A>Management&#146;s Discussion and Analysis </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This Management&#146;s Discussion and Analysis (MD&amp;A) contains important information about our
business and our performance for the year ended December&nbsp;31, 2021. This MD&amp;A should be read in conjunction with our 2021 Audited Consolidated Financial Statements, which have been prepared in accordance with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">All dollar amounts are in Canadian dollars unless
otherwise stated. All percentage changes are calculated using the rounded numbers as they appear in the tables. This MD&amp;A is current as at March&nbsp;3, 2022 and was approved by RCI&#146;s Board of Directors (the Board). This MD&amp;A includes
forward-looking statements and assumptions. See &#147;About Forward-Looking Information&#148; for more information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><I>We, us, our, Rogers, Rogers
Communications,</I> and <I>the Company</I> refer to Rogers Communications Inc. and its subsidiaries. <I>RCI</I> refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments
and ventures. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Effective January&nbsp;1, 2022, we will be changing the way in which we report certain subscriber metrics in both our Wireless and Cable segments.
Commencing in the first quarter of 2022, we will begin presenting postpaid mobile phone subscribers, prepaid mobile phone subscribers, and mobile phone ARPU in our Wireless segment. We will also no longer report blended average billings per unit
(ABPU). In Cable, we will begin presenting retail Internet subscribers among other product metrics. These changes are a result of shifts in the ways in which we manage our business, including the significant adoption of our wireless device financing
program, and to better align with industry practices. See &#147;Key Performance Indicators&#148; for more information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In this MD&amp;A, <I>first
quarter</I> refers to the three months ended March&nbsp;31, 2021, <I>second quarter</I> refers to the three months ended June&nbsp;30, 2021, <I>third quarter</I> refers to the three months ended September&nbsp;30, 2021, <I>fourth quarter</I> refers
to the three months ended December&nbsp;31, 2021<I>, this year</I> refers to the twelve months ended December&nbsp;31, 2021, and <I>last year </I>refers to the twelve months ended December&nbsp;31, 2020. All results commentary is compared to the
equivalent periods in 2020 or as at December&nbsp;31, 2020, as applicable, unless otherwise indicated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>Rogers and related marks are trademarks of Rogers Communications Inc. or an affiliate, used under licence. All other brand names, logos, and marks are trademarks and/or copyright of their
respective owners. <SUP STYLE="font-size:85%; vertical-align:top">&copy;</SUP>2022 Rogers Communications </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B>ABOUT FORWARD-LOOKING
INFORMATION </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This MD&amp;A includes &#147;forward-looking information&#148; and &#147;forward-looking statements&#148; within the meaning
of applicable securities laws (collectively, &#147;forward-looking information&#148;), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this
MD&amp;A. This forward-looking information and these assumptions include, but are not limited to, statements about our
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Forward-looking information: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">typically includes words like <I>could, expect, may, anticipate, assume, believe, likely, intend, estimate, plan,
project, predict, potential, guidance, outlook, target, </I>and similar expressions, although not all forward-looking information includes them; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on
estimates, expectations, assumptions, and other factors, that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">was approved by our management on the date of this MD&amp;A. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our forward-looking information includes conclusions, forecasts, and projections related to the following items, among others: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">revenue; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">total service revenue; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">adjusted EBITDA; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">capital expenditures; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">cash income tax payments; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">free cash flow; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">dividend payments; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the growth of new products and services; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">expected growth in subscribers and the services to which they subscribe; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of acquiring and retaining subscribers and deployment of new services; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">continued cost reductions and efficiency improvements; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our debt leverage ratio; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">statements relating to plans we have implemented in response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> and its impact on us; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the expected timing and completion of the proposed acquisition of Shaw Communications Inc. (Shaw) (Transaction);
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the benefits expected to result from the Transaction, including corporate, operational, scale, and other synergies, and
their anticipated timing; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all other statements that are not historical facts. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Specific forward-looking information included in this MD&amp;A includes, but is not limited to, information and statements under &#147;Financial and
Operating Guidance&#148; relating to our 2022 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, and free cash flow. All other statements that are not historical facts are forward-looking information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We base our conclusions, forecasts, and projections (including the aforementioned guidance) on a number of estimates, expectations, assumptions, and
other factors, including, among others: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">general economic and industry growth rates; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">currency exchange rates and interest rates; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">product pricing levels and competitive intensity; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">subscriber growth; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">pricing, usage, and churn rates; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">changes in government regulation;
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">technology and network deployment; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">availability of devices; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">timing of new product launches; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">content and equipment costs; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the integration of acquisitions; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">industry structure and stability; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on our operations, liquidity, financial condition, or
results. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Except as otherwise indicated, this MD&amp;A and our forward-looking information do not reflect the potential impact of
any <FONT STYLE="white-space:nowrap">non-recurring</FONT> or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur
after the date on which the statement containing the forward-looking information is made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RISKS AND UNCERTAINTIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Actual events and results can be substantially different from what is expressed or implied by forward-looking information as a result of risks,
uncertainties, and other factors, many of which are beyond our control, including, but not limited to: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">regulatory changes; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">technological changes; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">economic, geopolitical, and other conditions affecting commercial activity; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">unanticipated changes in content or equipment costs; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">changing conditions in the entertainment, information, and/or communications industries; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">sports-related work stoppages or cancellations and labour disputes; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the integration of acquisitions; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">litigation and tax matters; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the level of competitive intensity; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the emergence of new opportunities; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of
climate change, or cyberattacks, among others; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">risks related to the Transaction, including the timing, receipt, and conditions related to the applicable approvals and
expiry of certain waiting periods under the <I>Broadcasting Act (Canada)</I>, the <I>Competition Act (Canada)</I>, and the <I>Radiocommunication Act (Canada</I>) (collectively, Key Regulatory Approvals); satisfaction of the various conditions to
close the Transaction; financing the Transaction; and the anticipated benefits and successful integration of the businesses and operations of Rogers and Shaw; and the other risks outlined in &#147;Risks and Uncertainties Affecting our Business
&#150; Shaw Transaction&#148; in this MD&amp;A; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">new interpretations and new accounting standards from accounting standards bodies.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These risks, uncertainties, and other factors can also affect our objectives, strategies, and intentions.
Many of these risks, uncertainties, and other factors are beyond our control or our current expectations or knowledge. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, or intentions change,
or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be
unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking
information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this MD&amp;A is qualified by the cautionary
statements herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BEFORE MAKING AN INVESTMENT DECISION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its
operations, and its financial performance and condition, fully review the sections in this MD&amp;A entitled &#147;Regulation in our Industry&#148; and &#147;Environmental, Social, and Governance (ESG)&#148;, as well as our various other filings
with Canadian and US securities regulators, which can be found at sedar.com and sec.gov, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FOR MORE INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">You can find more information about us, including our Annual Information Form, on our website (investors.rogers.com), on SEDAR (sedar.com), and on EDGAR
(sec.gov), or you can <FONT STYLE="white-space:nowrap">e-mail</FONT> us at investor.relations@rci.rogers.com. Information on or connected to these and any other websites referenced in this document does not constitute part of this MD&amp;A. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">You can also find information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry
terms, and additional information about our business at investors.rogers.com. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_2"></A>Executive Summary </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_3"></A>ABOUT ROGERS </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers is a leading Canadian technology and media company that provides world-class communications
services and entertainment to consumers and businesses on our award-winning networks. Our founder, Ted Rogers, purchased his first radio station, CHFI, in 1960. Today we are dedicated to providing industry-leading wireless, cable, sports, and media
to millions of customers across Canada. Our shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Almost all of our operations and sales are in Canada. We have a highly skilled and diversified workforce
of approximately 23,000 employees. Our head office is in Toronto, Ontario and we have numerous offices across Canada. We report our results of operations in three reportable segments. See &#147;Understanding Our Business&#148; for more information.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_4"></A>2021 HIGHLIGHTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>KEY FINANCIAL INFORMATION </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years ended
December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except margins and per share
amounts)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">% Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial"><B>Consolidated</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>14,655</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">13,916</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total service revenue
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>12,533</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">11,955</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA margin<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">
2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>40.2%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">42.1%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1.9&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted net income<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">
2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,803</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,725</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted basic earnings per share <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.57</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Capital expenditures
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,788</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,312</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>4,161</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4,321</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Free cash flow
<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,671</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 2,366<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> (29<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial"><B>Wireless</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,666</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>8,768</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">8,530</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>4,214</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4,067</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA service margin <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>63.2%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">61.8%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.4 pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA margin <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">5</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>48.1%</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">47.7%</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">0.4 pts</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial"><B>Cable</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>4,072</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3,946</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,013</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,935</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA margin</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>49.4%</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">49.0%</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">0.4 pts</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial"><B>Media</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,975</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,606</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">23</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(127</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">51</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">n/m</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA margin</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(6.4)%</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.2%</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(9.6&nbsp;pts</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="justify">n/m &#150; not meaningful </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">As defined. See &#147;Key Performance Indicators&#148;. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Adjusted EBITDA is a total of segments measure. Adjusted EBITDA margin is a supplementary financial measure. Adjusted
basic earnings per share is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratio. Adjusted net income is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure and is a component of adjusted basic earnings per share. Free cash flow
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 <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other
Financial Measures&#148; for more information about these measures. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures
for spectrum licences or additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Calculated using Wireless service revenue. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Calculated using Wireless total revenue. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>KEY PERFORMANCE INDICATORS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">As&nbsp;at&nbsp;or&nbsp;years&nbsp;ended&nbsp;December&nbsp;31</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Chg</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial"><B>Subscriber results (in thousands) <SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Wireless postpaid net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>448</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">245</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">203</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Wireless prepaid net losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(94</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(142</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">48</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Wireless subscribers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>11,297</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">10,943</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">354</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Internet net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>49</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">57</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(8</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Internet subscribers
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,665</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,598</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">67</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Ignite TV net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>244</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">218</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">26</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total Ignite TV subscribers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>788</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">544</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">244</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Customer relationships net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>31</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">12</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Total customer relationships <SUP
STYLE="font-size:85%; vertical-align:top">2</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,581</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 2,530<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 51<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial"><B>Additional Wireless metrics
<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Postpaid churn (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>0.95%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.00%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(0.05 pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Blended ARPU (monthly)
<SUP STYLE="font-size:85%; vertical-align:top">1,3</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>50.26</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> $<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 50.75<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> ($<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 0.49<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial"><B>Additional Cable metrics
<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">ARPA (monthly)
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>132.58</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">130.70</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.88</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Penetration</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>54.9%</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">55.3%</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(0.4 pts</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial"><B>Ratios</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Capital intensity
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>19.0%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">16.6%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2.4 pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Dividend payout ratio of net income <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>64.8%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">63.4%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.4 pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Dividend payout ratio of free cash flow <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>60.4%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">42.7%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">17.7&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Return on assets
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.7%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4.1%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(0.4 pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Debt leverage ratio <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">4</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.4</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.0</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">0.4</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial"><B>Employee-related information</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total active employees</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>23,000</B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">24,000</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1,000</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">As defined. See &#147;Key Performance Indicators&#148;. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">On September&nbsp;1, 2021, we acquired approximately 18,000 Internet subscribers and 20,000 customer relationships as
a result of our acquisition of Seaside Communications, which are not included in net additions, but do appear in the ending total balance for December&nbsp;31, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Blended ARPU, ARPA, capital intensity, dividend payout ratio of net income, dividend payout ratio of free cash flow,
and return on assets are supplementary financial measures. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for an explanation as to the composition of these measures. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Debt leverage ratio is a capital management measure. As a result of our issuance of subordinated notes in December
2021 (see &#147;Managing our Liquidity and Financial Resources&#148;), we have amended our definition of this measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; and &#147;Financial Condition&#148;
for more information about this measure. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_5"></A>FINANCIAL HIGHLIGHTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our stable financial position throughout this year enabled us to prioritize the actions we needed to take as a result of
<FONT STYLE="white-space:nowrap">COVID-19,</FONT> continue to make high priority investments in our network, and ensure customers stayed connected during this critical time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Revenue increased by 5% this year, driven by a 1%
increase in Wireless service revenue, a 3% increase in Cable revenue, and a 23% increase in Media revenue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue increased by 1%
this year, largely as a result of a larger postpaid subscriber base and higher roaming revenue, as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> global travel restrictions were generally less strict
than in 2020, partially offset by lower overage revenue. Wireless equipment revenue increased by 8% as a result of higher device upgrades by existing customers and a shift in the product mix towards higher-value devices, partially offset by fewer of
our new subscribers purchasing devices. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable revenue increased by 3% this year as a result of the movement of Internet customers to higher speed
and usage tiers, the increases in our Internet and Ignite TV subscriber bases, and disciplined promotional activity and Internet service pricing changes in late 2020, partially offset by declines in our legacy television and home phone subscriber
bases. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased by 23% this year, primarily as a result of the postponement of the start of the 2020-2021 NHL and NBA seasons,
shifting revenue to 2021, and higher <I>Toronto Blue Jays</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> attendance-related revenue as <FONT STYLE="white-space:nowrap">COVID-19</FONT> restrictions eased and fan attendance was
permitted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Adjusted EBITDA increased 1%
this year, primarily due to 4% increases in Wireless and Cable adjusted EBITDA, partially offset by the decrease in Media adjusted EBITDA, with a consolidated adjusted EBITDA margin of 40%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased 4% this year, as a result of the flow-through impact of the aforementioned increases in revenue and lower bad debt
expense. Although a decrease from 2020, the ongoing long-term shift to customers financing their device purchases is reflected in the general improvement in our equipment margin. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA increased 4% this year, primarily as a result of higher revenue, as discussed above.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA decreased by $178&nbsp;million this year, primarily due to higher programming and
production costs as a result of the postponement of the start of the 2020-2021 NHL and NBA seasons, higher general operating costs as a result of the resumption of sports and increased activities as <FONT STYLE="white-space:nowrap">COVID-19</FONT>
restrictions eased, and higher Toronto Blue Jays player payroll and game day costs, partially offset by higher revenue as discussed above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>NET INCOME AND
ADJUSTED NET INCOME </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Adjusted net income increased 5% this year, primarily as a result of the increase in adjusted EBITDA and lower finance
costs. Net income decreased 2%, and was also affected by higher restructuring, acquisition and other costs attributable to the Transaction. See &#147;Review of Consolidated Performance&#148; for more information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CASH FLOW AND AVAILABLE LIQUIDITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We returned substantial
cash to shareholders this year through the payment of $1.01&nbsp;billion in dividends. In addition, we declared a $0.50 per share dividend on January&nbsp;26, 2022. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our cash provided by operating activities decreased by 4% this year, primarily affected by higher income taxes paid and higher restructuring,
acquisition and other costs paid associated with the Transaction. Although free cash flow decreased 29% this year, we continued to generate substantial free cash flow of $1,671&nbsp;million. The decrease was primarily as a result of higher capital
expenditures to support increased network investments and higher cash income taxes due to our transition to a device financing business model. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our
debt leverage ratio was 3.4 as at December&nbsp;31, 2021, up from 3.0 as at December&nbsp;31, 2020, driven by higher adjusted net debt, primarily due to an increase in our short-term borrowings from our
<FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities used to pay for 3500 MHz spectrum licences and the issuance of $2&nbsp;billion of subordinated notes in December 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our overall weighted average cost of borrowings was 3.95% as at December&nbsp;31, 2021 (2020&nbsp;&#150;&nbsp;4.09%) and our overall weighted average
term to maturity on our debt was 11.6 years as at December&nbsp;31, 2021 (2020&nbsp;&#150;&nbsp;12.8 years). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We ended the year with approximately
$4.2&nbsp;billion of available liquidity<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> (2020&nbsp;&#150;&nbsp;$5.7 billion), including $3.1&nbsp;billion (2020&nbsp;&#150;&nbsp;$2.6 billion) available under our bank and letter of credit
facilities, $0.4&nbsp;billion (2020&nbsp;&#150;&nbsp;$0.6 billion) available under our $1.2&nbsp;billion receivables securitization program, and $0.7&nbsp;billion (2020&nbsp;&#150;&nbsp;$2.5 billion) in cash and cash equivalents. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Available liquidity is a capital management measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and
Other Financial Measures&#148; for more information about this measure. </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_6"></A>Shaw Transaction </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On March&nbsp;15, 2021, we announced an agreement with Shaw to acquire all of Shaw&#146;s issued and
outstanding Class&nbsp;A Participating Shares and Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> 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)&nbsp;0.417206775 Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares of
Rogers per Shaw Share held by the Shaw Family Shareholders. The Transaction is valued at approximately $26&nbsp;billion, including the assumption of approximately $6&nbsp;billion of Shaw debt. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Transaction will be implemented through a court-approved plan of arrangement under the <I>Business Corporations Act (Alberta)</I>. On May&nbsp;20,
2021, Shaw shareholders voted to approve the Transaction at a special shareholders meeting. The Court of Queen&#146;s Bench of Alberta issued a final order approving the Transaction on May&nbsp;25, 2021. The Transaction is subject to other customary
closing conditions, including receipt of Key Regulatory Approvals. Subject to receipt of all required approvals and satisfaction of other conditions prior to closing, the Transaction is expected to close in the first half of 2022. Rogers has
extended the outside date for closing the Transaction from March&nbsp;15, 2022 to June&nbsp;13, 2022 in accordance with the terms of the arrangement agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The combined entity will build on the strong legacy of two family-founded Canadian companies. It will have the scale, assets, and capabilities needed to
deliver unprecedented wireline and wireless broadband and network investments, innovation, and growth in new telecommunications services, and greater choice for Canadian consumers and businesses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The combination will also accelerate the delivery of critical 5G service across Western Canada, from rural areas to dense cities, more quickly than
either company could achieve on its own, by bringing together the expertise and assets of both companies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In connection with the 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&nbsp;billion. During the year, we entered into a $6&nbsp;billion <FONT STYLE="white-space:nowrap">non-revolving</FONT>
credit facility (Shaw term loan facility), which served to reduce the amount available under the committed credit facility to $13&nbsp;billion. See &#147;Managing our
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
Liquidity and Financial Resources&#148; for more information on the committed credit facility and the Shaw term loan facility. We also expect that RCI will either assume Shaw&#146;s senior notes
or provide a guarantee of Shaw&#146;s payment obligations under those senior notes upon closing the Transaction and, in either case, Rogers Communications Canada Inc. (RCCI) will guarantee Shaw&#146;s payment obligations under those senior notes.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In connection with our application for Canadian Radio-Television and Telecommunications Commission (CRTC) approval to acquire Shaw&#146;s licensed
broadcasting assets, the CRTC held an oral hearing from November&nbsp;22 to 26, 2021, during which Rogers, Shaw, and 31 intervenors (including Canada Public Affairs Channel Inc. (CPAC) as an interested party) had an opportunity to comment on and
respond to questions from the CRTC regarding the application. Final written submissions from intervenors were accepted until December&nbsp;13, 2021, and Rogers and CPAC submitted final replies on December&nbsp;20, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In accordance with the terms of the arrangement agreement, Rogers and Shaw filed <FONT STYLE="white-space:nowrap">pre-merger</FONT> notifications
pursuant to Part IX of the Competition Act to trigger the Competition Bureau&#146;s review of the Transaction. Rogers and Shaw have worked cooperatively and constructively to respond to further requests for information, as required under the
arrangement agreement. On September&nbsp;28, 2021, the Competition Bureau issued a public request for information to help further gather and assess facts about the Transaction. The Competition Bureau invited interested parties to share their
information or experiences confidentially by October&nbsp;29, 2021. The Federal Court also issued orders requiring Xplornet Communications Inc., BCE Inc., TELUS Corporation, and Quebecor Inc. to produce records and written information related to
mobile wireless services that are relevant to the Competition Bureau&#146;s review of the Transaction, which is ongoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In accordance with the
conditions of Shaw&#146;s spectrum licences, Rogers and Shaw filed joint applications with Innovation, Science and Economic Development Canada (ISED Canada) for approval of the indirect transfer of those spectrum licences by the Minister of
Innovation, Science and Industry. ISED Canada&#146;s review is ongoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Transaction is subject to a number of additional risks. For more
information, see &#147;Risks and Uncertainties Affecting our Business &#150; Shaw Transaction&#148;. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_7"></A>Understanding Our Business </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers is a leading Canadian technology and media company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>THREE REPORTABLE SEGMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We report our results of
operations in three reportable segments. Each segment and the nature of its business are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>&nbsp;&nbsp;&nbsp;&nbsp;Segment</B></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>Principal activities</B></TD></TR>


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<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;Wireless</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.35em; font-size:8.5pt; font-family:arial">Wireless telecommunications operations for Canadian consumers
and businesses.</P></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;Cable</P></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">Cable telecommunications operations, including Internet, television, telephony (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.</TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;Media</P></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.35em; font-size:8.5pt; font-family:arial">A diversified portfolio of media properties, including sports media and entertainment,
television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See &#147;Capability to Deliver Results&#148; for more information about our extensive wireless and cable networks and
significant wireless spectrum position. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless and Cable are operated by our wholly owned subsidiary, RCCI, and certain of our other wholly owned
subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_8"></A>PRODUCTS AND SERVICES </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 1,500 communities and 70% of the Canadian population as at
December&nbsp;31, 2021. Our postpaid and prepaid wireless services are offered under the Rogers<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, Fido<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, and chatr<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> brands, and provide consumers and businesses with the latest wireless devices, services, and applications including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">mobile high-speed Internet access, including our <I>Rogers
Infinite</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> unlimited data plans; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">wireless voice and enhanced voice features; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Rogers Pro <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">On-the-Go</FONT></FONT></I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a personalized service experience for device delivery and setup to a customer&#146;s location of choice within the service area; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Express Pickup, a convenient service for purchasing devices online or through a customer care agent, with the ability
to pick up <FONT STYLE="white-space:nowrap">in-store</FONT> as soon as the same day; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">direct device shipping to the customer&#146;s location of choice; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">device and accessory financing; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">device protection; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap">in-store</FONT> expert device repair service; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">global voice and data roaming, including <I>Roam Like
Home</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP><I> </I>and <I>Fido Roam</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>;
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">wireless home phone; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">advanced wireless solutions for businesses, including wireless private network services; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">bridging landline phones with wireless phones; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">machine-to-machine</FONT></FONT> solutions and
Internet of Things (IoT) solutions. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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, digital television and 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&#146;s critical business applications. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2020, in response to
<FONT STYLE="white-space:nowrap">COVID-19,</FONT> we launched customer self-installation capabilities within Cable as a safe, easy, <FONT STYLE="white-space:nowrap">no-contact</FONT> way for our customers to install our <I>Ignite Internet</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> and <I>Ignite TV</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> services. Since launching in late March 2020, over 86% of our Cable installations have been through the
self-install program. We also launched Blitzz<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a remote visual assistance tool that enables customers to access support virtually and reduces the need to deploy field technicians for
installation and service calls. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2021, we launched Ignite Internet Gigabit 1.5 in select areas, giving customers access to even faster Internet
service. We also expanded the <I>Ignite WiFi</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Hub app with enhanced Active Time Details and Advanced Security to give customers greater control over their home WiFi. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Internet services include: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Internet access through broadband and fixed wireless access (including basic and unlimited usage packages), security
solutions, and <FONT STYLE="white-space:nowrap">e-mail;</FONT> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">access speeds of up to one gigabit per second (Gbps), covering our entire Cable footprint, with some areas able to
receive access speeds of up to 1.5 Gbps; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Rogers Ignite</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> and Fido Internet unlimited packages,
combining fast and reliable speeds with the freedom of unlimited usage and options for self-installation; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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 </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Rogers</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <I>Smart Home Monitoring</I>, offering
services such as monitoring, security, automation, energy efficiency, and smart control through a smartphone app. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Television
services include: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">local and network TV, made available through traditional digital or <FONT STYLE="white-space:nowrap">IP-based</FONT>
Ignite TV, including starter and premium channel packages along with &agrave; la carte channels; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap">on-demand</FONT> television; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">cloud-based digital video recorders (DVRs) available with Ignite TV services; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">voice-activated remote controls, restart features, and integrated apps such as YouTube, Netflix, <I>Sportsnet NOW</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, Amazon Prime Video, and Disney+ on Ignite TV; </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">personal video recorders (PVRs), including Whole Home PVR and 4K PVR capabilities; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an Ignite TV app, giving customers the ability to experience Ignite TV (including setting recordings) on their
smartphone, tablet, laptop, or computer; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Ignite</I><SUP STYLE="font-size:85%; vertical-align:top">TM</SUP> <I>SmartStream</I><SUP
STYLE="font-size:85%; vertical-align:top">TM </SUP>, an entertainment <FONT STYLE="white-space:nowrap">add-on</FONT> for Ignite Internet customers, giving them access to their favourite streaming services in one place; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Download and Go, the ability to download recorded programs onto your smartphone or tablet to watch at a later time
using the Ignite TV app; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">linear and time-shifted programming; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">digital specialty channels; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">4K television programming, including regular season Toronto Blue Jays home games and select marquee National Hockey
League (NHL) and National Basketball Association (NBA) games. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Phone services include: </P>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">residential and small business local telephony service; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">calling features such as voicemail, call waiting, and long distance. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Enterprise services include: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">voice, data networking, 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; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">simplified information technology (IT) and network technology offerings with security-embedded, cloud-based,
professionally managed solutions; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">extensive cable access network services for primary, bridging, and <FONT STYLE="white-space:nowrap">back-up</FONT>
(including through our wireless network, if applicable) connectivity; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">specialized telecommunications technical consulting for Internet service providers (ISPs). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MEDIA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our portfolio of Media assets, with a focus on sports
and regional TV and radio programming, reaches Canadians from coast to coast. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Sports Media and Entertainment, we own the Toronto Blue Jays,
Canada&#146;s only Major League Baseball (MLB) team, and the <I>Rogers Centre</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> event venue, which hosts the Toronto Blue Jays&#146; home games, concerts, trade shows, and special events.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our agreement with the NHL (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, personal computers, and streaming devices, both through traditional streaming services as well as through <I>NHL LIVE</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>. It
also grants Rogers national rights on those platforms to the Stanley Cup Playoffs and Stanley Cup Final, all <FONT STYLE="white-space:nowrap">NHL-related</FONT> special events and <FONT STYLE="white-space:nowrap">non-game</FONT> events (such as the
NHL <FONT STYLE="white-space:nowrap">All-Star</FONT> Game and the NHL Draft), and rights to sublicense broadcasting rights.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Television, we operate several conventional and specialty television networks, including: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Sportsnet&#146;s four regional stations along with <I>Sportsnet
ONE</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, <I>Sportsnet 360</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, and <I>Sportsnet World</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Citytv<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> network, which, together with affiliated stations,
has broadcast distribution to approximately 76% of Canadian individuals; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">OMNI<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> multicultural broadcast television stations, including
OMNI Regional, which provide multilingual newscasts nationally to all digital basic television subscribers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">specialty channels that include FX<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> (Canada), FXX<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> (Canada), and OLN<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> (formerly Outdoor Life Network); and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Today&#146;s Shopping Choice</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, Canada&#146;s only
nationally televised shopping channel, which generates a significant and growing portion of its revenue from online sales. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In
Radio, we operate 54 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>,<I> 680
NEWS</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I><I>, Sportsnet The FAN</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I><I>, KiSS</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I><I>,
JACK FM</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I><I>,</I> and <I>SONiC</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also offer a range of digital services and products, including: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our digital sports-related assets, including NHL LIVE and <I>SN
NOW</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I>; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other digital assets, including <I>Citytv NOW</I><I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I>;
and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a range of other websites, apps, podcasts, and digital products associated with our various brands and businesses.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OTHER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We offer several credit cards,
including the <I>Rogers</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <I>World Elite Mastercard</I>, <I>Rogers</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <I>Platinum Mastercard</I>, and the <I>Fido</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <I>Mastercard</I>, which allow customers to earn cashback rewards points on credit card spending. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OTHER
INVESTMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We hold interests in a number of associates and joint arrangements, some of which include: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our 37.5% ownership interest in Maple Leaf Sports&nbsp;&amp; 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 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also hold a number of interests in marketable
securities of publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_9"></A>COMPETITION
</B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The telecommunications industry is a highly competitive industry served by many national, regional, and reseller players giving
consumers a broad choice in service providers and plan offerings. The industry is very capital intensive and requires meaningful, continual investments to implement next-generation technology and to support existing infrastructure. Given the highly
regulated nature of the industry, the already competitive dynamic could be further influenced by regulatory change (see &#147;Regulation in our Industry&#148; for more information).
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Traditional wireline telephony and television services are now offered over the Internet. Consumers
continue to change how they choose to communicate or watch video, including with a growing selection of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-top</FONT></FONT> (OTT) services, and this is changing the mix of
packages and pricing that service providers offer and could affect churn levels. </P> <P STYLE="margin-top:5pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In the media industry, consumer viewing habits continue to shift
towards digital and online media consumption and advertisers are directing more advertising dollars to those media channels. In addition, we now compete with a range of digital and online media companies, including large global companies. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We compete on customer experience, price, quality
of service, scope of services, network coverage, sophistication of wireless technology, breadth of distribution, selection of devices, branding, and positioning. </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless technology &#150; our extensive long-term evolution (LTE) network caters to customers seeking the increased
capacity and speed it provides. We are also expanding our 5G network to further these capabilities. We compete with BCE Inc. (Bell) and TELUS Corporation (Telus) at a national level, and with Vid&eacute;otron lt&eacute;e (Videotron), Saskatchewan
Telecommunications (SaskTel), and Xplornet Communications Inc. (Xplornet) at a regional level, all of whom operate 5G networks, and with Shaw at a national level and Eastlink Inc. (Eastlink) at a regional level, each of whom operate LTE networks. We
also compete with these providers on high-speed packet access (HSPA) and global system for mobile communications (GSM) networks and with providers that use alternative wireless technologies, such as WiFi &#147;hotspots&#148; and mobile virtual
network operators (MVNO), such as Primus. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Product, branding, and pricing &#150; we compete nationally with Bell, Telus, and Shaw, including their flanker brands
Virgin Plus (Bell), Lucky Mobile (Bell), Koodo (Telus), Public Mobile (Telus), and Freedom Mobile (Shaw). We also compete with various regional players and resellers. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Distribution of services and devices &#150; we have one of the largest distribution networks in the country, and
compete with other service providers for dealers, prime locations for our own stores, and third-party retail distribution shelf space. We also compete with other service providers on the quality and ease of use of our self-serve options and other
digital capabilities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless networks &#150; consolidation amongst regional players, or with incumbent carriers, could alter the regional
or national competitive landscapes for Wireless. Additionally, certain service providers that currently do not offer wireless products or services have purchased spectrum licences and could enter the market in the future. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Spectrum &#150; we currently have the largest spectrum position in the country, including the spectrum licences we
obtained through the 3500 MHz auction held in 2021. On August&nbsp;27, 2020, ISED Canada launched a consultation, proposing changes to the spectrum utilization of the 3800 MHz band, making 250 MHz of the spectrum available for 5G. On May&nbsp;21,
2021, ISED Canada announced the decision to repurpose the 3800 MHz spectrum band to support 5G services. The 3800 MHz spectrum licence auction is expected to take place in early 2023. The 3800 MHz spectrum licences, along with other frequency bands,
are essential to the deployment of 5G networks. The outcome of this auction may increase competition. See &#147;Regulation in our Industry&#148; for more information.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Internet </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We compete with other ISPs that offer fixed-connection residential high-speed Internet access services. Rogers and Fido high-speed Internet services
compete directly with, among others: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Bell&#146;s Internet services in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland, including
Virgin Plus; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">various resellers using wholesale telecommunication company digital subscriber line (DSL) and cable third-party
Internet access (TPIA) services in local markets. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A number of different players in the Canadian market also compete for
enterprise network and communications services. There are relatively few national providers, but each market has its own competitors that usually focus on the geographic areas in which they have the most extensive networks. In the enterprise market,
we compete with facilities- and <FONT STYLE="white-space:nowrap">non-facilities-based</FONT> telecommunications service providers. In markets where we own network infrastructure, we compete with incumbent fibre-based providers. Our main competitors
are as follows: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Ontario &#150; Bell, Cogeco Data Services, and Digital Colony; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Quebec &#150; Bell, Telus, and Videotron; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Atlantic Canada &#150; Bell and Eastlink; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Western Canada &#150; Shaw and Telus. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Television </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We compete with: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other Canadian multi-channel broadcast distribution undertakings (BDUs), including Bell, Shaw, and other satellite and
IPTV providers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">OTT video offerings through providers like Netflix, YouTube, Apple, Amazon Prime Video, Crave, Google, Disney+, and
other channels streaming their own content; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-air</FONT></FONT> local and regional
broadcast television signals received directly through antennas, the illegal distribution of Canadian and international channels via video streaming boxes, and the illegal reception of US direct broadcast satellite services. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Phone </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">While Phone represents a small portion of our
business, we compete with other telephony service providers, including: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Bell&#146;s wireline phone service in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">incumbent local exchange carrier (ILEC) local loop resellers and voice over IP (VoIP) service providers (such as Primus
Telecommunications Canada Inc. and Comwave Networks Inc.), other VoIP-only service providers (such as Vonage and Skype), and other voice applications that use the Internet access services of ISPs (such as Facebook and WhatsApp); and
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">substitution of wireline for wireless products, including mobile phones and wireless home phone products.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MEDIA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Competition in Sports Media and
Entertainment includes other: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">televised and online sports broadcasters; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Toronto professional teams, for attendance at Toronto Blue Jays games; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">MLB teams, for Toronto Blue Jays players and fans; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">local sporting and special event venues; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">professional sports teams, for merchandise sales revenue; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">new digital sports media companies.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Television and Radio, both of which are focused on local and regional content, compete for audiences and
advertisers with: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other Canadian television and radio stations, including those owned and operated by the CBC, Bell Media, and Corus
Entertainment; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">OTT video offerings through providers like Netflix, YouTube, Apple, Amazon Prime Video, Crave, Google, Disney+, and
other channels streaming their own content; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">OTT radio offerings, such as iHeartRadio, Apple Music, Spotify, Pandora, and Radioplayer Canada; </P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other media, including newspapers, magazines, and outdoor advertising; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other technologies available on the Internet or through the cloud, such as social media platforms, online web
information services, digital assistants, music downloading, and portable media players. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Today&#146;s Shopping Choice&#146;s
model of live, hosted-video sales content and its robust online shopping experience competes with: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">pure play <FONT STYLE="white-space:nowrap">e-commerce</FONT> retailers servicing Canada; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">select branded retailers in Canada and their related <FONT STYLE="white-space:nowrap">e-commerce</FONT> websites;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other available television-shopping channels and infomercials that sell products on television; and
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> livestream video
shopping events, social commerce, and shoppable video technologies that are rapidly emerging online. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our digital media products
compete for readership and advertisers with: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">online information and entertainment websites and apps, including digital news services, streaming services, and
content available via social networking services; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">magazines, both digital and printed; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other traditional media, such as TV and radio. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_10"></A>INDUSTRY TRENDS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The telecommunications industry in Canada is very capital intensive and highly regulated. Our reportable segments are affected by various overarching
trends relating to changing technologies, consumer demands, economic conditions, and regulatory developments, all of which could limit essential future investments in the Canadian marketplace. See &#147;Risks and Uncertainties Affecting our
Business&#148; and &#147;Regulation in our Industry&#148; for more information. Below is a summary of the industry trends affecting our specific reportable segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS TRENDS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The ongoing extensive investment made by
Canadian wireless providers has created <FONT STYLE="white-space:nowrap">far-reaching</FONT> and sophisticated wireless networks that have enabled consumers and businesses to utilize fast multimedia capabilities through wireless data services.
Consumer demand for mobile devices, digital media, and <FONT STYLE="white-space:nowrap">on-demand</FONT> content is pushing providers to build networks that can support the expanded use of applications, mobile video, messaging, and other wireless
data. Mobile commerce continues to increase as more devices and platforms adopt secure technology to facilitate wireless transactions.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless providers continue to invest in the next generation of technologies, like 5G, to meet increasing
data demands. New products and applications on the wireless network will continue to rely on ultra-reliable, low latency transport networks, capable of supporting both wireless and wireline traffic. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In January 2020, we were the first Canadian carrier to launch a 5G network and, in December 2020, the first Canadian carrier to begin rolling out a 5G
standalone core network. Our 5G network is the largest 5G network in Canada, reaching more than 1,500 communities and 70% of the Canadian population as at December&nbsp;31, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To help make the cost of new wireless devices more affordable for consumers, Rogers and other Canadian wireless carriers offer wireless device financing
programs, whereby consumers can finance up to the full cost of the device over a <FONT STYLE="white-space:nowrap">24-month</FONT> term at 0% interest. We believe being able to finance devices over 24 months helps reduce subscriber churn. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to the wireless device financing plans now available, subscribers are increasingly bringing their own devices or keeping their existing
devices longer and therefore may not enter into term contracts for wireless services. This may negatively impact subscriber churn, but may also create gross addition subscriber opportunities as a result of increased churn from other carriers. This
trend may also negatively impact the monthly service fees charged to subscribers as they shop for plans that best meet their needs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless market
penetration in Canada is approximately 98% of the population (compared to penetration of 129% in the US) and is expected to continue growing, per the Bank of America Merrill Lynch October 2021 Global Wireless Matrix. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE TRENDS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Technology advancement, <FONT
STYLE="white-space:nowrap">non-traditional</FONT> competitors, consumer behaviours, and regulatory developments are key areas influencing Cable. This market is very capital intensive, and a strong Internet offering is the backbone to effectively
serving this market. Applications on the Internet are increasingly being used as a substitute for wireline telephone services, and televised content is increasingly available online. Downward television tier migration (cord shaving) and television
cancellation with the intent of substitution (cord cutting) have been growing with increased adoption of OTT services. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable and wireline companies
are expanding their service offerings to include faster broadband Internet. Canadian companies, including Rogers, are increasingly offering download speeds of 1 to 1.5 Gbps and Internet offerings with unlimited bandwidth. Consumers are demanding
faster-than-ever speeds for streaming online media, uploading personal content, and playing online video games, and for their ever-growing number of connected devices. In order to help facilitate these speeds, cable and wireline companies are
shifting their networks towards higher speed and capacity Data Over Cable Service Interface Specifications (DOCSIS) 3.1 and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fibre-to-the-home</FONT></FONT></FONT> (FTTH) technologies and they are starting to evolve their networks to be DOCSIS
<FONT STYLE="white-space:nowrap">4.0-capable.</FONT> These technologies provide faster potential data communication speeds than earlier technologies, allowing both television and Internet
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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signals to reach consumers more quickly in order to sustain reliable speeds to address the increasing number of Internet-capable devices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">COVID-19</FONT> has required many people to work or study from home simultaneously, and workplaces have also started to
shift to partial or fully remote work, further establishing the need for strong cable networks that are able to handle increased capacity than previously existed. Cable and wireline companies have needed to continue adding capacity and managing
traffic to continue reliably supporting the needs of Canadians. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our business customers use fibre-based access and cloud computing to capture and
share information in more secure and accessible environments. This, combined with the rise of multimedia and Internet-based business applications, is driving exponential growth in data demand. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Businesses and all levels of government are transforming data centre infrastructure by moving toward virtual data storage and hosting. This is driving
demand for more advanced network functionality, robust, scalable services, and supportive dynamic network infrastructure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Canadian wireline
companies are dismantling legacy networks and investing in next-generation platforms that combine voice, data, and video solutions onto a single distribution and access platform. As next-generation platforms become more popular, our competition will
begin to include systems integrators and manufacturers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Devices and machines are becoming more interconnected and there is more reliance on the
Internet and other networks to facilitate updates and track usage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Broadcast television technology continues to improve with 4K TV broadcasts and
high dynamic range (HDR) for higher resolution and improved video image colour and saturation.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We offer fixed wireless Internet access services in rural and remote areas and expect this offering to
continue to grow as we work towards closing the digital divide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MEDIA TRENDS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Consumer viewing behaviours are continually evolving and the industry continues to adjust to these changes. Access to live sports and other premium
content has become even more important for acquiring and retaining audiences that in turn attract advertisers and subscribers. Therefore, ownership of content and/or long-term agreements with content owners has also become increasingly important to
media companies. Leagues, teams, networks, and new digital entrants are also experimenting with the delivery of live sports content through online, social, and virtual platforms, while <FONT STYLE="white-space:nowrap">non-traditional</FONT> sports
are also growing in mindshare. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Consumer demand for digital media, content on mobile devices, and <FONT STYLE="white-space:nowrap">on-demand</FONT>
content is increasing and media products have experienced significant digital uptake, requiring industry players to increase their efforts in digital content and capabilities in order to compete. In response to this trend, advertisers are shifting
their spending to premium video and audio products on global digital platforms and social media that enable marketers to narrowly target specific audiences instead of the previous mass marketing approach. This results in lower use of traditional
advertising methods and may require a shift in focus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Competition has changed and traditional media assets in Canada are increasingly being
controlled by a small number of competitors with significant scale and financial resources. Technology has allowed new entrants and even individuals to become media players in their own right. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Some of our competitors have become more vertically integrated across both traditional and emerging platforms. Relationships between providers and
purchasers of content have become more complex. Global aggregators have also emerged and are competing for both content and viewers.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_11"></A>Our Strategy, Key Performance Drivers, and Strategic Highlights
</B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT COLOR="#da291c">As part of our long-term vision to become number one, we set annual objectives to measure progress and to address
short-term opportunities and risks. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_12"></A>2021 OBJECTIVES </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>Priority</B></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>2021 Objectives</B></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">Create <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> customer experiences by putting our customers first in everything we
do</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Accelerate digital and self-serve adoption by building on momentum
generated during <FONT STYLE="white-space:nowrap">COVID-19;</FONT> reinvent experiences across all channels to optimize customer journeys; solve customer problems the first time, or even before, they contact us; and invest in tools, capabilities,
and our team to create frictionless digital and frontline experiences.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">Invest in our networks and technology to deliver leading performance, reliability, and coverage</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Invest in our cable and wireless networks to deliver industry-leading
connectivity to our customers; grow our leadership in 5G and reestablish leadership in IoT; expand our network footprint and product reach to connect underserved communities; and modernize our systems by leveraging cloud and data
capabilities.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">Drive market-leading growth in each of our lines of business</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Enhance our marketing and sales capabilities to propel consistent and
sustainable customer additions; grow our business in key regional markets across Canada; create products, services, and content that customers will love; and anchor our Media strategy in sports and diversify into digital and sports-related growth
areas.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD></TR>
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<TD HEIGHT="6" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Drive <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">best-in-class</FONT></FONT> financial outcomes for our shareholders</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Improve financial performance and drive cost and productivity
improvements across Rogers.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">Develop our people, drive engagement, and build a high-performing and inclusive culture</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Ensure the safety and well-being of our employees and evolve our ways
of working; build a culture of inclusion for our team members, customers, and communities; and attract top and diverse talent and develop our team as we build our future workforce.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;">Be a strong, socially and environmentally responsible leader in our communities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Partner with communities across Canada to deepen engagement and increase impact; grow our presence
in a sustainable and environmentally responsible manner; and build our culture and reputation as a great Canadian company.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_13"></A>KEY PERFORMANCE DRIVERS AND 2021 STRATEGIC HIGHLIGHTS </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">COVID-19</FONT> continues to significantly impact Canadians and
economies around the world. For much of 2021, extensive public health restrictions have been in place to varying degrees across the country. In the third quarter, provinces generally began relaxing certain public health restrictions implemented in
the first half of 2021 as vaccines became more widely available in Canada and vaccination rates continued to increase across the country. Late in the fourth quarter, the Omicron variant <FONT STYLE="white-space:nowrap">re-accelerated</FONT> the
spread of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and many Canadian provinces reintroduced various restrictions, including, amongst others, placing capacity limits on organized gatherings and retail stores. We remain focused on keeping our
employees safe and our customers connected. While <FONT STYLE="white-space:nowrap">COVID-19</FONT> continues to have a significant worldwide impact, we remain confident we have the right team, a strong balance sheet, and the world-class networks
that will allow us to get through the pandemic having maintained our long-term focus on growth and doing the right thing for our customers.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The following achievements display the progress we made towards meeting the objectives we set for 2021,
as discussed above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CREATE <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">BEST-IN-CLASS</FONT></FONT> CUSTOMER EXPERIENCES BY PUTTING OUR
CUSTOMERS FIRST IN EVERYTHING WE DO </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Improved Wireless postpaid churn by 5 basis points to 0.95%. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Continued to accelerate our digital-first plan to make it easier for customers, with digital adoption at 86.1%, up from
84.0% in 2020. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Pro <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">On-the-Go</FONT></FONT> service has
continued expanding across the country, bringing our device delivery and <FONT STYLE="white-space:nowrap">set-up</FONT> support program access to more than 16&nbsp;million Canadians. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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 <FONT STYLE="white-space:nowrap">in-store.</FONT>
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


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<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched certified <FONT STYLE="white-space:nowrap">walk-in</FONT> repairs in select Rogers and Fido locations,
offering our customers fast and reliable service to fix batteries, screens, cameras, audio, software, and more. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Expanded our Fido Payment Program so mobile customers can get accessories for $0 down and 0% interest, and no taxes
upfront. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INVEST IN OUR NETWORKS AND TECHNOLOGY TO DELIVER LEADING PERFORMANCE, RELIABILITY AND COVERAGE </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Expanded Canada&#146;s largest and most reliable 5G network which reached more than 1,500 communities and 70% of the
Canadian population as at December&nbsp;31, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Invested $3.3&nbsp;billion in 3500 MHz spectrum licences, covering 99.4% of the Canadian population, to enhance and
accelerate the expansion of Canada&#146;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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Awarded Best In Test and recognized as Canada&#146;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, 5G Voice App Experience, 5G Games Experience, and tied first for 5G Upload Speed in Canada by OpenSignal in August.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Recognized as Canada&#146;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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Completed the rollout of Canada&#146;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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Announced a $300&nbsp;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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Announced investments of over $350&nbsp;million to connect almost 50,000 homes and businesses in Ontario, New
Brunswick, and Newfoundland and Labrador, fully funded by Rogers. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Announced the construction of seven new towers along Highway 14 from Sooke to Port Renfrew in partnership with the
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.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DRIVE MARKET-LEADING GROWTH IN EACH OF OUR LINES OF BUSINESS </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched Ignite Internet Gigabit 1.5 to eligible customers, giving customers access to even faster Internet service.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched the first &#147;Wireless Private Network&#148; managed solution nationally in Canada, through <I>Rogers for
Business</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, enabling large enterprises to transform their digital capabilities and drive innovation in their business. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Unveiled Sportsnet&#146;s new <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> NHL Studio, one of the first entirely <FONT STYLE="white-space:nowrap">IP-based</FONT> sports studios in North America, capable of delivering interactive and immersive content through
augmented and virtual reality, real-time data and statistics, and <FONT STYLE="white-space:nowrap">in-broadcast</FONT> versatility. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched eight streaming services on our Ignite TV and Ignite SmartStream platforms, including Disney+ and Spotify,
enhancing Rogers industry-leading selection of streaming services. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year.</FONT></FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched a Cloud Unified Communications product in Rogers for Business, a feature-rich, cloud-based phone system for
enterprise business customers with complex needs. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DRIVE
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">BEST-IN-CLASS</FONT></FONT> FINANCIAL OUTCOMES FOR OUR SHAREHOLDERS </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Earned total service revenue of $12,533&nbsp;million, up 5%. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Attracted 448,000 net Wireless postpaid subscribers, 49,000 net Internet subscribers, and 244,000 net Ignite TV
subscribers. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Generated free cash flow of $1,671&nbsp;million and cash provided by operating activities of $4,161&nbsp;million.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Paid dividends of $1,010&nbsp;million to our shareholders. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DEVELOP OUR PEOPLE, DRIVE ENGAGEMENT, AND BUILD A HIGH-PERFORMING AND INCLUSIVE CULTURE </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Awarded Canada&#146;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&#146;s Top 25 Companies in April 2021; and Canada&#146;s Most Admired Corporate Cultures by Waterstone Human Capital in October 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Announced and implemented mandatory vaccinations or rapid testing for anyone entering our workplace sites, including
all team members, contractors, and visitors. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Achieved a score of 89% for employee pride in our employee pulse survey in June 2021. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BE A STRONG, SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE LEADER IN OUR COMMUNITIES </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Awarded Ted Rogers Scholarships to 375 young Canadians for post-secondary studies. Nearly three quarters of all
scholarships in the Class&nbsp;of 2021 were awarded to youth from equity-deserving communities. </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Launched our new corporate responsibility brand, <I>Generation Possible</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, the youth and education pillar focused on giving the next generation the chance they need to succeed through Ted Rogers Scholarships, Community Grants, and <I>Jays Care</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <I>Foundation</I>. Team Possible is about our team and partners&#146; commitment to making a meaningful impact in communities through volunteering, bridging the digital divide, and partnering
with organizations like Women&#146;s Shelters Canada. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Expanded eligibility for <I>Connected for Success</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, 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 <FONT STYLE="white-space:nowrap">low-cost</FONT> high-speed Internet program is available
across our Internet footprint in Ontario, New Brunswick, and Newfoundland to eligible customers receiving disability, seniors&#146; or income support, and through
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rent-geared-to-income</FONT></FONT> community housing partners. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT
 COLOR="#da291c"><B><A NAME="mda247199_14"></A>2022 FOCUS AREAS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">While we ended 2021 with improving execution, increasing momentum, and
solid fundamentals, we want to perform better for our customers and our shareholders. To achieve this, we have set the following focus areas for 2022: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="23">&nbsp;</TD>
<TD WIDTH="23" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">Successfully complete the Shaw acquisition and integration </P></TD></TR></TABLE>
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<TD WIDTH="23">&nbsp;</TD>
<TD WIDTH="23" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">Invest in our networks to deliver world-class connectivity to Canadian consumers and business </P></TD></TR></TABLE>
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<TD WIDTH="23">&nbsp;</TD>
<TD WIDTH="23" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">Invest in our customer experience to deliver timely, high-quality customer service consistently to our customers
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="23">&nbsp;</TD>
<TD WIDTH="23" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">Improve execution and deliver strong financial performance across all lines of business
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_15"></A>FINANCIAL AND OPERATING GUIDANCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>2022 FULL-YEAR CONSOLIDATED GUIDANCE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">For the full-year 2022,
we expect growth in service revenue and adjusted EBITDA will drive higher free cash flow. In 2022, we expect to have the financial flexibility to maintain our network advantages and to continue to return cash to shareholders. We are providing a
guidance range for total service revenue this year as this metric more closely reflects our core business with our customers. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except<BR>percentages)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>2021<BR>Actual</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>2022 Guidance Ranges <SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Total service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,533</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Increase&nbsp;of&nbsp;4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">to</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">increase&nbsp;of&nbsp;6%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Increase of 6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">to</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">increase of 8%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Capital expenditures <SUP STYLE="font-size:85%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">to</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">3,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,671</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,800</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">to</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">2,000</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Guidance ranges presented as percentages reflect percentage increases over full-year 2021 results.
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures
for spectrum licences or additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The above table outlines guidance ranges for selected full-year 2022 consolidated financial metrics without giving effect to the Transaction (see
&#147;Shaw Transaction&#148;), the associated financing, or any other associated transactions or expenses. These ranges take into consideration our current outlook and our 2021 results. The purpose of the financial outlook is to assist investors,
shareholders, and others in understanding certain financial metrics relating to expected 2022 financial results for evaluating the performance of our business. This information may not be appropriate for other purposes. Information about our
guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with &#147;About Forward-Looking Information&#148;, &#147;Risks and Uncertainties Affecting our Business&#148;, the material assumptions
listed below under &#147;Key underlying assumptions&#148;, and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating
results to differ from what we currently expect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We provide annual guidance ranges on a consolidated full-year basis that are consistent with
annual full-year Board-approved plans. Any updates to our full-year financial guidance over the course of the year would only be made to the consolidated guidance ranges that appear above. Guidance ranges will be reassessed once the Transaction has
closed. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Key underlying assumptions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our 2022 guidance ranges presented in &#147;2022 Full-Year Consolidated Guidance&#148; are based on many assumptions including, but not limited to, the
following material assumptions for the full-year 2022: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a gradual improvement in the general <FONT STYLE="white-space:nowrap">COVID-19</FONT> environment throughout 2022,
including the continued reopening of the economy, and no further significant restrictions, such as border closures and travel restrictions, capacity restrictions and sports venue closures, or <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">stay-at-home</FONT></FONT> orders and no material negative impact resulting from global supply chain interruptions; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">continued competitive intensity in all segments in which we operate consistent with levels experienced in 2021;
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">no significant additional legal or regulatory developments, other shifts in economic conditions, or macro changes in
the competitive environment affecting our business activities; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless customers continue to adopt, and upgrade to, higher-value smartphones at similar rates in 2022 compared to
2021; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">overall wireless market penetration in Canada grows in 2022 at a similar rate as in 2021; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">continued subscriber growth in Internet; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">declining Television subscribers, including the impact of customers migrating to Ignite TV from our legacy product, as
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">


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<TD WIDTH="1">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">
subscription streaming services and other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-top</FONT></FONT> providers continue to grow in popularity;
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">in Media, continued growth in sports and relative stability in other traditional media businesses;
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">no significant sports-related work stoppages or cancellations will occur and the current MLB lockout between the owners
and the players&#146; union will be resolved; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">with respect to the increase in capital expenditures: </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">we continue to invest to ensure we have competitive wireless and cable networks through (i)&nbsp;expanding our 5G
wireless network, including building on Canada&#146;s first standalone 5G core network and using our 3500 MHz spectrum licences to introduce new 5G innovation and services and (ii)&nbsp;upgrading our hybrid fibre-coaxial network to lower the number
of homes passed per node, utilize the latest technologies, and deliver an even more reliable customer experience; and </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">we continue to make expenditures related to our connected home roadmap in 2022 and we make progress on our service
footprint expansion projects; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a substantial portion of our 2022 US dollar-denominated expenditures is hedged at an average exchange rate of
$1.29/US$; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">key interest rates remain relatively stable throughout 2022; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">we retain our investment-grade credit ratings.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_16"></A>Capability to Deliver Results </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_17"></A>LEADING NETWORKS </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers has one of the most extensive and advanced mobile broadband wireless networks in Canada, which: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">is the only national network in Canada fully owned by a single operator; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">was the first LTE high-speed network in Canada, reaching 96% of the Canadian population as at December&nbsp;31, 2021 on
our LTE network alone; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">was the first 5G network in Canada, reaching over 70% of the Canadian population as at December&nbsp;31, 2021 on our 5G
network alone; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">is supported by voice and data roaming agreements with domestic and international carriers in more than 200
destinations, including LTE and a growing number of 5G roaming operators; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">includes network sharing arrangements with two regional wireless operators that operate in urban and rural parts of
Canada. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are continuously enhancing our IP service infrastructure for all our wireless services. Advances in technology have
transformed the ways in which our customers interact and use the variety of tools available to them in their personal and professional lives. Technology has also changed the way businesses operate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In early 2020, we launched our 5G network commercially in downtown Vancouver, Toronto, Ottawa, and Montreal and reached over 1,500 communities across
Canada as at December&nbsp;31, 2021. We also became a founding member of the global 5G Future Forum, a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-of-its-kind</FONT></FONT></FONT> 5G and
mobile edge computing forum that currently includes Verizon, Vodafone, Telstra, KT, and Am&eacute;rica M&oacute;vil.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our 5G network currently uses a combination of the 2500 MHz, AWS, and 600 MHz spectrum bands, and is also
aggregated with our LTE spectrum bands. 600 MHz spectrum is best suited to carry wireless data across long distances and through buildings, creating more consistent and higher-quality coverage in both remote and urban areas and in smart cities. We
have deployed dynamic spectrum sharing, which allows our existing spectrum supporting 4G to also be used for 5G networks. In the future, we will deploy 3.5 GHz spectrum for 5G to add additional capacity to the network. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A number of future investments will be required to successfully operate and maintain our 5G network, including, but not limited to: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">refarming spectrum currently used for 2G and 3G to LTE and 5G; </P></TD></TR></TABLE>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">densifying our wireless network with additional macro and small cells in key markets; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">purchasing incremental <FONT STYLE="white-space:nowrap">5G-ready</FONT> radio network equipment with lower unit and
operational costs, and the ability to aggregate more radio carriers and achieve greater spectral efficiency. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Significant spectrum position
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our wireless services are supported by our significant wireless spectrum licence holdings in <FONT STYLE="white-space:nowrap">low-band,</FONT> <FONT
STYLE="white-space:nowrap">mid-band,</FONT> and high-band frequency ranges. As part of our network strategy, we expect to continue making significant capital investments in spectrum to: </P>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">support the rapidly growing usage of broadband wireless data services; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">support the expansion and maintenance of our 5G network; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">introduce new innovative network-enabled features and functionality.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our spectrum holdings as at
December&nbsp;31, 2021 include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="border-radius:4pt; BORDER-LEFT: 1px solid #da291c ; BORDER-Top: 1px solid #da291c ; BORDER-RIGHT: 1px solid #da291c ; BORDER-BOTTOM: 1px solid #da291c ; ; font-family:arial; font-size:8.5pt">



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<TD HEIGHT="6" COLSPAN="2"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of spectrum</B></P></TD>

<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><B>Rogers licences</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><B>Who the licences support</B></P></TD></TR>


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<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">20 to 40 MHz across Canada, covering 100% of the Canadian
population.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">4G / 4.5G LTE, and 5G subscribers.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">24 MHz in Canada&#146;s major geographic markets, covering 95% of the
Canadian population.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">4G / 4.5G LTE subscribers; future 5G subscribers.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">25 MHz across Canada.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c">2G GSM, 3G HSPA, 4G / 4.5G LTE subscribers; future 5G subscribers.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD>
<TD HEIGHT="6" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">60 MHz in all areas of Canada except 40 MHz in northern Quebec, 50 MHz
in southern Ontario, and 40 MHz in the Yukon, Northwest Territories, and Nunavut.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G subscribers.</P></TD></TR>
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<TD HEIGHT="6" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWS 1700/2100 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">40 MHz in British Columbia and Alberta, 30 MHz in southern Ontario, an
additional 10 MHz in the Greater Toronto Area, and 20 MHz in the rest of Canada.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G subscribers.</P></TD></TR>
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<TD HEIGHT="6" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 MHz</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">40 MHz FDD across the majority of Canada except 20 MHz in parts of
Quebec and no holdings in Nunavut and the Northwest Territories. Rogers also holds an additional 25 MHz TDD in key population areas in Quebec, Ontario, and British Columbia.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G subscribers.</P></TD></TR>
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<TD HEIGHT="6" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 MHz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Between 20 MHz and 30 MHz across the majority of the Canadian population.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;">Fixed wireless subscribers; future 5G mobile subscribers.</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also have access to additional spectrum through the following network sharing agreements: </P>
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<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of spectrum</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><B>Type of network venture</B></P></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"><B>Who it supports</B></TD></TR>


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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 MHz</P></TD>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Orion Wireless Partnership (Orion) is a joint operation with Bell in which Rogers holds a 50% interest.
Orion holds licences for 30&nbsp;MHz of FDD 2300 MHz spectrum (of which 20 MHz is usable), primarily in eastern Canada, including certain population centres in southern and eastern Ontario, southern Quebec, and smaller holdings in New Brunswick,
Manitoba, Alberta, and British Columbia. The Orion fixed wireless LTE national network utilizes the jointly held 2300 MHz bands.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;">4G subscribers.</TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 MHz, 1900 MHz &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWS&nbsp;spectrum,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 MHz,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 MHz
FDD</P></TD>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Two network-sharing arrangements to enhance coverage and network capabilities:</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.06em; text-indent:-1.06em; font-size:8.5pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;with Bell
MTS, which covers 98% of the population across Manitoba; and</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.06em; text-indent:-1.06em; font-size:8.5pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;with Videotron to provide HSPA and LTE services across the province of Quebec and
Ottawa.</P></TD>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">3.5G / 4G HSPA+, 4G LTE, 5G subscribers.</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">4G LTE subscribers.</P></TD></TR>
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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our
expansive inter-city and intra-city fibre and hybrid fibre-coaxial (HFC) infrastructure delivers services to consumers and businesses in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland. We also operate a transcontinental,
facilities-based fibre-optic network with 81,000 kilometres of fibre optic cable that is used to service business customers, including government and other telecommunications service providers. We also use our extensive fibre network for backhaul
for wireless cell site traffic. In Canada, the network extends <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">coast-to-coast</FONT></FONT> and includes local and regional fibre, transmission electronics and systems, hubs, points
of presence, and IP routing and switching infrastructure. The network also extends to the US from Vancouver south to Seattle; from the Manitoba-Minnesota border through Minneapolis, Milwaukee, and Chicago; from Toronto through Buffalo; and from
Montreal through Albany to New York City and Ashburn, allowing us to connect Canada&#146;s largest markets, while also reaching key US markets for the exchange of data and voice traffic. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The network is structured to optimize performance and reliability and to allow for the simultaneous delivery of video, voice, and Internet over a single
platform. It is generally constructed in rings that interconnect with distribution hubs, providing redundancy to minimize disruptions that can result from fibre cuts and other events. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Homes and commercial buildings are connected to our network through HFC nodes or FTTH. We connect the HFC node to the network using fibre optic cable
and the home to the node using coaxial cable or fibre. Using 1.2GHz, 860 MHz, and 750 MHz of cable spectrum in Ontario and Atlantic Canada, respectively, we deliver video, voice, and broadband services to our customers. HFC node segmentation reduces
the number of homes passed per HFC node, thereby increasing the bandwidth and capacity per subscriber. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continually upgrade the network to
improve capacity, enhance performance and reliability, reduce operating costs, and introduce new features and functionality. Our investments are focused on: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">uplifting our HFC network to 1.2 GHz (and, over time, 1.8 GHz) while at the same time improving network performance,
quality, and reliability by deploying digital fibre optics, removing radio
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">


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frequency amplifiers, and reducing homes passed per node to an average of 60; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">increasing capacity per subscriber by enabling the 1.2 GHz (and, over time, 1.8 GHz) of spectrum with additional DOCSIS
3.1 downstream and upstream capacity and deploying DOCSIS 4.0 that, over time, are expected to support downstream speeds up to 10 gigabits per second (Gbps); </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">improving video signal compression by moving to more advanced video protocols; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">improving channel and <FONT STYLE="white-space:nowrap">on-demand</FONT> capacity through switched digital video; and
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">increasing our FTTH footprint by connecting more homes, multiple dwelling unit buildings, and business premises
directly to fibre. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Broadband Internet service is provided using a DOCSIS CCAP 3.0/3.1 platform, which combines multiple radio
frequency channels onto one access point at the customer premise, delivering exceptional performance. Over the last 20 years, HFC node segmentation, along with
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">analog-to-DTV</FONT></FONT> spectrum repurposing and evolution from DOCSIS 1.0 to DOCSIS 3.1, has increased downstream and upstream capacity by approximately 1,000 and 200 times,
respectively. This track record of investing in our networks and demonstrating the capability to cost-effectively deploy <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> service is one of our key
strategies for ensuring that we stay competitive with other service providers that provide Internet service into homes and businesses over copper facilities. By the end of 2016, 100% of our cable network had been upgraded to DOCSIS CCAP technology
supporting DOCSIS 3.1 and Ignite Gigabit Internet. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Fixed wireless access services and expanding our cable footprint is a key priority for
connecting all areas of Canada, including rural and underserved areas. We are actively investing in the expansion of our network in both Wireless and Cable to leverage what&#146;s needed to offer fixed wireless Internet access. We are investing in
the next generation of broadband wireless data networks, such as 5G technologies, to support the growing data demand and new products and applications. This requires a strong network, capable of supporting both wireline and wireless data at low
latencies to ensure new products and applications operate as intended. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have been deploying 1 GHz <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">fibre-to-the-curb</FONT></FONT></FONT> (FTTC) in new development areas and transitioning to FTTH since 2005. In 2018, we began upgrading our HFC network to a mix of 1.2 GHz FTTC and FTTH. FTTC provides the foundation for
subsequent generations of DOCSIS, including Remote PHY and DOCSIS 4.0, which will improve high-speed Internet accessibility, quality, and tier speed attainability, while increasing the capacity of our HFC network. Rogers FTTH is based on ten gigabit
symmetrical passive optical network <FONT STYLE="white-space:nowrap">(XGS-PON)</FONT> technology that can support symmetrical downstream/upstream speeds up to 10 Gbps per node in select neighbourhoods, with the ability to upgrade the
opto-electronics to support even higher speeds in the future as required to meet demand for additional bandwidth. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continue to invest in and
improve our cable network services; for example, with technology to support gigabit Internet speeds, Ignite TV, Rogers 4K TV, our 4K PVR <FONT STYLE="white-space:nowrap">set-top</FONT> box, and a significant commitment to live broadcasting in 4K,
including regular season Toronto Blue Jays home games for 2022 and numerous NHL and NBA games. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Voice-over-cable telephony services are also served
using the DOCSIS network. Our offerings ensure a high quality of service by including geographic redundancy and network backup powering. Our phone service includes a rich set of features, such as TV Call Display (available on our NextBox<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> <FONT STYLE="white-space:nowrap">set-top</FONT> boxes), <FONT STYLE="white-space:nowrap">three-way</FONT> calling, and advanced voicemail features that allow customers to be notified of, and
listen to, their home voicemail on their wireless phone or over the Internet. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We own and operate some of the most advanced networks and data
centres in Canada. Our data centres provide guaranteed uptime and expertise in collocation, cloud, and managed services solutions. We own and operate nine <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">state-of-the-art,</FONT></FONT></FONT> highly reliable, certified data centres across Canada, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Canada&#146;s first Tier III Design and Construction certified multi-tenant facility in Toronto; </P></TD></TR></TABLE>

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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Alberta&#146;s first Tier III certified data centre; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a third Tier III certified data centre in Ottawa. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We leverage our national fibre, cable, and wireless networks and data centre infrastructure to enable businesses to deliver greater value to their
customers through proactive network monitoring and problem resolution with enterprise-level reliability, security, and performance. Our primary and secondary Network Operation Centres proactively monitor Rogers&#146; networks to mitigate the risk of
service interruptions and to allow for rapid responses to any outages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_18"></A>CUSTOMER EXPERIENCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are committed to providing our customers with the best experience possible. To do this, we have invested in several areas to make it easier and more
convenient for customers to interact with us, such as: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">live customer support handled by customer solution specialists located entirely within Canada; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">24/7 customer support handled by virtual assistant tools that provide customers the option for live chat or scheduled
callbacks; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an innovative Integrated Voice Response (IVR) system that can take calls in English, French, Mandarin, and Cantonese;
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">voice authentication&nbsp;technology across all of our contact centres that automatically identifies our registered
customers by their voice, increasing security and protecting customers from potential fraud; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">self-serve options, including: </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the ability for Fido and Rogers customers to complete price plan changes and hardware upgrades online;
</P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a simplified login, allowing Fido customers to log in to their accounts online or through the Fido MyAccount app using
their Facebook login credentials, eliminating the need to remember multiple login credentials and making self-service easier to access; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the ability for customers to install their Internet, TV, home phone, smart home monitoring, and Ignite SmartStream
products at their convenience, without the need for a technician visiting their residence; </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Rogers EnRoute</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a tool that gives customers the
ability to track on their phone when a technician will arrive for an installation or service call; and </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the ability for chatr customers to use SMS to easily review account information, balance details, and top up their
account; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">customer care available over Facebook Messenger, Twitter, and online chat through our websites; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Infinite unlimited data plans with no overage charges; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap">24-month,</FONT> $0 down, interest-free wireless device financing on Rogers Infinite
plans and through our Fido Payment Program; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Pro <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">On-the-Go,</FONT></FONT> a personalized
retail service whereby within hours of ordering a new wireless device, a connected solutions professional will meet a customer at their time and location of choice (within the service area) and set up their device based on their preferences;
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Ignite WiFi Hub for all Ignite TV customers to give them ultimate control over their WiFi experience;
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Family Data Manager, a data manager tool, and Data Top Ups, both of which allow Wireless customers to manage and
customize their data usage in real-time through MyRogers; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Fido 5 Extra Hours, which grant Fido customers an additional five hours of data, per billing cycle, at no extra charge;
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Fido XTRA<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a program that gives Fido postpaid Wireless and
Internet customers free access to new perks every Thursday, such as deals and giveaways from leading brands on food, drinks, apparel, entertainment, and more; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a simple online bill, making it easier for customers to read and understand their monthly charges;
</P></TD></TR></TABLE>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Roam Like Home and Fido Roam, worry-free wireless roaming allowing&nbsp;Canadians to use their wireless plan like they
do at home when traveling to included destinations; </P></TD></TR></TABLE>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">DAY PASS<I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP></I>, a flexible daily payment option for chatr
customers; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Top Up as a Guest, which allows chatr customers to top up an account without signing in; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Advantage Mobility</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> and <I>Advantage Security</I><SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, business-grade solutions offered by<I> </I>Rogers for Business to support small- and <FONT STYLE="white-space:nowrap">medium-sized</FONT> Canadian enterprises with reliable connectivity and
network security; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a <I>Premium Device Protection</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> program, including
AppleCare services for Rogers and Fido customers, offering customers more protection and choice; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Express Pickup, a free service that allows customers to purchase a new device online or through a customer care agent
and pick up it up the same day <FONT STYLE="white-space:nowrap">in-store;</FONT> </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


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<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an online appointment booking tool, allowing customers to conveniently schedule an appointment to speak to a Rogers
expert at a specific store and time; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Certified <FONT STYLE="white-space:nowrap">Walk-in</FONT> Repairs, a fast and reliable phone repair service offering
customers more convenience, flexibility, and reliability, in 15 cities across Ontario. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_19"></A>POWERFUL BRANDS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Rogers brand has strong national recognition through our: </P>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">established networks; </P></TD></TR></TABLE>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">extensive distribution; </P></TD></TR></TABLE>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">recognizable media content and programming; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">advertising; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">event and venue sponsorships; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">community investment, including the Ted Rogers Scholarship Fund and Ted Rogers Community Grants; and
</P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">naming rights to some of Canada&#146;s landmark buildings. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also own or utilize some of Canada&#146;s most recognized brands, including: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the wireless brands of Rogers, Fido, and chatr; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the residential brands of Rogers and Fido; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">23 TV stations and specialty channels, including Sportsnet, Omni, Citytv, FX (Canada), and FXX (Canada);
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">54 radio stations, including 98.1 CHFI,<I> 680 NEWS, Sportsnet The FAN, KiSS, JACK FM,</I> and <I>SONiC</I>;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">major league sports teams, including the Toronto Blue Jays, and teams owned by MLSE, such as the Toronto Maple Leafs,
the Toronto Raptors, Toronto FC, and the Toronto Argonauts; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an exclusive <FONT STYLE="white-space:nowrap">12-year</FONT> agreement with the NHL, which runs through the 2025-2026
season, that allows us to deliver coverage of professional hockey in Canada; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Today&#146;s Shopping Choice, a premium online and TV shopping retailer. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_20"></A>WIDESPREAD PRODUCT DISTRIBUTION </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have an extensive national distribution network
and offer our wireless products nationally through multiple channels, including: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">company-owned Rogers, Fido, and chatr retail stores; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">customer self-serve using rogers.com, fido.ca, chatrwireless.com, and
<FONT STYLE="white-space:nowrap">e-commerce</FONT> sites; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an extensive independent dealer network; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">major retail chains and convenience stores; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other distribution channels, such as <I>WOW! mobile
boutique</I><SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, as well as Wireless Wave and TBooth Wireless through our ownership interest in Glentel; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our contact centres; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">outbound telemarketing; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Pro <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">On-the-Go,</FONT></FONT> a personalized
retail service that delivers and sets up new wireless devices to the customer&#146;s location of choice within the service area. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We distribute our residential cable products using various channels, including: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">company-owned Rogers and Fido retail stores; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">customer self-serve using rogers.com and fido.ca;
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our contact centres, outbound telemarketing, and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">door-to-door</FONT></FONT> agents; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">major retail chains. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_21"></A>FIRST-CLASS MEDIA CONTENT </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We deliver highly sought-after sports content enhanced by the following initiatives: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an exclusive <FONT STYLE="white-space:nowrap">12-year</FONT> agreement with the NHL, which runs through the 2025-2026
season, that allows us to deliver coverage of professional hockey in Canada across television, smartphones, tablets, and the Internet; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">exclusive broadcasting and distribution rights of the Toronto Blue Jays in Canada through our ownership of the team;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">NHL LIVE, an online OTT destination for NHL action on any screen; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">SN NOW, Canada&#146;s first OTT sports service, offering 24/7 access to Sportsnet&#146;s TV content;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the MLB Network, a <FONT STYLE="white-space:nowrap">24-hour</FONT> network dedicated to baseball, brought to Canada on
Rogers television services; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a <FONT STYLE="white-space:nowrap">10-year,</FONT> multi-platform agreement that runs through August 2024, which makes
Rogers the exclusive wholesaler and Canadian distributor of World Wrestling Entertainment&#146;s (WWE) flagship programming. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT
 COLOR="#da291c"><B><A NAME="mda247199_22"></A>ENGAGED PEOPLE </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">For our team of approximately 23,000 employees, we strive to create a
great workplace, focusing on all aspects of the employee experience, which include: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">engaging employees and building high-performing teams through initiatives including engagement surveys and leadership
development programs; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">aiming to attract and retain top talent through effective training and development, performance-driven employee
recognition programs, and career progression programs for front-line employees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">maintaining our commitment to diversity and inclusion; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">providing a safe, collaborative, and agile workplace that provides employees the tools and training to be successful.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_23"></A>FINANCIAL STRENGTH AND FLEXIBILITY </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have an investment-grade balance sheet and substantial available liquidity of $4.2&nbsp;billion as at December&nbsp;31, 2021. Our capital resources
consist primarily of cash balances, cash provided by operating activities, available lines of credit, funds available under our receivables securitization program, issuances of US dollar-denominated commercial paper (US CP) under our US CP
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
program, and long-term debt. We also owned approximately $1,581&nbsp;million of marketable equity securities in publicly traded companies as at December&nbsp;31, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The following information is forward-looking and should be read in conjunction with &#147;About Forward-Looking Information&#148;, &#147;Financial and
Operating Guidance&#148;, &#147;Risks and Uncertainties Affecting our Business&#148;, and our other disclosures about various economic, competitive, and regulatory assumptions, factors, and risks that could cause our actual future financial and
operating results to differ from those currently expected. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Transaction will have a significant impact on our capital structure as we anticipate
issuing significant debt in order to consummate the Transaction; however, we expect we will have sufficient capital resources to satisfy our anticipated cash funding requirements in 2022, including the Transaction, funding of dividends on our common
shares, repayment of maturing short-term borrowings and long-term debt, and other financing and investing activities. This takes into account our opening cash balance, cash provided by operating activities, and funds available to us under credit
facilities, our receivables securitization program, our US CP program, and other bank facilities or debt issued, including, for the purposes of the Transaction as necessary, the $13&nbsp;billion committed credit facility and the $6&nbsp;billion Shaw
term loan facility. As at December&nbsp;31, 2021, there were no significant
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
restrictions on the flow of funds between RCI and its subsidiary companies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We believe we can
satisfy foreseeable additional funding requirements through additional financing, which, depending on market conditions, could include restructuring our existing bank credit and letter of credit facilities, entering into new bank credit facilities,
issuing long-term or short-term debt, amending the terms of our receivables securitization or US CP programs, or issuing equity. We may also opportunistically refinance a portion of existing debt depending on market conditions and other factors.
There is no assurance, however, that these financing initiatives will or can be done as they become necessary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_24"></A>WIDESPREAD SHAREHOLDER BASE AND DIVIDENDS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">RCI&#146;s Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> common shares (Class B <FONT STYLE="white-space:nowrap">Non-Voting</FONT>
Shares) are widely held and actively trade on the TSX and the NYSE with a combined average daily trading volume of approximately 1.9&nbsp;million shares in 2021. In addition, RCI&#146;s Class&nbsp;A Voting common shares (Class A Shares) trade on the
TSX. At the discretion of the Board, we pay an equal dividend on both classes of shares. In 2021, each share paid an annualized dividend of $2.00.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_25"></A>2021 Financial Results </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See &#147;Accounting Policies&#148; in this MD&amp;A and the notes to our 2021 Audited Consolidated
Financial Statements for important accounting policies and estimates as they relate to the following discussion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use several key performance
indicators to measure our performance against our strategy and the results of our peers and
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
competitors. Many of these are not defined terms under IFRS and should not be considered alternative measures to net income or any other financial measure of performance under IFRS. See &#147;Key
Performance Indicators&#148; and <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more information.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_26"></A>SUMMARY OF CONSOLIDATED RESULTS </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years ended December&nbsp;31</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except margins and per share amounts)</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,768</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,072</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,975</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Corporate items and intercompany
eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(160</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(166</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,655</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Total service revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>12,533</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">11,955</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,214</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,013</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(127</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/m</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Corporate items and intercompany
eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(213</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(196</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,887</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,857</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted EBITDA margin</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>40.2%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">42.1%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1.9&nbsp;pts</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,558</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.09</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Diluted earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.07</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,803</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.57</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Adjusted diluted earnings per share<SUP
STYLE="font-size:85%; vertical-align:top"> 1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3.56</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.40</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,788</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,161</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,671</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,366</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Adjusted diluted earnings per share is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratio. Adjusted net income,
a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, is a component of adjusted diluted earnings per share. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed
by other companies. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more information about these measures. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_27"></A>KEY CHANGES IN FINANCIAL RESULTS YEAR OVER YEAR </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue increased this year as a
result of a larger postpaid subscriber base and higher roaming revenue as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> global travel restrictions were generally less strict than last year,
partially offset by lower overage revenue. Wireless equipment revenue increased this year as a result of higher device upgrades by existing customers and a shift in the product mix towards higher-value devices, partially offset by fewer of our new
subscribers purchasing devices. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable revenue increased this year as a result of the movement of Internet customers to higher speed and usage tiers
in our Ignite Internet offerings and the increase in total customer relationships over the past year, due to growth in our Internet and Ignite TV subscriber bases, and disciplined promotional activity and Internet service pricing changes in late
2020, partially offset by declines in our legacy television and home phone subscriber bases. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased this year as a result of the
postponement of the start of the 2020-2021 NHL and NBA seasons, shifting revenue to 2021, and higher Toronto Blue Jays attendance-related revenue as <FONT STYLE="white-space:nowrap">COVID-19</FONT> restrictions eased and fan attendance was
permitted. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Adjusted EBITDA increased this year, primarily due to increases in Wireless and Cable adjusted EBITDA, partially offset by the decrease in Media
adjusted EBITDA, which led to an adjusted EBITDA margin of 40%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased this year primarily as a result of the
flow-through impact of the aforementioned increases in revenue and lower bad debt expense. This gave rise to a Wireless adjusted EBITDA margin of 48.1%. Although a decrease from 2020, the ongoing long-term shift to customers financing their device
purchases is reflected in the general improvement in our equipment margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA increased this year as a result of the revenue
growth as discussed above, which led to a Cable adjusted EBITDA margin of 49.4%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA decreased this year primarily as a result of
higher programming and production costs as a result of the postponement of the start of the 2020-2021 NHL and NBA seasons, higher general operating costs, and higher Toronto Blue Jays player payroll and game day costs, partially offset by higher
revenue as discussed above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>NET INCOME AND ADJUSTED NET INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Net income decreased as a result of higher restructuring, acquisition and other costs attributable to the Transaction. Adjusted net income increased
this year primarily as a result of higher adjusted EBITDA and lower finance costs. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_28"></A>WIRELESS </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>ROGERS IS CANADA&#146;S LARGEST PROVIDER OF WIRELESS COMMUNICATIONS SERVICES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify"><FONT COLOR="#da291c">As at December&nbsp;31, 2021, we had: </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">approximately 11.3&nbsp;million wireless subscribers; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">approximately 31% subscriber and revenue share of the Canadian wireless market.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS FINANCIAL RESULTS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
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<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">(In millions of dollars, except margins)</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>6,666</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">6,579</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Equipment revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,102</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,951</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>8,768</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">8,530</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Cost of equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,142</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,932</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">11</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Other operating
expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,412</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2,531</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(5</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Operating expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4,554</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4,463</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4,214</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4,067</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Adjusted EBITDA service margin <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;63.2%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;61.8%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Adjusted EBITDA margin
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>48.1%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">47.7%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">0.4&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;1,515</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,100</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">38</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Calculated using service revenue. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Calculated using total revenue. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS SUBSCRIBER RESULTS <SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">(In thousands, except churn, blended<BR>ABPU, and
blended ARPU)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">Years ended
December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Postpaid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Gross additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,565</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,381</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">184</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>448</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">245</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">203</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Total postpaid
subscribers<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top"> 2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>10,131</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">9,683</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">448</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Churn (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>0.95%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1.00%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(0.05&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Prepaid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Gross additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>512</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">550</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(38</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Net losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(94</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(142</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">48</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Total prepaid
subscribers<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top"> 2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,166</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,260</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(94</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Churn (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4.20%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4.38%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(0.18&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Blended ARPU (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>50.26</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">50.75</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">($</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">0.49</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Blended ABPU (monthly) <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>63.45</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">63.24</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">0.21</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Subscriber counts and subscriber churn are key performance indicators. See &#147;Key Performance Indicators&#148;.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">As at end of period. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Blended ABPU is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratio. Adjusted Wireless service revenue is a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measure and is a component of blended ABPU. This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See <FONT
STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more information about this measure. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our revenue depends on the size of our subscriber base, the revenue per user, the revenue from the sale of wireless devices, and other equipment
revenue. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Service revenue </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Service revenue includes revenue derived from voice and data services from: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">postpaid and prepaid monthly fees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">data usage; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">airtime; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">long distance charges; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">essential services charges; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">inbound and outbound roaming charges; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">certain other fees and charges. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 1% increase in service revenue this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a larger postpaid subscriber base; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher roaming revenue as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> global travel restrictions were generally less strict than last year; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a decrease in overage revenue as a result of strong customer adoption of our Rogers Infinite unlimited data plans.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 1% decrease in blended ARPU was primarily a result of an increase in our subscribers on lower monthly price plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The stable blended ABPU was primarily a result of the increased roaming revenue offset by the decline in overage revenue. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We believe the increases in gross and net additions to our postpaid subscriber base and the improved postpaid churn this year were a result of strong
execution and an increase in market activity by Canadians with the ongoing opening of the economy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Equipment revenue </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Equipment revenue includes revenue from sales of mobile devices to subscribers through fulfillment by Wireless&#146; customer service groups, websites,
telesales, corporate stores, and independent dealers, agents, and retailers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 8% increase in equipment revenue this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher device upgrades by existing customers; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a shift in the product mix towards higher-value devices; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">fewer of our new subscribers purchasing devices. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPERATING EXPENSES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We record operating expenses in two
categories: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of wireless devices and equipment; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all other expenses involved in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations, to service existing subscriber relationships, and to attract new subscribers. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 11% increase in the cost of equipment this year was a result of the same factors discussed in equipment revenue above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Although a decrease from 2020, the ongoing long-term shift to customers financing their device purchases is reflected in the general improvement in our
equipment margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 5% decrease in other operating expenses this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">lower bad debt expense as we recorded a provision last year due to the economic uncertainty relating to <FONT
STYLE="white-space:nowrap">COVID-19;</FONT> and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">various cost efficiencies and productivity initiatives; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher advertising and channel costs. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 4% increase in adjusted EBITDA this year
was a result of the revenue and expense changes discussed above. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_29"></A>CABLE </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>ONE OF CANADA&#146;S LEADING PROVIDERS OF HIGH-SPEED INTERNET, CABLE TELEVISION, AND PHONE SERVICES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify"><FONT COLOR="#da291c">As at December&nbsp;31, 2021, we had: </FONT></P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">approximately 2.7&nbsp;million high-speed Internet subscribers; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">approximately 0.8&nbsp;million Ignite TV subscribers; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">a network passing approximately 4.7&nbsp;million homes in Ontario, New Brunswick, Nova Scotia, and
on the island of Newfoundland. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE FINANCIAL RESULTS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except margins)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">%&nbsp;Chg</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,052</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Equipment revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>20</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4,072</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">3,946</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Operating expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,059</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,011</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,013</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,935</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Adjusted EBITDA margin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>49.4%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4&nbsp;pts</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>913</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE SUBSCRIBER RESULTS <SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">(In thousands, except ARPA and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">penetration)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Years ended December&nbsp;31</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Chg</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Internet <SUP STYLE="font-size:85%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>49</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Total Internet subscribers <SUP STYLE="font-size:85%; vertical-align:top">3,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,665</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Ignite TV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>244</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Total Ignite TV subscribers<SUP
STYLE="font-size:85%; vertical-align:top"> 3</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>788</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">544</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">244</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Homes passed <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,700</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Customer relationships</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Net additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Total customer relationships <SUP STYLE="font-size:85%; vertical-align:top">3,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,581</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">ARPA (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>132.58</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">130.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Penetration <SUP
STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>54.9%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">55.3%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(0.4&nbsp;pts</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Subscriber counts are key performance indicators. See &#147;Key Performance Indicators&#148;. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Internet subscriber results include Smart Home Monitoring subscribers. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">As at end of period. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">On September&nbsp;1, 2021, we acquired approximately 18,000 Internet subscribers and 20,000 customer relationships as
a result of our acquisition of Seaside Communications, which are not included in net additions, but do appear in the ending total balance for December&nbsp;31, 2021.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Service revenue
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Service revenue includes revenue derived from: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">monthly subscription and additional use service revenue from residential, small business, enterprise, public sector,
and wholesale Internet access subscribers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">monthly service revenue from our smart home monitoring products; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">modem, television <FONT STYLE="white-space:nowrap">set-top</FONT> box, and other equipment rental fees;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">IPTV and digital cable services, such as: </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">basic service fees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">tier service fees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">access fees for use of channel capacity by third parties; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">premium and specialty service subscription fees, including <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">pay-per-view</FONT></FONT> service fees and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">video-on-demand</FONT></FONT> service fees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">monthly service fees; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">calling features, such as voicemail, call waiting, and caller ID; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">long distance calling. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 3% increase in Cable service revenue this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the movement of Internet customers to higher speed and usage tiers in our Ignite Internet offerings and the increase in
total customer relationships over the past year, due to growth in our Internet and Ignite TV subscriber bases; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a 1% increase in ARPA as a result of disciplined promotional activity and Internet service pricing changes in late
2020; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">declines in our legacy television and home phone subscriber bases. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Equipment revenue </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Equipment revenue includes revenue
generated from the sale of television <FONT STYLE="white-space:nowrap">set-top</FONT> boxes, Internet modems and other equipment, and smart home monitoring equipment. The increase in equipment revenue this year was a result of higher Ignite
equipment sales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPERATING EXPENSES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We record Cable
operating expenses in three categories: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of programming; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of equipment revenue (television <FONT STYLE="white-space:nowrap">set-top</FONT> boxes, Internet modem and
other equipment, and smart home monitoring equipment); and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all other expenses involved in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations, to service and retain existing subscriber relationships, and to attract new subscribers. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 2% increase in operating expenses this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher customer care costs; partially offset by </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">various cost efficiencies and productivity initiatives. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 4% increase in adjusted EBITDA this year
was a result of the revenue and expense changes described above. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_30"></A>MEDIA </B></FONT></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>DIVERSIFIED CANADIAN MEDIA COMPANY </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT COLOR="#da291c">We have a broad portfolio of media properties, which most significantly includes: </FONT></P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">sports media and entertainment, such as Sportsnet and the Toronto Blue Jays;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">our exclusive national <FONT STYLE="white-space:nowrap">12-year</FONT> NHL Agreement, which runs
through the 2025-2026 season; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">category-leading television and radio broadcasting properties; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">multi-platform televised and online shopping; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#da291c">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:9pt"><FONT COLOR="#da291c">digital media. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MEDIA FINANCIAL RESULTS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="padding-bottom:5pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except margins)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,975</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">1,606</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">23</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Operating expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,102</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">1,555</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">35</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">Adjusted
EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(127</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">51</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">n/m</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">Adjusted EBITDA margin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(6.4)%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">3.2%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">(9.6&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>115</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">79</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">46</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue is
earned from: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">advertising sales across its television, radio, and digital media properties; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">subscriptions to televised and OTT products; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ticket sales, fund redistribution and other distributions from MLB, and concession sales; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">retail product sales.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 23% increase in revenue this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher advertising and subscription revenue, primarily as a result of the delayed starts of the 2020-2021 NHL and NBA
seasons; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher Toronto Blue Jays attendance-related revenue as <FONT STYLE="white-space:nowrap">COVID-19</FONT> restrictions
eased and fan attendance was permitted. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPERATING EXPENSES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We record Media operating expenses in four primary categories: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of broadcast content, including sports programming and production; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Toronto Blue Jays player compensation; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cost of retail products sold; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all other expenses involved in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 35% increase in
operating expenses this year was a result of: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher programming and production costs as a result of the delayed starts of the 2020-2021 NHL and NBA seasons;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher other general operating costs as a result of the resumption of sports and increased activities as <FONT
STYLE="white-space:nowrap">COVID-19</FONT> restrictions eased; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher Toronto Blue Jays player payroll and game day costs, primarily as a result of the shortened 2020 MLB season.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The decrease in
adjusted EBITDA this year was a result of the revenue and expense changes described above. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_31"></A>CAPITAL EXPENDITURES </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Capital expenditures include costs associated with acquiring property, plant and equipment and placing it into service. The telecommunications business
requires extensive and continual investments, including investment in new technologies and the expansion of capacity and geographical reach. Expenditures related to the acquisition of spectrum licences and additions to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets are not included in capital expenditures and do not factor into the calculation of free cash flow or capital intensity. See &#147;Managing our
Liquidity and Financial Resources&#148;, &#147;Key Performance Indicators&#148;, and <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Capital expenditures are significant and have a material impact on our cash flows; therefore, our management teams focus on planning, funding, and
managing them. We believe this measure best reflects our cost of property, plant and equipment in a given period and is a simpler measure for comparing between periods. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">(In millions of dollars, except
capital<BR>intensity)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,515</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">1,100</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">38</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>913</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">940</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">(3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>115</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">79</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">46</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Corporate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>245</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">193</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">27</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Capital expenditures <SUP
STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,788</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">2,312</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:8pt; font-family:arial">Capital intensity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>19.0%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">16.6%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">2.4&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures
for spectrum licences or additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The
increase in capital expenditures in Wireless this year was a result of investments made to upgrade our wireless network to continue delivering reliable performance for our customers. We continued to emphasize our 5G deployments in the 600 MHz band
and other bands as we have deployed our 5G network in more than 1,500 communities and we continued rolling out our 5G standalone core network in Montreal, Ottawa, Toronto, and Vancouver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CABLE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The decrease in capital expenditures in Cable this
year was a result of the recognition of capital efficiencies and improved capital intensity. We have continued upgrading our network infrastructure, including additional fibre deployments to increase our FTTH and FTTC distribution. These upgrades
will lower the number of homes passed per node and incorporate the latest technologies to help deliver more bandwidth and an even more reliable customer experience as we progress in our connected home roadmap, including service footprint expansion
and upgrades to our DOCSIS 3.1 platform to evolve to DOCSIS 4.0, to offer increased download speeds over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MEDIA </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The increase in capital expenditures this year was primarily a result of higher broadcast infrastructure expenditures, including investments in new
production studios, partially offset by lower stadium and facility investments at the Toronto Blue Jays. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CORPORATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The increase in corporate capital expenditures this year was a result of higher investments in our information technology. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CAPITAL INTENSITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Capital intensity increased this year as a
result of higher capital expenditures, partially offset by higher revenue, as discussed above. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_32"></A>REVIEW OF CONSOLIDATED PERFORMANCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This section discusses our net income and other expenses that do not form part of the segment discussions above. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Deduct (add):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,585</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,618</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Restructuring, acquisition and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>324</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">185</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">75</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Finance costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>849</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">881</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Other expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">100</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Income tax expense</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>569</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">580</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED EBITDA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See
&#147;Key Changes in Financial Results Year Over Year&#148; for a discussion of the increase in adjusted EBITDA this year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DEPRECIATION AND AMORTIZATION </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Depreciation of property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,322</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,390</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Depreciation of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>246</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">217</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Amortization</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>17</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">11</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">55</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Total depreciation and
amortization</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,585</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,618</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Total depreciation and amortization decreased this year, primarily as a result of certain assets becoming fully
amortized, partially offset by, of the cumulative impact of increasing capital expenditures and additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets over the past several years. See
&#147;Capital Expenditures&#148; for more information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RESTRUCTURING, ACQUISITION AND OTHER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During the year ended December&nbsp;31, 2021, we incurred $324&nbsp;million (2020 &#150; $185 million) in restructuring, acquisition and other expenses,
which included $137&nbsp;million (2020 &#150; nil) of certain costs relating to the Transaction, including certain costs related to the committed credit facility and other costs incurred directly related to the Transaction. The remaining costs in
2021 were primarily severance costs associated with the targeted restructuring of our employee base, certain contract termination costs, incremental, temporary costs incurred in response to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> and other
costs. In 2020, these costs were primarily incremental, temporary employee compensation and other costs incurred in response to <FONT STYLE="white-space:nowrap">COVID-19</FONT> as well as severance costs associated with the targeted restructuring of
our employee base. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FINANCE COSTS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Interest on borrowings
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>745</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">780</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Interest on lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>74</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">70</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">6</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Interest on post-employment benefits liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>14</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Loss on foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>10</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">107</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(91</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Change in fair value of derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(6</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(97</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(94</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Capitalized interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(17</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(11</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Other</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>29</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">27</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total finance costs</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>849</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">881</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Interest on borrowings includes interest on short-term borrowings and on long-term debt. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 4% decrease in finance costs this year was primarily a result of lower interest on borrowings due to the repayment of our $1.45&nbsp;billion senior
notes at maturity in March 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Foreign exchange and change in fair value of derivative instruments </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We recognized $10&nbsp;million in net foreign exchange losses in 2021 (2020 &#150; $107&nbsp;million in net losses). These losses were primarily
attributed to our US CP program borrowings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These foreign exchange losses were offset by the $6&nbsp;million gain related to the change in fair
value of derivatives (2020 &#150; $97&nbsp;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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See &#147;Managing our Liquidity and Financial Resources&#148; for more information about our debt and related
finance costs. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INCOME TAX EXPENSE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except tax rates)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Statutory income tax rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>26.5%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">26.6%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Income before income tax
expense</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,127</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,172</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Computed income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>564</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">578</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Increase (decrease) in income tax expense resulting from:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-deductible</FONT> stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-deductible</FONT> portion of equity losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>12</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">10</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Income tax adjustment, legislative tax change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>&#150;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-taxable</FONT> income from security
investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(11</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(10</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Other items</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total income tax expense</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>569</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">580</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Effective income tax rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>26.8%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">26.7%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Cash income taxes
paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>700</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">418</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our effective income tax rate this year was 26.8% compared to 26.7% for 2020. The effective income tax rate for 2021 and
2020 approximated the statutory income tax rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cash income taxes paid increased this year primarily as a result of the timing of installment
payments. Our transition to a device financing business model in 2020 resulted in earlier recognition of equipment revenue for income tax purposes. As a result, our cash income taxes for 2021 increased by approximately $300&nbsp;million, reflecting
our final 2020 tax installment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>NET INCOME </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Net income
was 2% lower than last year. See &#147;Key Changes in Financial Results Year Over Year&#148; for more information. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except per<BR>share
amounts)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Diluted earnings per
share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.07</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.13</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED NET INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Adjusted net income was 5% higher compared to 2020, primarily as a result of higher adjusted EBITDA, lower depreciation and amortization, and lower
finance costs, partially offset by higher income tax expense. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except per<BR>share
amounts)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Deduct (add):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,585</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,618</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Finance costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>849</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">881</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Other expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">100</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Income tax expense<SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top"> 1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>648</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">632</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,803</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,725</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.57</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted diluted earnings per
share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.56</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.40</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Income tax expense above excludes a $79&nbsp;million recovery (2020 &#150; $52&nbsp;million recovery) for the year
ended December&nbsp;31, 2021 related to the income tax impact for adjusted items. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>EMPLOYEES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Employee salaries and benefits represent a material portion of our expenses. As at December&nbsp;31, 2021, we had approximately 23,000 employees
(2020&nbsp;&#150;&nbsp;24,000) across all of our operating groups, including shared services and the corporate office. Total salaries and benefits for full-time and part-time employees in 2021 were $2,181&nbsp;million (2020&nbsp;&#150;&nbsp;$1,847
million). </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>2020 FULL-YEAR RESULTS COMPARED TO 2019 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except margins)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2020</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,530</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,946</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,606</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Corporate items and
intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(166</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(203</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(18</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>13,916</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">15,073</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(8</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Total service
revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>11,955</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">12,965</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(8</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>4,067</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">4,345</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(6</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,935</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,919</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>51</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">140</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(64</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Corporate items and
intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(196</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(192</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,857</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">6,212</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(6</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted EBITDA
margin</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>42.1%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">41.2%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">0.9&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,592</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,043</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(22</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,725</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,135</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(19</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Revenue </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Consolidated revenue decreased in 2020, reflecting a revenue decline of 8% in Wireless and decline of 22% in Media. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue decreased as a result of lower roaming revenue due to global travel restrictions during
<FONT STYLE="white-space:nowrap">COVID-19</FONT> and lower overage revenue as a result of the continued adoption of our Rogers Infinite unlimited data plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable revenue was in line with 2019. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue
decreased by 22% as a result of lower sports-related revenues, including at the Toronto Blue Jays, due to the impact of <FONT STYLE="white-space:nowrap">COVID-19,</FONT> the suspension of major sports leagues from
<FONT STYLE="white-space:nowrap">mid-March</FONT> until the third quarter, and the postponed start of the 2020-2021 NHL and NBA seasons, which traditionally start early in the fourth quarter, as well as lower advertising revenue related to softness
in the advertising market, partially offset by higher revenues at Today&#146;s Shopping Choice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Adjusted EBITDA </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Consolidated adjusted EBITDA decreased in 2020 to $5,857&nbsp;million, reflecting decreases in Wireless and Media, partially offset by an increase in
Cable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA decreased 6% as a result of the decrease in service revenue as discussed above, partially offset by the shift to
device financing, which significantly improved the Wireless equipment margin, and various cost efficiencies and productivity initiatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable
adjusted EBITDA increased by 1% in 2020 as a result of various cost efficiencies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA decreased 64% primarily as a result of
decreased revenue as discussed above, partially offset by lower sports-related costs due to the suspension of major sports leagues from <FONT STYLE="white-space:nowrap">mid-March</FONT> until the third quarter and the postponed start of the
2020-2021 NHL and NBA seasons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Net income and adjusted net income </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Net income and adjusted net income both decreased in 2020 primarily as a result of lower adjusted EBITDA. Net income decreased to $1,592&nbsp;million in
2020 from $2,043&nbsp;million in 2019 and adjusted net income decreased to $1,725&nbsp;million in 2020 from $2,135&nbsp;million in 2019.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 </FONT></P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_33"></A>QUARTERLY RESULTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of our quarterly consolidated financial results and key performance indicators for 2021 and 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>QUARTERLY CONSOLIDATED FINANCIAL SUMMARY </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="20" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="20" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="center"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="center">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">(In millions of dollars, except per share amounts)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>Full&nbsp;Year</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q4</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q3</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q2</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q1</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Full&nbsp;Year</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q3</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q2</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Q1</P></TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
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<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>8,768</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,415</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,215</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,064</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,074</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">8,530</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,291</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,228</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,934</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,077</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>4,072</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,023</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,016</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,013</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,020</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,946</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,019</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">988</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">966</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">973</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,975</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">516</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">473</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">546</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">440</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,606</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">409</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">489</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">296</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">412</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Corporate items and
intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>(160</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(35</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(38</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(41</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(46</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(166</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(39</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(40</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(41</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(46</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>14,655</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,919</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,666</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,582</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,488</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">13,916</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,680</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,665</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,155</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,416</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Total service revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>12,533</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,232</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,149</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,131</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,021</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">11,955</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,023</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,086</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,797</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3,049</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>4,214</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,086</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,107</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,008</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,013</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">4,067</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,034</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,089</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">918</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,026</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,013</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">518</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">516</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">492</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">487</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,935</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">520</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">508</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">454</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">453</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>(127</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(26</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">33</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(75</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(59</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">51</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">82</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">89</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(35</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(85</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Corporate items and
intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>(213</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(56</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(56</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(51</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(50</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(196</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(46</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(48</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(43</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(59</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,522</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,600</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,374</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,391</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,590</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,638</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,294</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,335</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Deduct (add):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,585</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">658</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">642</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">647</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">638</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,618</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">666</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">663</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">650</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">639</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Restructuring, acquisition and other</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>324</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">63</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">115</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">45</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">185</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">73</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">49</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Finance costs</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>849</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">218</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">207</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">206</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">218</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">881</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">228</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">219</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">214</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">220</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Other expense (income)</P></TD>

<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">20</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">6</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(14</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net income before income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,127</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">557</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">668</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">413</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">489</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,172</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">621</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">701</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">381</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">469</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Income tax expense</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>569</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">152</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">178</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">111</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">128</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">580</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">172</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">189</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">102</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">117</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">405</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">490</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">302</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">361</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">449</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">512</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">279</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">352</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Earnings per share:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.80</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.97</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.60</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.71</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3.15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.89</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.01</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.55</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.70</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.07</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.80</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.94</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.60</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.70</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3.13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.89</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.01</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.54</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.68</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">405</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">490</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">302</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">361</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">449</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">512</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">279</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">352</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Add (deduct):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Restructuring, acquisition and other</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>324</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">63</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">115</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">45</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">185</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">73</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">49</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Income tax impact of above
items</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>(79</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(20</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(17</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(30</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(52</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(22</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(13</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(11</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(6</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,803</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">486</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">536</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">387</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">394</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,725</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">500</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">548</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">310</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">367</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Adjusted earnings per share:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.57</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.96</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.06</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.77</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.78</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3.42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.99</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.09</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.61</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.73</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.56</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.96</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.03</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.76</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.77</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">3.40</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.99</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.08</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.60</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.71</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,788</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">846</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">739</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">719</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">484</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,312</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">656</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">504</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">559</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">593</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>4,161</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,147</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,319</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,016</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">679</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">4,321</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">947</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">986</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,429</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">959</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,671</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">468</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">507</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">302</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">394</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,366</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">568</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">868</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">468</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">462</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FOURTH QUARTER 2021 RESULTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Results commentary in &#147;Fourth Quarter 2021 Results&#148; compares the fourth quarter of 2021 with the fourth quarter of 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Revenue </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Total revenue and total service revenue increased
by 6% and 7%, respectively, in the fourth quarter, driven by revenue growth in our Wireless and Media businesses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue
increased by 6% in the fourth quarter, mainly as a result of larger postpaid subscriber base and higher roaming revenue, as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> global travel restrictions
were generally less strict than last year. Wireless equipment revenue increased by 4%, as a result of higher device upgrades by existing subscribers, and higher gross additions, partially offset by increased promotional activity during key selling
periods. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable revenue was stable in the fourth quarter, primarily as a result of the movement of Internet customers to higher speed and usage
tiers in our Ignite Internet offerings and the increases in our Internet and Ignite TV subscriber bases, offset by declines in our legacy television and home phone subscriber bases. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased by 26% in the fourth quarter, primarily as 2020 was impacted by the postponement of the start of the 2020-2021 NHL and NBA
seasons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Adjusted EBITDA and margins </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Consolidated
adjusted EBITDA decreased 4% in the fourth quarter and our adjusted EBITDA margin decreased by 440 basis points driven by the impact of Media. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased by 5%, primarily as a result of the flow-through of revenue growth. This gave rise to a Wireless adjusted EBITDA
service margin of 62.6%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA was in line with last year, resulting in a Cable adjusted EBITDA margin of 50.6% in the fourth
quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA decreased by $108&nbsp;million in the fourth quarter, primarily due to higher sports programming and production
costs as a result of the postponement of the start of the 2020-2021 NHL and NBA seasons, partially offset by higher revenue as discussed above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Net income and
adjusted net income </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Net income and adjusted net income decreased in the fourth quarter by 10% and 3%, respectively, primarily as a result of
lower adjusted EBITDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>QUARTERLY TRENDS AND SEASONALITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">COVID-19</FONT> significantly affected our operating results in 2020 and
2021 in addition to the typical seasonal fluctuations in our business that are described below. In Wireless, the decline in customer travel due to global travel restrictions resulted in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">lower-than-pre-pandemic</FONT></FONT>
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
roaming revenue. In Media, major professional sports leagues postponed their <FONT STYLE="white-space:nowrap">2019-20</FONT> seasons between March and July 2020 and recommenced with contracted
seasons from July to September 2020. The NBA and NHL also postponed and condensed their <FONT STYLE="white-space:nowrap">2020-21</FONT> seasons to late December 2020 and early January 2021, respectively. These changes caused sports-related revenue
and expenses, such as programming rights amortization, to be recognized at different points in time than is typical. Furthermore, the effect of the Toronto Blue Jays being able to allow limited <FONT STYLE="white-space:nowrap">game-day</FONT>
attendance this year and play a full season compared to the stricter public health restrictions in the prior year has resulted in increased revenue and operating expenses this year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We expect <FONT STYLE="white-space:nowrap">COVID-19</FONT> will continue to affect our operating results in 2022 and there is continued uncertainty
surrounding the duration and potential outcomes of <FONT STYLE="white-space:nowrap">COVID-19.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Fluctuations in net income from quarter to
quarter can also be attributed to losses on the repayment of debt, foreign exchange gains or losses, changes in the fair value of derivative instruments, other income and expenses, restructuring, acquisition and other costs, impairment of assets,
and changes in income tax expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Wireless </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Trends
affecting both Wireless revenue and adjusted EBITDA reflect: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the growing number of wireless subscribers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">greater usage of wireless data; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher wireless equipment revenue as more consumers shift to financing higher-value devices, along with ongoing
disciplined promotional activity; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">decreasing postpaid churn, which we believe is beginning to reflect the realization of our enhanced customer service
efforts; partially offset by </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">lower overage revenue as customers continue to adopt our unlimited data plans. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Additional trends affecting Wireless adjusted EBITDA reflect higher costs related to the increasing number of subscribers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continue to target organic growth in higher-value postpaid subscribers, reflected in the increasing proportion of postpaid subscribers relative to
prepaid subscribers. Prepaid plans are evolving to have properties similar to those of traditional postpaid plans. We believe this evolution provides consumers with greater choice of subscribing to a postpaid or prepaid service plan. Growth in our
customer base over time has resulted in higher costs for customer service, retention, credit, and collection; however, most of the cost increases have been offset by gains in operating efficiencies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. Conversely, periods with higher activity may adversely impact subscriber churn metrics as a result of heightened competitive
activity. The third and fourth quarters typically experience higher volumes of activity as a result of &#147;back to school&#148; and holiday season-related consumer behaviour. Aggressive promotional offers are often advertised during these periods
and also contribute to the impact on subscriber metrics. In contrast, we </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 </FONT></P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
typically see lower subscriber additions in the first quarter of the year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The launch of
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 is affected by the foreign exchange rate of the Canadian dollar and general economic conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Cable </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Trends affecting Cable service revenue primarily reflect: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher Internet subscription fees as customers increasingly upgrade to higher-tier speed plans, including those with
unlimited usage; </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">customers adopting Ignite TV; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">general service pricing increases; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the shift of business customers from lower-margin, <FONT STYLE="white-space:nowrap">off-net</FONT> legacy long distance
and data services to higher-margin, next-generation services and data centre businesses; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">competitive losses of legacy Television and Phone subscribers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Television subscribers downgrading their service plans; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">lower additional usage of our products and services as service plans are increasingly bundling more features, such as
unlimited usage or a greater number of TV channels. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Trends affecting Cable adjusted EBITDA primarily reflect: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher Internet operating margins, as a result of the shift from conventional Television to Internet services; and
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the shift to a self-install model for most of our Cable products; partially offset by </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher premium supplier fees in Television as a result of bundling more value-added offerings into our Cable products.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable&#146;s operating results are affected by modest seasonal fluctuations in subscriber additions and disconnections, typically
caused by: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">university and college students who live in residence moving out early in the second quarter and cancelling their
service as well as students moving in late in the third quarter and signing up for cable service; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">individuals temporarily suspending service for extended vacations or seasonal relocations; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the timing of service pricing changes; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the focused marketing we generally conduct in our fourth quarter. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable operating results are also influenced by trends in cord shaving and cord cutting, which has resulted in fewer subscribers watching traditional
cable television, as well as a lower number of Television subscribers. In addition, trends in the use of wireless products and Internet or social media as substitutes for traditional home phone products have resulted in fewer Phone subscribers.
Cable results from our business customers do not generally have any unique seasonal aspects.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Media </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Trends
affecting Media revenue and adjusted EBITDA are generally the result of: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">fluctuations in advertising and consumer market conditions; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">subscriber rate increases; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">higher sports and rights costs, including increases as we move further along in our NHL Agreement;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">general cord shaving and cord cutting by television subscribers regardless of service provider; and
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">continual investment in primetime and specialty programming relating to both our broadcast networks (such as Citytv)
and our specialty channels (such as FX (Canada)). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Seasonal fluctuations relate to: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the MLB season, where: </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the
year); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">revenue related to game day ticket sales, merchandise sales, and advertising are concentrated in the spring, summer,
and fall months (generally the second and third quarters of the year), 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 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">programming and production costs and player payroll are expensed based on the number of games aired or played, as
applicable; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the NHL season, where: </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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&#146; presence during the playoffs;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">programming and production costs are expensed based on the timing of when the rights are aired or are expected to be
consumed; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">advertising revenue and programming expenses are concentrated in the fall, winter, and spring months, with playoff
games commanding a premium in advertising revenue. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Other expenses </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Depreciation and amortization trails capital expenditures and, in recent years, has been trending upward as a result of an increase in our general
depreciable asset base, related significantly to the ongoing expansions of our wireless and cable networks. The increasing trend is a direct result of increasing capital expenditures in previous years as we worked to upgrade our wireless network for
the launch of 5G services and roll out Ignite TV, Ignite Gigabit Internet, and 4K TV to our Cable footprint. We expect future depreciation and amortization to align with ongoing capital expenditures and additions to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_34"></A>OVERVIEW OF FINANCIAL POSITION </B></FONT></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">As at December&nbsp;31</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">(In millions of dollars)</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2021</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 2020<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> $ Chg<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> %&nbsp;Chg<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">Explanation of significant changes</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Assets</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current assets:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>715</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,484</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(1,769</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(71</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">See &#147;Managing our Liquidity and Financial Resources&#148;.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3,847</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,856</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">991</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">35</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects the increase in financing receivables.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>535</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">479</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">56</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">12</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects an increase in Wireless devices to mitigate the risk of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> impact on
supply chains.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current portion of contract assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>115</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">533</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(418</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(78</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects our transition of consumer offerings to device financing agreements.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>497</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">516</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(19</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current portion of derivative instruments</P></TD>

<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>120</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">61</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">59</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">97</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects changes in the market value of certain interest rate derivatives as a
result of changes in the interest rate environment.</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Total current assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>5,829</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">6,929</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(1,100</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(16</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>14,666</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">14,018</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">648</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects capital expenditures and additions to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets partially offset by depreciation expense.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>12,281</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">8,926</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">3,355</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">38</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects the acquisition of 3500 MHz spectrum licences.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,493</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,536</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(43</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(2</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,431</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1,378</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">53</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects changes in the market values of certain debt derivatives as a result of changes in the interest rate
environment.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Financing receivables</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>854</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">748</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">106</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects our continued transition of consumer offerings to device financing agreements.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Other long-term assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>385</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">346</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">39</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">11</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Goodwill</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4,024</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">3,973</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">51</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Total assets</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>41,963</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">38,854</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,109</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Liabilities and shareholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Short-term borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,200</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1,221</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">979</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">80</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects an increase in borrowings under our receivables securitization program, US CP program, and <FONT
STYLE="white-space:nowrap">non-revolving</FONT> credit facilities.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Accounts payable and accrued liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3,416</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,714</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">702</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">26</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects increased spending as the economy recovered from <FONT STYLE="white-space:nowrap">COVID-19.</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Income tax payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>115</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">344</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(229</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(67</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects a decrease in taxes owed as a result of the final 2020 installment payment.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>607</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">243</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">364</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">150</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects changes in the market value of certain interest rate derivatives as a result of changes in the interest rate
environment.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Contract liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>394</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">336</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">58</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">17</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current portion of long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,551</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1,450</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects the reclassifications to current of our US$750&nbsp;million senior notes due March 2022 and our $600&nbsp;million
senior notes due June 2022, including the impact of foreign exchange on the US dollar-denominated debt, partially offset by the repayment of $1,450&nbsp;million senior notes in March 2021.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Current portion of lease liabilities</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>336</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">278</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">58</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">21</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects liabilities related to the current portion of new leases entered.</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Total current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>8,619</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">6,586</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,033</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">31</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>50</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">42</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">19</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">n/m</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>17,137</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">16,751</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">386</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects the issuance of our $2&nbsp;billion subordinated notes, partially offset by reclassifications to current of our
US$750&nbsp;million senior notes due March 2022 and our $600&nbsp;million senior notes due June 2022.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,621</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1,557</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">64</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects liabilities related to new leases entered.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Other long-term liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>565</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">1,149</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(584</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">(51</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects changes in market values of certain debt derivatives as a result of changes in the Canadian and US interest
rate environment.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P><BR></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3,439</B></P><BR></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P><BR></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P><BR></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">3,196</P><BR></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P><BR></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">243</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Primarily reflects an increase in temporary differences between the accounting and tax
bases for certain assets and liabilities.</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>31,431</B></P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">29,281</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">2,150</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Shareholders&#146; equity</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>10,532</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">9,573</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">959</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">10</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects changes in retained earnings and equity reserves.</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:9.5pt; font-size:7pt; font-family:arial">Total liabilities and shareholders&#146; equity</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right"><B>41,963</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">38,854</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">3,109</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial" ALIGN="right">8</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_35"></A>Managing our Liquidity and Financial Resources </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_36"></A>SOURCES AND USES OF CASH </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPERATING, INVESTING, AND FINANCING ACTIVITIES </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash provided by operating activities before changes in net operating assets and liabilities, income taxes
paid, and interest paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,626</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,880</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Change in net operating assets and liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>37</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(333</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Income taxes paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(700</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(418</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Interest paid</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(802</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> (808<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash provided by operating activities</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>4,161</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 4,321<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Investing activities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,788</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,312</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Additions to program rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(54</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Changes in <FONT STYLE="white-space:nowrap">non-cash</FONT> working capital related to capital expenditures
and intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Acquisitions and other strategic transactions, net of cash acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,404</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(103</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Other</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>46</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> (49<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash used in investing activities</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(6,133</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> (2,558<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Financing activities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net proceeds received from (repayment of) short-term borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>971</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,146</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net issuance of long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>550</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net (payments) proceeds on settlement of debt derivatives and forward contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Transaction costs incurred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Principal payments of lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(269</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(213</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Dividends paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,010</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,011</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash provided by financing activities</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>203</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 227<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Change in cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,769</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash and cash equivalents, beginning of year</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,484</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 494<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Cash and cash equivalents, end of year</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>715</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,484</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPERATING ACTIVITIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 4% decrease in cash provided by operating activities this year was primarily affected by higher income taxes paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INVESTING ACTIVITIES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Capital expenditures </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We spent $2,788&nbsp;million this year on property, plant and equipment before related changes in <FONT STYLE="white-space:nowrap">non-cash</FONT>
working capital items, which was 21% higher than 2020. See &#147;Capital Expenditures&#148; for more information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Acquisitions and other strategic transactions
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This year, we paid $3.3&nbsp;billion for the acquisition of 3500 MHz spectrum licences. We also made four individually immaterial acquisitions
complementary to our existing lines of business in Cable and Media.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FINANCING ACTIVITIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This year, we received net amounts of $1,482&nbsp;million (2020 &#150; received net amounts of $1,451 million) on our short-term borrowings, long-term
debt, and related derivatives, net of transaction costs. See &#147;Financial Risk Management&#148; for more information on the cash flows relating to our derivative instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Short-term borrowings </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our short-term borrowings consist of
amounts outstanding under our receivables securitization program, our short-term <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities, and our US CP program. Below is a summary of our short-term borrowings as at December&nbsp;31,
2021 and 2020. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Receivables securitization program</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>800</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">US commercial paper program (net of the discount on issuance)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>893</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-revolving</FONT> credit facility borrowings</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>507</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Total short-term borrowings</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,200</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"> 1,221<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The table below summarizes the activity relating to our short-term borrowings for the years ended
December&nbsp;31, 2021 and 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Year ended December&nbsp;31, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Year ended December&nbsp;31, 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Proceeds received from receivables securitization</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>150</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net proceeds received from receivables securitization</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>150</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Proceeds received from US commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,568</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.260</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,235</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.329</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Repayment of US commercial paper</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,314</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.259</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,914</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(4,098</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.355</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(5,552</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net proceeds received from (repayment of) US commercial
paper</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>321</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,146</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Proceeds received from <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities (US$)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,200</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.253</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,503</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Repayment of <FONT STYLE="white-space:nowrap">non-revolving</FONT>
credit facilities (US$)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(800</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.254</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,003</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net proceeds received from
<FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>500</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> &#150;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net proceeds received from (repayment of) short-term borrowings</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>971</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"> (1,146<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> )&nbsp;<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have a US CP program that allows us to issue up to a maximum aggregate principal amount of
US$1.5&nbsp;billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Any issuances made under the US CP program will be issued at a discount. The obligations of RCI
under the US CP program are unsecured and guaranteed by RCCI, and rank equally in right of payment with all our senior notes and debentures. See &#147;Financial Condition&#148; for more information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Concurrent with our US CP issuances and <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facility borrowings, we entered into debt
derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings. See &#147;Financial Risk Management&#148; for more information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In June 2021, we entered into <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities with an aggregate limit of US$1.6&nbsp;billion
that mature in June 2022. 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. In
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
December 2021, we terminated the undrawn <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities with an aggregate limit of US$1.2&nbsp;billion. In February 2022, we repaid the
outstanding US$400&nbsp;million and terminated the facility. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In March 2021, in connection with the Transaction, we entered into a binding
commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19&nbsp;billion. The commitment remains subject to the satisfaction of conditions to effectiveness and drawing, including, without limitation, the
completion of credit documentation in respect of such commitment and the completion of the Transaction. The committed facility cannot be drawn upon until the closing date of the Transaction. It is only available to be drawn to fund part of the
acquisition cost of the Transaction and to pay fees and expenses related to the Transaction. If drawn, any drawings must be repaid within 364 days. If undrawn, the facility terminates on the closing date of the acquisition. As a result of entering
into the Shaw term loan facility (see &#147;Long-term debt&#148; below), the maximum amount we can draw on this committed facility decreased to $13&nbsp;billion.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Long-term debt </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our long-term debt consists of amounts outstanding under our bank and letter of credit facilities and the senior notes, debentures, and subordinated
notes we have issued. The tables below summarize the activity relating to our long-term debt for the years ended December&nbsp;31, 2021 and 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Year ended December&nbsp;31, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Year ended December&nbsp;31, 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Credit facility borrowings (US$)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Credit facility repayments (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.406</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,364</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net borrowings under credit facilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Senior note issuances (Cdn$)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Senior note issuances (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">750</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.359</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,019</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Total senior note issuances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Senior note repayments (Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,450</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net (repayment) issuance of senior notes</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,450</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,519</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Subordinated note issuances (Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,000</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net issuance of long-term debt</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>550</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,540</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Years&nbsp;ended&nbsp;December&nbsp;31</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Long-term debt net of transaction costs, beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,201</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Net issuance of long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>550</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Gain on foreign exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(50</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(297</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Deferred transaction costs incurred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Amortization of deferred transaction costs</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>18</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Long-term debt net of transaction costs, end of year</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>18,688</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">18,201</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The revolving credit facility is unsecured, guaranteed by RCCI, and ranks equally with all of our senior
notes and debentures. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 2021, we entered into a $6&nbsp;billion Shaw term loan facility consisting of three tranches of $2&nbsp;billion
each. The facility cannot be drawn upon until the closing date of the Transaction. The first tranche matures three years after the 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 Shaw term loan facility ranges from nil to 1.25% per annum
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers&#146; acceptance rate or London Inter-Bank Offered Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 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&nbsp;billion to $4&nbsp;billion by increasing the limits of the two tranches to $3&nbsp;billion and $1&nbsp;billion (from $2.5&nbsp;billion and $700&nbsp;million), respectively. We also extended the
maturity date of the $3&nbsp;billion tranche from September 2023 to April 2026 and the $1&nbsp;billion tranche from September 2022 to April 2024.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Issuance of senior and subordinated notes and
related debt derivatives </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020. In 2021, the proceeds were
used to partially fund the purchase of 3500 MHz spectrum licences. In 2020, the proceeds were used to repay outstanding US CP and bank credit facility borrowings, and for general corporate purposes. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="25" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="24" NOWRAP>(In millions of dollars, except interest rates and discounts)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">Date issued</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Principal<BR>amount</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Due&nbsp;date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Interest&nbsp;rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Discount/<BR>premium&nbsp;at<BR>issuance</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Total&nbsp;gross<BR>proceeds&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Transaction&nbsp;costs<BR>and discounts <SUP
STYLE="font-size:85%; vertical-align:top">2</SUP></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><I>2021 issuance</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">December&nbsp;17, 2021 (subordinated) <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.000%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">At par</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><I>2020 issuances</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">March&nbsp;31, 2020 (senior)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.650%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.511%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">June&nbsp;22, 2020 (senior)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">US&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2022</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">USD&nbsp;LIBOR&nbsp;+&nbsp;0.60%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">At par</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,019</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Gross proceeds before transaction costs, discounts, and premiums. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">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. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The US dollar-denominated senior notes issued in 2020 were issued pursuant to a public offering in the
US. The Canadian dollar-denominated senior notes issued in 2020 were issued pursuant to a public offering in Canada. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Concurrent with the US
dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations on the senior notes to Canadian dollars at a fixed interest rate. See &#147;Financial Risk Management&#148; for more
information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The issued senior notes are unsecured and guaranteed by RCCI, ranking equally with all of our other unsecured senior notes and
debentures, bank credit facilities, and letter of credit facilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In December 2021, we issued $2&nbsp;billion subordinated notes due 2081 with
an initial coupon of 5% for the first five years. Concurrently, we terminated the $750&nbsp;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.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In February 2022, we issued US$750&nbsp;million subordinated notes due 2082 with an initial coupon of
5.25% for the first five years. Concurrently, we terminated $950&nbsp;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&nbsp;million
($938 million) from the issuance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. We understand that S&amp;P Global Ratings Services (S&amp;P), Moody&#146;s Investors Service (Moody&#146;s), and Fitch Ratings (Fitch) will only include 50% of the outstanding principal amount of these subordinated
notes in their leverage ratio calculation for at least the first five years after their issuance. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In connection with these 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&nbsp;million and 1.4&nbsp;million preferred 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Repayment of senior notes
and related derivative settlements </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During the year ended December&nbsp;31, 2021, we repaid the entire outstanding principal amount of our
$1.45&nbsp;billion 5.34% senior notes at maturity. There were no derivatives associated with these senior notes. We did not repay any senior notes or settle any related debt derivatives during the year ended December&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Dividends </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2021, we declared and paid dividends on each
of RCI&#146;s outstanding Class&nbsp;A Shares and Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares. We paid $1,010&nbsp;million in cash dividends. See &#147;Dividends and Share Information&#148; for more information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Shelf prospectuses </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have two shelf prospectuses that
qualify the offering of debt securities from time to time. One shelf prospectus qualifies the public offering of up to $4&nbsp;billion of our debt securities in each of the provinces of Canada (Canadian Shelf) and the other shelf prospectus
(together with a corresponding registration statement filed with the
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
US Securities and Exchange Commission) qualifies the public offering of up to US$4&nbsp;billion of our debt securities in the United States and Ontario (US Shelf). Both the Canadian Shelf and the
US Shelf expire in May 2022. We have issued nil under the Canadian Shelf and an aggregate of US$750&nbsp;million of securities under the US Shelf. The subordinated notes we issued in December 2021 and February 2022 were not issued under the Canadian
Shelf or US Shelf, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FREE CASH FLOW </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
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<TD VALIGN="bottom" WIDTH="5%"></TD>
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<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">%&nbsp;Chg</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Deduct (add):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Capital expenditures
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2,788</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,312</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Interest on borrowings, net of capitalized interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>728</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">761</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(4</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Cash income taxes<SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top"> 2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>700</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">418</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">67</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,671</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,366</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">(29</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures
for spectrum licences or additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Cash income taxes are net of refunds received. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 29% decrease in free cash flow this year was primarily a result of higher cash income taxes due to our transition to a device financing business
model and higher capital expenditures. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_37"></A>FINANCIAL CONDITION </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>AVAILABLE LIQUIDITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="8%"></TD>
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<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">As at December&nbsp;31, 2021</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:13pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Total&nbsp;sources</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Drawn</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Letters&nbsp;of&nbsp;credit</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">US&nbsp;CP&nbsp;program<SUP STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">&nbsp;1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Net&nbsp;available</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">715</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>715</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Bank credit facilities
<SUP STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">2</SUP>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Revolving</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">894</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,098</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-revolving</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">507</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">507</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Outstanding letters of credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Receivables securitization <SUP
STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,200</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">800</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>400</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">6,494</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,307</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">80</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">894</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>4,213</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">The US CP program amounts are gross of the discount on issuance. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">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. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">As at December&nbsp;31, 2020</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:13pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Total&nbsp;sources</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Drawn</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Letters&nbsp;of&nbsp;credit</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">US&nbsp;CP&nbsp;program<SUP STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">&nbsp;1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Net&nbsp;available</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,484</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,484</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Bank credit facilities
<SUP STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">2</SUP>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Revolving</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Outstanding letters of credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>&#150;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Receivables securitization <SUP
STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,200</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">650</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">550</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">6,985</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">650</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">109</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">573</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,653</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">The US CP program amounts are gross of the discount on issuance. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">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. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Subsequent to the final payment for the 3500 MHz spectrum licence acquisition in December 2021, we
cancelled $360&nbsp;million of letters of credit and US$1.2&nbsp;billion of <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities, which reduced total liquidity sources to $6.5&nbsp;billion as at December&nbsp;31, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to the sources of available liquidity noted above, we held $1,581&nbsp;million of marketable securities in publicly traded companies as at
December&nbsp;31, 2021 (2020 &#150; $1,535 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Weighted average cost of borrowings </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our borrowings had a weighted average cost of 3.95% as at December&nbsp;31, 2021 (2020 &#150; 4.09%) and a weighted average term to maturity of 11.6
years (2020 &#150; 12.8 years). These figures reflect the repayment of our subordinated notes on the five-year anniversary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>COVENANTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The provisions of our $4.0&nbsp;billion revolving bank credit facility described in &#147;Sources and Uses of Cash&#148; impose certain restrictions on
our operations and activities, the most significant of which are leverage-related maintenance tests. As at December&nbsp;31, 2021 and 2020, we were in compliance with all financial covenants, financial ratios, and all of the terms and conditions of
our debt agreements. Throughout 2021, these covenants did not impose restrictions of any material consequence on our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CREDIT RATINGS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have engaged each of S&amp;P, Moody&#146;s, and Fitch to rate certain of our public debt issues. Below is a summary of the credit ratings on
RCI&#146;s outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at December&nbsp;31, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="border-radius:4pt; BORDER-LEFT: 1px solid #da291c ; BORDER-Top: 1px solid #da291c ; BORDER-RIGHT: 1px solid #da291c ; BORDER-BOTTOM: 1px solid #da291c ; ; font-family:arial; font-size:8.5pt" ALIGN="center">



<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="23%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;&nbsp;Issuance</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>S&amp;P</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>Moody&#146;s</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>Fitch</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Corporate&nbsp;credit issuer default rating</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial">BBB+ Rating Watch&nbsp;Negative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">Baa1 under review</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial">BBB+&nbsp;Rating Watch&nbsp;Negative</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Senior unsecured debt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">BBB+ Rating Watch&nbsp;Negative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">Baa1 under review</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial">BBB+ Rating Watch&nbsp;Negative</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Subordinated debt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> Credit Watch&nbsp;Negative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">Baa3 under review</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> Rating Watch&nbsp;Negative</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">US&nbsp;commercial paper</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">A-2</FONT> Rating Watch&nbsp;Negative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><FONT STYLE="white-space:nowrap">P-2</FONT> under review</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">N/A <SUP STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">1</SUP></P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">We have not sought a rating from Fitch for our short-term obligations. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As a result of our agreement to acquire Shaw and the related commitments in connection with the Transaction, both S&amp;P and Fitch have placed us on
credit watch with negative implications. Moody&#146;s has placed our credit ratings on review for downgrade. We expect S&amp;P, Moody&#146;s, and Fitch to complete their reviews upon closing of the Transaction. See &#147;Shaw Transaction&#148; and
&#147;Risks and Uncertainties Affecting our Business &#150; Shaw Transaction&#148; for more information on our agreement with Shaw and the Transaction.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Ratings for long-term debt instruments across the universe of composite rates range from AAA (S&amp;P and
Fitch) or Aaa (Moody&#146;s), representing the highest quality of securities rated, to D (S&amp;P), Substantial Risk (Fitch), and C (Moody&#146;s) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered
to range from <FONT STYLE="white-space:nowrap">BBB-</FONT> (S&amp;P and Fitch) or Baa3 (Moody&#146;s) to AAA (S&amp;P and Fitch) or Aaa (Moody&#146;s). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Ratings for short-term debt instruments across the universe of composite rates ranges from <FONT STYLE="white-space:nowrap">A-1+</FONT> (S&amp;P), F1+
(Fitch), or <FONT STYLE="white-space:nowrap">P-1</FONT> (Moody&#146;s), representing the highest quality of securities rated, to C (S&amp;P and Fitch), and not prime (Moody&#146;s) for the lowest quality of securities rated. Investment-grade credit
ratings are generally considered to be ratings of at least <FONT STYLE="white-space:nowrap">A-3</FONT> (S&amp;P), F3 (Fitch), or <FONT STYLE="white-space:nowrap">P-3</FONT> (Moody&#146;s) quality or higher. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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&amp;P, Fitch,
and Moody&#146;s are investment-grade ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED NET DEBT AND DEBT LEVERAGE RATIO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and make capital structure-related decisions. Adjusted net debt
includes long-term debt, net debt derivative assets or liabilities, short-term borrowings, lease liabilities, and cash and cash equivalents. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except<BR>ratios)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">As at</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">As at</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Long-term debt
<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>18,873</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">18,373</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Subordinated notes adjustment <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(1,000</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Net debt derivative assets valued without any adjustment for credit risk <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(1,278</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(1,101</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Short-term borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,200</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,221</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,957</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,835</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(715</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">(2,484</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Adjusted net debt<SUP STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">
2,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>20,037</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">17,844</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Divided by: trailing <FONT
STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Debt leverage ratio</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.4</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">3.0</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes current and long-term portion of long-term debt before deferred transaction costs and discounts.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">For the purposes of calculating adjusted net debt and debt leverage ratio, 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 this approach is commonly used to evaluate debt leverage by rating agencies. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">For purposes of calculating adjusted net debt and debt leverage ratio, 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. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Adjusted net debt is a capital management measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and
Other Financial Measures&#148; for more information about this measure. </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition, as at December&nbsp;31, 2021, we held $1,581&nbsp;million of marketable securities in
publicly traded companies (2020 &#150; $1,535 million). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our adjusted net debt increased by $2,193&nbsp;million from December&nbsp;31, 2020 as a
result of: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an increase in short-term borrowings from our <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities,
US CP program, and receivables securitization program; </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a decrease in our net cash position; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an increase in long-term debt from subordinated note issuances. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See &#147;Overview of Financial Position&#148; for more information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PENSION OBLIGATIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our defined benefit pension plans were
in a net asset position of approximately $18&nbsp;million as at December&nbsp;31, 2021 (2020 &#150; net liability position of $574&nbsp;million). During 2021, our net deferred
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
pension asset increased by $592&nbsp;million primarily as a result of a net decrease in the plan obligations resulting from higher discount rates and the return earned on the plan assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We made a total of $177&nbsp;million (2020 &#150; $150 million) of contributions to our funded defined benefit pension plans this year. We expect our
total estimated funding requirements for our funded defined benefit pension plans to be $134&nbsp;million in 2022 and to be adjusted annually thereafter based on various market factors, such as interest rates, expected returns, and staffing
assumptions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Changes in factors such as the discount rate, participation rates, increases in compensation, and the expected return on plan assets
can affect the accrued benefit obligation, pension expense, and the deficiency of plan assets over accrued obligations in the future. See &#147;Accounting Policies&#148; for more information.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_38"></A>FINANCIAL RISK MANAGEMENT </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use derivative instruments from time to time to manage risks related to our business activities, summarized as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="border-radius:4pt; BORDER-LEFT: 1px solid #da291c ; BORDER-Top: 1px solid #da291c ; BORDER-RIGHT: 1px solid #da291c ; BORDER-BOTTOM: 1px solid #da291c ; ; font-family:arial; font-size:8.5pt" ALIGN="center">



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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:8.5pt; font-family:arial"><B>&nbsp;&nbsp;&nbsp;Derivative</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><B>The risk they manage</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><B>Types of derivative instruments</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;&nbsp;Debt derivatives</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cross-currency interest rate exchange agreements</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Forward cross-currency interest rate exchange agreements</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Forward foreign exchange agreements</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;&nbsp;Interest rate derivatives</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Impact of fluctuations in market interest rates on forecast interest payments for expected
long-term debt</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Forward interest rate agreements</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Interest rate swap agreements</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Bond forwards</P>
<P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;&nbsp;Expenditure derivatives</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated
expenditures</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Forward foreign exchange agreements and foreign exchange option agreements</P>
<P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;Equity derivatives</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Impact of fluctuations in share price on stock-based compensation expense</P>
<P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Total return swap agreements</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also manage our exposure to fluctuating interest rates and we have fixed the interest rate on 89.3% (2020 &#150;
93.6%) of our debt, including short-term borrowings, as at December&nbsp;31, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DEBT DERIVATIVES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use cross-currency interest rate agreements and forward foreign exchange 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. We 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 credit facility
and US CP borrowings have not been designated as hedges for accounting purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Issuance of debt derivatives related to senior notes </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We did not enter into any debt derivatives in 2021 on issued senior notes. We entered into US$2&nbsp;billion of forward starting cross-currency swaps to
hedge the foreign exchange and interest risk associated with debt instruments we expect to issue in the future related to the Transaction. These derivatives have been designated as hedges for accounting purposes. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="4" NOWRAP STYLE="BORDER-TOP:1px solid #000000">(In millions of dollars, except for coupon and interest rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="center">US$</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="center">Hedging
effect</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Effective date</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Principal/Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">amount&nbsp;(US$)</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity&nbsp;date</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Coupon rate</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Fixed&nbsp;hedged&nbsp;(Cdn$)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">interest rate <SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Equivalent&nbsp;(Cdn$)</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial"><I>2020 issuances</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">June&nbsp;22, 2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">750</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2022</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">USD&nbsp;LIBOR&nbsp;+&nbsp;0.60%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">0.955%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,019</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Settlement of debt derivatives related to senior notes </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We did not settle any debt derivatives related to senior notes during 2021 and 2020. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at December&nbsp;31, 2021, we had US$9,050&nbsp;million of US dollar-denominated senior notes and debentures, all of which were hedged using debt
derivatives. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">As at
December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">(In millions of dollars, except exchange rates, percentages, and years)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">US dollar-denominated long-term debt <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>US$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>9,050</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">US$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">9,050</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Hedged with debt derivatives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>US$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>9,050</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">US$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">9,050</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Hedged exchange rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.2069</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1.2069</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Percent hedged<SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top"> 2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>100.0%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">100.0%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Amount of borrowings at fixed rates <SUP
STYLE="font-size:85%; line-height:8.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Total borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>20,514</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">18,994</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Total borrowings at fixed rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>18,323</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">17,773</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Percent of borrowings at fixed rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>89.3%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">93.6%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Weighted average interest rate on borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3.95%</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4.09%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Weighted average term to maturity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>11.6 years</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">12.8 years</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">US dollar-denominated long-term debt reflects the hedged exchange rate and the hedged interest rate.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Pursuant to the requirements for hedge accounting under IFRS 9, <I>Financial instruments</I>, as at December&nbsp;31,
2021 and December&nbsp;31, 2020, RCI accounted for 100% of its debt derivatives related to senior notes as hedges against designated US dollar-denominated debt. As a result, as at December&nbsp;31, 2021 and 2020, 100% of our US dollar-denominated
senior notes and debentures are hedged for accounting and economic purposes. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Borrowings include long-term debt, including the impact of debt derivatives, and short-term borrowings associated
with our US CP program, receivables securitization program, and <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Debt
derivatives related to credit facilities and US CP </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During the year, we entered into debt derivatives related to our credit facility and US CP
borrowings as a result of a favourable interest rate spread obtained from borrowing funds in US dollars. We used these derivatives to offset the foreign exchange and interest rate risk on our US dollar-denominated credit facility and commercial
paper borrowings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of the debt derivatives we entered and settled related to our credit facility borrowings and US CP program
during 2021 and 2020. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:7pt; font-family:arial" ALIGN="right">Year ended
December&nbsp;31, 2021</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:7pt; font-family:arial" ALIGN="right">Year ended
December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial"><I>Credit facilities</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Debt derivatives entered</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,200</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.253</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,503</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">970</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1.428</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1,385</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Debt derivatives settled</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>800</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.254</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,003</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">970</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1.406</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1,364</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Net cash paid on settlement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(2</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">(21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial"><I>US commercial paper program</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Debt derivatives entered</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,568</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.260</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3,235</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">3,316</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1.329</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">4,406</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Debt derivatives settled</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,312</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.259</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,911</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">4,091</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">1.330</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">5,441</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Net cash (paid) received on settlement</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(15</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">101</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Lease liabilities </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is
a summary of the debt derivatives we entered and settled related to our outstanding lease liabilities during 2021 and 2020. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:7pt; font-family:arial" ALIGN="right">Year ended
December&nbsp;31, 2021</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:14pt; font-size:7pt; font-family:arial" ALIGN="right">Year ended
December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Debt derivatives entered</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>132</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.273</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>168</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">115</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">1.374</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">158</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Debt derivatives settled</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>81</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1.333</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>108</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">43</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">1.372</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial" ALIGN="right">59</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at December&nbsp;31, 2021, we had US$193&nbsp;million notional amount of debt derivatives outstanding related to our
outstanding lease liabilities (2020 &#150; US$142 million) with terms to maturity ranging from January 2022 to December 2024 (2020 &#150; January 2021 to December 2023), at an average rate of $1.301/US$ (2020 &#150; $1.352/US$). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;Mark-to-market</FONT></FONT> value&#148; for more information about our debt
derivatives. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INTEREST RATE DERIVATIVES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have entered into
interest rate swap derivatives during the year ended December&nbsp;31, 2021, including: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">$1,250&nbsp;million bond forwards to hedge the underlying Government of Canada (GoC) interest rate risk that will form
a portion of the interest rate risk associated with anticipated future debt issuances;
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">interest rate swap derivatives to hedge the interest rate risk on an additional $3.25&nbsp;billion of debt instruments
we expect to issue in the future; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">interest rate swap derivatives to hedge the interest rate risk on US$2&nbsp;billion of debt instruments we expect to
issue in the future. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Concurrent with our issuance of $2&nbsp;billion subordinated notes in December 2021, we terminated
$750&nbsp;million of bond forwards and received $9&nbsp;million upon settlement. As at December&nbsp;31, 2021, we had $500&nbsp;million of bond forwards outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Concurrent with our issuance of US$750&nbsp;million subordinated notes in February 2022, we terminated $950&nbsp;million of interest rate swap
derivatives and received $33&nbsp;million upon settlement. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>EXPENDITURE DERIVATIVES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use foreign currency derivative contracts (expenditure derivatives) to hedge the foreign exchange risk on the notional amount of certain forecast US
dollar-denominated expenditures. Below is a summary of the expenditure derivatives we entered and settled to manage foreign exchange risk related to certain forecast expenditures. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="12" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31,
2021</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31,
2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Expenditure derivatives
entered</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>438</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1.244</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>545</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">1,560</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">1.343</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">2,095</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Expenditure derivatives settled</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>960</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1.360</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right"><B>1,306</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">940</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">1.299</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial" ALIGN="right">1,221</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The expenditure derivatives noted above have been designated as hedges for accounting purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at December&nbsp;31, 2021, we had US$1,068&nbsp;million of expenditure derivatives outstanding (2020 &#150; US$1,590 million), at an average rate of
$1.287/US$ (2020 &#150; $1.342/US$), with terms to maturity ranging from January 2022 to December 2023 (2020 &#150; January 2021 to December 2022). As at December&nbsp;31, 2021, our outstanding expenditure derivatives maturing in 2022 are hedged at
an average exchange rate of $1.292/US$. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>EQUITY DERIVATIVES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use stock-based compensation derivatives (equity derivatives) to hedge the market price appreciation risk of the Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares granted under our stock-based compensation programs. As at December&nbsp;31, 2021, we had equity derivatives for 5.0&nbsp;million (2020&nbsp;&#150; 4.6 million) Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares with a weighted average price of $53.10 (2020 &#150; $51.82). These derivatives have not been designated as hedges for accounting purposes. We record changes in their fair value as a stock-based
compensation expense, or offset thereto, which serves to offset a substantial portion of the impact of changes in the market price of Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares on the accrued value of the stock-based
compensation liability for our stock-based compensation programs.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During the year ended December&nbsp;31, 2021, we entered into 0.4&nbsp;million equity derivatives (2020
&#150; 0.3 million) with a weighted average price of $60.98 (2020 &#150; $56.08). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During the year ended December&nbsp;31, 2021, we reset the
weighted average price to $59.64 (2020 &#150; $54.16) on 0.5&nbsp;million (2020 &#150; 0.5&nbsp;million) equity derivatives and received net proceeds of $3&nbsp;million (2020 &#150; made net payments of $1&nbsp;million). At the same time in 2021, we
reset the expiry dates to April 2023 (from April 2021). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 2022 (from April 2021).
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 </FONT></P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">MARK-TO-MARKET</FONT></FONT> VALUE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We record our derivatives using an estimated credit-adjusted,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> valuation, calculated in accordance with IFRS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="49%"></TD>

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<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">As at December&nbsp;31, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except<BR>exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Fair<BR>value</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Debt derivatives accounted for as cash flow hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">5,859</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.1369</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">6,661</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>1,453</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">5,383</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.3025</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">7,011</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>(343</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>)&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Short-term debt derivatives not accounted for as hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,104</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.2578</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,389</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>11</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> debt derivative asset</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>1,121</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Interest rate derivatives accounted for as cash flow hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets (Cdn$)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">3,250</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>40</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities (Cdn$)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">500</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>(6</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>)&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">2,000</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>(277</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>)&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> interest rate derivative liability</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>(243</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>)&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Expenditure derivatives accounted for as cash flow hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">438</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.2453</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">545</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>11</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">630</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.3151</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">829</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>(30</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>)&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> expenditure derivative liability</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(19</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Equity derivatives not accounted for as hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#150;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">265</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>36</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> asset</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>895</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt"><B>&nbsp;</B></P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="font-size:34pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">As at December&nbsp;31, 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except<BR>exchange rates)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Fair<BR>value</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Debt derivatives accounted for as cash flow hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">4,550</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.0795</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">4,912</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,405</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">4,642</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.3358</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">6,201</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">(307</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Short-term debt derivatives not accounted for as hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">449</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.2995</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">583</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">(12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> debt derivative asset</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,086</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Expenditure derivatives accounted for as cash flow hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,590</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1.3421</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">2,134</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">(109</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Equity derivatives not accounted for as hedges:</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">As assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#151;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&#151;</P></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">238</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">34</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> asset</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P ALIGN="right" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">1,011</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_39"></A>DIVIDENDS AND SHARE INFORMATION </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DIVIDENDS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of the dividends that have been
declared and paid on RCI&#146;s outstanding Class&nbsp;A Shares and Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Declaration date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Record date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Payment&nbsp;date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Dividend&nbsp;per<BR>share&nbsp;(dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Dividends&nbsp;paid<BR>(in&nbsp;millions&nbsp;of&nbsp;dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">January&nbsp;27,&nbsp;2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">March&nbsp;10,&nbsp;2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">April&nbsp;1,&nbsp;2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">252</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">April&nbsp;20, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">June&nbsp;10, 2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">July&nbsp;2, 2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">253</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">July&nbsp;20, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">September&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">October&nbsp;1,&nbsp;2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">253</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">October&nbsp;20,&nbsp;2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">December&nbsp;10,&nbsp;2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">January&nbsp;4,&nbsp;2022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">252</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">January&nbsp;21, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">March&nbsp;10, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">April&nbsp;1, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">252</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">April&nbsp;21, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">June&nbsp;10, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">July&nbsp;2, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">253</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">July&nbsp;21, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">September&nbsp;9, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">October&nbsp;1, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">253</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">October&nbsp;21, 2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">December&nbsp;10, 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">January&nbsp;4, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">252</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On January&nbsp;26, 2022, the Board declared a quarterly dividend of $0.50 per Class&nbsp;A Voting Share
and Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Share, to be paid on April&nbsp;1, 2022, to shareholders of record on March&nbsp;10, 2022.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We currently expect that the remaining record and payment dates for the 2022 declaration of dividends
will be as follows, subject to the declaration by the Board each quarter at its sole discretion: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="border-radius:4pt; BORDER-LEFT: 1px solid #da291c ; BORDER-Top: 1px solid #da291c ; BORDER-RIGHT: 1px solid #da291c ; BORDER-BOTTOM: 1px solid #da291c ; ; font-family:arial; font-size:8.5pt" ALIGN="center">



<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;Declaration date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">Record date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c">Payment date</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;April&nbsp;19, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;10,&nbsp;2022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">July&nbsp;4, 2022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;June&nbsp;9, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;9, 2022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">October&nbsp;3, 2022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">&nbsp;&nbsp;November&nbsp;8, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">December&nbsp;9, 2022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">January&nbsp;3, 2023</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">52&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>NORMAL COURSE ISSUER BID </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 2020, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2020 NCIB) that allows us to purchase,
between April&nbsp;24, 2020 and April&nbsp;23, 2021, the lesser of 34.9&nbsp;million Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares and that number of Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares
that can be purchased under the 2020 NCIB for an aggregate purchase price of $500&nbsp;million. Rogers security holders may obtain a copy of this notice, without charge, by contacting us. We did not purchase any Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares under the 2020 NCIB during the years ended December&nbsp;31, 2021 and December&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OUTSTANDING
COMMON SHARES </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


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<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">As at
December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Common shares outstanding <SUP
STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Class&nbsp;A Voting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>111,153,411</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">111,154,811</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Class&nbsp;B
<FONT STYLE="white-space:nowrap">Non-Voting</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>393,771,907</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">393,770,507</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Total common shares</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>504,925,318</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">504,925,318</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Options to purchase Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT>
Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Outstanding options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>6,494,001</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">4,726,634</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Outstanding options exercisable</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2,373,717</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,470,383</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Holders of our Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> 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&nbsp;A Shares, there is no requirement
under applicable law or our constating documents that an offer be made for the outstanding Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> 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&nbsp;A Shares may be made on different terms than the offer to the holders of Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at February&nbsp;28, 2022, 111,153,411 Class&nbsp;A Shares, 393,771,907 Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares, and 6,412,258 options to purchase Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares were outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use the weighted average number of shares outstanding to calculate earnings per share and adjusted earnings per share. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">(Number of shares in millions)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Basic weighted average number of shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>505</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">505</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Diluted weighted average number of shares
outstanding</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>506</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">506</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PREFERRED SHARES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In relation
to our issuances of subordinated notes in December 2021 and February 2022, 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&nbsp;million preferred shares and
Series II has been authorized for up to 1.4&nbsp;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. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_40"></A>COMMITMENTS AND CONTRACTUAL OBLIGATIONS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CONTRACTUAL OBLIGATIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of our obligations
under firm contractual arrangements as at December&nbsp;31, 2021. See notes 3, 17, and 28 to our 2021 Audited Consolidated Financial Statements for more information. In addition to the below, our share of commitments relating to associates and joint
ventures is $387&nbsp;million. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(In millions of dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Less&nbsp;than<BR>1 Year</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">1-3&nbsp;Years</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">4-5&nbsp;Years</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">After<BR>5&nbsp;Years</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Total</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Short-term borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,200</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,200</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Long-term debt
<SUP STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">1,2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,551</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,312</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">3,520</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">11,490</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">18,873</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Net interest payments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">804</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,444</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,321</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">7,789</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">11,358</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">336</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">677</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">308</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,177</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,498</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Debt derivative instruments <SUP
STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">213</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(318</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">86</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(385</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(404</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Expenditure derivative instruments <SUP
STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">23</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">(3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">20</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Interest rate derivatives <SUP
STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">243</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">243</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Player contracts
<SUP STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">129</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">204</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">222</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">555</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Purchase obligations
<SUP STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">327</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">192</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">85</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">623</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">82</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">85</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">209</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Program rights
<SUP STYLE="font-size:85%; line-height:9.0pt ; vertical-align:top">6</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">659</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,151</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">824</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,635</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Other long-term liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">5</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12.0pt; font-size:8.5pt; font-family:arial">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">6,588</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,751</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">6,410</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">20,096</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">38,845</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Principal obligations of long-term debt (including current portion) due at maturity. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Net (receipts) disbursements due at maturity. US dollar amounts have been translated into Canadian dollars at the
Bank of Canada <FONT STYLE="white-space:nowrap">year-end</FONT> rate. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Toronto Blue Jays players&#146; salary contracts into which we have entered and are contractually obligated to pay.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Contractual obligations under service, product, and wireless device contracts to which we have committed.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">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. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_41"></A><FONT STYLE="white-space:nowrap">OFF-BALANCE</FONT> SHEET
ARRANGEMENTS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>GUARANTEES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As a regular part of
our business, we enter into agreements that provide for indemnification and guarantees to counterparties in transactions involving business sale and business combination agreements, sales of services, and purchases and development of assets. Due to
the nature of these indemnifications, we are unable to make a reasonable estimate of the maximum potential amount we could be required to pay counterparties. Historically, we have not made any significant payment under these indemnifications or
guarantees. See note 27 to our 2021 Audited Consolidated Financial Statements.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
</div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">54&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_42"></A>Environmental, Social, and Governance (ESG) </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_43"></A>ENVIRONMENTAL AND SOCIAL </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our purpose is to connect Canadians to a world of possibilities, and the moments that matter most. For more than 60 years, through the vision of our
founder, Ted Rogers, we are committed to being a good corporate citizen and making a positive impact in the communities we serve. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2021, as <FONT
STYLE="white-space:nowrap">COVID-19</FONT> evolved, we continued to adapt aspects of our operations to keep our customers connected and our employees safe. We also launched our new corporate responsibility brand, <I>Generation Possible</I> and
<I>Team Possible. Generation Possible</I> focuses on giving the next generation the chance they need to succeed through Ted Rogers Scholarships, Ted Rogers Community Grants, and Jays Care Foundation. <I>Team Possible</I> is about our team&#146;s and
partners&#146; commitment to make a meaningful impact in communities through areas such as volunteering, bridging the digital divide, and partnering with organizations like Women&#146;s Shelters Canada to provide critical digital lifelines. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are focused on growing in a socially and environmentally responsible manner through an environmental, social, and governance program, building on our
reputation as a great Canadian company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The material aspects of our ESG platform are grouped into six focus areas that are listed below, along with
our approaches in addressing them: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>EMPLOYEE EXPERIENCE </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Employee Experience: We were recognized as one of the best places to work in Canada across numerous awards in 2021,
including: Canada&#146;s Top 100 Employers, Greater Toronto Area Top Employers, Top Employers for Young People, Best Diversity Employer, and Greenest Employers. We reclaimed certification for Canada&#146;s Most Admired Corporate Cultures 2021 and
Jim Reid, our former Chief Human Resources Officer (CHRO), was recognized as one of Canada&#146;s 50 Best Executives in the Globe&nbsp;&amp; Mail Report on Business. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Talent Management: It is our goal to invest in building the skills, capabilities, and careers of our people to support
their success and to make Rogers the best place to work in Canada. It is important we live our values, develop our teams, and continue to support our employees on their career journeys. Our CHRO oversees talent management, while the Human Resources
Committee assists the Board in monitoring, reviewing, and approving compensation and benefit policies and practices. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Inclusion and Diversity: We continued to deliver on the five-year Inclusion&nbsp;&amp; Diversity strategy we launched
in 2020. We recognized and celebrated days of significance for equity-deserving groups, evolved structure and governance of our I&amp;D Council to accelerate our plan, developed and introduced new training and resources to our teams including
Allyship, Psychological Safety, Unconscious Bias, and Inclusive Hiring, and hosted over 100 safe talk sessions with 3,200 participants across our teams.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Safety and Well-being: We are committed to supporting our employees&#146; safety and well-being holistically, focusing
on the whole employee, including their safety and physical and mental health at work and in their lives. Our top priority throughout the pandemic has been the safety and well-being of our team. To increase our support, we gave employees and their
families access to additional benefits like increased mental health coverage and virtual healthcare. We regularly host company-wide information sessions on <FONT STYLE="white-space:nowrap">COVID-19</FONT> and bring in well-being and medical experts
to share their knowledge. On average, almost 4,000 team members join these sessions with an average effectiveness score of 94%. We continuously share ongoing updates from our CHRO on our policies, safety procedures guided by Canada Public Health,
and resources on mental health and well-being. We launched a voluntary Return to Workplace Pilot Program with more than 600 team members across Canada and announced mandatory vaccinations or rapid testing will be required for anyone entering
workplace sites, including team members, contractors, and visitors. We also introduced a new Flexible Benefits Program to all benefits-eligible team members to provide more personalization and choice to meet the diverse needs of our team and
implemented dedicated mental health and well-being campaigns to drive adoption of self-care and resilience. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">We are also committed to providing and maintaining safe working environments for employees, volunteers, contractors,
visitors, and members of the public who may be affected by our activity. We have a robust, risk-based safety management system that is focused on identifying our greatest safety risks, preventing injuries through multi-faceted programs, and auditing
our performance to ensure continuous improvement over time. Our results show significant improvements in areas of focus and this approach will continue in years to come. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CUSTOMER EXPERIENCE </B></P>
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<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Customer Service and Transparency: We believe in putting customers first in everything we do to deliver the best
experience, regardless of how customers choose to interact with us. We continue to focus on self-serve options for our customers and invest in training and tools for our customer-facing teams. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Network Leadership and Innovation: Innovation is part of our DNA, whether it is bringing new products or the latest
network technologies to market. In 2021, we invested $2.8&nbsp;billion in capital expenditures, with much of that investment going to our wireless and cable networks. We focus on core performance and reliability and invest in our wireless network to
build and maintain our 5G network. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Product Responsibility: We have programs and policies in place to manage a range of product responsibility issues. For
example, we have policies in place to comply with all relevant safety regulations and codes, we have programs and teams to manage and advise on our accessibility offerings, and we operate stewardship programs to manage the proper disposal and
recycling of our used products, including Rogers <FONT STYLE="white-space:nowrap">Trade-Up</FONT> and FidoTrade<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Customer Privacy and Information Security: We actively work to improve transparency and we strive to be an industry
leader in the privacy space. Our Privacy Policy outlines our responsibilities and practices regarding the protection of the personal information of our employees and customers. Our Chief Privacy Officer oversees our compliance with this policy and
all applicable laws, and responds to requests from law enforcement for customer data. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>COMMUNITY INVESTMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Giving back and supporting the communities where we live and work was especially important in 2021. In 2021, we provided $70&nbsp;million in cash and <FONT
STYLE="white-space:nowrap">in-kind</FONT> donations to support various organizations and causes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below are some of the impacts Rogers had on
communities in 2021 through Generation Possible and Team Possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Generation Possible </I></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Continued to invest in the next generation of leaders and change makers, awarding Ted Rogers Scholarships to more than
375 young Canadians for their post-secondary studies. Nearly three quarters of all scholarships in the Class&nbsp;of 2021 were awarded to youth from equity-deserving communities (BIPOC, LGBTQ2S+, and women). With the Class&nbsp;of 2021, almost 1,800
students have received a Ted Rogers Scholarship since the program launched in 2017. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Awarded 90 Ted Rogers Community Grants across Canada in 2021, to support organizations that are making a meaningful
difference in the lives of thousands of Canadian youth. With more funding across more communities this year than ever before, nearly 400 Ted Rogers Community Grants have been awarded since launching the program in 2017. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Team Possible </I></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Group of Funds and Creative BC, with the support of the Indigenous Screen Office, announced a new
$1&nbsp;million multi-year fund to support Indigenous storytellers in British Columbia. The fund will further enable Indigenous screen content with representation across all aspects of production and it will amplify Indigenous voices within
Canada&#146;s motion picture industry for a rapidly expanding audience at home and around the world. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers Group of Funds, the Black Screen Office, and the Canadian Independent Screen Fund for BPOC Creators launched a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-of-its-kind</FONT></FONT></FONT> $750,000 script development fund for Black and People of Colour creators across Canada. The fund supports
creators&#146; projects for networks, studios, cable, and streaming platforms with the first 16 recipients announced in Fall 2021. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Awarded $7.5&nbsp;million in funding through Rogers Group of Funds to support Canadian storytellers and content
creators through the Rogers Cable Network and Documentary Funds, with a focus on supporting projects from equity-deserving creators. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Rogers employees successfully completed the 60,000 Hours Volunteer Challenge in July 2021, contributing almost 22,000
volunteer hours in 2021. Through our annual Give Together Month, employees had the opportunity to donate to the charity of their choice in November 2021, with Rogers matching up to $1,000 per employee. This helped our team contribute to over 1,000
charities last year. </P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Continued to bridge the digital divide by expanding Connected for Success eligibility so even more Canadians can
connect to social services, learning, employment, and loved ones. Now available to over 750,000 Canadian households, the expanded <FONT STYLE="white-space:nowrap">low-cost</FONT> high-speed Internet program is available across our Internet footprint
in Ontario, New Brunswick, and Newfoundland to eligible customers receiving disability, seniors&#146; or income support, and through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rent-geared-to-income</FONT></FONT> community
housing partners. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Extended our goodwill devices and plans donation program to provide thousands of phones and plans as digital lifelines
to more than 325 shelters and transition houses across Canada. These devices help women and their children safely escape violence and abuse, connect youth to mentors, and support LGBTQ2S+ youth and allies. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Committed to donating $1&nbsp;million through a multi-year partnership with the B.C. Search and Rescue Association
(BCSARA) to support immediate disaster relief in the province and provide long-term support to critical services following the devastating floods in British Columbia. It also supports the organization&#146;s legacy fund and new technology and
specialized equipment for the 79 local teams and 3,000 professional volunteers. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Supported Indigenous communities across the country with our 2021 Orange Shirt Day campaign. Since 2020, the Orange
Shirt Day campaign has raised $250,000 for the Orange Shirt Society and the Indian Residential School Survivors Society (IRSSS). The new 2021 Orange Shirts were available on Today&#146;s Shopping Choice, with proceeds being divided between the
Orange Shirt Society and the IRSSS. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ENVIRONMENTAL RESPONSIBILITY </B></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Environmental Policy: We maintain a formal Environmental Policy that sets out how we conduct business in an
environmentally responsible manner. Rogers also maintains an Environmental Management System, including 25 separate procedures to support our Environmental Policy and manage environmental risks across our operations. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Oversight: We have an Energy Executive Council and an Environmental Compliance Committee to manage and govern our
energy utilization and environmental risks, respectively, supporting decision-making to advance our strategies and program effectiveness in both areas. In addition, the ESG Committee assists the Board in fulfilling its oversight responsibilities of
relevant environmental sustainability, social responsibility, and governance policies, strategies, and programs and the actions we can take to be a responsible corporate citizen. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Energy Use and Climate Change: We recognize the implications of our energy use and the potential climate change impacts
associated with increasing worldwide energy usage (such as droughts, water shortages and quality, extreme weather events, flooding, wildfires, social inequities, etc.). We are committed to managing our operations in order to reduce our impact on the
environment, strive to ensure stakeholder satisfaction, and maintain investor confidence. Annually, we measure and disclose details on our energy use and greenhouse gas (GHG) emissions across our buildings and retail stores, cell transmission sites,
power supply stations, data centres, fleet, employee travel and </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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commuting, and the operations of the Toronto Blue Jays and Rogers Centre. We continue to invest in programs that reduce energy and associated GHG emissions, including LED lighting retrofits,
cooling optimization strategies across our headends, and decommissioning equipment for better energy performance and space utilization. To drive continuous improvement in our performance, we also have targets to reduce our GHG emissions and energy
use by 2025 based on 2011 levels. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Waste Reduction: Reducing the amount of waste we produce is another important way in which we manage our environmental
footprint. To reduce and responsibly manage the waste we produce, we look for opportunities to avoid waste generation through collaboration with our supply chain, run programs to recycle and reuse end of life materials and equipment, and work to
increase employees&#146; recycling behaviours through our &#147;Get Up and Get Green&#148; program. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ECONOMY AND SOCIETY </B></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Economic Performance: We strive to offer innovative solutions for customers, create diverse and well-paying jobs,
support small businesses, pay taxes to all levels of government, and deliver dividends to shareholders. In 2021, we directly contributed $14.3&nbsp;billion to the Canadian economy and, as at December&nbsp;31, 2021, employed 23,000 team members
across the country. Beyond these direct economic impacts, our performance produces indirect economic benefits, including locally procured goods and services and significant charitable donations. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Supply Chain Management: Suppliers are key to our success, which is why we ensure we have strong supplier selection
processes and management, and we strive to conduct business with socially and environmentally responsible companies that share our values. We have strong, sound procurement processes and demand that our suppliers adhere to our Supplier Code of
Conduct. This code sets out expectations for our suppliers in terms of ethical, social, labour, health and safety, and environmental behaviours. We continue to support inclusion and diversity in our communities through the development and
implementation of our supplier diversity program and through collaboration with <FONT STYLE="white-space:nowrap">non-profit</FONT> organizations. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See our 2020 ESG report on our website <FONT STYLE="white-space:nowrap">(about.rogers.com/our-impact)</FONT> for more information about our social,
environmental, and governance performance. We expect to release our 2021 ESG report in the coming months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_44"></A>GOVERNANCE AT ROGERS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers is a family-founded, family-controlled company and we take pride in our proactive and disciplined approach to ensuring that our governance
structure and practices instill confidence in our shareholders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Voting control of Rogers Communications Inc. is held by the Rogers Control Trust
(the Trust), the beneficiaries of which are members of the Rogers family. The Trust holds voting control of RCI for the benefit of successive generations of the Rogers family via the Trust&#146;s ownership of 98% of the outstanding Class&nbsp;A
Shares of RCI (2020 &#150; 98%). The Rogers family are substantial stakeholders and owned approximately 29% of our equity as at December&nbsp;31,
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
2021 (2020 &#150; 29%) through its ownership of a combined total of 147&nbsp;million (2020 &#150; 147 million) Class&nbsp;A Shares and Class&nbsp;B
<FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares. 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Board is currently made up of four members of the Rogers family and another nine directors who bring a rich mix of experience as
business leaders in North America. Each of our directors is firmly committed to effective governance, strong oversight, and the ongoing creation of shareholder value. The Board as a whole is committed to sound corporate governance and continually
reviews its governance practices and benchmarks them against acknowledged leaders and evolving legislation. The Board believes that Rogers&#146; governance system is effective and that there are appropriate structures and procedures in place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>GOVERNANCE BEST PRACTICES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have adopted many best
practices for effective governance, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">separation of the CEO and Chair roles; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an independent lead director; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">formal corporate governance policies and charters; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a code of business conduct and whistleblower hotline; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">director share ownership requirements; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Board and committee in camera discussions; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">annual reviews of Board and Committee performance; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Audit and Risk Committee meetings with internal and external auditors; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an orientation program for new directors; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">regular Board and committee education sessions; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">committee authority to retain independent advisors; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">director material relationship standards. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We comply with all relevant corporate governance guidelines and standards as a Canadian public company listed on the TSX and as a foreign private issuer
listed on the NYSE in the US. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BOARD OVERSIGHT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Board
delegates certain responsibilities to its eight standing committees to ensure proper oversight and accountability: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Audit and Risk Committee<I> &#150;</I> reviews our accounting policies and practices, the integrity of our financial
reporting processes and procedures, and the financial statements and other relevant disclosure for release to shareholders and the public. It assists the Board in its oversight of our compliance with legal and regulatory requirements for financial
reporting, assesses our accounting and financial control systems, and evaluates the qualifications, independence, and work of our internal and external auditors. It also reviews risk management policies and associated processes used to manage major
risk exposures. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Corporate Governance Committee<I> &#150;</I> assists the Board to ensure it has appropriate systems and procedures for
carrying out its responsibilities. This committee develops governance policies and practices, recommends them to the Board for approval, and leads the Board in its periodic review of Board and committee performance.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Nominating Committee <I>&#150;</I> identifies prospective candidates to serve on the Board. Nominated directors can be
elected by shareholders at a meeting, appointed by the Board, or appointed by written consent resolution. The committee also recommends nominees for each Board committee, including each committee chair. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Human Resources Committee <I>&#150;</I> assists the Board in monitoring, reviewing, and approving compensation and
benefit policies and practices. It is also responsible for recommending the compensation of senior management and monitoring senior executive succession planning. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ESG Committee &#150; assists the Board in fulfilling its oversight responsibilities of relevant environmental
sustainability, social responsibility, and governance policies, strategies, and programs and the actions we can take to be a responsible corporate citizen. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Executive Committee <I>&#150;</I> assists the Board in discharging its responsibilities between meetings, including
acting in such areas
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as are specifically designated and authorized at a preceding Board meeting to consider matters that may arise from time to time. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Finance Committee <I>&#150;</I> reviews our investment strategies, general debt, and equity structure and reports on
them to the Board. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Pension Committee <I>&#150;</I> oversees the administration of our retiree pension plans and reviews the investment
performance and provisions of the plans. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">You can find more details about governance at Rogers on our Investor Relations website
(investors.rogers.com), including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a complete statement of our corporate governance practices; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our codes of conduct and ethics; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">charters for each of the Board&#146;s standing committees; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">director biographies; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a summary of the differences between the NYSE corporate governance rules that apply to
<FONT STYLE="white-space:nowrap">US-based</FONT> companies and our governance practices as a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">non-US-based</FONT></FONT> issuer listed on the NYSE.
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Chair of the Board </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Lead Director </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CORPORATE GOVERNANCE UPDATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In October 2021, the Board was reconstituted with the appointment of Jack L. Cockwell, Michael J. Cooper, Ivan Fecan, Jan L. Innes, and John C. Kerr.
The Board appointed Robert J. Gemmell, an independent director, as Lead Director in November 2021. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In November 2021, Tony Staffieri was appointed
Interim President and CEO and subsequently, in January 2022, appointed President and CEO and a member of the Board. He had previously served as Chief Financial Officer. In September 2021, Paulina Molnar was appointed Interim Chief Financial Officer.
In January 2022, Glenn Brandt was appointed Chief Financial Officer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As a result of the above changes, the Board now consists of six independent
directors and seven <FONT STYLE="white-space:nowrap">non-independent</FONT> directors.
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">58&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_45"></A>INCOME TAX AND OTHER GOVERNMENT PAYMENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We proactively manage our tax affairs to enhance our business decisions and optimize <FONT STYLE="white-space:nowrap">after-tax</FONT> free cash flow
available for investment in our business and shareholder returns. We have comprehensive policies and procedures to ensure we are compliant with all tax laws and reporting requirements, including filing and making all income and sales tax returns and
payments on a timely basis. As a part of this process, we pursue open and cooperative relationships with revenue authorities to minimize audit effort and reduce tax uncertainty. We also engage with government policy makers on taxation matters that
affect Rogers and its shareholders, employees, customers, and other stakeholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INCOME TAX PAYMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our total income tax expense of $569&nbsp;million in 2021 is close to the expense computed on our accounting income at the statutory rate of 26.5%. Cash
income tax payments totaled $700&nbsp;million in 2021. The primary reason our cash income tax is higher than our income tax expense is due to the timing of installment payments and our transition to a device financing business model, which results
in earlier recognition of equipment revenue for income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OTHER GOVERNMENT PAYMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to paying income tax on the profits we earn, we contribute significantly to Canadians by paying taxes and fees to federal, provincial, and
municipal governments, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">various taxes on the salaries and wages we pay (payroll taxes) to approximately 23,000 employees;
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">property and business taxes; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">unrecoverable sales taxes and custom duties; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">broadcast, spectrum, and other regulatory fees.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As outlined in the table below, the total cost to Rogers of these payments in 2021 was
$1,384&nbsp;million. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">(In millions of dollars)</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Income taxes paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>700</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">418</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Add:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Unrecoverable sales taxes paid</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>9</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">8</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Payroll taxes paid</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>135</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">137</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Regulatory and spectrum fees paid <SUP
STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>490</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">492</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Property and business taxes paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>50</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">50</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13.0pt; font-size:8.5pt; font-family:arial">Taxes paid and other government payments <SUP
STYLE="font-size:85%; line-height:10.0pt ; vertical-align:top">2</SUP></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,384</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,105</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Includes an allocation of $252&nbsp;million relating to the $3.3&nbsp;billion, $24&nbsp;million, and
$1.7&nbsp;billion we paid for the acquisition of spectrum licences in 2014, 2015, and 2019 respectively. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Taxes paid and other government payments is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure.
This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more
information about this measure. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also collected on behalf of the government $1,995&nbsp;million in sales taxes on our products
and services and $667&nbsp;million in employee payroll taxes. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_46"></A>Risk Management </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We strive to continually strengthen our risk management capabilities to protect and enhance shareholder
value. The purpose of risk management is not to eliminate risk but to optimize trade-offs between risk and return to maximize value to the organization. As such, Rogers will knowingly take certain risks in order to generate earnings and encourage
innovation that advance us as a customer-centric market leader. To maintain our reputation and trust, we will always work to ensure the impacts (financial, operational, strategic, regulatory, privacy, and cybersecurity) of our risk-taking activities
are understood and are in line with our strategic objectives and company values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RISK GOVERNANCE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Board has overall responsibility for risk governance and oversees management in identifying the key risks we face in our business and implementing
appropriate risk assessment processes to manage these risks. It delegates certain risk oversight and management duties to the Audit and Risk Committee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Audit and Risk Committee discusses risk policies with management and the Board and assists the Board in overseeing our compliance with legal and
regulatory requirements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Audit and Risk Committee also reviews: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the adequacy of the internal controls that have been adopted to safeguard assets from loss and unauthorized use, to
prevent, deter, and detect fraud, and to ensure the accuracy of the financial records; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the processes for identifying, assessing, and managing risks; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our exposure to major risks and trends and management&#146;s implementation of risk policies and actions to monitor and
control these exposures, including cybersecurity, privacy, technology, and environmental; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the implementation of new major systems and changes to existing major systems; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our business continuity and disaster recovery plans; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">any special audit steps adopted due to material weaknesses or significant deficiencies that may be identified; and
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">other risk management matters from time to time as determined by the Audit and Risk Committee or directed by the Board.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ENTERPRISE RISK MANAGEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our
Enterprise Risk Management (ERM) program uses the &#147;3 Lines of Defence&#148; framework to identify, assess, manage, monitor, and communicate risks. Our business units and departments, led by the Executive Leadership Team, are the first line of
defence and are accountable for managing or accepting the risks. Together, they identify and assess key risks, define controls and action plans to minimize these risks, and enhance our ability to meet our business objectives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">ERM is the second line of defence. ERM helps management identify the key and emerging risks in meeting our corporate and business unit objectives in
line with our risk appetite. At the business unit and department level, ERM works with management to provide governance and advice in managing the key risks and associated controls to mitigate these risks. Business Continuity is a function within
ERM which also assists the business in mitigating key risks. Specifically, the Business Continuity function oversees
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
incident management and planning to maintain customer service, operation of our network and businesses in the event of threats and natural disasters.&nbsp;Such threats include cyberattacks or
equipment failures that could cause various degrees of network outages; supply chain disruptions; natural disaster threats; epidemics; pandemics; and political instability. Our ERM program also includes insurance coverage allowing us to transfer
certain risks.&nbsp;Lastly, ERM works with Internal Audit to monitor the adequacy and effectiveness of controls to reduce risks to an acceptable level. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Annually, ERM carries out a corporate risk assessment. The assessment includes reviewing risk and audit reports and industry benchmarks and, conducting
an annual risk survey of all senior leaders. Based on the survey results, ERM, in consultation with senior management, identifies the key risks to achieving our corporate objectives. ERM reports the results of the annual corporate risk assessment to
the Executive Leadership Team, the Audit and Risk Committee, and the Board and provides quarterly risk updates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">ERM also facilitates
management&#146;s completion of the financial statement fraud risk assessment which aims to ensure there is no potential fraud or misstatement in our financial statements and disclosures and to assess whether controls are adequately designed and
operating effectively to mitigate financial statement fraud risk. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Internal Audit is the third line of defence. Internal Audit is an independent and
objective assurance function that evaluates the design and operational effectiveness of internal controls and risk management processes supporting the mitigation of risks that may affect the achievement of our objectives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Executive Leadership Team and the Audit and Risk Committee are responsible for approving our enterprise risk policies. Our ERM methodology and
policies rely on the expertise of our management and employees to identify risks and opportunities and implement risk mitigation strategies as required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT
 COLOR="#da291c"><B><A NAME="mda247199_47"></A>RISKS AND UNCERTAINTIES AFFECTING OUR BUSINESS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This section describes the principal risks
and uncertainties that could have a material adverse effect on our business and financial results. Any discussion about risks should be read in conjunction with &#147;About Forward-Looking Information&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SHAW TRANSACTION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Transaction with Shaw is subject to a
number of risks, many of which are outside the control of Rogers and Shaw. These are described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Key Regulatory Approvals and other conditions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To complete the Transaction, each of Rogers and Shaw must make certain filings with, and obtain certain consents and approvals from, various
governmental and regulatory authorities, including the Competition Bureau, ISED Canada, and the CRTC. Rogers and Shaw have not yet obtained the Key Regulatory Approvals, all of
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">60&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">which are required to complete the Transaction. In addition, governmental or regulatory agencies could
deny permission for, or seek to block or challenge, the Transaction or the transfer or deemed transfer of specific assets, including spectrum licences, or impose material conditions relating to the Transaction or any such transfer. If any one of the
Key Regulatory Approvals is not obtained, or any applicable law or order is in effect which makes the consummation of the Transaction illegal, the Transaction will not be completed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition, a substantial delay in obtaining the Key Regulatory Approvals could result in the Transaction not being completed. In particular, if the
Transaction is not completed by June&nbsp;13, 2022, either Rogers or Shaw may terminate the arrangement agreement, in which case the Transaction will not be completed. Rogers has extended the outside date for closing the Transaction from
March&nbsp;15, 2022 to June&nbsp;13, 2022 in accordance with the terms of the arrangement agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 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&nbsp;billion reverse termination fee
to Shaw (see &#147;Termination of the arrangement agreement, costs, and termination fee&#148; below). 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The completion of the Transaction is subject to a number of other conditions precedent, some of which are
outside of the control of Rogers and Shaw, including there not having occurred a Material Adverse Effect or Purchaser Material Adverse Effect (as such terms are defined in the arrangement agreement) and the satisfaction of certain other customary
closing conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">There can be no certainty, nor can Rogers or Shaw provide any assurance, that all conditions precedent to the Transaction will
be satisfied or waived, nor can there be any certainty of the timing of their satisfaction or waiver. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Termination of the arrangement agreement, costs, and
termination fee </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The arrangement agreement may be terminated by Rogers or Shaw in certain circumstances, in which case the Transaction will not
be completed. Accordingly, there is no certainty, nor can we provide any assurance, that the arrangement agreement will not be terminated by us or Shaw prior to completion of the Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We must pay certain costs relating to the Transaction, such as legal, accounting, tax, and financing-related fees, even if the Transaction is not
completed, which may be significant. In addition, if the Transaction is not completed for certain reasons, we may be required to pay a reverse termination fee of $1.2&nbsp;billion to Shaw and certain costs relating to the May 2021 exercise of our
right to require Shaw to redeem its issued and outstanding preferred shares, the result of which could have a material adverse effect on our business, results of operations, financial position, and our ability to fund growth prospects and current
operations. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">If the Transaction is not completed or is delayed, our share price and future business and financial
results could be negatively affected. Any <FONT STYLE="white-space:nowrap">non-completion</FONT> or delay of the Transaction may also negatively impact the relationships we have with our employees (including a potential lack of focus on our
business), suppliers, vendors, distributors, retailers, dealers, or customers, including that such groups could cease doing business with us or curtail their activities with us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Financing and potential credit rating consequences </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The
arrangement agreement does not contain a financing condition. Although we have a binding commitment letter for a committed credit facility of up to $13&nbsp;billion and have entered into the $6&nbsp;billion Shaw term loan facility in order to
finance the Transaction, the obligation of the lenders under each of the committed facility and the Shaw term loan facility to provide the financing is subject to certain conditions, including, in the case of the committed credit facility, the
completion of credit documentation in respect of such commitment. In the event the Transaction cannot be completed due to a failure to obtain the financing required to close the Transaction, either because the conditions to the committed credit
facility and/or the Shaw term loan facility are not satisfied or other events arise which prevent us from consummating the debt financing, we may be unable to fund the consideration required to complete the Transaction, in which case we would be
required to pay the reverse termination fee of $1.2&nbsp;billion and certain costs relating to the May 2021 exercise of our right to require Shaw to redeem its issued and outstanding preferred shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to assuming approximately $6&nbsp;billion of existing Shaw debt, we expect to issue up to $19&nbsp;billion in new debt to finance the
Transaction. As a result, we anticipate the combined company will have over $40&nbsp;billion of consolidated debt upon closing. The increased level of debt could decrease our flexibility in responding to changing business and economic conditions,
increase our interest expense, and potentially make it more difficult to obtain additional financing or refinance existing financing. The increase in our debt service obligations could adversely affect our results, financial condition, and our
ability to fund growth prospects and could reduce our funds available for other business purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Additionally, as a result of the significant
increase in outstanding debt, there is a risk that our credit ratings could be adversely affected, including the potential for a downgrade below investment-grade. A downgrade in our credit ratings could result in difficulty issuing debt in the
future or higher borrowing costs and may otherwise affect our share price. If Shaw&#146;s existing senior notes are subject to a downgrade below investment-grade constituting a &#147;change of control trigger event&#148; (as defined in Shaw&#146;s
senior note indenture), Shaw would be required to offer to purchase its senior notes at 101% of their principal amount plus accrued interest following closing of the Transaction, potentially having an adverse impact on the combined company&#146;s
financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Expected synergies and integration </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Achieving the anticipated benefits of the Transaction depends on our ability to consolidate and integrate Shaw&#146;s businesses, operations, and
workforce in a manner that facilitates growth opportunities and achieves the projected cost savings and revenue growth without adversely affecting the combined company&#146;s current operations. Even if we successfully integrate Shaw&#146;s
businesses, the anticipated benefits of the Transaction may not be fully realized or they could take longer to realize than expected.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
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<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of Rogers, management will need to focus on the Transaction and all related activities, including integration. If completion of the Transaction is
delayed, there could be adverse effects on our business, results of operations, or financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Shaw actions prior to closing </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The arrangement agreement restricts Shaw from taking certain actions outside of the ordinary course of business while the Transaction is pending,
including, among other things, certain acquisitions or dispositions of businesses and assets, entering into or amending certain contracts, repurchasing or issuing securities, making significant capital expenditures, and incurring indebtedness, in
each case subject to certain exceptions. As a result of these restrictions, Shaw may not have the flexibility to appropriately respond to certain events, which may result in us recognizing lower-than-expected synergies once the Transaction closes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OUTBREAK OF <FONT STYLE="white-space:nowrap">COVID-19</FONT> AND RELATED PANDEMIC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As <FONT STYLE="white-space:nowrap">COVID-19</FONT> continues to significantly impact the well-being of individuals and the Canadian and global
economies, we maintained our programs to help employees manage through <FONT STYLE="white-space:nowrap">COVID-19</FONT> and provide support and services to our customers and audiences. We are focused on operating and maintaining our wireless and
cable networks, our media operations, and the key business operations required to ensure service continuity for customers. We have continued work-from-home arrangements for employees while we review and follow directions from the government to
ensure the safety of our team and to provide us time to implement necessary safeguards to accommodate a gradual approach in reopening our sites to employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Public and private sector regulations, policies, and other measures aimed at reducing the transmission of
<FONT STYLE="white-space:nowrap">COVID-19</FONT> include the imposition of business closures, travel restrictions, the promotion of physical distancing, and the adoption of work-from-home and online education by companies, schools, and institutions.
These measures are impacting how customers use our networks, products, and services, the manner or extent to which we can offer certain products and services, and the ability of certain suppliers and vendors to provide products and services to us.
Notably, due to travel restrictions and advisories, roaming revenue has decreased from <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> levels. Additionally, our cable network experienced a significant increase in data usage as employers shifted
to work-from-home models and as schools shifted to online education. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In early 2021, public health restrictions that were implemented in late 2020
were lifted to certain extents across the country. In March 2021, several Canadian provinces declared a third wave of <FONT STYLE="white-space:nowrap">COVID-19</FONT> had commenced and provinces adjusted restrictions. In the third quarter, provinces
generally began relaxing certain public health restrictions implemented in the first half of 2021 as vaccines became more widely available in Canada and vaccination rates increased across the country. In August 2021, Canada entered a fourth wave of <FONT
STYLE="white-space:nowrap">COVID-19</FONT> and several Canadian provinces introduced proof of vaccination requirements to access <FONT STYLE="white-space:nowrap">non-essential</FONT> businesses and services. Late in the fourth quarter, the Omicron
variant <FONT STYLE="white-space:nowrap">re-accelerated</FONT> the spread of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and many Canadian provinces reintroduced various restrictions,
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
amongst others, including placing capacity limits on organized gatherings and retail stores. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Additionally, <FONT STYLE="white-space:nowrap">COVID-19</FONT> has caused a global semiconductor chip shortage due to supply chain disruptions and an
increase in demand for electronics. Although we are taking proactive steps to minimize its impacts, this has resulted, and could continue to result, in increased lead times on our network equipment and wireless devices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The full future extent and impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> is unknown. Potential adverse impacts of the pandemic include, but
are not limited to: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the risk of a material reduction in demand for our products and services due to businesses closing or downsizing, job
losses and associated financial hardship, or, more generally, a declining level of retail activity, which may lead to a decline in revenue as a result of: </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">lower Wireless subscriber activity, including lower equipment revenue; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">lower roaming and overage revenue as customers are unable or unwilling to travel and continue to stay home;
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">customers downgrading or cancelling their services; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the restriction of fan attendance at major sports league games, the potential suspension or shortening of future major
sports league seasons, and the associated television programming; and/or </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">a decrease in population growth resulting from lower levels of immigration due to travel and border restrictions;
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">an increase in delinquent or unpaid bills, which could lead to increased bad debt expense; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">issues delivering certain products and services, or maintaining or upgrading our networks, due to store closures and
supply chain disruptions; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">additional capital expenditures to maintain or expand our networks in order to accommodate substantially increased
network usage. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">While we expect certain cost savings to offset some of the lower revenue, we also cannot predict the extent to
which they would be offset. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Due to the uncertainty surrounding the duration and potential outcomes of
<FONT STYLE="white-space:nowrap">COVID-19,</FONT> including the results of measures taken to slow the spread and the broader impact <FONT STYLE="white-space:nowrap">COVID-19</FONT> may have on the Canadian and global economies or financial markets,
it is difficult to predict the overall impact on our operations, liquidity, financial condition, or results; however, <FONT STYLE="white-space:nowrap">COVID-19</FONT> has had, and may continue to have, a material, adverse impact on our results. Any
future epidemic, pandemic, or other public health crisis that occurs in the future may pose similar risks to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CYBERSECURITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our industry is vulnerable to cybersecurity risks that are growing in both frequency and complexity. Rogers, along with our suppliers, employs systems
and network infrastructure that are subject to cyberattacks, which may include theft of assets, unauthorized access to proprietary or sensitive information, destruction or corruption of data, ransomware attacks, or operational disruption. A
significant cyberattack against our, or our suppliers&#146;, critical network infrastructure and supporting information systems could result in service disruptions, litigation, loss of customers, incurring significant costs, and/or reputational
damage. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Management has committed to an information and cybersecurity program designed to reinforce the importance
of remaining a secure, vigilant, and resilient organization. Our ongoing success depends on protecting our sensitive data, including personal information about our customers and employees. We rely on security awareness training, policies,
procedures, and IT systems to protect this information. Success also depends on Rogers continuing to monitor these risks, leveraging external threat intelligence, internal monitoring, reviewing best practices, and implementing controls as required
to mitigate them. We have insurance coverage against certain damages related to cybersecurity breaches, intrusions, and attacks, amongst other things. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">External threats to the network and our business generally are constantly changing and there is no assurance we will be able to protect the network from
all future threats. The impact of such attacks may affect our customer service or our financial results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PRIVACY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In the evolving digital world, privacy and how organizations are handling personal information is becoming an increasing priority for consumers.
Ensuring appropriate governance over this data has become even more critical. As the move to digital transactions has been accelerated by <FONT STYLE="white-space:nowrap">COVID-19,</FONT> companies continue to gain greater amounts of data on
customers and employees. The nature of the products and services we offer our customers means we are entrusted with a significant amount of personal information. This means that ensuring there are appropriate safeguards and privacy protections in
place is a priority for us. We are the stewards of this data and this responsibility is of the utmost importance to us. If a privacy breach were to occur and personal information was made public, there could be a material adverse effect on our
reputation and our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TECHNOLOGY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>New technologies
</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our network plans assume the availability of new technology for both wireless and wireline networks, including 5G technology in the
wireless industry and future DOCSIS enhancements and evolutions in the wireline industry. While we work with industry standards bodies and our vendors to ensure timely delivery of new technology, there are no assurances these technologies will be
available as and when required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As new technologies become available, we expect a substantial portion of our future revenue growth may come from
new and advanced services, and companies such as Rogers will need to continue to invest significant capital resources to develop our networks and implement in an agile framework to meet customers and business timelines. It is possible, however, that
there may not be sufficient consumer demand, or that we may not anticipate or satisfy demand for certain products and services or be able to offer or market these new products and services successfully to subscribers. If we do not attract
subscribers to new products and services profitably or keep pace with changing consumer preferences, we could experience slower revenue growth and increased churn. This could have a material adverse effect on our business, results of operations, and
financial condition. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Several technologies have affected the way our services are delivered, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">broadband; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><FONT STYLE="white-space:nowrap">IP-based</FONT> voice, data, and video delivery services; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">increased use of optical fibre technologies to businesses and residences; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">broadband wireless access and wireless services using a radio frequency spectrum to which we may have limited or no
access; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">applications and services using cloud-based technology, independent of carrier or physical connectivity.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These technologies may also lead to significantly different cost structures for users and therefore affect the long-term
viability of some of our current technologies. Some of these technologies have allowed competitors to enter our markets with similar products or services at lower costs. These competitors may also be larger, have greater access to financial
resources, and/or have fewer regulatory restrictions than Rogers. Additional competitors with advances in technology, such as high-speed Internet service from low Earth orbit satellite operators like Starlink, have entered the Canadian market and
could potentially have a material adverse impact on our operations and results. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The continued emergence and growth of subscriber-based satellite
and digital radio products could affect AM and FM radio audience listening habits and have a negative effect on the results of our radio stations. Certain audiences are also migrating away from traditional broadcast platforms to the Internet as more
video and audio content streaming becomes available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Reliance on technology </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our technologies, processes, and systems are operationally complex and increasingly interconnected. Further, our businesses depend on IT systems for <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations and critical elements of our network infrastructure and IT systems are concentrated in various physical facilities. If we are unable to operate our
systems, make enhancements to accommodate customer growth and new products and services, or if our systems experience disruptions or failures, it could have an adverse effect on our ability to acquire new subscribers, service customers, manage
subscriber churn, produce accurate and timely subscriber invoices, generate revenue growth, and manage operating expenses. This could have an adverse impact on our results and financial position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Impact of failures on customer service </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Customers
have high expectations of reliable and consistent performance of our networks. Failure to maintain high service levels and to effectively manage network traffic could have an impact on the customer experience, potentially resulting in an increase in
customer churn. Due to the increased demand and traffic on our networks, there could be capacity and congestion pressures. If our networks or key network components fail, it could, in some circumstances, result in a loss of service for our customers
for certain periods and have an adverse effect on our results and our financial position. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We work to protect our networks and our service from the impact of natural disasters and major weather
events such as ice storms, wind storms, forest fires, flooding, earthquakes, or landslides where it is necessary and feasible to do so. There are no assurances that a future event will not cause service outages and that such outages would not affect
our results. Service disruptions or outages could also affect our operations if not quickly resolved, potentially causing a risk of billing delays or errors. If we fail to have appropriate response strategies and protocols in place to handle service
outages in the face of these types of events, they could have an impact on our revenue and our customer experience. Recovering from these disasters could require significant resources and remediation costs, which are difficult to estimate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>COMPETITIVE INTENSITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Competitive behaviour and market
dynamics are continuously changing in our fast-paced industry. There is no assurance that our current or future competitors will not provide services that are superior to ours or at lower prices, adapt more quickly to evolving industry trends or
changing market requirements, enter markets in which we operate, or introduce competing services. The federal government also continues to promote competition and affordability, and is committed to universal high-speed Internet for every Canadian by
2030. Any of these factors could increase churn or reduce our business market share or revenue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The strategic offering of unlimited wireless plans
continues to offer greater value to our customers and has helped us take a significant step towards simplifying our products and services. However, depending on economic conditions and the response from our competitors and/or current and potential
customers, we may need to extend lower wireless pricing offers to attract new customers and retain existing subscribers. As wireless penetration of the population deepens, new wireless customers may generate lower average monthly revenue, which
could slow revenue growth. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Global technology giants continue to ramp up content spending into new markets such as sports media, resulting in
increased competition for our Media and Cable segments. This may result in an increase in subscriber churn as customers now have additional choices of supplementary sources of media content. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Competition is increasing for content programming rights from both traditional linear television broadcasters and online competitors. Online providers
are moving towards self-made, self-hosted exclusive content, and may compete for rights more aggressively than expected, such that traditional broadcasters may not gain access to desirable programming. Overall increased competition for content will
likely increase costs of programming rights. As broadcasters and distributors sign longer-term agreements to secure programming rights, this could affect the availability of desirable programming rights and result in lower revenue due to a lack of
access to these rights. Lower revenue in turn could adversely affect the operating results of our business if we are unable to recover programming investments through advertising revenue and subscription fee increases that reflect the market. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition, the CRTC Broadcasting Distribution Regulations do not allow cable operators to obtain exclusive contracts in buildings where it is
technically feasible to install two or more transmission systems.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Continued deployments of fibre networks by competitors may lead to an increase in the reach, speed, and
stability of their wireline-related services. This could result in an increase in churn pertaining to our wireline business segment services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Improvements in the quality of streaming video over the Internet, coupled with increasing availability of television shows and movies online through OTT
content providers, has resulted in competition for viewership and increased competition for Canadian cable television service providers. As a result, we have noticed an increase in cord cutting and cord shaving as consumers continue to withdraw from
traditional cable services. If advances in technology are made to any alternative Canadian multi-channel broadcasting distribution system, our cable services may face increased competition. In addition, as the technology for wireless Internet
continues to develop, it is, in some instances, replacing traditional wireline Internet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REGULATORY RISKS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Changes in government regulations </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Substantially all
of our business activities are regulated by ISED Canada and/or the CRTC. Any regulatory changes or decisions could adversely affect our consolidated results of operations. The most significant outstanding regulatory proceedings to our business are
various appeals related to the wholesale Internet costing and pricing regime (see &#147;Regulation in our Industry&#148; and &#147;Litigation Risks&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Regulatory changes or decisions made by these regulators could adversely impact our results on a consolidated basis. This regulation relates to, among
other things, licensing and related fees, competition, the cable television programming services we must distribute, wireless and wireline interconnection agreements, the rates we may charge to provide access to our networks by third parties, the
resale of our networks and roaming on our networks, our operation and ownership of communications systems, and our ability to acquire an interest in other communications systems. In addition, the costs of providing services may be increased from
time to time as a result of compliance with industry or legislative initiatives to address consumer protection concerns or such Internet-related issues as copyright infringement, unsolicited commercial <FONT STYLE="white-space:nowrap">e-mail,</FONT>
cybercrime, and lawful access. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Generally, our licences are granted for a specified term and are subject to conditions on the maintenance of these
licences. These licensing conditions and related fees may be modified at any time by the regulators. The regulators may decide not to renew a licence when it expires, and any failure by us to comply with the conditions on the maintenance of a
licence could result in a revocation or forfeiture of any of our licences or the imposition of fines. Our cable, wireless, and broadcasting licences generally may not be transferred without regulatory approval. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The licences include conditions requiring us to comply with Canadian ownership restrictions of the applicable legislation. We are currently in
compliance with all of these Canadian ownership and control requirements. If these requirements were violated, we would be subject to various penalties, possibly including, in the extreme case, the loss of a licence.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">64&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Spectrum </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Radio spectrum is one of the fundamental assets required to carry on our Wireless business. Our ability to continue to offer and improve current
services and to offer new services depends on, among other factors, continued access to, and deployment of, adequate spectrum, including the ability to both renew current spectrum licences and acquire new spectrum licences. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">If we cannot acquire and retain needed spectrum, whether due to the government providing favourable spectrum auctions for regional carriers through set
asides and lower rates, through increased costs for us to purchase spectrum licences at auction, or otherwise, we may not be able to continue to offer and improve our current services and deploy new services on a timely basis, including providing
competitive data speeds our customers want. As a result, our ability to attract and retain customers could be adversely affected. In addition, an inability to acquire and retain needed spectrum could affect network quality and result in higher
capital expenditures. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Changes to government spectrum fees could significantly increase our payments and therefore materially reduce our net income.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Radio frequency emissions </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">From time to time,
media and other reports have highlighted alleged links between radio frequency emissions from wireless devices (including new 5G technology) and various health concerns, including cancer, and interference with various medical devices, including
hearing aids and pacemakers. This may discourage the use of wireless devices or expose us to potential litigation even though there are no definitive reports or studies stating that these health issues are directly attributable to radio frequency
emissions. Future regulatory actions may result in more restrictive standards on radio frequency emissions from <FONT STYLE="white-space:nowrap">low-powered</FONT> devices like wireless devices. We cannot predict the nature or extent of any
restrictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Obtaining access to support structures and municipal rights of way </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To build and support the rollout of 5G, and to continue upgrading our cable network, we must continue to have access to support structures and municipal
rights of way to install equipment on municipal poles and buildings, and on First Nations land. We can apply to the CRTC to obtain a right of access under the Telecommunications Act in areas where we cannot secure access to municipal rights of way.
Failure to obtain access could increase our costs and adversely affect our business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Supreme Court of Canada ruled in 2003, however, that the
CRTC does not have the jurisdiction to establish the terms and conditions of accessing the poles of hydroelectric companies. As a result, we normally obtain access under terms established by the provincial utility boards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On October&nbsp;30, 2020, the CRTC launched consultations <FONT STYLE="white-space:nowrap">2020-366</FONT> regarding potential regulatory measures to
make access to poles owned by Canadian carriers more efficient. The CRTC expressed concerns that untimely and costly access to poles owned by Canadian carriers has negative impacts on the deployment of efficient broadband-capable networks,
particularly in areas of Canada with limited or no access to such networks. Therefore, the CRTC initiated a proceeding to identify and implement regulatory
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
measures that will make access to such poles more efficient. We are actively participating in the process. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On December&nbsp;10, 2021, a regulation was filed under Part VI.1 of the Ontario Energy Board Act, O. Reg. 842/21 requiring the Ontario Energy Board
(OEB) to establish a generic, province-wide pole attachment charge for 2022. The Regulation further requires the OEB to set the charge for 2023 and subsequent years by adjusting the prior year&#146;s charge for inflation, resulting in the
calculation of the charge becoming a mechanistic exercise. On December&nbsp;16, 2021, the OEB published Decision and Order <FONT STYLE="white-space:nowrap">EB-2021-0302,</FONT> <I>Wireline Pole Attachment Charge</I>. The OEB calculated the charge
for 2022 at $34.76 per attacher per year per pole, in accordance with the directions set out in O. Reg. 842/21. The 2021 charge was $44.50. This charge applies to every distributor that is required as a condition of licence to provide access to
telecom attachments and to charge the amount approved by the OEB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CUSTOMER EXPERIENCE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Creating <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> customer experiences is an important strategic
priority for us, as we understand that great customer experience is key to our long-term success. Our customers&#146; loyalty and their likelihood to recommend Rogers are both dependent upon our ability to provide a service experience that meets or
exceeds their expectations. We handle many customer interactions annually, ranging from potential new customers making <FONT STYLE="white-space:nowrap">in-store</FONT> purchases to existing customers calling for technical support and everything in
between. We understand that every time a customer uses one of our services, such as making a call on their wireless device, browsing the Internet or watching their favourite show using their Internet or television services, or listening to one of
our radio stations, their experience affects all future interactions with the Rogers brand. If our products do not deliver the usage experience our customers expect from us, and if we do not have clear, simple, and fair interactions with our
customers, it could cause confusion and frustrate our customers. This could result in the potential for lost sales opportunities and increased churn, both of which could have negative effects on our reputation, results of operations, and financial
condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RESULTS PERFORMANCE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We strive to drive
profitable growth in all markets we serve. This means we will focus on core growth drivers in each of our businesses, including increasing subscribers and reducing churn, expanding products in our enterprise business, and stabilizing our Media
performance. At the same time, our goal is to continue to develop strong capabilities in cost management to support investments that will fuel our future. If we are not successful in achieving these goals, as a result of economic conditions or the
competitive landscape, this could negatively impact confidence with investors and external stakeholders, and ultimately our stock price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TALENT ACQUISITION AND
RETENTION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A significant transformation is underway in our industry, and as competition for talent increases, our success is highly dependent on
our ability to attract and retain a high-performing, diverse, and engaged workforce, including in key growth areas, such as the network, IT, and digital fields. Our focus must be on providing
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 </FONT></P>

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<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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career and development opportunities, competitive compensation and benefits, fostering an inclusive and diverse workplace, and a great employee experience. Failure to maintain and achieve this
focus, and changes to our workforce as a result of factors such as turnover and restructuring, failing to develop internal succession, cost reduction initiatives, ongoing union negotiations, or other events, could have an adverse effect on the
customer experience, and as a result our revenue and profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RELIANCE ON SUPPLY CHAIN AND THIRD PARTIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have outsourcing, managed service, and supplier arrangements with third parties to provide certain essential components of our business operations to
our employees and customers. These include, but are not limited to, certain critical infrastructure components and devices; facilities or property management functions; contact centre support; installation and service technicians; network and IT
functions; and invoice printing. Some of these essential suppliers are relatively small in number and we have limited operational or financial control over them. If interruptions in these services or at these suppliers occur, including due to the
ongoing global supply chain issues, it could adversely affect our ability to service our customers. Additionally, in the course of fulfilling service arrangements, third-party service providers must ensure our information is appropriately protected
and safeguarded. Failure to do so may affect Rogers through increased regulatory risk, reputational damage, and damage to the customer experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FINANCIAL
RISKS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Capital commitments, liquidity, debt, and interest payments </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our capital commitments and financing obligations could have important consequences, including: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">requiring us to dedicate a substantial portion of cash provided by operating activities to pay interest, principal
amounts, and dividends, which reduces funds available for other business purposes, including other financial operations; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">making us more vulnerable to adverse economic and industry conditions; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">limiting our flexibility in planning for, and reacting to, changes in our business and industry; </P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">putting us at a competitive disadvantage compared to competitors who may have more financial resources and/or less
financial leverage; or </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">restricting our ability to obtain additional financing to fund working capital and capital expenditures and for other
general corporate purposes. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our ability to satisfy our financial obligations depends on our future operating performance and on
economic, financial, competitive, and other factors, many of which are beyond our control. Our business may not generate sufficient cash flow in the future and financings may not be available to provide sufficient net proceeds to meet our
obligations or to successfully execute our business strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Credit ratings </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Credit ratings provide an independent measure of credit quality of a securities issuer and can affect our ability to obtain short- and long-term
financing and the terms of the financing. If rating
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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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Capital markets </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">External capital market conditions
could affect our ability to make strategic investments and meet ongoing capital funding requirements. Risk factors include a reduction in lending activity, disruptions in capital markets, and regulatory requirements for an increase in bank
capitalization, which could either reduce the availability, or increase the cost of capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Income taxes and other taxes </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We collect, pay, and accrue significant amounts of income and other taxes, such as federal and provincial sales, employment, and property taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have recorded significant amounts of deferred and current income tax liabilities and expense, and calculated these amounts based on substantively
enacted income tax rates in effect at the relevant time. A legislative change in these rates could have a material effect on the amounts recorded and payable in the future. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We provide for income and other taxes based on all currently available information and believe that we have adequately provided for these items. The
calculation of applicable taxes in many cases, however, requires significant judgment 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, liabilities, and expense, and could, in certain circumstances, result in the assessment of interest and penalties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">While we believe we have
paid and provided for adequate amounts of tax, our business is complex and significant judgment is required in interpreting how tax legislation and regulations apply to us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OTHER RISKS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Economic conditions </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our businesses are affected by general economic conditions and consumer confidence and spending. Recessions, declines in economic activity, and economic
uncertainty can erode consumer and business confidence and reduce discretionary spending. Any of these factors can negatively affect us through reduced advertising, lower demand for our products and services, decreased revenue and profitability, and
higher churn and bad debt expense. A significant portion of our broadcasting and digital revenue comes from the sale of advertising and is affected by the strength of the economy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Strategy and business plans </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our strategy is vital
to our long-term success. Changing strategic priorities or adding new strategic priorities could compromise existing initiatives and could have a material adverse effect on our business, results of operations, and financial condition. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We develop business plans, execute projects, and launch new ventures to grow our business. If the expected benefits from these do not materialize, this
could have a material adverse effect on our business, results of operations, and financial condition. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">66&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our products, services, and networks rely, in part, on certain vendors. Should our vendors not deliver
solutions that operate as intended, our business and financial results could be adversely affected. This may result in subscriber losses, lower revenue, and unfavourable customer satisfaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Monitoring and controlling fraudulent activities </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As
a large company with tens of thousands of employees and a range of desirable and valuable products and services, fraud prevention requires a disciplined program covering governance, exposure identification and assessment, prevention, detection, and
reporting. This program must consider corruption and misappropriation of assets by employees and/or external parties. Fraud events can result in financial loss and brand degradation. In addition to unauthorized access to digital boxes and Internet
modems, a sample of potential examples of fraud relevant to us include (i)&nbsp;inappropriate use of our cable or wireless networks, (ii)&nbsp;subscription fraud and fraudulent account takeovers for purpose of hardware theft or SIM swapping,
(iii)&nbsp;intentional manipulation of financial statements by employees and/or external parties, and (iv)&nbsp;copyright theft and other forms of unauthorized use that undermine the exclusivity of our content offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Unauthorized access to digital boxes or Internet modems </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">With a significant number of Canadians purchasing illegal <FONT STYLE="white-space:nowrap">pre-loaded</FONT>
<FONT STYLE="white-space:nowrap">set-top</FONT> boxes and illegally streaming our television products, cord-shaving, cord-cutting and customer churn rates could increase. To address this, we use encryption technology developed and supported by our
vendors to protect our cable signals from unauthorized access and to control access to programming based on subscription packages. We also use encryption and security technologies to prevent unauthorized access to our Internet service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">There is no assurance that we will be able to effectively prevent unauthorized decoding of television signals or Internet access in the future. If we
are unable to control cable access with our encryption technology, and subscriptions to digital programming, including premium <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">video-on-demand</FONT></FONT> and subscription <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">video-on-demand,</FONT></FONT> this could result in a decline in our Cable revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Legal and
ethical compliance </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We rely on our employees, officers, Board, suppliers, and other business partners to behave consistently with applicable
legal and ethical standards in all jurisdictions in which we operate, including, but not limited to, anti-bribery laws and regulations. Situations where individuals or others, whether inadvertently or intentionally, do not adhere to our policies,
applicable laws and regulations, or contractual obligations may expose us to litigation and the possibility of damages, sanctions, and fines, or of being disqualified from bidding on contracts. This may have an adverse effect on our results,
financial position, reputation, and brand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Acquisitions, divestitures, or investments </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Acquiring complementary businesses and technologies, developing strategic alliances, and divesting portions of our business are often required to
optimally execute our business strategy. Some areas of our operations (and adjacent businesses) are subject to rapidly evolving technologies and consumer usage
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and demand trends. It is possible that we may not effectively forecast the value of consumer demand or risk of competing technologies resulting in higher valuations for acquisitions or missed
opportunities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Services, technologies, key personnel, or businesses of companies we acquire may not be effectively integrated into our business or
service offerings, or our alliances may not be successful. We also may not be able to successfully complete certain divestitures on satisfactory terms, if at all. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Decline of television subscribers in Canada (cord-cutting and cord-shaving) </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The number of households that subscribe to television service in Canada continues to decline. Other video offerings available to consumers (for example,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> subscription and free services), as well as piracy, have contributed to this trend. If this decline continues, it could have a material adverse effect
on our results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Migrating from conventional to digital media </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our Media business operates in many industries that can be affected by customers migrating from conventional to digital media, which is driving shifts
in the quality and accessibility of data and mobile alternatives to conventional media. We have been shifting our focus towards the digital market. Increasing competition for advertising revenue from digital platforms, such as search engines, social
networks, and digital content alternatives, has resulted in advertising dollars migrating from conventional television broadcasters to digital platforms. The impact is greater on conventional <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-air</FONT></FONT> broadcast networks, such as Citytv and OMNI, which do not have a second revenue stream from subscription revenue. Our Media results could be adversely affected if we are unsuccessful in shifting
advertising dollars from conventional to digital platforms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Our market position in radio and television </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Advertising dollars typically migrate to media properties that are leaders in their respective markets and categories, particularly when advertising
budgets are tight. Our radio and television properties may not continue performing how they currently perform. Advertisers base a substantial part of their purchasing decisions on ratings data generated by industry associations and agencies. If our
radio and television ratings decrease substantially, our advertising sales volumes and the rates that we charge advertisers could be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Climate change </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Climate change is an increasingly
important consideration in all businesses, including the telecommunications business. Failure of climate change mitigation and adaptation efforts could affect our business through potential disruption of our operations or supply chains, damage to
our infrastructure, and the effects on the communities we serve. The physical risk to our infrastructure caused by extreme weather disturbances related to climate change can significantly affect our ability to maintain secure communication services
to all our customers, including governments and health and emergency services. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Climate change and the environment are drawing more attention
through evolving public interest. Many aspects of our operations </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
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are subject to evolving and increasingly stringent federal, provincial, and local environmental, health, and safety laws and regulations. Such laws and regulations impose requirements with
respect to matters such as the release of substances into the environment, corrective and remedial action concerning such releases, and the proper handling and management of substances. These evolving considerations and more stringent laws and
regulations could lead to increased costs for compliance and rising costs of utilities. Failure to recognize and adequately respond could result in fines, regulatory scrutiny, or damage to our reputation or brand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Controlling shareholder ownership risk </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers is a
family-founded, family-controlled company. Voting control of Rogers Communications Inc. is held by 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at December&nbsp;31, 2021, private
Rogers family holding companies controlled by the Trust owned approximately 98% of our outstanding Class&nbsp;A Shares (2020 &#150; 98%) and approximately 10% of our Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares (2020 &#150;
10%), or in total approximately 29% of the total shares outstanding (2020 &#150; 29%). Only Class&nbsp;A Shares carry the right to vote in most circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>LITIGATION RISKS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Wholesale Internet costing and pricing </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On August&nbsp;15, 2019, in Telecom Order CRTC <FONT STYLE="white-space:nowrap">2019-288,</FONT> <I><FONT STYLE="white-space:nowrap">Follow-up</FONT> to
Telecom Orders <FONT STYLE="white-space:nowrap">2016-396</FONT> and <FONT STYLE="white-space:nowrap">2016-448</FONT> &#150; Final rates for aggregated wholesale high-speed access services</I> (Order), the CRTC set final rates for facilities-based
carriers&#146; wholesale high-speed access services, including Rogers&#146; TPIA service. The Order set final rates for Rogers 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&nbsp;31, 2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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&nbsp;27, 2021, the CRTC released Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2021-181</FONT> <I>Requests to review and vary Telecom Order <FONT
STYLE="white-space:nowrap">2019-288</FONT> regarding final rates for aggregated wholesale high-speed access services</I>. 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The final rates are lower than the rates we
previously billed to the resellers for the period of March&nbsp;31, 2016 to October&nbsp;6, 2016. We have recognized a refund of amounts previously billed to the resellers of approximately $25&nbsp;million, representing the impact on a retroactive
basis for that period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On May&nbsp;28, 2021 a wholesale 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&nbsp;28, 2021, the same wholesale ISP filed a motion seeking leave to appeal the 2021 Decision to the Federal Court of Appeal, which
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was granted on September&nbsp;15, 2021. We, along with several other cable companies, have intervened in these matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>System access fee &#150; Saskatchewan </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2004, a
class action was commenced against providers of wireless communications in Canada under the Class&nbsp;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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2007, the
Saskatchewan Court granted the plaintiffs&#146; application to have the proceeding certified as a national, <FONT STYLE="white-space:nowrap">&#147;opt-in&#148;</FONT> 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2009, counsel for the plaintiffs began a
second proceeding under the Class&nbsp;Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an <FONT STYLE="white-space:nowrap">&#147;opt-out&#148;</FONT> class proceeding.
This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>911 fee </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Videotron Ltd. </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On October&nbsp;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 by developing its own network in the
territory. Videotron is seeking compensatory damages in the amount of $850&nbsp;million. We intend to vigorously defend this lawsuit. We have not recognized a liability for this contingency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Other claims </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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.
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STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_48"></A>CONTROLS AND PROCEDURES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DISCLOSURE CONTROLS AND PROCEDURES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We conducted an evaluation
of the effectiveness of the design and operation of our disclosure controls and procedures as at December&nbsp;31, 2021, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial
Officer, pursuant to Rule <FONT STYLE="white-space:nowrap">13a-15</FONT> promulgated under the US Securities Exchange Act of 1934, as amended. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were effective at that date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Management is responsible for establishing and maintaining adequate internal controls over financial reporting.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our internal control system is designed to give management and the Board reasonable assurance that our
financial statements are prepared and fairly presented in accordance with IFRS as issued by the IASB. The system is intended to provide reasonable assurance that transactions are authorized, assets are safeguarded, and financial records are
reliable. Management also takes steps to assure the flow of information and communication is effective, and monitors performance and our internal control procedures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Management assessed the effectiveness of our internal control over financial reporting as at December&nbsp;31, 2021, based on the criteria set out in
the Internal Control &#150; Integrated Framework (2013)&nbsp;issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and concluded that it was effective at that date. Our independent auditors, KPMG LLP, have issued an
unqualified opinion on the effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2021. This report is included in our 2021 Audited Consolidated Financial Statements filed on SEDAR (sedar.com). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">All internal control systems, however, no matter how well designed, have inherent limitations, and even systems that have been determined to be
effective can only provide reasonable assurance about the preparation and presentation of financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CHANGES IN INTERNAL CONTROL OVER FINANCIAL
REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">There have been no changes in 2021 that materially affected, or are reasonably likely to
materially affect, our internal controls over financial reporting. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_49"></A>Regulation in our Industry </B></FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our business, except for the <FONT STYLE="white-space:nowrap">non-broadcasting</FONT> operations of
Media, is regulated by two groups: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ISED Canada on behalf of the Minister of Innovation, Science and Industry; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the CRTC, under the Telecommunications Act and the Broadcasting Act. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Regulation relates to the following, among other things: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">wireless spectrum and broadcasting licensing; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">competition; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the cable television programming services we must, and can, distribute; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">wireless and wireline interconnection agreements; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">rates we can charge third parties for access to our network; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the resale of services on our networks; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">roaming on our networks and the networks of others; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ownership and operation of our communications systems; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">our ability to acquire an interest in other communications systems. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Regulatory changes or decisions can adversely affect our results of operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our costs of providing services may increase from time to time as we comply with industry or legislative initiatives to address consumer protection
concerns or Internet-related issues like copyright infringement, unsolicited commercial <FONT STYLE="white-space:nowrap">e-mail,</FONT> cybercrime, and lawful access. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Generally, our spectrum and broadcast licences are granted for a specified term and are subject to conditions for maintaining these licences. Regulators
can modify these licensing conditions at any time, and they can decide not to renew a licence when it expires. If we do not comply with the conditions, a licence may be forfeited or revoked, or we may be fined. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The licences have conditions that require us, amongst other things, to comply with Canadian ownership restrictions of the applicable legislation. We are
currently in compliance with these conditions. If we violate the requirements, we would be subject to various penalties, including the loss of a licence in extreme cases. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable, wireless, and broadcasting licences generally cannot be transferred without regulatory approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CANADIAN BROADCASTING AND TELECOMMUNICATIONS OPERATIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The
CRTC is responsible for regulating and supervising all aspects of the Canadian broadcasting and telecommunications system. Our Canadian broadcasting operations &#150; including our cable television systems, radio and television stations, and
specialty services &#150; are licensed (or operated under an exemption order) and regulated by the CRTC under the Broadcasting Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC is
also responsible under the Telecommunications Act for the regulation of telecommunications carriers, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless&#146; mobile voice and data operations; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable&#146;s Internet and telephone services. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our cable and telecommunications retail services are not currently subject to price regulation, other than our affordable entry-level
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
basic cable television service ordered by the CRTC and introduced in 2016, as the CRTC believes there is enough competition for these services provided by other carriers to protect the interests
of users and has forborne from regulating them. Regulations can and do, however, affect the terms and conditions under which we offer these services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SPECTRUM
LICENCES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">ISED Canada sets technical standards for telecommunications under the <I>Radiocommunication Act (Canada) </I>(Radiocommunication Act)
and the Telecommunications Act. It licences and oversees: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the technical aspects of the operation of radio and television stations; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the frequency-related operations of cable television networks; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">spectrum for wireless communications systems in Canada. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ROYALTIES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Copyright Board of Canada (Copyright Board)
oversees the administration of copyright royalties in Canada and establishes the royalties to be paid for the use of certain copyrighted works. It sets the copyright tariff royalties that Canadian broadcasting undertakings, including cable, radio,
television, and specialty services, pay to copyright collectives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BILLING AND CONTRACTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Manitoba, Newfoundland and Labrador, Ontario, and Quebec have enacted consumer protection legislation for wireless, wireline, and Internet service
contracts. This legislation addresses the content of such contracts, the determination of the early cancellation fees that can be charged to customers, the use of security deposits, the cancellation and renewal rights of customers, the sale of
prepaid cards, and the disclosure of related costs. Rogers is also currently subject to the CRTC Wireless Code, the CRTC Television Service Provider Code of Conduct that became effective on September&nbsp;1, 2017, and the CRTC Internet Code that
became effective on January&nbsp;31, 2020. See &#147;CRTC Wireless Code of Conduct&#148; and &#147;CRTC Internet Code&#148; for more information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FOREIGN
OWNERSHIP AND CONTROL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">Non-Canadians</FONT> can own and control, directly or indirectly: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">up to 33.3% of the voting shares and the related votes of a holding company that has a subsidiary operating company
licenced under the Broadcasting Act, and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">up to 20% of the voting shares and the related votes of the operating licensee company may be owned and controlled
directly or indirectly by <FONT STYLE="white-space:nowrap">non-Canadians.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Combined, these limits can enable effective
foreign control of up to 46.7%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The chief executive officer and 80% of the members of the board of directors of the operating licensee must be
resident Canadians. There are no restrictions on the number of <FONT STYLE="white-space:nowrap">non-voting</FONT> shares that may be held by <FONT STYLE="white-space:nowrap">non-Canadians</FONT> at either the holding company or the licensee company
level. Neither the Canadian carrier nor its parent may be otherwise controlled in fact by <FONT STYLE="white-space:nowrap">non-Canadians.</FONT>
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">70&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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Subject to appeal to the federal Cabinet, the CRTC has the jurisdiction to determine as a question of fact whether a given licensee is controlled by
<FONT STYLE="white-space:nowrap">non-Canadians.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Pursuant to the Telecommunications Act and associated regulations, the same rules also apply
to Canadian telecommunications carriers such as Wireless, except that there is no requirement that the chief executive officer be a resident Canadian. We believe we are in compliance with the foregoing foreign ownership and control requirements.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;29, 2012, Bill <FONT STYLE="white-space:nowrap">C-38</FONT> amending the Telecommunications Act passed into law. The amendments exempt
telecommunications companies with less than 10% of total Canadian telecommunications market measured by revenue from foreign investment restrictions. Companies that are successful in growing their market shares in excess of 10% of total Canadian
telecommunications market revenue other than by way of merger or acquisitions will continue to be exempt from the restrictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC REVIEW OF BASIC
TELECOMMUNICATIONS SERVICES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">After an extensive proceeding examining which telecommunications services Canadians require to participate
meaningfully in the digital economy and the CRTC&#146;s role in ensuring the availability of affordable basic telecommunications services to all Canadians, the CRTC released Telecom Regulatory Policy CRTC
<FONT STYLE="white-space:nowrap">2016-496,</FONT> <I>Modern telecommunications services &#150; The path forward for Canada&#146;s digital economy</I>, on December&nbsp;21, 2016<I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC set as its universal service objective that Canadians, in urban areas as well as in rural and remote areas, have access to voice services and
broadband Internet access services, on both fixed and mobile wireless networks. To measure the successful achievement of this objective, the CRTC has established several criteria, including: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">90% of Canadian residential and business fixed broadband Internet access service subscribers should be able to access
speeds of at least 50 Mbps download and 10 Mbps upload, and to subscribe to a service offering with an unlimited data allowance by 2021, with the remaining 10% of the population receiving such service by 2031; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the latest generally deployed mobile wireless technology should be available not only in Canadian homes and businesses,
but on as many major transportation roads as possible in Canada. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To help attain the universal service objective, the CRTC will
begin to shift the focus of its regulatory frameworks from wireline voice services to broadband Internet access services. As such, the following services that form part of the universal service objective are considered basic telecommunications
services within the meaning of subsection 46.5(1) of the Telecommunications Act: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">fixed and mobile wireless broadband Internet access services; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">fixed and mobile wireless voice services. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To assist in extending broadband into under-served rural and remote locations, the CRTC stated that it would establish a new broadband fund to which all
entities providing Internet services in Canada must contribute. The specifics of the fund, including guiding principles, fund design, and assessment criteria, were established in Telecom Regulatory Policy CRTC
<FONT STYLE="white-space:nowrap">2018-377,</FONT> <I>Development of the Commission&#146;s Broadband Fund</I>, released on
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September&nbsp;27, 2018. Two calls for applications occurred in 2019. 2020 marks the first year of payments into the fund, with a maximum funding level of $100&nbsp;million in the first year of
implementation. This level will increase by $25&nbsp;million annually over the following four years to reach an annual cap of $200&nbsp;million, with the incremental increases in years four and five contingent on a review of the fund in the third
year to ensure it is being managed efficiently and is achieving its intended purpose. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A percent of revenue levy has been applied on wireline and
wireless voice revenues since 2000 to support providing voice service to designated high-cost local voice serving area and to provide a national video relay service (VRS). In 2019, a 0.52% levy on wireline and wireless voice revenues generated
$94.2&nbsp;million in subsidies. The voice service subsidy component is declining year-over-year because in Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2018-213,</FONT> <I><FONT STYLE="white-space:nowrap">Phase-out</FONT> of the
local voice service subsidy regime, </I>the CRTC determined that the current $115&nbsp;million local service subsidy for incumbent local telephone company high-cost serving areas would be phased out in six equal increments between 2019 and 2021 such
that the voice subsidy will be eliminated by the end of 2021. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">For 2020, the $100&nbsp;million funding requirements of the Broadband Fund will be
added to the voice and VRS requirements, resulting in an increased projected subsidy requirement of $170.7&nbsp;million per Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2019-395,</FONT> <I>Final 2019 revenue-percent charge and related
matters, </I>released on December&nbsp;4, 2019. The percent of revenue levy currently applied to wireline and wireless voice revenues will be extended to also apply to Internet and texting revenue and is set for 2020 on an interim basis at 0.45% on
this expanded revenue base, subject to finalization based on actual revenues in late 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CANADA&#146;S ANTI-SPAM LEGISLATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Canada&#146;s anti-spam legislation was passed into law on December&nbsp;15, 2010 and came into force on July&nbsp;1, 2014. Sections of such legislation
related to the unsolicited installation of computer programs or software came into force on January&nbsp;15, 2015. A private right of action that was to come into place under the legislation effective July&nbsp;1, 2017 was deferred. We believe we
are in compliance with this legislation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MANDATORY NOTIFICATION OF PRIVACY BREACHES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;18, 2015, Bill <FONT STYLE="white-space:nowrap">S-4</FONT> &#150; the Digital Privacy Act was passed into law. It made several amendments
to PIPEDA, including the introduction of mandatory breach notification rules that came into force on November&nbsp;1, 2018. Businesses must now notify impacted individuals and the federal Privacy Commissioner of a privacy breach where it is
reasonable to believe the breach creates a real risk of significant harm to the individual. Notification must be completed as soon as feasible after it is determined a breach occurred. Businesses must also keep records of breaches and provide these
records to the Privacy Commissioner upon request. The Privacy Commissioner may also launch an investigation or audit based on the information contained in the breach report. Failure to provide notification or maintain records could result in fines
up to $100,000 per violation. In late 2019, the Privacy Commissioner conducted a review of breach reporting among seven telecommunications services providers, issuing a report with recommendations for best practices for industry.
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STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>GOVERNMENT OF CANADA REVIEW OF THE BROADCASTING ACT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;2, 2022, the Federal Government introduced Bill <FONT STYLE="white-space:nowrap">C-11,</FONT> the Online Streaming Act. Bill <FONT
STYLE="white-space:nowrap">C-11</FONT> will amend the Broadcasting Act and make related and consequential amendments to other acts. The goal of Bill <FONT STYLE="white-space:nowrap">C-11</FONT> is to support Canada&#146;s cultural policy objectives
of producing Canadian stories in the midst of a changing broadcasting landscape. The main amendments would subject online streaming services to CRTC regulation and require specific investment in Canadian cultural enterprises and include diverse
programming, including Indigenous content. The CRTC will decide how the new regulatory regime is to be implemented subject to the guidance that would be provided by the Government in a policy direction to be issued when (and if) the Bill is passed.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_50"></A>WIRELESS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>3500 AND 3800 MHZ SPECTRUM LICENCE BANDS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 3500 MHz band is
key spectrum needed to support 5G technologies. To align with international standards, ISED Canada moved to implement a fundamental reallocation to allow flexible use of both mobile and fixed services in the band. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;6, 2019, ISED Canada released its Decision (2019 Decision) on its <I>Consultation on Revisions to the 3500 MHz Band to Accommodate Flexible
Use and Preliminary Consultation on Changes to the 3800 MHz Band</I>. The 2019 Decision determined that ISED Canada would issue flexible use licences in a 200 MHz frequency range from 3450-3650 MHz. Existing wireless licensees in this range that
meet all of their conditions of licence were eligible to be issued flexible use licences covering the same geographic area for the following spectrum amounts: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">any licensee that holds 75 MHz of existing spectrum or more will be eligible to apply for 60 MHz;
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">any licensee that holds 50 MHz of existing spectrum will be eligible to apply for 50 MHz; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all other licensees will be eligible to apply for 20 MHz. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers and Bell previously held 3500 MHz spectrum licences across the country in Inukshuk<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a
partnership between the two companies. Inukshuk held between <FONT STYLE="white-space:nowrap">100-175</FONT> MHz of 3500 MHz spectrum in most major urban markets in Canada. Because Inukshuk held 75 or more MHz of 3500 MHz spectrum in each of the top
10 service areas in Canada by population, it was eligible to retain 60 MHz in those areas. In September 2020, Rogers and Bell unwound Inukshuk and transferred to each partner 50% of Inukshuk&#146;s 3500 MHz holdings. As such, in accordance with the
Decision and the transfer, Rogers in effect, will retain 30 MHz of 3500 MHz spectrum licences for <FONT STYLE="white-space:nowrap">re-designation</FONT> to flexible use licences in each of the top 10 service areas in Canada by population. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Because much of the 3500 MHz spectrum band is currently in use, the 2019 Decision set out a transition process to protect existing users and new
licensees from interference as they transition to new flexible use licences. The transition process will follow a <FONT STYLE="white-space:nowrap">six-month</FONT> cycle and last approximately five years. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">ISED Canada&#146;s 3500 MHz spectrum licence auction began on June&nbsp;15, 2021 and ended on July&nbsp;23, 2021. The results were
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publicly released on July&nbsp;29, 2021. Twenty-three companies participated in the auction and 1,495 of 1,504 licences were awarded to fifteen of those participants, with a total value of
$8.91&nbsp;billion. We won 325 licences across the country at a cost of $3.3&nbsp;billion. We made our first deposit of $665&nbsp;million on August&nbsp;13, 2021 and had expected to make final payment and receive the spectrum licences on
October&nbsp;4, 2021. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On September&nbsp;22, 2021, due to concerns of possible interference between the frequency bands used for 5G communications
and the bands used for certain aviation navigation tools, ISED Canada published its <I>Addendum to Consultation on Amendments to </I><I><FONT STYLE="white-space:nowrap">SRSP-520,</FONT> Technical Requirements for Fixed and/or Mobile Systems,
Including Flexible Use Broadband Systems, in the Band 3450-3650 MHz</I>, thereby delaying the issuance of, and final payment for, the spectrum licences. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In November 2021, ISED Canada published an updated version of <FONT STYLE="white-space:nowrap">SRSP-520,</FONT> which imposes measures to address the
protection of certain aviation navigation tools from interference. The revised date for final payment and issuance of the spectrum licences was December&nbsp;17, 2021. We took possession of these licences after making final payment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On August&nbsp;27, 2020, ISED Canada launched its <I>Consultation on the Technical and Policy Framework for the 3650-4200 MHz Band and Changes to the
Frequency Allocation of the 3500-3650 MHz Band</I> to address potential changes to the spectrum utilization policy, band plans, and the technical and policy considerations to optimize the use of the 3700-4200 MHz bands to support 5G wireless
technologies deployment. On May&nbsp;21, 2021, ISED Canada released its <I>Decision on the Technical and Policy Framework for the 3650-4200 MHz Band and Changes to the Frequency Allocation of the 3500-3650 MHz Band, </I>announcing the decision to
repurpose the 3800 MHz spectrum band to support 5G services. On December&nbsp;17, 2021, ISED Canada launched a <FONT STYLE="white-space:nowrap">follow-up</FONT> proceeding, <I>Consultation on a Policy and Licensing Framework for Spectrum in the 3800
MHz band</I>, to determine the auction format and rules. Initial comments were due on February&nbsp;15, 2022. The 3800 MHz auction is expected to take place in early 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TRANSFERS, DIVISIONS, AND SUBORDINATE LICENSING OF SPECTRUM LICENCES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In June 2013, ISED Canada released Framework Relating to Transfers, Divisions and Subordinate Licensing of Spectrum Licences for Commercial Mobile
Spectrum. The Framework lays out the criteria ISED Canada will consider and the processes it will use when it reviews spectrum licence transfers, including prospective transfers that could arise from purchase or sale options and other agreements.
Key items to note are that: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ISED Canada will review all spectrum transfer requests, and will not allow any that result in &#147;undue spectrum
concentration&#148; and reduced competition. Decisions will be made on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis and will be issued publicly to increase transparency; and
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">licensees must ask for a review within 15 days of entering into any agreement that could lead to a prospective
transfer. ISED Canada will review the agreement as though the licence transfer that could arise from it has been made.
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">72&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In June 2013, the CRTC issued its Wireless Code of Conduct (Wireless Code) that came into effect in December 2013. The Wireless Code imposes several
obligations on wireless carriers, including maximum contract term length, roaming bill caps, device unlocking requirements, and contract summaries. It also lays out the rules for device subsidies and early cancellation fees. Under the Wireless Code,
if a customer cancels a contract early, carriers can only charge the outstanding balance of the device subsidy they received, which decreases by an equal amount every month over no more than 24 months. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;15, 2017, the CRTC released its decision on the three-year review of the Wireless Code (Telecom Regulatory Policy CRTC <FONT
STYLE="white-space:nowrap">2017-200,</FONT> <I>Review of the Wireless Code</I>). The CRTC determined that as of December&nbsp;1, 2017, all individual and small business wireless service customers will have the right to have their cellular phones and
other mobile devices unlocked, free of charge, upon request. In addition, all newly purchased devices must be provided unlocked from that day forward. The CRTC also determined that for family or shared plans (multi-line plans), the account holder
must, by default, be the one who consents to data overage and data roaming charges beyond the established caps ($50 and $100 per month, respectively).&nbsp;Wireless service providers may, however, allow account holders to authorize other users on a
family or shared plan to consent to additional charges. The CRTC also made clear that in all instances, the caps apply on a per account basis, regardless of the number of devices, for multi-line plans and individual lines on the account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In July 2019, Rogers introduced wireless device financing agreements with both <FONT STYLE="white-space:nowrap">24-</FONT> and <FONT
STYLE="white-space:nowrap">36-month</FONT> terms. On August&nbsp;30, 2019, the CRTC initiated Telecom Notice of Consultation CRTC <FONT STYLE="white-space:nowrap">2019-309,</FONT> <I>Show cause proceeding and call for comments &#150; The Wireless
Code &#150; Device financing plans, to consider whether device financing plans, including those with terms longer than 24 months, are compliant with the Wireless Code.</I> We voluntarily ceased offering device financing arrangements with terms
greater than 24 months at that time.<I> </I>Final reply submissions were filed on October&nbsp;29, 2019. On March&nbsp;4, 2021, the CRTC released Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2021-98,</FONT> <I>Wireless Code &#150;
Application to device financing plans</I>, confirming that the Wireless Code does apply to device financing plans sold with a wireless service plan and that device financing plans must comply with all relevant protections of the Wireless Code. The
CRTC also established that device financing plans are similar to device subsidies when determining early cancellation fees under the Wireless Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TOWER SHARING
POLICY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In March 2013, ISED Canada released Revised Frameworks for Mandatory Roaming and Antenna Tower and Site Sharing, concluding a
consultation initiated in 2012. It sets out the current rules for tower and site sharing, among other things. The key terms of the tower and site sharing rules are: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">all holders of spectrum licences, radio licences, and broadcasting certificates must share towers and antenna sites,
where technically feasible, at commercial rates; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the timeframe for negotiating agreements is 60 days, after which arbitration according to ISED Canada arbitration rules
will begin. </P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Telecom Regulatory Policy <FONT STYLE="white-space:nowrap">2015-177,</FONT> <I>Regulatory framework
for wholesale mobile wireless services</I>, released in May 2015, the CRTC determined that it would not mandate or require general wholesale tariffs for tower and site sharing. At the same time, it determined that its existing powers and processes
are sufficient to address tower and site sharing disputes related to rates, terms, and conditions. As a result, carriers may use the arbitration process established by ISED Canada, or they may request the CRTC to intervene in the event that tower
and site sharing negotiations fail. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>POLICY DIRECTION TO THE CRTC ON TELECOMMUNICATIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;26, 2019, the Minister of Innovation, Science and Economic Development tabled a Proposed Order Issuing a Direction to the CRTC on
Implementing the Canadian Telecommunications Policy Objectives to Promote Competition, Affordability, Consumer Interests and Innovation. The Direction signals the government&#146;s intention to require the CRTC to consider competition,
affordability, consumer interests, and innovation in its telecommunications decisions and to demonstrate to Canadians in those decisions that it has done so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;17, 2019, the <I>Order Issuing a Direction to the CRTC on Implementing the Canadian Telecommunications Policy Objectives to Promote
Competition, Affordability, Consumer Interests and Innovation </I>came into effect after review and revision. It requires the CRTC to consider competition, affordability, consumer interests, and innovation in its telecommunications decisions and to
demonstrate to Canadians in those decisions that it has done so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC REVIEW OF MOBILE WIRELESS SERVICES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;28, 2019, through Telecom Notice of Consultation CRTC <FONT STYLE="white-space:nowrap">2019-57,</FONT> <I>Review of mobile wireless
services</I>, the CRTC initiated its five-year review to examine the state of the mobile wireless market and to determine whether further action is required to improve choice and affordability for Canadians. After extensive written submissions were
filed in 2019, a <FONT STYLE="white-space:nowrap">two-week</FONT> oral hearing began on February&nbsp;18, 2020. Final written submissions were filed on July&nbsp;15, 2020. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On April&nbsp;15, 2021 the CRTC issued Telecom Regulatory Policy <FONT STYLE="white-space:nowrap">2021-130,</FONT> <I>Review of mobile wireless
service</I>s. The CRTC mandated wholesale mobile virtual network operator (MVNO) access, seamless handoff for mandated wholesale roaming, and new mandatory <FONT STYLE="white-space:nowrap">low-cost</FONT> and
<FONT STYLE="white-space:nowrap">occasional-use</FONT> retail rate plans; however, mandated MVNO access will only be provided if certain conditions are met as described briefly below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC decided that mandated wholesale MVNO access must be offered by the national carriers, and SaskTel in Saskatchewan, but only made available to
eligible regional wireless carriers that hold mobile spectrum licences, and only in the areas that are covered by their licences. The terms and conditions associated with mandated MVNO access must be approved by the CRTC, while rates will be subject
to commercial negotiation, backstopped by final offer arbitration, with the CRTC acting as arbitrator. Mandated MVNO access will be limited to a seven-year period commencing on the date the CRTC finalizes the terms and conditions. This time limit is
intended to provide the regional carriers sufficient time to expand their networks while maintaining investment incentives. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The national wireless carriers must also provide seamless handoff as part of the mandatory roaming they
must offer to the regional wireless carriers. Seamless handoff will ensure that calls in progress are not dropped when customers travel outside their home network coverage and into the coverage of their roaming provider. The CRTC also directed the
national wireless carriers to offer 5G roaming where the roaming network offers 5G service on its own network and to file proposed revised terms and conditions within 90 days for CRTC approval. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Finally, the CRTC mandated retail rate plans for <FONT STYLE="white-space:nowrap">low-cost</FONT> and occasional use. These plans were implemented on
July&nbsp;14, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_51"></A>CABLE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>COPYRIGHT RETRANSMISSION OF DISTANT SIGNALS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Pursuant to
section 31(2) of the Copyright Act, television service providers are permitted to retransmit programming within distant <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-air</FONT></FONT> television signals as part of a
compulsory licensing regime. Rates for the distribution of the programming are established through negotiation or set by the Copyright Board. Distributors and content providers (the Collectives) were unable to agree on a new rate for the
distribution of distant signals after the expiration of the then-current agreement in 2013. A proceeding was initiated by the Copyright Board in 2015 and a decision was rendered on December&nbsp;18, 2018. The decision increased the rate paid by
broadcast distribution undertakings (BDUs) by approximately 8% for 2014, a further 7.5% for 2015, and a further 2.5% for 2016, with 2017 and 2018 held constant at the 2016 rate. For the period of 2019 to 2023, an interim rate was set at the 2016
rate of $1.17. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Collectives appealed the Copyright Board&#146;s decision on the 2014 to 2018 rates, seeking to have the rates increased to an
average of approximately $2.20 for the five-year period. On July&nbsp;22, 2021, the Federal Court of Appeal (Court) released a decision in which it determined the 2014 and 2015 rates would be final but agreed with the Collectives that errors were
made with respect to the 2016 to 2018 rates. The Copyright Board could hold a new proceeding as soon as early 2022 to determine the rates from 2016 onwards. In the meantime, the BDUs, including Rogers, have filed a motion for Leave to Appeal the
Court&#146;s decision with the Supreme Court of Canada. Due to the significant uncertainty surrounding both the outcome and the amount, if any, we might have to pay, we have not recorded a liability for this contingency at this time. The fees we
currently pay the Collectives are not material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DIFFERENTIAL PRICING RELATED TO INTERNET DATA PLANS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On April&nbsp;20, 2017, the CRTC released Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2017-104,</FONT> <I>Framework for assessing
the differential pricing practices of Internet service providers</I>, setting out the evaluation criteria it will apply to determine whether a specific differential pricing practice complies with subsection 27(2) of the Telecommunications Act on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, as follows: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the degree to which the treatment of data is agnostic (i.e., data is treated equally regardless of its source or
nature); </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">whether the offering is exclusive to certain customers or certain content providers; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">the impact on Internet openness and innovation; and </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">whether there is financial compensation involved.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Of these criteria, the degree to which data is treated agnostically will generally carry the most weight.
The overriding expectation is that all content and applications will be treated in a neutral manner. Zero-rating of account management functions (e.g., monitoring of Internet data usage or the payment of bills online) will generally be permitted.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WHOLESALE INTERNET COSTING AND PRICING </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On
August&nbsp;15, 2019, in Telecom Order CRTC <FONT STYLE="white-space:nowrap">2019-288,</FONT> <I><FONT STYLE="white-space:nowrap">Follow-up</FONT> to Telecom Orders <FONT STYLE="white-space:nowrap">2016-396</FONT> and
<FONT STYLE="white-space:nowrap">2016-448</FONT> &#150; Final rates for aggregated wholesale high-speed access services</I> (2019 Order), the CRTC set final rates for facilities-based carriers&#146; wholesale HAS, including Rogers&#146; TPIA
service. The 2019 Order set final rates for Rogers 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&nbsp;31, 2016. We do not believe
the final rates set by the CRTC are just and reasonable as required by the <I>Telecommunications Act</I> as we believe they are below cost. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On
September&nbsp;13, 2019, Rogers, in conjunction with the other large Canadian cable companies (Cable Carriers), filed a motion for Leave to Appeal pursuant to Section&nbsp;64(1) of the <I>Telecommunications Act</I> with the Federal Court of Appeal
(Court) and an associated motion for an interlocutory Stay of the 2019 Order. On November&nbsp;22, 2019, the Court granted Leave to Appeal and an interlocutory Stay of the 2019 Order. On September&nbsp;10, 2020, the Court dismissed the Cable
Carriers&#146; appeal and simultaneously vacated the interlocutory Stay previously granted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;13, 2019, Rogers, again in conjunction
with the other Cable Carriers, filed an appeal of the 2019 Order with the Federal Cabinet, pursuant to Section&nbsp;12(1) of the <I>Telecommunications Act</I>, asking the Cabinet to order the CRTC to reconsider its August&nbsp;15, 2019 decision in
conjunction with the CRTC&#146;s previously announced review of the entire wholesale regulatory framework. On August&nbsp;15, 2020, the Federal Cabinet recognized that the final rates did not always appropriately balance the policy objectives of the
wholesale network and were concerned that they would undermine investment in high-quality networks. They however decided not to refer the matter back to the CRTC, given that the matter was already before them as a result of the review and vary
application filed by Rogers and the other Cable Carriers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On December&nbsp;13, 2019, Rogers, again in conjunction with the other Cable Carriers,
filed an Application with the CRTC seeking review and variance and stay of the 2019 Order pursuant to sections 27(1), 61(2), and 62 of the <I>Telecommunications Act</I>, Part 1 of the <I>Canadian Radio-television and Telecommunications Commission
Rules of Practice and Procedure</I>, and Telecommunications Information Bulletin CRTC <FONT STYLE="white-space:nowrap">2011-214,</FONT> <I>Revised Guidelines for review and vary applications</I>. Specifically, we seek: </P>
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<TD WIDTH="23" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">review and variance of the methodology and the resulting rates approved for the Cable Carriers&#146; aggregated
wholesale HAS in the 2019 Order in conjunction with the CRTC&#146;s planned review of its approach to setting the rates for wholesale telecommunications services generally; </P></TD></TR></TABLE>
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<TD WIDTH="23" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">review and variance of the determination in the 2019 Order regarding retroactivity such that any new wholesale rates
for Cable Carrier HAS services apply only on a prospective basis; and </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">74&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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<TD WIDTH="23" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">in the event that the interlocutory stay of the 2019 Order granted by the Federal Court of Appeal is terminated or
varied, an interim stay of the 2019 Order pending completion of the Commission&#146;s determinations in respect of both (a)&nbsp;and (b) above. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On September&nbsp;28, 2020, the CRTC issued a Stay of Order <FONT STYLE="white-space:nowrap">2019-288</FONT> pending review of the appropriateness of
the rates established in the 2019 Order. On November&nbsp;12, 2020, Rogers, again in conjunction with the other Cable Carriers, filed a motion for Leave to Appeal the Court&#146;s decision with the Supreme Court of Canada. The Supreme Court of
Canada dismissed the request for Leave on February&nbsp;25, 2021 without reasons. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On May&nbsp;27, 2021, the CRTC released Telecom Decision CRTC <FONT
STYLE="white-space:nowrap">2021-181</FONT> <I>Requests to review and vary Telecom Order <FONT STYLE="white-space:nowrap">2019-288</FONT> regarding final rates for aggregated wholesale high-speed access services</I> (2021 Decision) in which it
adopted the interim rates in effect prior to the 2019 Order as the final rates, with certain modifications, including the removal of the supplementary markup of 10% for incumbent local exchange carriers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On May&nbsp;28, 2021, a wholesale 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&nbsp;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&nbsp;15, 2021. We, along with several other cable
companies, have intervened in these matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC INTERNET CODE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On July&nbsp;31, 2019, the CRTC released Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2019-269,</FONT> <I>The Internet Code</I>,
establishing a mandatory code of conduct (Code) for large facilities-based ISPs that applies to the companies&#146; provision of fixed wireline Internet access services to individual customers. As is the case for the Wireless, Deposit and
Disconnection, and Television Service Provider Codes already in place, the Commission for Complaints for Telecom-television Services Inc. (CCTS) will administer the Code. The Code came into effect on January&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC REVIEW OF WHOLESALE WIRELINE TELECOMMUNICATIONS SERVICES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On July&nbsp;22, 2015, the CRTC released its decision on the regulatory framework for wholesale wireline services (Telecom Regulatory Policy <FONT
STYLE="white-space:nowrap">2015-326,</FONT> <I>Review of wholesale wireline services and associated policies</I>), determining which wireline services, and under what terms and conditions, facilities-based telecommunications carriers must make
available to other telecommunications service providers, such as resellers. The CRTC determined that wholesale high-speed access services, which are used to support retail competition for services, such as local phone, television, and Internet
access, would continue to be mandated. The provision of provincially aggregated services, however, would no longer be mandated and would be phased out in conjunction with the implementation of a disaggregated service with connections at telephone
company central offices and cable company head-ends. The requirement to implement disaggregated wholesale high-speed access services will include making them available over <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">fibre-to-the-premises</FONT></FONT></FONT> (FTTP) access facilities. Regulated rates will continue to be based on <FONT STYLE="white-space:nowrap">long-run</FONT> increment cost studies.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On September&nbsp;20, 2016, the CRTC released Telecom Decision CRTC
<FONT STYLE="white-space:nowrap">2016-379,</FONT> <I><FONT STYLE="white-space:nowrap">Follow-up</FONT> to Telecom Regulatory Policy <FONT STYLE="white-space:nowrap">2015-326</FONT> &#150; Implementation of a disaggregated wholesale high-speed access
service, including over <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fibre-to-the</FONT></FONT> premises access facilities</I>, addressing the technical implementation of new, disaggregated, high-speed access TPIA, a service
that will provide access to FTTP facilities as ordered in the CRTC&#146;s July&nbsp;22, 2015 ruling. The decision is consistent with the positions submitted by Rogers in our filings. Proposed tariffs and supporting cost studies for the new service
were filed on January&nbsp;9, 2017, with further information filed later in 2017 and 2018. A decision on final rates was anticipated in 2020 but was temporarily suspended on June&nbsp;11, 2020 by CRTC Telecom Notice of Consultation <FONT
STYLE="white-space:nowrap">2020-187,</FONT> <I>Call for comments &#150; Appropriate network configuration for disaggregated wholesale high-speed access services</I>. Initial comments for this proceeding were filed on October&nbsp;5, 2020 and reply
comments were filed on December&nbsp;7, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC REVIEW OF LOCAL AND COMMUNITY PROGRAMMING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;15, 2016, the CRTC released Broadcasting Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2016-224,</FONT> <I>Policy framework for
local and community television</I>. The CRTC created a new model for BDU contributions to Canadian programming that took effect on September&nbsp;1, 2017. Annual contributions will remain at 5% of annual gross broadcasting revenues; however, of that
amount, in all licensed cable systems, up to 1.5% (rather than the previous 2%) can be used to fund community channel programming. Of this revenue, 0.3% must now go to a newly created Independent Local News Fund for independently owned local TV
stations, and the remaining funding will continue to go to the Canada Media Fund and independent production funds. This decision provides the flexibility for BDUs that operate community channels in large markets (Montreal, Toronto, Edmonton,
Calgary, and Vancouver) to now direct their community channel revenues from those markets to fund either community channel programming in smaller markets, or to fund local news on TV stations (such as Citytv, in the case of Rogers). Rogers has
closed its Greater Toronto Area community channels and redirected these revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TELEVISION SERVICES DISTRIBUTION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On March&nbsp;19, 2015, the CRTC released the third of its decisions related to its Let&#146;s Talk TV proceeding. The CRTC ordered distributors to
offer customers an option for a small basic service consisting only of Canadian local channels (local radio is optional), national mandatory services, community and provincial legislature channels, and, should they wish, US 4+1 networks beginning
March&nbsp;1, 2016. The retail rate for this entry-level service will be capped at $25 per month (excluding equipment). Effective March&nbsp;1, 2016, we began offering a small basic service consisting of Canadian local channels, national mandatory
services, community and provincial legislature channels, and the US 4+1 networks. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC also adopted
<FONT STYLE="white-space:nowrap">phased-in</FONT> requirements for selling channels to customers &#147;&agrave; la carte&#148; and as part of &#147;pick-packs&#148;. All channels above the basic tier must be offered on an &agrave; la carte basis and
in smaller, reasonably priced packages as of December 2016. As a BDU, we are permitted to continue to offer our existing basic service and programming packages. The CRTC also revised its
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
existing &#147;preponderance&#148; rule so that consumers will have to be offered, but will not have to receive, a majority of Canadian services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A number of changes to the Wholesale Code (formerly the Vertical Integration (VI)&nbsp;Code) addressing, amongst other matters, penetration-based rate
cards and minimum guarantees were also made. All licensed programmers and BDUs are to comply with the Wholesale Code, which came into effect on January&nbsp;22, 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The decision also addressed rules for distribution of foreign services authorized for distribution in Canada, including requirements that foreign
services make their channels available &#147;&agrave; la carte&#148; and in &#147;pick-packs&#148; or in smaller <FONT STYLE="white-space:nowrap">pre-assembled</FONT> packages and abide by the Wholesale Code. Access rules for <FONT
STYLE="white-space:nowrap">VI-owned</FONT> services and independent services, channel packaging, and <FONT STYLE="white-space:nowrap">buy-through</FONT> rules for multicultural services were also addressed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On March&nbsp;26, 2015, in the final decision related to Let&#146;s Talk TV, the CRTC announced plans to establish a Television Service Provider (TVSP)
Code of Conduct to govern certain aspects of the relationship between TVSPs and their customers as well as to allow consumers to complain to the Commissioner for Complaints for Telecommunications Services about their providers which came into effect
on September&nbsp;1, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ROGERS CABLE TV LICENCE RENEWALS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On August&nbsp;2, 2018, in Broadcasting Decision CRTC <FONT STYLE="white-space:nowrap">2018-265,</FONT> <I>Rogers</I><I></I><I>&nbsp;&#150; Licence
renewal for various terrestrial broadcasting</I>
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
<I>distribution undertakings</I>, the CRTC renewed Rogers&#146; Broadcasting Distribution Undertaking licences in Ontario and Atlantic Canada for a full seven-year licence term with conditions
substantially consistent with Rogers&#146; application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC PROCEEDING ON FUTURE PROGRAMMING DISTRIBUTION MODELS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On October&nbsp;12, 2017, prompted by Order in Council P.C. 2017-1195, the CRTC initiated a proceeding (Broadcasting Notice of Consultation CRTC <FONT
STYLE="white-space:nowrap">2017-359,</FONT> <I>Call for comments on the Governor in Council&#146;s request for a report on future programming distribution models</I>) to report on the distribution model or models of programming that are likely to
exist in the future; how and through whom Canadians will access that programming; and the extent to which these models will ensure a vibrant domestic market that is capable of supporting the continued creation, production, and distribution of
Canadian programming, in both official languages, including original entertainment and information programming. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On May&nbsp;30, 2018, the CRTC
issued its report on future programming distribution models requested by the government in September 2017 through Order in Council P.C. 2017-1195. The report proposes new tools and regulatory approaches to support the production and promotion of
audio and video content made by and for Canadians. The report will inform the government&#146;s review of the Broadcasting Act and Telecommunications Act.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">76&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_52"></A>Other Information </B></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_53"></A>ACCOUNTING POLICIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Management makes judgments, estimates, and assumptions that affect how accounting policies are applied, the amounts we report in assets, liabilities,
revenue, and expenses, and our related disclosure about contingent assets and liabilities. Significant changes in our assumptions, including those related to our future business plans and cash flows, could materially change the amounts we record.
Actual results could be different from these estimates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These estimates are critical to our business operations and understanding our results of
operations. We may need to use additional judgment because of the sensitivity of the methods and assumptions used in determining the asset, liability, revenue, and expense amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>ESTIMATES </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE FROM CONTRACTS WITH
CUSTOMERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Determining the transaction price </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Determining the stand-alone selling price and the allocation of the transaction price </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which
Rogers is entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FAIR VALUE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use estimates to determine the fair value of assets acquired and liabilities assumed in an acquisition, using the best available information,
including information from financial markets. These estimates include key assumptions such as discount rates, attrition rates, and terminal growth rates for performing discounted cash flow analyses.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>LEASES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>USEFUL LIVES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We
depreciate the cost of property, plant and equipment over their estimated useful lives by considering industry trends and company-specific factors, including changing technologies and expectations for the
<FONT STYLE="white-space:nowrap">in-service</FONT> period of certain assets at the time. We reassess our estimates of useful lives annually, or when circumstances change, to ensure they match the anticipated life of the technology from a
revenue-producing perspective. If technological change happens more quickly, or in a different way, than anticipated, we might have to reduce the estimated life of property, plant and equipment, which could result in a higher depreciation expense in
future periods or an impairment charge to write down the value. We monitor and review our 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CAPITALIZING DIRECT LABOUR, OVERHEAD, AND INTEREST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Certain direct labour, overhead, and interest costs associated with the acquisition, construction, development, or improvement of our networks are
capitalized to property, plant and equipment. The capitalized amounts are calculated based on estimated costs of projects that are capital in nature, and are generally based on a <FONT STYLE="white-space:nowrap">per-hour</FONT> rate. In addition,
interest costs are capitalized during development and construction of certain property, plant and equipment. Capitalized amounts increase the cost of the asset and result in a higher depreciation expense in future periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>IMPAIRMENT OF ASSETS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Indefinite-life intangible assets
(including goodwill and spectrum and/or broadcast licences) are assessed for impairment on an annual basis, or more often if events or circumstances warrant, and finite-life assets (including property, plant and equipment and other intangible
assets) are assessed for impairment if events or circumstances warrant. The recoverable amount of a cash-generating unit (CGU) involves significant estimates such as future cash flows, terminal growth rates, and discount rates. If key estimates
differ unfavourably in the future, we could experience impairment charges that could decrease net income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FINANCIAL INSTRUMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The fair values of our derivatives are recorded using an estimated credit-adjusted
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> valuation. If the derivatives are in an asset position (i.e. the counterparty owes Rogers), the credit spread for the bank counterparty is added to the
risk-free discount rate to determine the estimated credit-adjusted value. If the derivatives are in a liability position (i.e. Rogers owes the counterparty), our credit spread is added to the risk-free discount rate. The estimated
credit-</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
adjusted value of derivatives requires assessment of the credit risk of the parties to the instruments and the instruments&#146; discount rates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">For all derivative instruments where hedge accounting is applied, we are required to ensure that the hedging relationships meet hedge effectiveness
criteria. Hedge effectiveness testing requires the use of both judgments and estimates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PENSION BENEFITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">When we account for defined benefit pension plans, assumptions are made in determining the valuation of benefit obligations. Assumptions and estimates
include the discount rate, the rate of future compensation increase, and the mortality rate. Changes to these primary assumptions and estimates would affect the pension expense, pension asset and liability, and other comprehensive income. Changes in
economic conditions, including financial markets and interest rates, may also have an impact on our pension plans, as there is no assurance that the plans will be able to earn the assumed rate of return. Market-driven changes may also result in
changes in the discount rates and other variables that could require us to make contributions in the future that differ significantly from the current contributions and assumptions incorporated into the actuarial valuation process. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Below is a summary of the effect an increase or decrease in the primary assumptions and estimates would have had on our accrued benefit obligation as at
December&nbsp;31, 2021. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="21%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">(In millions of dollars)</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Increase&nbsp;(decrease)<BR>in accrued<BR>benefit&nbsp;obligation</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 0.5% increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">(251</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 0.5% decrease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">285</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Rate of future compensation increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 0.25% increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">17</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 0.25% decrease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">(17</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Mortality rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 1 year increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">67</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:12pt; font-size:7pt; font-family:arial">Impact of 1 year
decrease</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial" ALIGN="right">(72</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>STOCK-BASED COMPENSATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Stock option
plans </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our employee stock option plans attach cash-settled share appreciation rights (SARs) to all new and previously granted options. The SAR
feature allows the option holder to elect to receive a cash payment equal to the intrinsic value of the option, instead of exercising the option and acquiring Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares. We measure
stock-based compensation to employees at fair value. We determine the fair value of options using our Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Share price and option pricing models, and record all outstanding stock options as
liabilities. The liability is marked to market each period and is amortized to expense using a graded vesting approach over the period during which employee services are rendered, or over the period to the date an employee is eligible to retire,
whichever is shorter. The expense in each period is affected by the change in the price of our Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares during the period.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Restricted share unit (RSU) and deferred share unit (DSU) plans </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards&#146; fair values, which are
based on the market price of the Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares, and recognizing them as charges to operating costs over the vesting period of the awards. If an award&#146;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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>JUDGMENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>REVENUE FROM CONTRACTS WITH CUSTOMERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Distinct goods and services </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Determining costs to obtain or fulfill a contract </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Determining the costs we incur to obtain or fulfill a contract that meet the deferral criteria within IFRS 15 requires us to make significant judgments.
We expect incremental commission fees paid to internal and external representatives as a result of obtaining contracts with customers to be recoverable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Residual value arrangements </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>LEASES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We make judgments in determining whether a contract
contains an identified asset. The identified asset should be physically distinct or represent substantially all of the capacity of the asset, and should provide us with the right to substantially all of the economic benefits from the use of the
asset. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also make judgments in determining whether or not 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.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">78&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 at a similar term and with a similar security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 typically exercise extension options on our leases, especially related to our networks, primarily due to the
significant cost that would be required to relocate our network towers and related equipment. We periodically reassess whether we are reasonably certain to exercise the options and account for any changes at the date of the reassessment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>USEFUL LIVES AND DEPRECIATION AND AMORTIZATION METHODS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We amortize the cost of intangible assets with finite lives over their estimated useful lives. We
review their useful lives, residual values, and the amortization methods at least once a year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We do not amortize intangible assets with indefinite
lives (spectrum licences, broadcast licences, and certain brand names) as there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for us. 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 licences, broadcast licences, and certain brand names. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Judgment is also applied in choosing methods for 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>IMPAIRMENT OF ASSETS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. The allocation of
goodwill involves considerable management judgment in determining the CGUs (or groups of CGUs) that are expected to benefit from the synergies of a business combination. A CGU is the smallest identifiable group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Goodwill and indefinite-life intangible assets are allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which is not
higher than an operating segment. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RESTRUCTURING, ACQUISITION AND OTHER COSTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We make significant judgments in determining the appropriate classification of costs to be included in restructuring, acquisition and other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>HEDGE ACCOUNTING </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We make significant judgments in
determining whether our financial instruments qualify for hedge accounting, including our determination of hedge effectiveness. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SEGMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 makers to make decisions about resources to be allocated and to assess component performance, and for which discrete financial information is available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>INCOME TAXES AND OTHER TAXES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We accrue income and other tax
provisions based on information currently available in each of the jurisdictions in which we operate. While we believe we have paid and provided for adequate amounts of tax, our business is complex and significant judgment is required in
interpreting how tax legislation and regulations apply to us. Our tax filings are subject to audit by the relevant government revenue authorities and the results of the government audit could materially change the amount of our actual income tax
expense, income tax payable or receivable, other taxes payable or receivable, and deferred income tax assets and liabilities and could, in certain circumstances, result in the assessment of interest and penalties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CONTINGENCIES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Considerable judgment is involved in the
determination of contingent liabilities. Our judgment is based on information currently known to us, and the probability of the ultimate resolution of the contingencies. If it becomes probable that a contingent liability will result in an outflow of
economic resources, we will record a provision in the period the change in probability occurs. The amount of the loss involves judgment based on information available at that time. Any provision recognized for a contingent liability could be
material to our consolidated financial position and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ONEROUS CONTRACTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Significant 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. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>TRANSACTIONS WITH RELATED PARTIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have entered into certain transactions in the normal course of business with related parties in which we have an equity interest, being primarily
MLSE (primarily broadcasting rights) and Glentel (Wireless distribution support). The amounts received from or paid to these parties were as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:12.0pt; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>31</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right">26</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right">19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:15.0pt; font-size:7pt; font-family:arial">Purchases</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>180</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">121</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">49</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have 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. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:15.0pt; font-size:7pt; font-family:arial">Printing and prepress services</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="right">4</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have also entered into business transactions with companies controlled by our Directors Michael J. Cooper and John C.
Kerr, which, as a result of the Board reconstitution in October 2021, are now related parties. 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&#146; <FONT STYLE="white-space:nowrap">High-A</FONT> affiliate minor league team. Total amounts paid to
these related parties during the period from October 2021 to December 2021 were nominal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have also entered into certain transactions with the
Trust and companies it controls. These transactions are subject to formal agreements approved by the Audit and Risk Committee. Total amounts paid to these related parties generally reflect the charges to Rogers for occasional business use of
aircraft, net of other administrative services, and were less than $1&nbsp;million for each of 2021 and 2020. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These transactions are measured at
the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing are unsecured, interest-free, and due for payment in cash within one month from the date of the transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2021 </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We adopted the following IFRS amendments in 2021. They did not have a material effect on our financial statements. </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I>Interest Rate Benchmark Reform &#150; Phase 2 (Amendments to IFRS&nbsp;9, IAS 39, and IFRS 7)</I>, addressing issues
that might affect
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">


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<TD WIDTH="11" VALIGN="top" ALIGN="left" COLOR="#000000">&nbsp;</TD>
<TD WIDTH="1">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">
financial reporting after the reform of an interest rate benchmark. There is significant uncertainty over the timing of when the replacements for IBORs will be effective and what those
replacements will be. We will actively monitor the IBOR reform and consider circumstances as we renew or enter into new financial instruments. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IFRS 16, <I>Leases</I>, allowing lessees to not assess whether a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> rent concession is a lease modification. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><FONT COLOR="#da291c"><B>RECENT ACCOUNTING
PRONOUNCEMENTS NOT YET ADOPTED </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The IASB has issued the following new standard and amendments that will become effective in future years
and could have an impact on our consolidated financial statements in future periods: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">IFRS 17, <I>Insurance Contracts</I>, a replacement of IFRS 4, <I>Insurance Contracts, </I>that aims to provide
consistency in the application of accounting for insurance contracts (January 1, 2023). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IFRS 3, <I>Business Combinations &#150; Updating a Reference to the Conceptual Framework</I>, updating a
reference in IFRS 3 to now refer to the Conceptual Framework (January 1, 2022). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IAS 16, <I>Property, Plant and Equipment: Proceeds before intended use</I>, prohibiting reducing the cost
of property, plant and equipment by proceeds while bringing an asset to capable operations (January 1, 2022). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IAS 37, <I>Provisions, Contingent Liabilities and Contingent Assets &#150; Onerous Contracts</I>,
specifying costs an entity should include in determining the &#147;cost of fulfilling&#148; a potential onerous contract (January 1, 2022). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IAS 1, <I>Presentation of Financial Statements&nbsp;&#150;&nbsp; Classification of Liabilities as Current
or <FONT STYLE="white-space:nowrap">Non-current</FONT></I>, clarifying the classification requirements in the standard for liabilities as current or <FONT STYLE="white-space:nowrap">non-current</FONT> (January 1, 2023). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IAS 1, <I>Presentation of Financial Statements&nbsp;&#150;&nbsp; Disclosure of Accounting Policies</I>,
requiring entities to disclose material, instead of significant, accounting policy information (January 1, 2023). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Amendments to IAS 8, <I>Accounting Policies &#150; Changes in Accounting Estimates and Errors</I>, clarifying the
definition of &#147;accounting policies&#148; and &#147;accounting estimates&#148; (January 1, 2023). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I></I>Amendments to IAS 12,<I> Income Taxes &#150; Deferred Tax related to Assets and Liabilities arising from a
Single Transaction, </I>narrowing the scope for exemption when recognizing deferred taxes (January 1, 2023). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We do not expect
IFRS 17, <I>Insurance Contracts</I>, or the amendments effective January&nbsp;1, 2022, 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. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">80&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_54"></A>KEY PERFORMANCE INDICATORS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We measure the success of our strategy using a number of key performance indicators, which are outlined below. We believe these key performance
indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators are not measurements in accordance with IFRS and should not be
considered alternatives to net income or any other measure of performance under IFRS. They include: </P>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">subscriber counts; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable; and </P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">homes passed (Cable); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless subscriber churn (churn); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless blended average billings per user (ABPU); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless blended average revenue per user (ARPU); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable average revenue per account (ARPA); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable customer relationships; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable market penetration (penetration); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">capital intensity; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">total service revenue; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">dividend payout ratios; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">return on assets. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SUBSCRIBER COUNTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We determine the number of subscribers to
our services based on active subscribers. When subscribers are deactivated, either voluntarily or involuntarily for <FONT STYLE="white-space:nowrap">non-payment,</FONT> they are considered deactivations in the period the services are discontinued.
We use subscriber counts to measure our core business performance and ability to benefit from recurring revenue streams. We use homes passed (Cable) as a measure for our potential market penetration within a defined geographical area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Subscriber count (Wireless) </I></P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">A wireless subscriber is represented by each identifiable telephone number. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">We report wireless subscribers in two categories: postpaid and prepaid. Postpaid and prepaid include voice-only
subscribers, data-only subscribers, and subscribers with service plans integrating both voice and data. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Usage and overage charges for postpaid subscribers are billed a month in arrears. Prepaid subscribers cannot incur
usage and/or overage charges in excess of their plan limits or account balance. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Wireless prepaid subscribers are considered active for a period of 90 days from the date of their last
revenue-generating usage. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Subscriber count (Cable) </I></P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable Ignite TV and Internet subscribers are represented by a dwelling unit. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">When there is more than one unit in a single dwelling, such as an apartment building, each tenant with cable service is
counted as an individual subscriber, whether the service is invoiced separately or included in the tenant&#146;s rent. Institutional units, such as hospitals or hotels, are each considered one subscriber.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Cable Ignite TV and Internet subscribers include only those subscribers who have service installed and operating, and
who are being billed accordingly. </P></TD></TR></TABLE>
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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Subscriber counts exclude certain business services delivered over our fibre network and data centre infrastructure,
and circuit-switched local and long distance voice services and legacy data services where access is delivered using leased third-party network elements and tariffed ILEC services. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Homes passed (Cable) </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Homes passed are represented by the
total number of addresses that either are Cable subscribers or are <FONT STYLE="white-space:nowrap">non-subscribers,</FONT> but have the ability to access our cable services, within a defined geographical area. When there is more than one unit in a
single dwelling, such as an apartment building, each unit that is a Cable subscriber, or has the ability to access our cable services, is counted as an individual home passed. Institutional or commercial units, such as hospitals or hotels, are each
considered one home passed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SUBSCRIBER CHURN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Subscriber
churn (churn) is a measure of the number of subscribers that deactivated during a period as a percentage of the total subscriber base, usually calculated on a monthly basis. Subscriber churn measures our success in retaining our subscribers. We
calculate it by dividing the number of Wireless subscribers that deactivated (usually in a month) by the aggregate numbers of subscribers at the beginning of the period. When used or reported for a period greater than one month, subscriber churn
represents the sum of the number of subscribers deactivating for each period divided by the sum of the aggregate number of subscribers at the beginning of each period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BLENDED AVERAGE BILLINGS PER USER (WIRELESS) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use blended
ABPU as a measure that approximates the average amount we invoice an individual subscriber on a monthly basis. Blended ABPU helps us identify trends and measure our success in attracting and retaining higher-value subscribers. Blended ABPU is also a
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratio. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for more information about this measure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BLENDED AVERAGE REVENUE PER USER (WIRELESS) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Blended ARPU
helps us identify trends and measure our success in attracting and retaining higher-value subscribers. Blended ARPU is a supplementary financial measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148;
for an explanation as to the composition of this measure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>AVERAGE REVENUE PER ACCOUNT (CABLE) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Average revenue per account (ARPA) measures total average spending by a single customer account on Cable products. We use it to identify trends and
measure our success in attracting and retaining multiple-service accounts. ARPA is also a supplementary financial measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for an explanation as to the
composition of this measure. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CUSTOMER RELATIONSHIPS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Customer relationships are represented by dwelling units where at least one of our Cable services (i.e. Internet, legacy television or Ignite TV, and/or
home phone) are installed and operating, and the service or services are billed accordingly. When there is more than one unit in one dwelling, such as an apartment building, each tenant with at least one of our Cable services is counted as an
individual customer relationship, whether the service is invoiced separately or included in the tenant&#146;s rent. Institutional units, like hospitals or hotels, are each considered one customer relationship. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MARKET PENETRATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Market penetration (penetration) measures
our success at attracting new households to our brands and products within our network footprint. Market penetration is calculated by dividing customer relationships by homes passed. An increasing market penetration rate reflects more new customer
relationships than new homes passed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CAPITAL INTENSITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Capital intensity allows us to compare the level of our capital expenditures to that of other companies within the same industry. Our capital
expenditures do not include expenditures on spectrum licences or additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets. We use it to evaluate the performance of our assets and when making
decisions about capital expenditures. We believe that certain investors and analysts use capital intensity to measure the performance of asset purchases and construction in relation to revenue. Capital intensity is also a supplementary financial
measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for an explanation as to the composition of this measure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>TOTAL SERVICE REVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use total service revenue to
measure our core business performance from the provision of services to our customers separate from revenue generated from the sale of equipment we have acquired from device manufacturers and resold. Included in this metric is our retail revenue
from Today&#146;s Shopping Choice and
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
the Toronto Blue Jays, which are also core to our business. We calculate total service revenue by subtracting equipment revenue from total revenue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DIVIDEND PAYOUT RATIOS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We calculate the dividend payout
ratio by dividing dividends declared for the year by net income or free cash flow for the year. We use dividends as a percentage of net income and free cash flow to conduct analysis and assist with determining the dividends we should pay. Dividend
payout ratio of net income and dividend payout ratio of free cash flow are also supplementary financial measures. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for an explanation as to the composition
of these measures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RETURN ON ASSETS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use return on
assets to measure our efficiency in using our assets to generate net income. Return on assets is also a supplementary financial measure. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148; for an explanation
as to the composition of this measure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>2022 KEY PERFORMANCE INDICATOR CHANGES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Effective January&nbsp;1, 2022, we will begin disclosing mobile phone subscribers in Wireless, which will represent devices with voice-only or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">voice-and-data</FONT></FONT> plans. Our current definition includes devices on data-only plans and customers who subscribe to our wireless home phone service. As a result, our definition of
ARPU will also shift to mobile phone ARPU. We will also no longer report ABPU given the significant adoption of our wireless device financing program resulting in this metric being less meaningful. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Cable, we will adjust our definition of an Internet subscriber such that it will only include retail Internet subscribers, which will represent
customers who have Internet service installed and operating, and are being billed directly by us. Our current definition includes TPIA subscribers and Smart Home Monitoring subscribers.
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">82&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_55"></A><FONT STYLE="white-space:nowrap">NON-GAAP</FONT> AND OTHER
FINANCIAL MEASURES </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use the following <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; and other
&#147;specified financial measures&#148; (each within the meaning of applicable Canadian securities laws). These are reviewed regularly by management and the Board in assessing our performance and making decisions regarding the ongoing operations of
our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as indicators of our operating performance, of our ability to incur and service debt,
and as measurements to value companies in the telecommunications sector. These are not standardized measures under IFRS, so may not be reliable ways to compare us to other companies. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:15.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial
measures</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>&nbsp;&nbsp;&nbsp;Specified financial<BR>&nbsp;&nbsp;&nbsp;measure</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>How it is useful</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>How we calculate it</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>Most directly</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>comparable</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>IFRS&nbsp;financial</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial"><I>measure</I></P></TD></TR>


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<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted net</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.71em; font-size:7pt; font-family:arial">income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To assess the
performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply
that they are <FONT STYLE="white-space:nowrap">non-recurring.</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Net income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">add (deduct)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">restructuring, acquisition and other; loss (recovery) on sale or wind down
of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest purchase obligations; loss on repayment of long-term debt; loss on bond
forward derivatives; and income tax adjustments on these items, including adjustments as a result of legislative changes.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c">Net income</TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Taxes paid and other government payments</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To assess how much
cash we pay in taxes and fees to federal, provincial, and municipal governments.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Income taxes paid</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">add</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">unrecoverable sales taxes paid; payroll taxes paid, regulatory and spectrum fees
paid; and property and business taxes paid.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c">Income taxes paid</TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted Wireless service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To facilitate the calculation of Wireless blended
average billings per user (see <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> ratios).</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Wireless service revenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">add
(deduct)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">amortization of contract assets and contract liabilities to accounts receivable; and financing receivable billings.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;">Wireless service revenue</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>&nbsp;&nbsp;&nbsp;Specified financial<BR>&nbsp;&nbsp;&nbsp;measure</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>How it is useful</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"><I>How we calculate it</I></TD></TR>
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<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted basic</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">earnings per</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">share</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted diluted</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">earnings per</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.71em; font-size:7pt; font-family:arial">share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To assess the
performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply
that they are <FONT STYLE="white-space:nowrap">non-recurring.</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Adjusted net income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">basic weighted average shares outstanding.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Adjusted net income including the dilutive effect of stock-based compensation</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">diluted weighted average shares outstanding.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Wireless blended average billings per user (ABPU)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To help us identify trends in our total monthly
billings per subscriber and to measure our success in attracting and retaining higher-value subscribers.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Adjusted Wireless service revenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">average total number of Wireless subscribers for the relevant
period.</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #da291c"><B>Total of segments measures</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>&nbsp;&nbsp;&nbsp;Specified financial<BR>&nbsp;&nbsp;&nbsp;measure</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>Most directly comparable IFRS&nbsp;financial measure</I></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;">Net income</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 </FONT></P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="border-radius:4pt; BORDER-LEFT: 1px solid #da291c ; BORDER-Top: 1px solid #da291c ; BORDER-RIGHT: 1px solid #da291c ; BORDER-BOTTOM: 1px solid #da291c ; ; font-family:arial; font-size:7pt" ALIGN="center">



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<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #da291c"><B>Capital management measures</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>&nbsp;&nbsp;&nbsp;Specified financial &nbsp;&nbsp;&nbsp;measure</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>How it is useful</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;To show how
much cash we generate that is available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;We believe that some investors and analysts use free cash flow to value a business and its
underlying assets.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted net debt</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;We believe
this helps investors and analysts analyze our debt and cash balances while taking into account the impact of debt derivatives on our US dollar-denominated debt.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Debt leverage ratio</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;We believe
this helps investors and analysts analyze our ability to service our debt obligations.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Available liquidity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.29em; text-indent:-1.29em; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;To help determine if we are able to meet
all of our commitments, to execute our business plan, and to mitigate the risk of economic downturns.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #da291c"><B>Supplementary financial measures</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>&nbsp;&nbsp;&nbsp;Specified financial<BR>&nbsp;&nbsp;&nbsp;measure</I></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"><I>How we calculate it</I></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Adjusted EBITDA margin</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Adjusted EBITDA</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">revenue.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Wireless blended average revenue per user (ARPU)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Wireless service revenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">average total number of Wireless subscribers for the relevant
period.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Cable average revenue per account (ARPA)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Cable service revenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">average total number of customer relationships for the relevant
period.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Capital intensity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Capital expenditures</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">revenue.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Return on assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Net income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">total assets.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Dividend payout ratio of net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Dividends declared</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">net income.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; font-size:7pt; font-family:arial">Dividend payout ratio of free cash flow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">Dividends declared for the year</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">free cash flow (defined above).</P></TD></TR>
</TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RECONCILIATION OF ADJUSTED EBITDA </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="96%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Add (deduct):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>569</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">580</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Other expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Finance costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>849</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">881</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Restructuring, acquisition and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>324</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">185</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Depreciation and amortization</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2,585</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">2,618</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:7pt; font-family:arial">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RECONCILIATION OF ADJUSTED NET INCOME </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">(In millions of dollars)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Add (deduct):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Restructuring, acquisition and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>324</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">185</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Income tax impact of above items</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(79</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">(52</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:7pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,803</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial" ALIGN="right">1,725</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RECONCILIATION OF ADJUSTED WIRELESS SERVICE REVENUE AND BLENDED ABPU </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial">(In millions of dollars. except subscribers (in 000s)<BR>and
months)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:7pt; font-family:arial" ALIGN="right">Years&nbsp;ended&nbsp;December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Wireless service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>6,666</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">6,579</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Add (deduct):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Amortization of contract assets and contract liabilities to accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>362</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">1,209</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Financing receivable billings</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,388</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">410</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Adjusted Wireless service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>8,416</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">8,198</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Divided by:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Average Wireless subscribers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>11,054</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">10,804</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Months per period</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>12</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">12</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11.0pt; font-size:7pt; font-family:arial">Blended ABPU</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>$</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.45</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">$</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.24</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">84&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_56"></A>SUMMARY OF FINANCIAL RESULTS OF LONG-TERM DEBT GUARANTOR
</B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our outstanding public debt, amounts drawn on our $4.6&nbsp;billion bank credit and letter of credit facilities, and derivatives are
unsecured obligations of RCI, as obligor, and RCCI, as either <FONT STYLE="white-space:nowrap">co-obligor</FONT> or guarantor, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The
selected unaudited consolidating summary financial information for RCI for the periods identified below, presented with a separate column for: (i)&nbsp;RCI, (ii) RCCI, (iii)&nbsp;our <FONT STYLE="white-space:nowrap">non-guarantor</FONT> subsidiaries
on a combined basis, (iv)&nbsp;consolidating adjustments, and (v)&nbsp;the total consolidated amounts, is set forth as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:4pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">Years ended December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial">(unaudited)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">RCI <SUP
STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">RCCI <SUP
STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center"><FONT
STYLE="white-space:nowrap">Non-guarantor</FONT><BR>subsidiaries<SUP STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">&nbsp;1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">Consolidating<BR>adjustments <SUP STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Selected Statements of Income data measure:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&#151;</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">&#151;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>12,769</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">12,400</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;&nbsp;2,073</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;1,703</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(187</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(187</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>14,655</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">13,916</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Net income (loss)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;&nbsp;1,558</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;1,592</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,528</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">1,316</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>105</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">171</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&nbsp;&nbsp;(1,633</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">&nbsp;&nbsp;(1,487</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>1,558</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">1,592</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="8" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:4pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">As at December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial">(unaudited)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">RCI <SUP
STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">RCCI <SUP
STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1,2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center"><FONT
STYLE="white-space:nowrap">Non-guarantor</FONT><BR>subsidiaries <SUP STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">Consolidating<BR>adjustments <SUP STYLE="font-size:85%; line-height:7.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">(In millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2021</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Selected Statements of Financial Position data measure:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>29,982</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">27,186</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>28,825</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">26,326</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>10,089</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">9,929</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(63,067</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(56,512</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>5,829</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">6,929</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-current</FONT> assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>33,290</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">31,184</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>28,959</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">24,835</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>3,717</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">3,650</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(29,832</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(27,744</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>36,134</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">31,925</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial">Current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>30,993</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">27,264</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>32,942</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">28,167</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>9,378</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">9,294</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(64,694</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(58,139</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>8,619</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">6,586</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; line-height:10pt; font-size:7pt; font-family:arial"><FONT STYLE="white-space:nowrap">Non-current</FONT> liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>18,943</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">18,740</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>4,960</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">5,080</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>181</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">152</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>(1,272</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>)&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(1,278</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">)&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>22,812</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">22,694</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">For the purposes of this table, investments in subsidiary companies are accounted for by the equity method.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Amounts recorded in current liabilities and <FONT STYLE="white-space:nowrap">non-current</FONT> liabilities for RCCI
do not include any obligations arising as a result of being a guarantor or <FONT STYLE="white-space:nowrap">co-obligor,</FONT> as the case may be, under any of RCI&#146;s long-term debt. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&nbsp;&nbsp;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial"><FONT COLOR="#da291c">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda247199_57"></A>FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
</B></FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except per share amounts, subscriber count<BR>results, churn, ARPU, ARPA, percentages, and ratios)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12.0pt; font-size:6.5pt; font-family:arial" ALIGN="right">As at or years
ended December&nbsp;31</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2018 <SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2017 <SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,768</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,072</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,894</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,975</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Corporate items and intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(160</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(166</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(203</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(204</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(247</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Total revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,655</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,096</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Total service revenue</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>12,533</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">11,955</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">12,965</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">12,974</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">12,550</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Wireless</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,214</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,345</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Cable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,013</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Media</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(127</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Corporate items and intercompany eliminations</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(213</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(196</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(192</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(177</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(170</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:13pt; font-size:6.5pt; font-family:arial">Total adjusted EBITDA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right"><B>5,887</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">5,857</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">6,212</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">5,983</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">5,502</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,558</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,059</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,845</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Adjusted net income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,803</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,725</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,135</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,241</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,902</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,161</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,526</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Free cash flow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,671</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,366</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Capital expenditures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,788</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,790</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.09</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.07</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Adjusted earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.57</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3.56</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.40</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.15</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.34</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.68</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Statements of Financial Position:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,666</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,024</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,923</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12,281</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,493</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,830</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,561</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Other assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>8,499</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">9,401</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">7,427</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">6,894</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">5,637</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13pt; font-size:6.5pt; font-family:arial">Total assets</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right"><B>41,963</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">38,854</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">37,019</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">31,918</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">30,490</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Liabilities and Shareholders&#146; Equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Long-term liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>22,812</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,695</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,619</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,586</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,836</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,431</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Shareholders&#146; equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>10,532</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">9,573</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">9,416</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8,179</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">7,496</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:13pt; font-size:6.5pt; font-family:arial">Total liabilities and shareholders&#146;
equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right"><B>41,963</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">38,854</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">37,019</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">31,918</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial" ALIGN="right">30,490</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:6.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Subscriber count results (in thousands) <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Wireless subscribers <SUP STYLE="font-size:85%; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11,297</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,943</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Internet subscribers <SUP STYLE="font-size:85%; vertical-align:top">5,6</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,665</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,430</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Ignite TV subscribers <SUP STYLE="font-size:85%; vertical-align:top">7</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>788</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Customer relationships <SUP
STYLE="font-size:85%; vertical-align:top">6,7</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,581</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,530</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,510</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Additional Wireless metrics <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Postpaid churn (monthly)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.95%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.00%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.10%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Blended ARPU (monthly)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>50.26</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">50.75</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">55.49</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">55.64</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">54.23</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Additional Cable metrics</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">ARPA (monthly) <SUP STYLE="font-size:85%; vertical-align:top">7</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>132.58</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">130.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">131.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Penetration
<SUP STYLE="font-size:85%; vertical-align:top">7</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>54.9%</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">55.3%</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">56.1%</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">Additional consolidated metrics</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Revenue growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#150;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Adjusted EBITDA growth</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Dividends declared per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Dividend payout ratio of net income <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>64.8%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Dividend payout ratio of free cash flow <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>60.4%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Return on assets <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.7%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Debt leverage ratio</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3.4</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">2018 and prior reported figures have not been restated applying IFRS 16. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">2017 reported figures have been restated applying IFRS 15. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">As defined. See &#147;Key Performance Indicators&#148;. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">Effective October&nbsp;1, 2019, and on a prospective basis, we reduced our Wireless postpaid subscriber base by
53,000 subscribers to remove a <FONT STYLE="white-space:nowrap">low-ARPU</FONT> public services customer that was in the process of migrating to another service provider. We believe adjusting our base for a customer of this size that migrates off
our network provides a more meaningful reflection of the underlying organic performance of our Wireless business. Effective April&nbsp;1, 2019, we adjusted our Wireless prepaid subscriber base to remove 127,000 subscribers as a result of a change to
our deactivation policy from 180 days to 90 days to be more consistent within the industry. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">Internet subscriber results include Smart Home Monitoring subscribers. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">On September&nbsp;30, 2020, we acquired approximately 2,000 Internet subscribers and customer relationships as a
result of our acquisition of Ruralwave Inc., which are not included in net additions, but do appear in the ending total balance for 2020. On October&nbsp;1, 2020, we acquired approximately 5,000 Internet subscribers and 6,000 customer relationships
as a result of our acquisition of Cable Cable Inc., which are not included in net additions, but do appear in the ending total balance for December&nbsp;31, 2020. On September&nbsp;1, 2021, we acquired approximately 18,000 Internet subscribers and
20,000 customer relationships as a result of our acquisition of Seaside Communications, which are not included in net additions, but do appear in the ending total balance for December&nbsp;31, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:5.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:5.5pt; font-family:arial; " ALIGN="justify">Ignite TV subscribers, customer relationships, ARPA, and penetration have not been presented for periods prior to
2018. We commenced using the aforementioned measures as key performance indicators in the first quarter of 2020. See &#147;Key Performance Indicators&#148;. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">86&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS INC.</FONT><FONT
STYLE="font-family:arial">&nbsp;&nbsp;2021 ANNUAL REPORT </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
