<SEC-DOCUMENT>0001193125-25-048506.txt : 20250306
<SEC-HEADER>0001193125-25-048506.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306170506
ACCESSION NUMBER:		0001193125-25-048506
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250306
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROGERS COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000733099
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10805
		FILM NUMBER:		25716219

	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>d931150d6k.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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of March, 2025 </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:12pt; 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 office) </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&#8194;&#9744;</FONT> &#8195;&#8195;&#8195; <FONT
STYLE="white-space:nowrap">Form&nbsp;40-F&#8194;&#9745;</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <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>
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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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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ROGERS COMMUNICATIONS INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Glenn Brandt</P></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: 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: &#8194;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;6, 2025 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </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" WIDTH="9%"></TD>
<TD WIDTH="88%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit&nbsp;Number</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <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; ">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, 2024</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d931150dex991.htm
<DESCRIPTION>EX-99.1
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<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_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, 2024. This MD&amp;A should be read in conjunction with our 2024 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;6, 2025 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">In this MD&amp;A, <I>first quarter</I> refers to the three months ended March&nbsp;31, 2024, <I>second quarter</I> refers to the
three months ended June&nbsp;30, 2024, <I>third quarter</I> refers to the three months ended September&nbsp;30, 2024, <I>fourth quarter</I> refers to the three months ended December&nbsp;31, 2024<I>, this year</I> refers to the twelve months ended
December&nbsp;31, 2024, and <I>last year </I>refers to the twelve months ended December&nbsp;31, 2023. All results commentary is compared to the equivalent periods in 2023 or as at December&nbsp;31, 2023, as applicable, unless otherwise indicated.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">References in this MD&amp;A to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April&nbsp;3, 2023. For additional
details regarding the Shaw Transaction, see &#147;Shaw Transaction&#148; in our 2023 Annual MD&amp;A and Note 3 to our 2023 Annual Audited Consolidated Financial Statements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Beginning this year, we are embedding sustainability and social impact reporting into our annual MD&amp;A, showing our ongoing commitment to integrate
sustainability and social impact principles into how we do business. This helps us to drive our business priorities while making a positive impact in the lives of Canadians. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To guide our sustainability and social impact reporting, we consider the standards and frameworks of the Global Reporting Initiative (GRI),
Sustainability Accounting Standards Board (SASB) Standards, the World Economic Forum (WEF), and the Greenhouse Gas (GHG) Protocol. Our 2024 sustainability and social impact reporting has been prepared taking guidance from the International
Sustainability Standards Board&#146;s (ISSB) IFRS S1, <I>General Requirements for Disclosure of Sustainability-related Financial Information</I> and IFRS S2, <I>Climate-related Disclosures</I>. Our 2024 reporting has been prepared based on internal
criteria informed by the GRI Standards, with reference to SASB Standards, and we continue our commitment to improve disclosure in consideration of the IFRS/the Canadian Sustainability Standards Board. Refer to our 2024 Data Supplement at <FONT
STYLE="white-space:nowrap">about.rogers.com/our-impact/impact-reports</FONT> for further sustainability and social impact details. Our 2024 Climate Action Report includes further detail in respect of our climate disclosures. </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;
</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">Xfinity marks and logos are trademarks of Comcast Corporation, used under license. <SUP
STYLE="font-size:75%; vertical-align:top">&copy;</SUP> 2025 Comcast. Rogers trademarks in this MD&amp;A are owned or used under licence by Rogers Communications Inc. or an affiliate. This MD&amp;A may also include trademarks of other third parties.
The trademarks referred to in this MD&amp;A may be listed without the <SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> symbols. <SUP STYLE="font-size:75%; vertical-align:top">&copy;</SUP>2025 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 objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, and 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</I>, <I>expect</I>, <I>may</I>, <I>anticipate</I>, <I>assume</I>,
<I>believe</I>, <I>intend</I>, <I>estimate</I>, <I>plan</I>, <I>project</I>, <I>guidance</I>, <I>outlook, target</I>, and similar expressions; </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 forecasts and projections related to the following items, 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">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">the proposed $7&nbsp;billion structured equity investment, including its expected terms and the use of proceeds
therefrom; </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 completion and financing of the MLSE 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">our debt leverage ratio and how we intend to manage that ratio; 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 2025 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></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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;16 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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 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 conditions, including the effects of inflation; </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>
<TABLE STYLE="BORDER-COLLAPSE: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; 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">industry structure and stability. </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, including, but not limited to, the
potential application of tariffs, trade wars, recessions, or reduced immigration levels; </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 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">anticipated asset sales may not be achieved within the expected timeframes or at all for proceeds in the amount or type
expected; </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 MLSE Transaction, and any financing for it from private investors, may not be completed on the anticipated terms or
at all; </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 may not reach definitive agreements for, or may not complete, the proposed $7&nbsp;billion structured equity
investment on the anticipated terms or at all;
</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">if completed, we may use the proceeds from the structured equity investment for different purposes due to alternative
opportunities or requirements, general economic or market conditions, or other internal or external considerations; </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; 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 other risks outlined in &#147;Risks and Uncertainties Affecting our Business&#148;. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks,
uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary
materially 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;, &#147;Risk Management&#148;, and &#147;Sustainability and Social Impact&#148;, as well as our
various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca 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+ (sedarplus.ca), 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 websites and any other websites and any reports, including our 2024 Annual Report, 2024 Data
Supplement, and 2024 Climate Action Report, referenced in this document does not constitute part of this MD&amp;A except to the extent that information is expressly included (or incorporated) herein. </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">17&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_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="mda934977_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 Canada&#146;s leading communications and entertainment company. 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 24,000 employees. Our head office is in Toronto, Ontario and we have numerous offices across Canada. We are a strong national company investing in Canada and are committed to embedding sustainable practices in how we do business. 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:6pt;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="mda934977_4"></A>2024 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>
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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>
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<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">
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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: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>2024</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">2023</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>
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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; 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>
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<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>20,604</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">19,308</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">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"> <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:75%; 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>18,066</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">16,845</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">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"> <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:75%; 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>9,617</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">8,581</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">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></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:75%; 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>46.7%</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;&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">44.4%</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;&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">2.3&#8201;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;&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>1,734</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">849</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">104</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:75%; 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>2,719</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">2,406</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">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></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;&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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.25</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">1.62</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">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">Adjusted basic earnings per share <SUP
STYLE="font-size:75%; 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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">4.60</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">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"></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:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Capital expenditures
<SUP STYLE="font-size:75%; 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>4,041</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">3,934</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">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>5,680</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">5,221</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>
<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">9</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:2pt ;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">Free cash flow <SUP
STYLE="font-size:75%; 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="padding-bottom:2pt ;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:2pt ;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>3,045</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">2,414</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">26</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; 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;&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">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: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>8,108</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">7,802</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">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>10,595</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">10,222</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</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>5,312</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">4,986</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">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" NOWRAP STYLE="padding-bottom:2pt ;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:75%; line-height:8.0pt ; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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>65.5%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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">63.9%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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">1.6&#8201;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; 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;&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>7,876</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">7,005</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">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></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>4,518</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">3,774</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">20</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:2pt ;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;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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>57.4%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">53.9%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">3.5&#8201;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; 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;&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>2,484</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">2,335</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">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">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>84</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">77</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">9</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:3pt ;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;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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="padding-bottom:3pt ;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:3pt ;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:3pt ;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">3.3%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">0.1&#8201;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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> <P STYLE="font-size:4pt;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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">1</SUP></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">2</SUP></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; 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; adjusted net income 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">3</SUP></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial" ALIGN="justify">Includes additions to property, plant and equipment net of proceeds on disposition and accrued
government grants, but does not include expenditures for spectrum licences, additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, or assets acquired through business combinations.
</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">4</SUP></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial" ALIGN="justify">Calculated using Wireless service 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;18 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&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 HEIGHT="5" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
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<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></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>2024</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:3pt ;BORDER-BOTTOM:1px solid #000000">2023</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:3pt ;BORDER-BOTTOM:1px solid #000000">Chg</TD>
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<TD VALIGN="top"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>Subscriber results (in thousands)<SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top"> 1</SUP></B></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: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 mobile phone net additions <SUP
STYLE="font-size:75%; 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>380</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">674</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">(294</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 mobile phone net (losses) additions <SUP
STYLE="font-size:75%; 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>132</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">(50</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">182</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 mobile phone subscribers <SUP
STYLE="font-size:75%; 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>11,874</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">11,609</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">265</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">Retail 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>111</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">77</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">34</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">Retail Internet subscribers <SUP
STYLE="font-size:75%; 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>4,273</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">4,162</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">111</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">Video net (losses) 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>(134</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</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">(149</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">Video subscribers
<SUP STYLE="font-size:75%; 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>2,617</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">2,751</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">(134</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">Home Monitoring net additions (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>44</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">56</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">Home Monitoring 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>133</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">89</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">44</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">Home Phone 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>(122</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">(116</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">Home Phone subscribers
<SUP STYLE="font-size:75%; 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>1,507</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">1,629</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">(122</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 (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>47</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</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">49</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:2pt ;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 customer relationships <SUP
STYLE="font-size:75%; 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="padding-bottom:2pt ;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:2pt ;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>4,683</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">4,636</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>Additional Wireless metrics <SUP
STYLE="font-size:75%; line-height:8.0pt ; 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 mobile phone 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>1.21%</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">1.11%</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>
<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">0.10&#8201;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="padding-bottom:2pt ;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">Mobile phone ARPU (monthly) <SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>57.98</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;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">57.86</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&#8201;$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">0.12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>Additional Cable metrics <SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">1</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">ARPA (monthly)
<SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</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>140.12</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">142.58</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">($</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">2.46</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:2pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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>45.9%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">46.6%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">(0.7&#8201;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; 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:75%; 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>19.6%</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">20.4%</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">(0.8&#8201;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:75%; 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>61.8%</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">123.2%</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>
<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">(61.4&#8201;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:75%; 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>35.2%</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">43.3%</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>
<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">(8.1&#8201;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:75%; 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>2.4%</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">1.2%</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>
<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">1.2&#8201;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">Debt leverage ratio<SUP STYLE="font-size:75%; 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>4.5</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">5.0</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">(0.5</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" STYLE="padding-bottom:2pt ;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">Pro forma debt leverage ratio
<SUP STYLE="font-size:75%; 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:2pt ;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:2pt ;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>n/a</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">4.7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">n/a</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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="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:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; 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="padding-bottom:2pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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>24,000</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">26,000</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;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:2pt ;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">(2,000</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">1</SUP>&nbsp;</P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">2</SUP>&nbsp;</P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial" ALIGN="justify">During 2023 and 2024, we adjusted our Wireless and Cable subscriber bases for various events. See
&#147;Wireless Subscriber Results&#148; and &#147;Cable Subscriber Results&#148; for more information. </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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial"><SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">3</SUP></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:6.5pt; font-family:arial" ALIGN="justify">Mobile phone 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. Debt leverage ratio is a capital management measure. Pro forma debt leverage ratio is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> ratio. Pro forma trailing <FONT
STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure and is a component of pro forma debt leverage ratio. 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; and &#147;Financial Condition&#148; for an explanation as to the
composition of 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">19&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_5"></A>FINANCIAL HIGHLIGHTS </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">Total revenue and total service revenue both
increased by 7% this year, driven by revenue growth in all our businesses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue increased by 4% this year, primarily as a
result of the cumulative impact of growth in our mobile phone subscriber base over the past year, including our evolving mobile phone plans that increasingly bundle more services in the monthly service fee. Wireless equipment revenue increased by 3%
primarily as a result of an increase in new subscribers purchasing devices and a continued shift in the product mix towards higher-value devices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable service revenue increased by 12% this year primarily as a result of the completion of the Shaw Transaction in April 2023, which contributed an
incremental approximately $1&nbsp;billion in the first quarter of 2024; partially offset by Video subscriber losses and ongoing competitive intensity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased by 6% this year primarily as a result of higher sports-related revenue, driven by higher <I>Toronto Blue Jays</I> revenue and
higher subscriber and other revenue, partially offset by lower <I>Today&#146;s Shopping Choice</I> revenue. </P> <P STYLE="margin-top:6pt; 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">Consolidated adjusted EBITDA increased 12% this year and our adjusted EBITDA margin increased by 230 basis points as a result of full realization our
synergy program associated with the Shaw Transaction together with ongoing cost efficiencies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased 7% this year,
primarily due to the flow-through impact of higher revenue as discussed above in conjunction with ongoing cost efficiencies. This gave rise to an adjusted EBITDA margin of 65.5%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA increased 20% this year due to the aforementioned synergy program and ongoing cost efficiencies. This gave rise to an adjusted
EBITDA margin of 57.4%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA increased by 9% this year primarily due to higher revenue as discussed above, partially offset by
higher Toronto Blue Jays expenses, including game <FONT STYLE="white-space:nowrap">day-related</FONT> costs. </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 increased by 104% this year, primarily as a result of higher adjusted EBITDA, the $422&nbsp;million loss recognized last year related to the
change in the value of one of our joint venture&#146;s obligations to purchase at fair value the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest in one of its investments, and lower restructuring, acquisition and other costs,
partially offset by higher depreciation and amortization. Adjusted net income increased by 13% this year, primarily as a result of higher adjusted EBITDA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">See &#147;Review of Consolidated Performance&#148; for more information.
</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>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 $739&nbsp;million in dividends. We also issued $325&nbsp;million of
Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares through our dividend reinvestment plan (DRIP). In addition, we declared a $0.50 per share dividend on January&nbsp;29, 2025. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our cash provided by operating activities increased by 9% this year, primarily as a result of higher adjusted EBITDA. Free cash flow increased 26% this
year, primarily as a result of higher adjusted EBITDA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our debt leverage ratio as at December&nbsp;31, 2024 was 4.5 (December&nbsp;31,
2023&#8201;&#150;&#8201;5.0, or 4.7 on an as adjusted basis to include trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA of a combined Rogers and Shaw as if the Shaw Transaction had closed on January&nbsp;1, 2023). 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">Our overall weighted average cost of borrowings was 4.61% as at December&nbsp;31, 2024
(2023&#8201;&#150;&#8201;4.85%) and our overall weighted average term to maturity on our debt was 9.8 years as at December&nbsp;31, 2024 (2023&#8201;&#150;&#8201;10.4 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 $4.8&nbsp;billion of available liquidity<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>
(2023&#8201;&#150;&#8201;$5.9 billion), including $3.5&nbsp;billion (2023&#8201;&#150;&#8201;$4.3&nbsp;billion) available under our bank and letter of credit facilities, $0.4&nbsp;billion (2023&#8201;&#150;&#8201;$0.8 billion) available under our
$2.4&nbsp;billion receivables securitization program, and $0.9&nbsp;billion (2023&#8201;&#150;&#8201;$0.8&nbsp;billion) in cash and cash equivalents. Further, in February 2025, we issued three tranches of subordinated notes, consisting of
US$2.1&nbsp;billion and Cdn$1&nbsp;billion, and received $4.0&nbsp;billion in net proceeds (see &#147;Sources and Uses of Cash&#148; for more information). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;20 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_6"></A>MLSE 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 September&nbsp;18, 2024, we announced an agreement with BCE Inc. (Bell) to acquire Bell&#146;s
indirect 37.5% ownership stake in Maple Leaf Sports&nbsp;&amp; Entertainment Inc. (MLSE) for a purchase price of $4.7&nbsp;billion subject to certain adjustments, payable in cash (MLSE Transaction). We expect financing for the MLSE Transaction will
include private investors. The MLSE Transaction will also provide Bell the opportunity to renew its existing MLSE broadcast and sponsorship rights over the long-term at fair market value. This includes access to content rights for 50% of Toronto
Maple Leafs regional games and 50% of Toronto Raptors games for which MLSE controls the rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In December 2024, we received clearance from the
Competition Bureau to proceed with the MLSE Transaction. We still require sports league approvals and approval from the Canadian
Radio-</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">
television and Telecommunications Commission (CRTC) before the MLSE Transaction can close. When the MLSE Transaction closes, we will be the largest owner of MLSE, with a controlling interest in
75% of MLSE. The holder of the 25% <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest in MLSE has a right to require its interest be purchased at a future date at fair value. For more information, see &#147;Risk Management&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), the Toronto Argonauts (CFL), various minor league teams, and
associated real estate holdings, such as Scotiabank Arena. The MLSE Transaction will add to our existing sports portfolio, including ownership of the<I> Toronto Blue Jays, Rogers Centre</I>, and <I>Sportsnet</I>.
</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:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_7"></A>Structured Equity 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 October&nbsp;24, 2024, we announced we had entered into a
<FONT STYLE="white-space:nowrap">non-binding</FONT> term sheet with a leading global financial investor for a proposed $7&nbsp;billion structured equity investment, substantially all of the net proceeds of which are expected to be used to reduce
debt and further strengthen our balance sheet. The equity investment, if completed, would result in the investor acquiring a minority stake 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">
a subsidiary that will own a portion of our wireless backhaul transport infrastructure, with Rogers continuing to maintain operational control. We continue to consider, evaluate, and work on
definitive agreements with respect to the proposed equity investment. Completion is subject to entering into binding definitive documentation with the investor.
</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">21&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_8"></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 Canada&#146;s leading wireless, cable, and media company. 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:12pt;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>&#8195;Segment</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<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">&#8195;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:0.71em; font-size:8.5pt; font-family:arial" ALIGN="justify">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">&#8195;Cable</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:0.71em; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable telecommunications operations, including
Internet, television and other video (Video), Satellite, telephony (Home Phone), and 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.</P></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">&#8195;Media</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.71em; font-size:8.5pt; font-family:arial" ALIGN="justify">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;Delivering on our Priorities&#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:13pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_18"></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="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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 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>
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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">advertising; </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">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 Ted Rogers Scholarships and Ted Rogers Community Grants; 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">naming rights to some of Canada&#146;s landmark buildings, stadiums, and arenas. </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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<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 <I>Rogers</I>, <I>Fido</I>, and <I>chatr</I>; </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 Rogers residential brand; </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">28 TV stations and specialty channels, including <I>Sportsnet</I>, <I>OMNI</I>, <I>Citytv</I>, <I>FX</I> (Canada),
<I>FXX</I> (Canada), <I>Bravo, HGTV</I>, and <I>Food Network</I>; </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">52 radio stations, including 98.1 <I>CHFI</I>,<I> 680 News Radio (formerly CityNews 680)</I>, <I>Sportsnet 590 The
FAN</I>, <I>KiSS, JACK, </I>and <I>SONiC;</I> </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">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></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">an exclusive national <FONT STYLE="white-space:nowrap">12-year</FONT> agreement with the NHL, which runs through the
2025-2026 season, as well as regional agreements, that allow us to deliver coverage of professional hockey in Canada; 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">Today&#146;s Shopping Choice, a premium online and TV shopping retailer. </P></TD></TR></TABLE>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_9"></A>PRODUCTS AND SERVICES </B></FONT></P>
<P STYLE="margin-top:13pt; 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 are the largest provider of wireless
communication services in Canada as at December&nbsp;31, 2024. We are 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 2,500 communities as at December&nbsp;31, 2024. Our wireless services are offered under the Rogers (postpaid), Fido (postpaid), and chatr (prepaid) brands, and provide consumers and businesses with the latest
wireless devices, services, and applications 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">mobile high-speed Internet access, including our <I>Rogers Infinite</I> unlimited data 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">wireless voice and enhanced voice features; </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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">direct device shipping to the customer&#146;s location of choice; </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">device financing; </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">device protection; </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">global voice and data roaming, including <I>Roam Like Home </I>and <I>Fido Roam</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">wireless home phone; </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">advanced wireless solutions for businesses, including wireless private network 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">bridging landline phones with wireless phones; 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">machine-to-machine</FONT></FONT> 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 services providers in Canada. Our cable network provides an innovative and leading selection of high-speed broadband Internet access, Internet protocol-based (IP) television, applications, online viewing, phone, home
monitoring, and advanced home WiFi services to consumers across Canada. 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">Our newest WiFi modem with WiFi 6E, a technology that eases network congestion by simplifying network design and delivering increased performance with
higher throughput and wider spectrum channels, allows us to offer new fibre-powered <B>Rogers Xfinity Internet</B> packages and bundles with up to 8 gigabit per second (Gbps) symmetrical speeds in select areas. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Internet services 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">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></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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;22 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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">

<TABLE STYLE="BORDER-COLLAPSE: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">access speeds of up to: </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">1 Gbps, covering our entire Cable footprint; 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">1.5 Gbps, covering the vast majority of our Cable footprint, with some areas able to receive access speeds of up to 8
Gbps symmetrical speeds; </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>Rogers Xfinity unlimited packages, combining fast and reliable speeds with the freedom of unlimited usage and
options for self-installation; </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 <B>Rogers Xfinity</B> app, 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 <B>Rogers Xfinity WiFi Boost </B>Pods, an advanced WiFi system customers can plug into electrical outlets in their home to extend WiFi coverage; 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"><B>Rogers</B> <B>Xfinity Self Protection</B>, 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>
<TABLE STYLE="BORDER-COLLAPSE: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 and network TV, made available through traditional digital or <FONT STYLE="white-space:nowrap">IP-based</FONT>
<B>Rogers Xfinity TV</B>, 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 with Rogers Xfinity TV 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">cloud-based digital video recorders (DVRs) available with Rogers Xfinity TV 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">voice-activated remote controls, restart features, and integrated apps such as YouTube, Netflix, <I>Sportsnet NOW</I>,
Amazon Prime Video, Disney+, and Apple TV+ on Rogers Xfinity TV and <B>Rogers Xfinity Streaming</B>; </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"><B>Rogers Xfinity App TV</B>, combining over 40 linear channels with Netflix in a single package;
</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">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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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 Rogers Xfinity TV app, giving customers the ability to experience Rogers Xfinity TV (including setting recordings) on
their smartphone, tablet, laptop, or computer; </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 Xfinity Streaming, an entertainment <FONT STYLE="white-space:nowrap">add-on</FONT> for Rogers Xfinity 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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<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 Rogers Xfinity TV app; </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">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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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>
<TABLE STYLE="BORDER-COLLAPSE: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">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">Satellite services 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">video and audio programming by satellite; our customers have access to over 370 digital video channels and thousands of
<FONT STYLE="white-space:nowrap">on-demand,</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-per-view</FONT></FONT> (PPV), and subscription movie and television titles; 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">flexibility with each of our current primary TV packages, which includes a base set of channels and tiered
customization options depending on the size of the TV package.
</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">Enterprise 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">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>
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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">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>
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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">simplified information technology (IT) and network technology offerings with security-embedded, cloud-based,
professionally managed solutions; </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">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>
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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">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 Rogers Centre 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 other streaming devices. 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, the NHL 4 Nations
<FONT STYLE="white-space:nowrap">Face-Off,</FONT> and the NHL Draft), and rights to sublicense broadcasting rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Television, we operate
several conventional and specialty television networks, 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">Sportsnet&#146;s four regional stations along with <I>Sportsnet ONE</I>, <I>Sportsnet 360</I>, and <I>Sportsnet
World</I>; </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">Citytv network, which, together with affiliated stations, has broadcast distribution to approximately 72% of Canadian
individuals; </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">OMNI multicultural broadcast television stations, including OMNI Regional, which provide multilingual newscasts
nationally to all digital basic television subscribers; </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">specialty channels that include Bravo, Discovery, Food Network, FX (Canada), FXX (Canada), and HGTV; 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">Today&#146;s Shopping Choice, Canada&#146;s only nationally televised shopping channel, which generates a significant
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 52 AM and FM radio stations in markets across Canada, including
popular radio brands such as 98.1 CHFI, 680 News Radio<I> (formerly </I>CityNews 680<I>), </I>Sportsnet 590 The FAN, KiSS, JACK, and SONiC.
</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">23&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also offer a range of digital services and products, 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">our digital sports-related assets, including sportsnet.ca and <I>Sportsnet+</I>; </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 digital assets, including <I>Citytv+</I>; </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 range of other websites, apps, podcasts, and digital products associated with our various brands and businesses; 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"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-home</FONT></FONT> advertising assets and
partnerships allowing us to reach school campuses, bars and restaurants, elevators, salons, and spas, among others. </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 both the <I>Rogers Red</I> <I>Mastercard </I>and the <I>Rogers Red World Elite Mastercard,</I> which allow customers to earn cash back rewards
points on credit card spending and finance new wireless devices over up to 48 months at 0% interest. </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>
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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 37.5% ownership interest in 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%">
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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">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:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_10"></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>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Telephony and television services are increasingly offered over the Internet and consumers communicate, watch video, and otherwise interact with the
broader world online, including with a growing selection of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-top</FONT></FONT> (OTT) services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In the media industry, consumer viewing habits have shifted towards digital and online media consumption and advertisers are directing their advertising
dollars to those channels. In addition, we now compete with a range of digital and online media companies, including large global companies. </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">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&#8201;&#150;&#8201;Our 5G network caters to customers seeking the increased capacity and speed it
provides relative to long-term evolution (LTE) networks. We compete with BCE Inc. (Bell), TELUS Corporation (Telus), and Videotron at a national level, and with Saskatchewan Telecommunications Holding Corporation (SaskTel) and Eastlink Inc.
(Eastlink) at a regional level, all of whom operate
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">
5G 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). </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, branding, and pricing&#8201;&#150;&#8201;we compete nationally with Bell, Telus, and Videotron, including
their flanker brands Virgin Plus (Bell), Lucky Mobile (Bell), Koodo (Telus), Public Mobile (Telus), and Fizz (Videotron). We also compete with various regional players and resellers. </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">Distribution of services and devices&#8201;&#150;&#8201;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>
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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 networks&#8201;&#150;&#8201;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>
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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&#8201;&#150;&#8201;we currently have the largest spectrum position in the country. In November 2023, we won
860 spectrum licences covering 87% of the Canadian population at a total cost of $475&nbsp;million in the 3800 MHz spectrum licence auction. These spectrum licences, along with other frequency bands, are essential to the deployment of 5G networks.
The outcome of any spectrum auction may increase competition. See &#147;Regulation in our Industry&#148; for more information. </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"><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. Our high-speed Internet services compete directly with, among others: </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">Bell&#146;s Internet services in Ontario, Manitoba, New Brunswick, Nova Scotia, and Newfoundland, including Virgin
Plus; </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">Telus&#146; Internet services in British Columbia and Alberta; </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 resellers using wholesale telecommunication company digital subscriber line (DSL) and cable third-party
Internet access (TPIA) services in local markets; </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">smaller ISPs, such as Beanfield Metroconnect, in metropolitan areas; 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">newer providers offering low Earth orbiting satellite Internet service in underserved regions. </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: </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">Western Canada&#8201;&#150;&#8201;Bell, Telus, 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">Ontario&#8201;&#150;&#8201;Bell, Cogeco Data Services, Xplore, 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&#8201;&#150;&#8201;Bell, Telus, and Videotron; 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">Atlantic Canada&#8201;&#150;&#8201;Bell, Xplore, and Eastlink.
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;24 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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"><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, Telus, 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+, DAZN,
Paramount+, and other channels streaming their own content, which continue to grow in popularity; 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, Manitoba, New Brunswick, Nova Scotia, and 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">Telus&#146; wireline phone services in British Columbia and Alberta; </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 and 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>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Television and Radio, both of which focus on local and regional content in addition to highly sought-after lifestyle and entertainment 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+, DAZN,
Paramount+, and other channels streaming their own content, which continue to grow in popularity; </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, Amazon Music, Spotify, SiriusXM, 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></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">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 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">online information and entertainment websites and apps, including digital news services, streaming services, and
content available via social networking 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">magazines, both digital and printed; 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 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="mda934977_11"></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. Recent years have seen Canadian wireless providers benefitting from growing immigration and device penetration in
Canada; however, current slowing population growth as a result of changes to government immigration policies is now leading to a less active market, resulting in lower gross and net additions. </P>
<P STYLE="margin-top:6pt; 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, such as wireless private networks, 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">To help make the cost of new wireless devices more affordable for consumers, Rogers and other Canadian wireless carriers offer device financing
programs. In 2023, we expanded financing available to Rogers customers by introducing the Rogers Red Mastercard, which provides 3% cash back value for Rogers customers and allows consumers to finance up to the full cost of the device over a <FONT
STYLE="white-space:nowrap">36-month</FONT> or <FONT STYLE="white-space:nowrap">48-month</FONT> term at 0% interest. We believe being able to finance devices over 36 or 48 months helps reduce churn.
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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">25&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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">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 churn, but may also create gross addition subscriber opportunities as a result of increased
churn from other carriers. This trend, along with ongoing elevated competitive intensity over the last several years, 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: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">Economic conditions, technology advancements, <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) has continued 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, including consistently offering multi-gigabit download speeds, with certain plans offering symmetrical speeds of up to 8 Gbps in select areas, and Internet offerings with
unlimited bandwidth. Consumers are demanding faster-than-ever speeds for streaming online media, uploading personal content, 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 evolving 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 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">Wireless home Internet, or Internet delivered using wireless cellular signals, is increasingly being offered by telecommunications companies in Canada.
This technology allows carriers to provide home Internet services to customers who are (i)&nbsp;otherwise unable to be serviced by traditional wireline technologies or (ii)&nbsp;outside of a carrier&#146;s cable network footprint, thereby expanding
the effective footprint of customers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">People continue to work and study from home, further establishing the need for strong and reliable cable
networks that can 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
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
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: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/streaming, 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 has caused a shift in focus to attract digital spending through investments in digital assets and advertising technology. </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; some of these aggregators have the financial resources to offer greater compensation to providers for their content, resulting in increased costs.
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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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;26 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_12"></A>Corporate Overview </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_13"></A>OUR STRATEGY FOR VALUE CREATION </B></FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>KEY PERFORMANCE DRIVERS AND 2024 STRATEGIC HIGHLIGHTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our five objectives guided our work and decision-making as we further improved our operational execution and made well-timed investments to grow our
core businesses, solidify our network leadership, and drive long-term growth for shareholders. We are committed to growing in a socially and environmentally responsible way, advancing our five business priorities while making a positive impact in
the lives of Canadians. Below are some highlights for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Build the biggest and best networks in the country </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">Awarded Canada&#146;s most reliable 5G network by umlaut for the sixth straight year and most reliable wireless network
by Opensignal, both in July 2024. </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">Recognized as Canada&#146;s most reliable Internet by Opensignal in July 2024. </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">Completed Canada&#146;s first national live trial of 5G network slicing. </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">Started to deploy 3800 MHz spectrum licences, further expanding our 5G capabilities. </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">Delivered 4 Gbps download and 1 Gbps upload speeds with DOCSIS 4.0 modem technology trial. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Deliver easy to use, reliable products and services </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">Signed landmark deals with Warner Bros. Discovery and NBCUniversal to acquire the most-watched lifestyle and
entertainment brands and content, subsequently launching Bravo in Canada and launched channels for HGTV, Food Network, Discovery, and others on January&nbsp;1, 2025. </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">Announced a <FONT STYLE="white-space:nowrap">ten-year</FONT> agreement with Comcast to bring their world-class Xfinity
products and technology to Canadians, beginning with Rogers Xfinity Streaming and <B>Rogers Xfinity Storm</B>-<B>Ready WiFi</B>, Canada&#146;s first home Internet backup solution. </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">Introduced a program to help newcomers build credit and finance a new smartphone through a partnership with Nova
Credit. </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">Launched <I>Rogers 5G Home Internet</I> across our wireless network coverage area. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Be the first choice for Canadians </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">Led the industry with 623,000 mobile phone and Internet net additions. </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">Signed an agreement with BCE Inc. (Bell) to become the majority owner of MLSE. </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">Produced and broadcast Canada&#146;s first Law&nbsp;&amp; Order original series, premiering at #1 in the country and
becoming Citytv&#146;s most watched original series in over a decade. </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>Sportsnet</I> was the most watched specialty channel in Canada. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Be a strong national company investing in Canada </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">Invested a record $4&nbsp;billion in capital expenditures, primarily in our networks.
</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">Became the first national carrier in Canada with <FONT STYLE="white-space:nowrap">net-zero</FONT> greenhouse gas (GHG)
emissions targets approved by the Science Based Targets initiative (SBTi). </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">Drove benefits to community organizations across Canada of over $100&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%">
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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">Raised a record $25&nbsp;million to support children&#146;s charities in Alberta at the 12th annual <I>Rogers Charity
Classic</I>. </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">Released our 2023 Economic Impact Assessment showing Rogers supported 92,000 jobs and contributed $14&nbsp;billion to
Canada&#146;s GDP. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Be a growth leader in our industry </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">Grew total service revenue by 7% and adjusted EBITDA by 12%. </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">Reported industry-leading margins in our Wireless and Cable operations. </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">Generated free cash flow of $3,045&nbsp;million, up 26%, and cash flow from operating activities of
$5,680&nbsp;million. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>2025 OBJECTIVES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2024, we executed with discipline, delivered industry-leading results, and continued to make substantial progress on our integration plan following
the close of the Shaw Transaction in 2023. Building on this momentum, and as part of our goal to be number one across our core businesses, our five objectives for 2025 remain as follows, with updates to reflect how we will advance them: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Build the biggest and best networks in the country </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our
networks power Canada&#146;s economy and our business is built on providing our customers with <FONT STYLE="white-space:nowrap">always-on</FONT> coverage everywhere. We are focused on connecting more Canadians nationwide to Canada&#146;s largest and
most reliable 5G network and the country&#146;s only <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">coast-to-coast</FONT></FONT> Internet network, and advancing
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">satellite-to-mobile</FONT></FONT> technology so Canadians can stay safe and connected in more of Canada. Together, we are using these investments to deliver reliable connectivity and
build a resilient Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Deliver easy to use, reliable products and services </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We believe delivering easy to use, reliable products and services is key to our growth strategy. This means designing products that are simple, creating
plans that are easy to understand, and offering even more value to our customers with innovative products and reliable services, all throughout the entire product lifecycle. This includes rolling out a suite of
<FONT STYLE="white-space:nowrap">in-home</FONT> services leveraging Comcast&#146;s world-class product and technology platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Be the first choice for
Canadians </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To be Canadians&#146; first choice, we are committed to delivering the best experiences and serving customers how and where they
want. We will invest to grow our customer base and audiences by continuously improving the customer and viewing experience, including delivering digital-first customer service and delivering the best content and experiences.
</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">27&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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"><I>Be a strong national company investing in Canada </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Every year, as a proud Canadian company, we reinvest the vast majority of our profits back into our country to connect as many Canadians as possible,
including those in rural, remote, and Indigenous communities. We also partner with local community groups and support emergency responders to help build stronger communities and create a better future for young Canadians, the future leaders of our
country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Be a growth leader in our industry </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">To be
number one, we are focused on operating efficiently and executing with discipline to drive revenue growth and translate it into strong margins, profit, free cash flow, return on assets, and returns to shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>VALUE CREATION MODEL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Our approach to creating value </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As Canada&#146;s leading communications and entertainment company, we reach Canadians from <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">coast-to-coast</FONT></FONT> through our cable and wireless services, our news, sports, and entertainment programs, and our award-winning credit card. We aim to connect
</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">
Canadians where and when they want and aim to be number one in in our core businesses. We are dedicated to advancing our purpose and ambition through our five corporate priorities, grounded by
our foundational practices that are embedded in how we do business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2023, we conducted an extensive stakeholder engagement exercise to identify
our material sustainability and social impact topics and assess their impact to our business (see &#147;Stakeholder Engagement&#148; for more information). In 2024, as we streamlined our reporting and impact communication, we have consolidated
talent attraction, development, and diversity, equity, inclusion, and belonging (DEIB) under &#147;engaged people&#148;. Our Indigenous and community relations topics have also been consolidated to emphasize overall socio-economic impact. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">By aligning our material sustainability and social impact topics with our corporate priorities as below, we define how we create impact as an
organization, including in the context of global sustainability commitments and goals. We will leverage our value creation model as a framework for how we assess, manage, and communicate corporate impact and performance.
</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:9pt; font-family:arial"><B>CORPORATE STRATEGY </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="padding-bottom:5pt ;padding-top:4pt ;border-radius:4pt 0pt 0pt 0pt ; Border:0 Solid Transparent ; ; border-left:1pt solid #da291c ;" BGCOLOR="#da291c"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.59em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>Purpose</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="center">Connect Canadians when
and where they want</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" BGCOLOR="#da291c"></TD>
<TD HEIGHT="5" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;" BGCOLOR="#da291c"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.59em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>Ambition</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="center">Be number one in our core
businesses</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" ROWSPAN="2" STYLE="padding-bottom:5pt ;padding-top:4pt ;border-radius:0pt 0pt 0pt 4pt ; Border:0 Solid Transparent ; ; border-left:1pt solid #da291c ;" BGCOLOR="#da291c">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.59em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>Foundational</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.59em; line-height:11pt; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>practices</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" STYLE="padding-bottom:5pt ;"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="center">We are committed to do our best for Canadians with honesty, integrity, and transparency, through:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:4pt;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="center">Strong business ethics</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="center">Risk management</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:4pt;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="center">Leadership and accountability</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:4pt;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="center">Stakeholder engagement</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:4pt;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="center">Transparent reporting</P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>VALUE CREATION </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; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>Corporate priorities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Build the biggest and best networks in the country</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Deliver easy to
use, reliable products and services</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Be the first choice for Canadians</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Be a strong
national company investing in Canada</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Be the growth
leader in our industry</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" BGCOLOR="#da291c"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #da291c; BORDER-RIGHT:1px solid #da291c">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #da291c; BORDER-RIGHT:1px solid #da291c">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #da291c">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;" BGCOLOR="#da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>Material sustainability</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>and social</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>impact topics</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">Network leadership and resilience</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Social impacts of products and services</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Product
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-life</FONT></FONT> management</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Customer relationships</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">Data privacy and security</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Socio-economic investment</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">Engaged people</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Climate change mitigation and adaptation</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-right:0.24em; font-size:8.5pt; font-family:arial">Safety, well-being, and&nbsp;labour relations</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;padding-top:4pt ;border-radius:0pt 0pt 0pt 4pt ; Border:0 Solid Transparent ; ; border-left:1pt solid #da291c ;" BGCOLOR="#da291c">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>United Nations Sustainable Development Goals</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.59em; font-size:8.5pt; font-family:arial"><FONT COLOR="#FFFFFF"><B>(UNSDGs)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">SDG 9: Industry,
innovation and infrastructure</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial">SDG 13: Climate action</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <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">SDG 12: Responsible consumption and
production</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-RIGHT:1px solid #da291c"> <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">SDG 9: Industry,
innovation and infrastructure</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">SDG 5: Gender equity</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">SDG 8: Decent work and economic growth</P>
<P STYLE="font-size:4pt;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-LEFT:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">SDG 8: Decent work and economic growth</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.24em; font-size:8.5pt; font-family:arial">SDG 12: Responsible consumption and production</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-right:0.24em; font-size:8.5pt; font-family:arial">SDG 13: Climate action</P></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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;28 </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="font-size:36pt; 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="mda934977_15"></A>STAKEHOLDER ENGAGEMENT </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 are a national company with a strong legacy of investing in the future of Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MATERIALITY ASSESSMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2023, we undertook an extensive
stakeholder engagement exercise with both internal and external stakeholders to identify the topics they believe to be most important to our business, prioritized based on their perceptions of our ability to have an impact on each topic. To complete
the materiality assessment, we completed three primary workstreams. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">First, we engaged with key internal and external stakeholders through surveys,
interviews, and sector insights reports to identify our most material sustainability and social impact topics across our value chain and time horizons. Stakeholder inputs were considered in terms of level of influence on our strategy and their
readiness to engage with us. Stakeholders with whom we engaged included: </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 Board, our executives, and our 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">customers; </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">shareholders; </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">suppliers; </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">Indigenous communities; </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">government, regulatory, and industry groups; 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">non-governmental</FONT> organizations and partners.
</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">Second, we assessed the materiality and likelihood of actual and potential impacts for each material
topic to prioritize amongst them, in line with our enterprise risk management framework. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Finally, we developed a materiality matrix that combined
stakeholder sentiment with the perceived prioritization of material sustainability and social impact enablers to inform our management approach for each topic. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MATERIAL TOPICS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Supported by our foundational practices (see
&#147;Corporate Overview&#148;), our four most material sustainability and social impact topics are: </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">network leadership and resilience; </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 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">data privacy and security; 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">climate change mitigation and adaptation.
</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:9pt; font-family:arial"><B>Materiality matrix </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g934977g12n12.jpg" ALT="LOGO" STYLE="width:4.47486in;height:3.54544in;">
 </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">29&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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">By focusing our efforts&nbsp;on material topics, we aim to maximize value for our business, our
shareholders, our communities, and all other stakeholders to which our operations are connected. We continue to manage the remaining topics through our established engagement processes and operations, all of which undergo regular review and
enhancements, to help ensure stakeholder expectations are met and material sustainability and social impact topics are embedded within our business.&nbsp;Each topic and its importance to stakeholders and Rogers is summarized below. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10.0pt; font-size:8pt; font-family:arial"><B>&ensp;&#8202;Topic</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:8pt; font-family:arial"><B>Description</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</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:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Network leadership and resilience</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Improving our network speed,
performance, and coverage enables us to reach more Canadians, connect more rural, remote, and Indigenous communities, diversify our products and services, and meet customer demands. While innovating, it is also critical to build network resilience
to safeguard against the effects of extreme weather events, natural disasters, grid disruptions, and technical issues.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Customer relationships</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Investing in customer experience
improvements and expanding the number of digital and self-serve capability initiatives available to our customers allows us to lower customer wait and resolution times, making the customer experience convenient and cost-effective while also enabling
our employees to focus their efforts where it is needed most.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Data privacy and security</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Protecting the privacy of
information shared by employees, customers, and partners, as well as safeguarding against threats to the security of their data, is a critical area of importance in maintaining trust.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Climate change mitigation and adaptation</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Minimizing our impact on the climate
through emissions reductions and energy efficiency, while also adapting to a changing climate, helps enable us to be resilient in the face of potential operational and supply chain disruptions and a changing regulatory environment, minimize damages
to assets and infrastructure, and align with stakeholder values.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Talent attraction and development</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Investing in our employees through
talent training, coaching, feedback, and development programs helps increase our capacity for innovation while also building employee engagement and retention.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Diversity, equity, inclusion, and belonging</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Fostering diversity, equity,
inclusion, and belonging in our workforce is a catalyst that underpins employee engagement, attraction, retention, innovation, creativity, and productivity.</P></TD></TR>
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<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Social impact of products and services</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Developing innovative business
models and product and services that are aligned to the needs and values of Canadians helps enable us to ensure our business model not only connects Canadians when and where they want, but also generates positive impact and societal value for
communities.</P></TD></TR>
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<TD HEIGHT="9"></TD>
<TD HEIGHT="9" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Safety, well-being, and labour relations</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Safeguarding the physical and mental
health and well-being of our employees, while also strengthening their rights and labour relations, is key to enabling our employees to thrive at work, thereby reducing turnover and minimizing downtime.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="9"></TD>
<TD HEIGHT="9" COLSPAN="2"></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 #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Indigenous, community, and socio-economic
relations</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:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Supporting the economic resilience
and prosperity of equity-deserving communities and small businesses helps contribute to growth in key sectors and creates meaningful jobs for community members. We strive to be the &#147;partner of choice&#148; for local and Indigenous communities
and youth, creating cultural relationships and enabling positive social impacts.</P></TD></TR>
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<TD HEIGHT="9" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.63em; line-height:9pt; font-size:8pt; font-family:arial">Product
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-life</FONT></FONT> management</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.38em; line-height:9pt; font-size:8pt; font-family:arial" ALIGN="justify">Maintaining responsible material stewardship standards assists us
in increasing efficiency, lowering our environmental impacts, and engaging stakeholders in digital solutions to transition towards a circular economy by providing cost-effective and convenient ways to upgrade and return used products.</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>CONTRIBUTING TO A GLOBAL FRAMEWORK </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Rogers is committed to specific UNSDGs, including demonstrating our localized efforts towards these broader global goals, as outlined below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">SDG 5: Gender equality &#150; We strive to promote and embed diversity, equity, inclusion, and belonging for our employees, our communities, and
stakeholders across our value chain. We achieve this by providing learning and development programs for our employees and investing in scholarships and grants focused on equity-deserving youth, including women. See &#147;Socio-Economic
Investment&#148; and &#147;Engaged People&#148; for more information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">SDG 8: Decent work and economic growth &#150; We invest in communities and
young Canadians by creating opportunities and valuable work in communications, innovation, and technology to achieve sustainable economic growth. We achieve this by employing 24,000 people and by investing in programs that support youth and
vulnerable Canadians. See &#147;Socio-Economic Investment&#148; and &#147;Engaged People&#148; for more information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">SDG 9: Industry, innovation
and infrastructure &#150; We strive to develop resilient networks that support communities, businesses,
</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">
and individuals, while innovating to provide products and services that enable better connections for Canadians. We achieve this by continually investing in our networks and partnerships as we
strive to bring the best connectivity possible to Canadians. See &#147;Network Leadership and Resilience&#148; for more information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">SDG 12:
Responsible consumption and production &#150; We strive towards sustainable consumption and production by sourcing responsible products, optimizing material use, and diverting waste from landfills. We achieve this through robust waste management
programs and supply chain management. See &#147;Product <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">End-of-Life</FONT></FONT> Management&#148; and &#147;Procurement and Supplier Management&#148; for more information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">SDG 13: Climate action &#150; We are committed to combating climate change through our target of carbon
<FONT STYLE="white-space:nowrap">net-zero,</FONT> investing in energy efficiency and renewable energy, and conducting our business in an environmentally responsible manner. We achieve this through meaningful changes in our operations to drive
efficiency and transition to the low carbon economy. See &#147;Climate Change Mitigation and Adaptation&#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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;30 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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="mda934977_14"></A>GOVERNANCE AND RISK FRAMEWORK </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. 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">The Board is currently made up of fourteen 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Board is responsible for overseeing the conduct of business and affairs across the Company and supervising our management team in carrying out their
responsibilities. In addition to the Rogers Business Conduct Policy, the Board has adopted the Directors Code of Conduct and Ethics. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The Board
exercises its responsibilities through direct action and delegation to its eight standing committees, ensuring effective oversight and accountability: Audit and Risk, Finance, Corporate Governance, Pension, Executive, Nominating, Human Resources,
and ESG. </P> <P STYLE="margin-top:6pt; 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
</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">
trade-offs between risk and return to maximize value to the organization. As such, we knowingly take certain risks to generate earnings and encourage innovation that advance us as a
customer-centric market leader. To maintain our reputation and trust, we work to ensure the impacts (financial, operational, strategic, regulatory, privacy, and cyber security) of our risk-taking activities are understood and are in line with our
strategic objectives and company values. The Executive Leadership Team and the Audit and Risk Committee are responsible for approving our enterprise risk policies. See &#147;Risk Management&#148; for more information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">All employees must review and acknowledge their acceptance of the Rogers Business Conduct Policy annually. We have implemented several mandatory
training programs to ensure employees understand unethical and corrupt behaviour, and how to avoid accidental privacy breaches. Employees who suspect any violation of applicable laws or regulations, or who have concerns about potential business,
ethical, or financial misconduct, can anonymously submit a report via the STAR Hotline, our corporate whistleblower service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our Rogers Business
Conduct Policy, robust compliance systems, and support for our people ensure that accountability, risk management, and controls are embedded at the right levels.
</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="mda934977_16"></A>FINANCIAL AND OPERATING GUIDANCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We provide consolidated annual guidance ranges for selected financial metrics on a basis consistent with the annual plans approved by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>2024 ACHIEVEMENTS AGAINST GUIDANCE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The following table
outlines guidance ranges we had previously provided and our actual results and achievements for the selected full-year 2024 financial metrics. On January&nbsp;3, 2025, we issued a press release stating we expected annual total service revenue growth
just over 7% driven by weakness in Media revenue during the fourth quarter. On a full-year basis, competitive intensity in Wireless and Cable impacted our full-year results relative to our 2024 guidance ranges. </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">


<TR>

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

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

<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" NOWRAP 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; font-size:7pt; font-family:arial">(In millions of dollars, except percentages)</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" 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; font-size:7pt; font-family:arial" ALIGN="center"><B>2023<BR>Actual</B></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>
<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; font-size:7pt; font-family:arial" ALIGN="center"><B>2024 Guidance Ranges</B></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>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" 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; font-size:7pt; font-family:arial" ALIGN="center"><B>2024</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="center"><B>Actual</B></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>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" 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" ALIGN="right"><B>Achievement</B></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>


<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>
<TD HEIGHT="4" COLSPAN="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:8.5pt">
<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"><B>Consolidated Guidance <SUP STYLE="font-size:75%; 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;&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="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:7pt; font-family:arial">Total service revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:7pt">16,845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:7pt">Increase&nbsp;of&nbsp;8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:7pt">to</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">increase&nbsp;of&nbsp;10%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:7pt">18,066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:7pt">7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:7pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>X</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</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">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,581</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;12%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">to</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">increase of 15%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,617</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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="center"><FONT STYLE="font-family:Times New Roman">&#10003;</FONT></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">Capital expenditures <SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">to</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">4,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">n/m</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman">&#10003;</FONT><FONT STYLE="font-family:Times New Roman">&#10003;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&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; font-size:7pt; font-family:arial">Free cash flow</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"> &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"> 2,414<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 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"> 2,900<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 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"> to<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 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"> 3,100<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&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 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"> 3,045<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 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"> n/m<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 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="center"><FONT STYLE="font-family:Times New Roman">&#10003;</FONT> <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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:0.00em; font-size:7pt; font-family:arial" ALIGN="right"><B>Missed &#8194; X</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:9.29em; text-indent:0.00em; font-size:7pt; font-family:arial" ALIGN="right"><B>Achieved
&#8194;</B><FONT STYLE="font-family:Times New Roman">&#10003;</FONT><B></B><B>&emsp;&emsp;&ensp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:0.00em; font-size:7pt; font-family:arial"><B>Exceeded &#8194;</B><FONT STYLE="font-family:Times New Roman">&#10003;</FONT><B></B><B></B><FONT
STYLE="font-family:Times New Roman">&#10003;</FONT><B></B><B></B></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:75%; 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">The table outlines guidance ranges for selected full-year 2024 consolidated financial metrics provided in our
February&nbsp;1, 2024 earnings release. Guidance ranges presented as percentages reflect percentage increases over full-year 2023 results. </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:75%; 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 and accrued government grants, but
does not include expenditures for spectrum licences, additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, or assets acquired through business combinations. </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">31&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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>2025 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 2025, we expect healthy total service revenue and adjusted EBITDA will drive sustained strong free cash flow. In 2025, we expect to
have the financial flexibility to maintain our network advantages and to continue to return cash to shareholders. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="48%"></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>

<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"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial">(In millions of dollars, except<BR>percentages)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" 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:10pt; font-size:7pt; font-family:arial" ALIGN="center"><B>2024<BR>Actual</B></P> <P STYLE="font-size:1pt; 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>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" 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:10pt; font-size:7pt; font-family:arial" ALIGN="center"><B>2025</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="center"><B>Guidance&nbsp;Ranges&nbsp;<SUP STYLE="font-size:75%; line-height:7.0pt ; vertical-align:top">1</SUP></B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&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="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<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:1.00em; text-indent:-1.00em; line-height:9pt; font-size:7pt; font-family:arial">Total service
revenue</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-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">18,066</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial">&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-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">Increase&nbsp;of&nbsp;0%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial">&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-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="center">to</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-bottom:1pt; margin-top:0pt; line-height:9pt; font-size:7pt; font-family:arial">increase&nbsp;of&nbsp;3%</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:9pt; font-size:7pt; 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:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">9,617</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; 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:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">Increase of 0%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="center">to</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">increase of 3%</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:9pt; font-size:7pt; font-family:arial">Capital expenditures
<SUP STYLE="font-size:75%; line-height:6.0pt ; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">4,041</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; 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:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="right">3,800</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="center">to</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">4,000</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:9pt; font-size:7pt; font-family:arial">Free cash flow</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:9pt; 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:9pt; font-size:7pt; font-family:arial" ALIGN="right">3,045</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:9pt; 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:9pt; 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:9pt; font-size:7pt; font-family:arial" ALIGN="right">3,000</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:9pt; 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:9pt; font-size:7pt; font-family:arial" ALIGN="center">to</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">3,200</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:75%; 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 2024 results.
</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:75%; 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 and accrued government grants, but
does not include expenditures for spectrum licences, additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, or assets acquired through business combinations. </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 2025 consolidated financial metrics without giving effect to the MLSE Transaction (see
&#147;MLSE Transaction&#148;), any associated financing, or any other associated transactions or expenses. These ranges take into consideration our current outlook and our 2024 results. The purpose of the financial outlook is to assist investors,
shareholders, and others in understanding certain financial metrics relating to expected 2025 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.
</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>Key underlying assumptions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our 2025 guidance ranges presented in &#147;2025 Full-Year Consolidated Guidance&#148; are based on many assumptions including, but not limited to, the
following material assumptions for the full-year 2025: </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">continued competitive intensity in all segments in which we operate consistent with levels experienced in 2024;
</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">overall wireless market penetration in Canada continues to grow in 2025; </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 retail 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 and Satellite subscribers, including the impact of customers migrating to Rogers Xfinity TV from
our legacy Television product, as 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 WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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 Media, continued growth in sports and similar trends in 2025 as in 2024 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; </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">with respect to 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">similar levels of capital investment associated with (i)&nbsp;expanding our 5G wireless network 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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<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">we continue to make expenditures related to our Home roadmap in 2025 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 2025 US dollar-denominated expenditures is hedged at an average exchange rate of
$1.34/US$; </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 2025; 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">we retain our investment-grade credit ratings. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our 2025 guidance ranges also do not incorporate any impact arising from the application of tariffs by the USA on imports from Canada and any
retaliatory tariffs by the Canadian government. Given the ever-evolving circumstances and the significant uncertainty of the impacts that could arise from a potential trade war, it is difficult to estimate the flow-through effects such events might
have on our economy. </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;32 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_17"></A>Delivering on our Priorities </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_19"></A>BUILD THE BIGGEST AND BEST NETWORKS IN THE COUNTRY </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>NETWORK LEADERSHIP AND RESILIENCE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continually invest in our networks and technology to provide our customers with industry-leading connectivity. We have invested almost
$70&nbsp;billion in our networks over the last two decades, including over $4&nbsp;billion in 2024, and our 5G network now reaches more than 2,500 communities across Canada. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As part of our investment, along with government partners, through the Eastern Ontario Regional Network (EORN), our 5G services are now available in
more communities across Eastern Ontario, with 161 new towers and 311 tower upgrades completed since 2021. On British Columbia&#146;s Highway 16, five new towers were activated in 2024, providing 911 access for all travellers and 5G wireless coverage
for our customers. With nine towers now in service, we are providing 166 kilometres of 5G coverage on Highway 16, closing most of the wireless gap between Prince Rupert and Prince George. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Wireless </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have 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 WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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 87% of the Canadian population in over 2,500 communities as at
December&nbsp;31, 2024 on our 5G/5G+ network alone; </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">was the first LTE high-speed network in Canada, reaching 96% of the Canadian population as at December&nbsp;31, 2024 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">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; </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 wireless operators that operate in urban and rural parts of Canada; 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 expect to bring <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">satellite-to-mobile</FONT></FONT>
coverage nationwide to ensure Canadians can stay connected in areas beyond the limits of traditional wireless networks through our partnerships with SpaceX and Lynk Global. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Highlights for our network in 2024 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">ranking as the most reliable wireless network in Canada by umlaut in July; </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">being named Canada&#146;s most reliable wireless network and most reliable Internet by Opensignal in July;
</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">testing 5G network slicing technology (moving network operations from one &#147;lane&#148; to multiple lanes for
wireless traffic), which was the first nationwide live test of this industry-leading technology in 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">trialing 5G Cloud Radio Access Network (Cloud RAN) technology, a critical component in the next generation of wireless
networks &#150; marking the first deployment of this technology over a commercial network at a live event in Canada; </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">entering into a strategic partnership with SenseNet to help
</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">
communities in Western Canada better detect and respond to wildfires, which will utilize the outcomes of our 5G research and development partnerships with multiple Canadian universities;
</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">starting the next phase of construction of the cellular network in the Toronto Transit Commission (TTC) subway system
to connect the remaining 36 kilometres of unconnected tunnels and to expand 5G services and access to 911 for all riders; 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">ahead of the Taylor Swift concerts in 2024, investing $10&nbsp;million at BC Place and $8&nbsp;million at Rogers Centre
to enhance 5G connectivity, allowing concertgoers to set a new record for single event data usage at both venues. </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 and wireline 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">Our 5G network currently uses a combination of the 600 MHz, 1900 MHz,
2500 MHz, 3500 MHz, and AWS spectrum bands, and is also aggregated with our LTE spectrum bands. In 2023, we secured additional <FONT STYLE="white-space:nowrap">mid-band</FONT> 3800 MHz spectrum licences in Canada&#146;s third 5G spectrum auction
that will complement our existing 3500 MHz 5G spectrum licences and our other <FONT STYLE="white-space:nowrap">low-</FONT> and <FONT STYLE="white-space:nowrap">mid-band</FONT> spectrum licence holdings. These licences will allow us to provide
Canadians with even more coverage, speed, capacity, and quality on our 5G/5G+ network. We have deployed dynamic spectrum sharing, which allows our existing spectrum supporting 4G to also be used for 5G/5G+ networks, and our network also supports 5G
network slicing to provide customized services for particular applications and customers. </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 be used for LTE and 5G/5G+; </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">acquiring additional radio spectrum through government auctions and private sector transactions; </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">densifying and expanding our wireless network with additional macro cells, small cells, and <FONT
STYLE="white-space:nowrap">in-building</FONT> systems; 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>
<TABLE STYLE="BORDER-COLLAPSE: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 continual rapid growth in 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 and 5G+ networks; 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">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="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">33&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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, 2024 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">



<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></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="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><B>&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><B>Who the licences support</B></P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G / 5G+ subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">24 MHz in Canada&#146;s major geographic markets,
covering 99.7% 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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE subscribers; future</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial">5G / 5G+ subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">2G GSM, 3G HSPA, 4G / 4.5G LTE subscribers; future 5G / 5G+
subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G / 5G+ subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G / 5G+ subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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 20 MHz TDD in key population areas in Quebec, Ontario, and British Columbia, and an additional 10 MHz in parts of rural 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:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G / 4.5G LTE, and 5G / 5G+ subscribers.</P></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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;3500 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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Between 60 MHz and 80 MHz in large population centres,
except in Edmonton where Rogers holds 30 MHz. Rogers holds 20 MHz to 90 MHz in rural areas.</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:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Mobile 5G / 5G+ subscribers; fixed wireless subscribers.</P></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 ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">&emsp;&#8198;3800 MHz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Between 20 and 40 MHz in urban areas and 10 to 80 MHz in rural areas, for a combined
100 MHz total across 3500 and 3800 MHz in areas covering 99% of Canadians.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Mobile 5G / 5G+ subscribers; fixed wireless subscribers.</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; 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>
<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">



<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></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="bottom" NOWRAP STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&emsp;&#8198;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify"><B>Type of network venture</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 STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>Who it supports</B></P></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 ;"> <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">&emsp;&#8198;2300 MHz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Orion Wireless Partnership (Orion) is a joint operation with Bell in which Rogers
holds a 50% interest. Orion holds licences for 30 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 ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">4G fixed wireless subscribers.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" STYLE="BORDER-TOP:1px solid #da291c">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="2" STYLE="BORDER-TOP:1px solid #da291c">&nbsp;</TD>
<TD HEIGHT="6" COLSPAN="2" STYLE="BORDER-TOP:1px solid #da291c">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&emsp;&#8198;Various</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:11pt; 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; line-height:11pt; 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; line-height:11pt; 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>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;"> <P STYLE="font-size:18pt;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">2G GSM, 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; line-height:11pt; font-size:8.5pt; font-family:arial">4G LTE subscribers.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B><I>Cable
</I></B></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">Our expansive fibre and hybrid fibre-coaxial (HFC) cable network delivers services to homes and
businesses across Canada. This transcontinental, facilities-based fibre-optic network with 116,000 kilometres of fibre optic cable is also used to service business customers, including government and other telecommunications service providers
outside of our home markets. 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 fibre, both access and metro, and long haul, optical transmission systems
</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">
and IP routers in hubs and core sites. The network also extends to the US from Vancouver south to Seattle; from the Manitoba-Minnesota border through Minneapolis, Milwaukee, Chicago, Detroit, and
Sarnia; 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, video, and voice traffic. </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;34 </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="font-size:36pt; 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">Our network is designed and engineered for performance and redundancy and to allow for the simultaneous
delivery of video, voice, and Internet. Diverse fibre paths that interconnect hubs provide 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 the core network through our multi-gigabit HFC and DOCSIS or ten gigabit symmetrical passive optical
network <FONT STYLE="white-space:nowrap">(XGS-PON)</FONT> access networks. We connect the HFC and PON nodes to the core network using fibre optic cable and from the home to the node using coaxial cable or fibre. Using 1.2GHz, 1 GHz, 860 MHz, and 750
MHz of cable spectrum for our HFC networks in Western Canada, Ontario, and Atlantic Canada, we deliver video, voice, and broadband services to our customers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continually invest in our network to augment capacity, enhance performance and resilience, reduce operating costs, and introduce new features and
functionality, including to keep pace with evolving customer needs and demands. 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">modernizing our HFC network to 1.2 GHz and subsequently 1.8&nbsp;GHz in preparation for DOCSIS 4.0 (as the technology
becomes generally available), which will: </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">expand cable spectrum capacity, delivering 2 Gbps download speeds and 200 Mbps upload speeds nationally;
</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">lay the foundation for future DOCSIS 4.0 upgrades, which will enable multi-gigabit download and upload speeds; and
</P></TD></TR></TABLE>
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<TD WIDTH="12">&nbsp;</TD>
<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">enhance network performance, quality, and resilience with digital fibre optics and new higher radio frequency
amplifiers; </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">HFC node segmentation to reduce the number of homes passed per HFC node, thereby increasing the bandwidth and capacity
per subscriber; </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 additional DOCSIS 3.1 downstream and upstream channels and preparing for
the deployment of DOCSIS 4.0 that will support symmetrical Gbps speeds and lower latency; </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">expanding our fibre network connecting more homes, multiple dwelling unit buildings, and business premises directly to
fibre and <FONT STYLE="white-space:nowrap">XGS-PON</FONT> technology; 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="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">enhancing resilience by separating the wireless and wireline IP core networks, adding equipment redundancy, and adding
additional fibre paths to protect against simultaneous outages. </P></TD></TR></TABLE> <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 connect more Canadians and to expand our footprint. We are investing
in the next generation of broadband wireless data networks, such as 5G/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> <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 multi-gigabit Internet speeds, Rogers Xfinity Internet and TV, Rogers 4K TV, and a significant commitment to live broadcasting in 4K, including regular season Toronto Blue Jays home games and numerous NHL and NBA
games. </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">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 <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 ten <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">two Tier III certified data centres in Alberta, including 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="mda934977_20"></A>DELIVER EASY TO USE, RELIABLE PRODUCTS
AND SERVICES </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIDESPREAD PRODUCT DISTRIBUTION </B></P> <P STYLE="margin-top:0pt; 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">We have an extensive national distribution network and offer our wireless products nationally through multiple channels, 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">company-owned Rogers, Fido, and chatr retail stores; </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">customer self-serve using rogers.com, fido.ca, chatrwireless.com, and
<FONT STYLE="white-space:nowrap">e-commerce</FONT> sites; </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 extensive independent dealer 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">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%">
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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 distribution channels, such as <I>WOW! mobile boutique</I>, as well as Wireless Wave and TBooth Wireless through
our ownership interest in Glentel; </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 contact centres; 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">outbound telemarketing. </P></TD></TR></TABLE>
<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">We distribute our residential cable products through
various channels, 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">company-owned Rogers 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%">
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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">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%">
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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 self-serve using rogers.com; </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">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>
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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">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 dealers and 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
</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">35&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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">
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:8.5pt; font-family:arial"><I>First-class media content </I></P> <P STYLE="margin-top:0pt; 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>
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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 exclusive national <FONT STYLE="white-space:nowrap">12-year</FONT> agreement with the NHL, which runs through the
2025-2026 season, as well as regional agreements, that allow us to deliver coverage of professional hockey in Canada across television, smartphones, tablets, and other streaming devices; </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">broadcasting and distribution rights of the Toronto Blue Jays in Canada through our ownership of the team;
</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">Sportsnet+, an OTT sports service, offering 24/7 access to Sportsnet&#146;s TV content; </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 MLB Network, a <FONT STYLE="white-space:nowrap">24-hour</FONT> network dedicated to baseball, brought to Canada on
Rogers television 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">an <FONT STYLE="white-space:nowrap">11-year</FONT> broadcasting agreement with the NBA, which runs through the
2025-2026 season, that allows us to deliver coverage of professional basketball in Canada across television, smartphones, tablets, and other streaming devices; 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 long-term broadcast agreement with Ultimate Fighting Championship (UFC) for media rights that allows Sportsnet to
stream live UFC events. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are bringing the most-watched lifestyle and entertainment content to Canadians on their platform of
choice through multi-year deals with Warner Bros. Discovery and NBCUniversal, 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">becoming the home of Warner Bros. Discovery&#146;s suite of English-language US lifestyle and factual brands, including
HGTV, Food Network, and much more; 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">launching Bravo in Canada, featuring riveting unscripted programming, which will include new seasons of Bravo&#146;s
hit franchise series. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SOCIAL IMPACTS OF PRODUCTS AND SERVICES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are committed to developing innovative products and services that meet the needs of Canadians while generating positive impacts in our communities.
Our responsible technology approach, promotes the use of our technology to connect Canadians and is anchored on the following principles: </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">promoting safety and security; </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">protecting data privacy; </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">preventing technology from being misused; </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">enabling equitable access; </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">respecting human rights and treating people fairly; 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">being open, transparent, and accountable. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use our 5G technology as a catalyst for positive change and to drive the next generation of innovation. We make multi-million-dollar investments in
universities across Canada, such as the University of British Columbia and the University of Waterloo, to support research and innovation that will transform industries and enhance Canadians&#146; lives. Through our partnerships, researchers are
tackling issues like gridlock (through smart transportation systems to improve road safety), safety and productivity in industries like mining, and resilience in critical infrastructure with 5G sensor technology.
</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">Recognizing the unique challenges faced by remote Indigenous communities, we leverage our technology to
improve healthcare access and public safety in these regions. We also work with various agencies to enhance public safety initiatives in both urban and rural areas, including partnering with law enforcement and emergency response organizations to
develop advanced communication systems and deploy <FONT STYLE="white-space:nowrap">5G-powered</FONT> tools that aid in crime prevention and disaster response. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">With the unprecedented impacts of climate change on communities across the country, we expanded our support to help Canadians, first responders, and
governments in 2024. This includes investing in industry-leading wildfire detection and prevention technology that leverages our 5G network and technology partnerships. We also introduced AI cameras powered by our 5G network that can detect smoke up
to 20 kilometres away. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also announced a partnership with Nova Credit, a cross-border credit bureau, to help newcomers to Canada build credit and
finance a new smartphone. This partnership has helped newcomers build a strong financial foundation in Canada by recognizing international credit histories from nine countries when applying for a Rogers Red Mastercard, helping facilitate the
transition to their new home. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PRODUCT <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">END-OF-LIFE</FONT></FONT> MANAGEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have a duty to promote responsible material stewardship through sustainable procurement, increased product efficiencies, lower environmental impacts,
and engaging customers in digital solutions to help us transition towards a sustainable circular economy. Across our supply chain, we seek opportunities to optimize the recycling and return processes, aiming to promote sustainable product production
and responsible consumption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Electronic recycling </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We
facilitate the collection, treatment, recycling, and proper disposal of electronic waste. Through our collection and recycling/reselling programs, we diverted 6.6&nbsp;million electronic devices and materials (over 9,400 metric tonnes) from landfill
this year, of which 49% (or 3.2 million) were recycled and 51% (or 3.4 million) were resold. We prioritize programs to refurbish and resell devices, wherever possible, to maximize environmental benefits. We aim for a 100% diversion rate from
landfill for collected electronic waste through various return programs; in 2024, we achieved this target. In 2025, we expect to continue to strengthen our product return programs and communications to further encourage our customers and employees
to return to us all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-initial-life</FONT></FONT> electronic devices and peripherals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT
 COLOR="#da291c"><B><A NAME="mda934977_21"></A>BE THE FIRST CHOICE FOR CANADIANS </B></FONT></P> <P STYLE="margin-top:6pt; 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">We are committed to providing our customers with the best experience possible and putting customer experience at the centre of everything we do. We
continuously enhance our processes, tools, and team capabilities with the goal of making every customer interaction simple, effective, and meaningful. This year, we remained dedicated to identifying and deploying process improvements to make the
customer experience even better. We delivered over 140 process improvements based on customer
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;36 </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="font-size:36pt; 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">
feedback, including 50 to support improvements within our tools, limiting contact minutes and improving efficiency. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">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; </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">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 ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">implementation of Agent Assist, an <FONT STYLE="white-space:nowrap">AI-driven</FONT> support tool to provide agents
with faster, more accurate responses; </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">launched Live Adjustments Support, a new adjustment process that streamlines and automates approvals for crediting
accounts and in turn reduces wait times; </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">an innovative Integrated Voice Response (IVR) system that can take calls in English, French, Mandarin, and Cantonese;
</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">voice authentication&nbsp;technology across all Rogers and Fido 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">a range of digital and self-serve tools designed to address customer pain points, streamline processes, and make the
most efficient use of time, through tools like device guides, quick pay, and tracking features, including: </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>
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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 ability for Fido and Rogers customers to complete price plan changes, hardware upgrades, and other account updates
online; </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">the ability for customers to install their Internet, TV, home phone, home monitoring equipment, and Rogers Xfinity
Streaming products at their convenience, without the need for a technician visiting their residence; </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 EnRoute</I>, 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>
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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 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="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">the launch of Resolution Lobby, a self-guided flow that helps specialists resolve issues more efficiently and reduces
ticket escalations; 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">an online travel hub, with answers to our customers&#146; most common roaming questions; </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 &#147;We Speak Your Language&#148; program, allowing us to serve customers in over 100 languages at our retail
stores; </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 <I>Rogers Assist</I> App, which allows our employees to act on behalf of their loved ones, their friends, or
another customer expressing an ongoing concern with their service or an issue they have been unable to resolve, by submitting issues directly to a specialized Rogers Assist team; </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">customer support available over Facebook Messenger, Instagram Direct Messenger, X (formerly Twitter), Apple Business
Messaging, and online chat through our websites; </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">the &#147;Resolve Your Concern&#148; feature on our websites, providing customers an additional method to resolve their
concerns by escalating their feedback to management with a committed response time of 24 hours; </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">enhancing our payment experience with accessibility best practices and removing data charges for Video Relay Service,
making the customer experience for hearing impaired customers more accessible;
</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"><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>
<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">the Rogers Xfinity app for all Rogers Xfinity customers, giving them ultimate control over their WiFi experience;
</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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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>
<TABLE STYLE="BORDER-COLLAPSE: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 simple online bill, making it easier for customers to read and understand their monthly 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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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> and <I>Advantage Security</I>, 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>
<TABLE STYLE="BORDER-COLLAPSE: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 <I>Premium Device Protection</I> program, including AppleCare services for Rogers and Fido customers, offering
customers more protection and choice; </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">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>
<TABLE STYLE="BORDER-COLLAPSE: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 online appointment booking tool, allowing customers to conveniently schedule an appointment to speak to a Rogers
expert at a specific store and time; </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">36-month</FONT> and <FONT STYLE="white-space:nowrap">48-month</FONT> device financing
through the Rogers Red Mastercard&#146;s equal payment plan, allowing Rogers customers to finance devices at 0% interest; 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">5G connectivity in the TTC subway system to cover every station (and select tunnels), so that our customers can
continue to stream, make plans, share location, and more while on the go. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DATA PRIVACY AND SECURITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Safeguarding the privacy of customer and employee personal information, network security, and promoting transparency are some of our top priorities. We
know customers need to trust that we are taking all necessary steps to safeguard their privacy. We make information about privacy and cybersecurity available to our customers online and our Privacy Policy is provided to all customers through our
Service Agreements and Terms of Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our cybersecurity practices are continually measured against industry-leading frameworks, such as the
National Institute of Standards and Technology Cybersecurity Framework, which maintains a robust cybersecurity program and improves critical infrastructure. Where necessary, we make improvements to our practices as we strive to maintain our robust
programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Data governance </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Through the Audit and Risk
Committee, the Board oversees both data security and privacy risks. Privacy issues are the responsibility of our Chief Privacy Officer, with executive oversight by our Chief Corporate Affairs Officer. Our Chief Technology Officer and our Chief
Information and Cyber Security Officer each have executive responsibility over data security supported by technology, network resilience, and cybersecurity leaders.
</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">37&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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 require our employees and third parties working for, or on behalf of, us to comply with applicable
privacy laws and industry standards for cybersecurity. Every year, our employees complete mandatory privacy, cybersecurity, and our Rogers Business Conduct Policy training courses, each of which highlights privacy and security responsibilities and
practices, as applicable. We review and enhance content annually for these training programs and we regularly conduct simulated phishing exercises with our employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We regularly engage independent, external auditors to assess PCI DSS and SOC 2 compliance on our data centres. Our data centres are ISO 27001 certified
and we complete regular vulnerability scanning, with third-party validation through external penetration testing on applications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Industry groups </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We participate in several industry groups, associations, and committees to promote the importance of privacy and cybersecurity, such as the: </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">Canadian Security Telecommunications Advisory Committee; </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">Canadian Marketing Association&#146;s Privacy and Data Committee; </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">Canadian Wireless Telecommunications Association&#146;s Privacy and Security Committee; </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">Canadian Anonymization 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%">
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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">International Association of Privacy Professionals Canadian Advisory Board. </P></TD></TR></TABLE>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Rogers Cybersecure Catalyst </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Working with Toronto
Metropolitan University, we help develop the Canadian cybersecurity ecosystem and fuel the country&#146;s digital economy through the <I>Rogers Cybersecure Catalyst</I>. Since its inception, the Rogers Cybersecure Catalyst has empowered over 7,000
individuals and 500 organizations across the country through its pioneering cybersecurity programs and initiatives. Through training and certification programs, unique innovation programs for <FONT STYLE="white-space:nowrap">start-ups</FONT> and <FONT
STYLE="white-space:nowrap">scale-ups,</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-of-its-kind</FONT></FONT></FONT> cyber range, fellowship programs for academic and industry
experts, and wide-ranging public education programs, the Catalyst empowers individuals and organizations to seize the opportunities and tackle the challenges of cybersecurity. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_22"></A>BE A STRONG, NATIONAL COMPANY INVESTING IN CANADA </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FINANCIAL STRENGTH AND FLEXIBILITY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have an
investment-grade balance sheet and substantial available liquidity of $4.8&nbsp;billion as at December&nbsp;31, 2024. 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 program, and long-term debt. </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></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 Shaw Transaction has had, and will continue to have, a significant impact on our capital structure as
we initially increased our total debt by over $20&nbsp;billion and our debt leverage ratio increased significantly after closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Despite the
significant impact from the Shaw Transaction, we expect we will have sufficient capital resources to satisfy our anticipated cash funding requirements in 2025, 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, our historically strong access to capital markets (which we accessed in February 2025 to issue
subordinated notes), and funds available to us under credit facilities, our receivables securitization program, our US CP program, and other bank facilities or debt issued. As at December&nbsp;31, 2024, there were no significant 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">In order to meet our stated objective of returning our debt leverage ratio to approximately
3.5 within 36 months of closing the Shaw Transaction, we intend to manage our debt leverage ratio through combined operational efficiencies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt
repayment, as applicable. </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 cash provided by operating activities and
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:9pt; font-family:arial"><B>WIDESPREAD SHAREHOLDER BASE AND DIVIDENDS </B></P>
<P STYLE="margin-top:0pt; 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> Shares are widely held and actively trade on the TSX and the NYSE with a
combined average daily trading volume of approximately 2.5&nbsp;million shares in 2024. 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 2024, each share paid an annualized dividend of $2.00. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">During 2023, our dividend reinvestment plan (DRIP) was amended to
permit, at the Board&#146;s discretion, a small discount from the <FONT STYLE="white-space:nowrap">five-day</FONT> volume-weighted average market price when shares are issued from treasury under the DRIP. Previously, all Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares received by participants under the DRIP were purchased in the Canadian open market with no discount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SOCIO-ECONOMIC INVESTMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our social impact programs make a
meaningful and measurable impact in communities across Canada. Working in partnership with registered charities, <FONT STYLE="white-space:nowrap">non-profit</FONT> organizations, academic institutions, and Indigenous communities, we support programs
that help meet community needs. We invite our employees to join us in making an impact and empower them through employee giving and volunteering programs.
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;38 </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="font-size:36pt; 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">In 2024, we drove community benefits across Canada of over $100&nbsp;million. This includes
$107&nbsp;million directly invested (through cash and <FONT STYLE="white-space:nowrap">in-kind</FONT> support), or 4.7% of our <FONT STYLE="white-space:nowrap">pre-tax</FONT> net income, and an additional $39&nbsp;million enabled through the Rogers
Charity Classic and <I>Jays Care Foundation</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">With a focus on investments in youth, building climate-resilient communities, and economically
empowering newcomers and equity-deserving Canadians, we are dedicated to doing our part. Some of the highlights of our impact this year 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">our largest annual investment in Ted Rogers Community Grants to date of nearly $3&nbsp;million, having a positive
impact on the lives of over 100,000 youth; </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">delivering corporate Canada&#146;s largest scholarship 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">entering into a strategic partnership with SenseNet to help communities in Western Canada better detect and respond to
wildfires; </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">planting 100,000 trees in burn zones, in partnership with Tree Canada, to help better protect our forests in the
future; </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">announcing a new partnership with Nova Credit, a cross-border credit bureau, to help newcomers to Canada build credit
and finance a new smartphone, making their transition easier; </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">continuing to deliver <I>Connected for Success</I>, a program to provide more affordable and accessible Internet and
wireless services available to over 2.5&nbsp;million eligible <FONT STYLE="white-space:nowrap">low-income</FONT> Canadians; </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">enabling Jays Care Foundation programming across Canada from which over 50,000 children and youth benefited;
</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">supporting thousands more youth across Alberta through $25.4&nbsp;million raised by the annual Rogers Charity Classic;
</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">supporting Canada&#146;s independent film and television producers through contributions to the Rogers Group of Funds
and the Shaw Rocket Fund; 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">providing, through the Rogers Sports&nbsp;&amp; Media <I>All IN</I> campaign, almost 600 hours of customized campaigns
to promote small businesses, charities, and organizations that support equity-deserving communities across our television, radio, and social platforms. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have also continued our commitment to engage with Indigenous Peoples. By fostering connectivity, promoting cultural understanding, and empowering
Indigenous businesses and individuals, we are driving progress and reconciliation in Canada. This year, we: </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">completed 50 kilometres of 5G cellular connectivity along sections of Highway 16, known as the Highway of Tears,
providing critical access to wireless services and 911 for the first time; </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">established an Indigenous Journalism Team to empower community members to tell their own stories;
</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">launched the Indigenous Community Ambassador program to assist Rogers Sports&nbsp;&amp; Media in covering local
community and sports events; </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">maintained an <FONT STYLE="white-space:nowrap">all-Indigenous</FONT> team within our Indigenous Relations division to
serve current and prospective Indigenous customers in bridging the digital divide; </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">continued membership in the Canadian Council for Indigenous Business and the PAIR Certification Program, while
providing advice to First Nations on Indigenous-owned and operated ISPs;
</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">launched research and development pilots associated with remote telehealth technologies and wildfire monitoring
capabilities; </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">introduced a preferred pricing program for Indigenous wireless 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%">
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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">launched an Indigenous <FONT STYLE="white-space:nowrap">Tax-Exemption</FONT> Portal to streamline billing for
Status-holding customers. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ENGAGED PEOPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">For our team of approximately 24,000 employees, we strive to create a great workplace, focusing on all aspects of the employee experience, which
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">engaging employees and building high-performing teams through various initiatives; </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">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>
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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">maintaining our commitment to diversity and inclusion, including through the launch of new, mandatory training for all
employees on accessibility and Indigenous cultural awareness; 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">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:8.5pt; font-family:arial"><I>Engaging our employees </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">When people
feel connected, engaged, and supported, it strengthens our ability to serve our customers and shareholders while supporting the broader community as ambassadors of Rogers. In 2024, we continued our Employee Listening Program, providing data-driven
insights on top strengths and opportunities for employee engagement. We survey our employees quarterly to measure five key aspects of the employee experience: clarity of their role, their confidence in our Executive Leadership Team, their perceived
support from their manager, their sense of inclusion and belonging, and their likelihood of recommending our products and services. In 2024, 85% of employees said they had the support they need to be successful and 86% of employees said that within
their team, they are comfortable being themselves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Attracting and retaining top talent </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are focused on building a strong, inclusive, and diverse team that reflects the communities and customers we serve by providing competitive and
equitable total compensation that considers experience, responsibility, and local market conditions. We also embed short- and long-term success into our compensation practices. Our total rewards programs include monetary compensation, various
health-related benefits, and wealth accumulation programs. We are also committed to supporting employees through every stage of life, including maternity, adoption, and surrogacy benefits, in addition to child and elder care services. We believe
employees are our best product ambassadors and we offer an employee discount program where our team members can subscribe to our services at a discounted rate. Through our company-wide Ted Rogers Awards program, our Executive Leadership Team awarded
top performers for living our values, delivering on our priorities, and going above and beyond for our customers, business, or communities.
</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">39&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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"><I>Committing to diversity and inclusion </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Through our five-year DEIB strategy launched in 2020, we work to embed a DEIB lens in everything we do, from how we recruit to how we engage with our
customers and the content we support. The strategy is grounded in three strategic pillars of People, Customer, and Community and is championed by our DEIB Council, composed of business leaders and 11 volunteer Diversity Groups representing various
communities. We also amplify leadership accountability through Diversity Dashboards that provide leaders with a monthly view of their team diversity data to help inform the specific actions needed to deliver against our representation goals. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Key initiatives in 2024 included: </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">conducting a comprehensive third-party review of our practices and policies to help inform our next DEIB strategy;
</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">offering leadership development and sponsorship programs to empower women and Black talent to excel while creating a
robust pipeline of leaders for executive 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">launching a three-part anti-racism learning series covering the topics of oppression, discrimination, and racism in the
workplace; </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">promoting inclusion with two new Downie-Wenjack Legacy spaces in our Moncton and Calgary offices, the launch of a name
pronunciation tool, and the introduction of a pronoun-sharing option in our applicant tool; </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">delivering on our accessibility commitments, including accessible communication templates, accessible design standards
for our buildings, and improving the application process for our customer accessibility discount; </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">equipping recruiters and hiring managers with tools to identify and eliminate bias in the hiring process, including a
commitment to provide a 50% diverse candidate slate to hiring managers for open positions; 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">partnering with external groups to reach talent from various communities. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Providing a safe, collaborative, and agile workplace </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We
design learning experiences for equity-deserving groups and work to build a culture of inclusivity and belonging. We are dedicated to developing targeted leadership programs and workshops that empower employees to grow and drive organizational
success. At the same time, we continue to focus on building specialized technical skills, increasing the level of business readiness among employees, and reducing security risks, all while prioritizing employee safety. Through these efforts, we aim
to equip our teams with the tools and knowledge needed to thrive in today&#146;s evolving workplace. In 2024, we hired almost 4,000 new employees (both permanent and temporary), saw 45% internal talent mobility, and invested $22&nbsp;million into
training and development for our employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_23"></A>BE THE GROWTH LEADER IN OUR INDUSTRY </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CLIMATE CHANGE MITIGATION AND ADAPTATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are dedicated to
minimizing our contribution to climate change by managing our energy and associated carbon emissions through equipment decommissioning and replacements and meaningful operational changes that enable a
<FONT STYLE="white-space:nowrap">low-carbon</FONT> transition. Every year, we conduct a comprehensive analysis of 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">

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greenhouse gas (GHG) emissions inventory, and our Climate Change Steering Committee provides strategic leadership and governs the implementation of our emission reduction efforts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This year, we engaged a third-party consultant to initiate a formal climate scenario analysis, which will further enhance our understanding of the
impacts of physical and transition climate risks and opportunities across our operations. Once completed, the results of the analysis will assist us in advancing our risk avoidance strategies necessitated by extreme climate-related events such as
wildfires, extreme heat, storms, floods, and droughts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2024, we were the first national carrier in Canada to have approved science-based <FONT
STYLE="white-space:nowrap">net-zero</FONT> targets published by the Science Based Targets Initiative (SBTi). The SBTi is a global organization for corporate climate goals that validates submitted targets and action plans to ensure they are in line
with the Paris Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our long-term <FONT STYLE="white-space:nowrap">net-zero</FONT> targets are to reduce absolute Scope 1, 2, and 3 GHG
emissions to <FONT STYLE="white-space:nowrap">net-zero</FONT> by 2050 with a base year of 2019. Near-term targets are to reduce absolute Scope 1 and 2 emissions by 50.2% by 2030 with a base year of 2019. We are also targeting 80% of our suppliers by
spend to set their own science-based targets by 2029. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our action plan will aim to deliver on environmental targets in four key areas: </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">increasing energy efficiencies across our operations and 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">transitioning our fleet to electric and hybrid vehicles; </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">expanding use of renewable energy opportunities; 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">engaging suppliers towards adopting <FONT STYLE="white-space:nowrap">low-carbon</FONT> practices and setting their own
science-based targets. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Emission reductions </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Driven by an increase in electricity use (primarily in our owned buildings, many of which contain network operations) and an unfavourable increase in
emission factors in Ontario, our market-based Scope 1 and 2 emissions increased by 8% compared to last year; however, our market-based Scope 1 and 2 GHG emissions intensity, measured in tonnes of CO2 equivalent emitted per petabyte of network
traffic (tCO2e/PB), has decreased by 2% compared to last year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Compared to our 2019 base year (which has been updated for Shaw&#146;s 2019
emissions), we have reduced our market-based Scope 1 and 2 emissions by 20%, on track with our target annual emissions reduction trajectory. We have also reduced our total Scope 1 and 2 GHG emissions intensity by 67% compared to 2019. These
reductions reflect efficiency gains we have achieved optimizing data centres, upgrading and retrofitting buildings, consolidating our real estate footprint, managing our fleet and vehicle replacements, exploring renewable energy alternatives, and
the public grid decarbonization efforts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In alignment with our SBTi target, we have expanded our reporting of applicable Scope 3 emissions this
year, which account for 91% of our total emissions. Compared to our 2019 base year, we have reduced our Scope 3 emissions by 23%. To further reduce our Scope 3 emissions, we continue to engage with our key suppliers to assist them in setting their
own science-based targets, including through our Ethical Procurement Practices (EPP) survey and our
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Supplier Code of Conduct. We also collaborated with the Canadian Business for Social Responsibility (CBSR) and two of our industry peers to determine a telecommunications industry approach to
engaging with and assisting our supply chain in measuring and establishing their own SBTi GHG emission reduction targets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Energy efficiency </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Because many of our buildings house energy-intensive broadcasting and television/radio network operations, coupled with the ongoing expansion of our
wireless and cable networks across Canada, optimizing our energy consumption is essential to the success and sustainability of our business. As such, we are prioritizing energy efficiency across our operations as the cornerstone of our emission
reduction strategy, investing in technologies and innovative solutions to drive meaningful progress. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2024, we consumed 6.1&nbsp;million
gigajoules of energy, an increase of 4% compared to last year; however, our energy use intensity (measured in gigajoules per petabyte of network traffic (GJ/PB)) decreased by 6%. Compared to our 2019 base year, our energy use increased by 10% while
our energy use intensity decreased by&nbsp;55%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Efforts to reduce our energy use include investments in capital projects and driving operational
efficiencies. The most impactful energy efficiency projects this year included ongoing LED lighting retrofits and HVAC replacement within our office buildings and 2G/3G modernization and small cell site management across our network. We also achieve
efficiencies through decommissioning <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-life</FONT></FONT> network equipment and addressing energy and decarbonization audit findings performed at select buildings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Fleet electrification </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2024, we continued to focus on
hybrid, <FONT STYLE="white-space:nowrap">plug-in</FONT> hybrid, and electric vehicles where operationally possible and we were successful in deploying an additional 30 of these vehicles (bringing our fleet total to 94), which contributed to lower
annual fuel consumption and associated GHG emission reductions. GHG emission reductions also continue to be achieved through our fleet management strategy that utilizes telematics data to optimize our fleet by replacing aging or poor-performing
vehicles with more efficient ones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Renewable energy </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continue to evaluate opportunities to invest in more renewable energy sources at our sites. By the end of 2024, we had benefited from renewable solar
energy generated by Capital Power&#146;s Clydesdale Solar facility in Alberta through a virtual power purchase agreement (VPPA) entered into by Shaw prior to our closing the Shaw Transaction. This VPPA entitles us to the benefits of 38% of the total
facility generation (or approximately 58,000 MWh per year), providing us with renewable energy credits representing an expected 29,762 tCO2e over the life of the agreement. The VPPA is a derivative instrument; 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">We also continued to work to provide sustainable <FONT STYLE="white-space:nowrap">off-grid</FONT> renewable
energy in rural and remote cell sites across Canada. This
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year, four additional solar projects were deployed in Alberta and Saskatchewan. Through electricity grid decarbonization, our VPPA, and renewable capital investments, 52.6% of our total
electricity use was generated from renewable sources in 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>SAFETY, WELL-BEING, AND LABOUR RELATIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Through navigating change, empowering safety leadership, elevating emergency readiness, and promoting well-being, we are helping our employees remain
safe, healthy, and resilient. We follow all applicable labour laws in Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Enhancing safety management </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">This year, we continued to enrich our safety management systems by standardizing hazard training curriculums, inspection procedures, job processes,
tools and equipment, and information systems, as well as enhancing our contracting safety program. Additionally, we successfully achieved the Canadian Federation of Construction Safety Associations Certificate of Recognition in Western Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Supporting well-being </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Guided by our five pillars of
well-being (mental, physical, social, work, and financial), we maintained a strategy focused on supporting leaders, employee-driven well-being initiatives, and accessibility. We provide employees and their families with access to an array of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> well-being programming, tools, and benefits, 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">mental health benefits, including the launch of an expanded employee family assistance benefit offer in partnership
with Homewood Health; </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">programs focused on physical health, including continued access to Maple Virtual Health,
<FONT STYLE="white-space:nowrap">in-person</FONT> gym services, and supporting increased awareness around corporate health service programs; </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">health care benefits, including increased mental health benefits and the development of an adoption and surrogacy
benefit; 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">financial benefits, including the opportunity to participate in our pension plan, employee share accumulation plan
(ESAP), registered retirement savings plan (RRSP), and <FONT STYLE="white-space:nowrap">tax-free</FONT> savings account (TFSA) programs with elements of employer matching for contributions made by employees. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>PROCUREMENT AND SUPPLIER MANAGEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our third-party Supplier
Code of Conduct outlines the ethical conduct, anti-bribery practices, labour standards, protection of human rights, and environmental, health, and safety management we expect from our suppliers. This includes ensuring they do not employ forced
labour or child labour, they comply with applicable wage laws, and they respect local workweek regulations. Additionally, we emphasize the importance of adhering to international human rights standards as reflected in documents such as the Universal
Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the UN Declaration on the Rights of Indigenous Peoples, and Canadian human rights laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We currently use the UN Guiding Principles on Business and Human Rights as a framework for managing and mitigating human rights risks in our supply
chain. In doing so, we identify geographies, materials, and potential suppliers at risk, and
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STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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implement strategies to leverage and remedy these risks. As part of ensuring compliance with our Supplier Code of Conduct and corporate principles, we conduct an annual EPP survey. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">After updating our Supplier Code of Conduct and EPP survey this year to address emerging concerns, including modern slavery and greenwashing, we now
require suppliers to report annually to us on their own compliance, as well as that of their supply chain. Our primary focus has been on reviewing supplier responses to the EPP survey, collaborating with key suppliers to identify and mitigate risks,
and enhancing our supply chain transparency and accountability by refining policies, procedures, contract language, service level agreements, and our internal &#147;Know Your Role When Working with Suppliers&#148; training for employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As part of our Third-Party Risk Management Program, we categorize our suppliers as strategic, preferred, or approved to identify critical suppliers. In
2024, we collaborated with suppliers in 41 different countries, with 73% of our suppliers headquartered in
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Canada and 23% based in the US, that maintain similar stringent ethical standards based on the UN Global Compact participant companies and country networks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are also committed to fostering diversity and inclusion within our supply chain. In 2024, we expanded the number of certified diverse suppliers we
work with and collaborated with our &#147;Tier 1&#148; suppliers and industry partners to develop and enhance their diversity programs. As a result, we increased the number of certified diverse suppliers we directly engage with to 426
(2023&#8201;&#150;&#8201;380), spending $226&nbsp;million on their products and services in 2024 (2023&#8201;&#150;&#8201;$206 million). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Through
these initiatives, we strive to identify and manage risks in our supply chain as part of our conscious leadership approach, ensuring that our practices align with our ethical principles and the protection of human rights.
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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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;42 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_24"></A>2024 Financial Results </B></FONT></P>
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 <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 2024 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
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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.
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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="mda934977_25"></A>SUMMARY OF CONSOLIDATED RESULTS </B></FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except margins and per share amounts)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:3pt ;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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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:3pt ;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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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:3pt ;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:1pt; 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="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">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; line-height:11.0pt; font-size:8.5pt; font-family:arial">Wireless</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>10,595</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">10,222</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:8.5pt; font-family:arial">Cable</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>7,876</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">7,005</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:8.5pt; font-family:arial">Media</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>2,484</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,335</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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" STYLE="padding-bottom:3pt ;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: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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(351</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(254</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">38</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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="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">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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>20,604</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">19,308</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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" STYLE="padding-bottom:3pt ;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:8.5pt; font-family:arial">Total service revenue <SUP
STYLE="font-size:75%; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>18,066</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">16,845</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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="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">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; line-height:11.0pt; font-size:8.5pt; font-family:arial">Wireless</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>5,312</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">4,986</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:8.5pt; font-family:arial">Cable</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>4,518</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">3,774</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:3.00em; text-indent:-1.00em; line-height:11.0pt; font-size:8.5pt; font-family:arial">Media</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>84</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">77</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">9</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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" STYLE="padding-bottom:3pt ;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: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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>(297</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(256</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">16</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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="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; line-height:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>9,617</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">8,581</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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" STYLE="padding-bottom:3pt ;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: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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>46.7%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">44.4%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2.3&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<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></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:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,734</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">849</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">104</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.25</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.62</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">Diluted earnings per share</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:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.20</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">1.62</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">98</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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"></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:11.0pt; font-size:8.5pt; font-family:arial">Adjusted 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>2,719</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,406</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">4.60</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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" STYLE="padding-bottom:3pt ;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:8.5pt; font-family:arial">Adjusted diluted earnings
per share<SUP STYLE="font-size:75%; 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5.04</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">4.59</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">10</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<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></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:11.0pt; font-size:8.5pt; font-family:arial">Capital expenditures</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>4,041</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">3,934</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; 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:11.0pt; 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:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5,680</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">5,221</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">9</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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" STYLE="padding-bottom:3pt ;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: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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3,045</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,414</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">26</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:75%; 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:75%; 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 diluted 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 diluted earnings per share. 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:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">43&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_26"></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, 2024, 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 11.9&nbsp;million wireless mobile phone 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 <FONT STYLE="white-space:nowrap">one-third</FONT> 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" WIDTH="4%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;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&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="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:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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>2024</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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:3pt ;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>
<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">Revenue</P></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>
<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">Service revenue</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"><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>8,041</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">7,764</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">4</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:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>2,487</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2,420</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:7pt; font-family:arial">Revenue from external customers</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"><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>10,528</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">10,184</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>
<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">3</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:3pt ;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">Service revenue from internal
customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>67</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">76</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>10,595</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">10,222</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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;</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;</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>2,489</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">2,396</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">4</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:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>2,794</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2,840</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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="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:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>5,283</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">5,236</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>5,312</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">4,986</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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: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:75%; line-height:8.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&ensp;&#8196;&#8202;65.5%</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">63.9%</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1.6&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:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>1,596</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">1,625</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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:75%; 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>WIRELESS SUBSCRIBER RESULTS <SUP STYLE="font-size:75%; 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="60%"></TD>

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

<TD VALIGN="bottom" WIDTH="8%"></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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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:2pt ;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 and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:7pt; font-family:arial">mobile phone ARPU)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&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: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;</TD>
<TD VALIGN="bottom" COLSPAN="2" 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:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</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:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11.0pt; 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 mobile phone
<SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">2,3,4</SUP></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: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;</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>1,914</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">2,007</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">(93</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;</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>380</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">674</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">(294</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&nbsp;postpaid&nbsp;mobile&nbsp;phone&nbsp;subscribers<SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">&nbsp;5</SUP></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"><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>10,768</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">10,498</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">270</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;</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>1.21%</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">1.11%</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>
<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">0.10&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 mobile phone
<SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">2,6</SUP></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: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;</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>534</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">867</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">(333</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 (losses)</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"><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>132</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">(50</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">182</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&nbsp;prepaid&nbsp;mobile&nbsp;phone&nbsp;subscribers<SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">&nbsp;5</SUP></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"><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>1,106</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">1,111</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">(5</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;</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>3.17%</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">6.12%</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(2.95&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:3pt ;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">Mobile phone ARPU (monthly)<SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top"> 7</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>57.98</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">57.86</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">0.12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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">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:75%; 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">Effective as of the noted dates, and on a prospective basis, we made the following adjustments to our mobile phone
subscriber bases as we stopped selling new plans for the services as of the noted dates. Effective January&nbsp;1, 2024, we adjusted our postpaid mobile phone subscriber base to remove 110,000 Cityfone subscribers and we adjusted our prepaid mobile
phone subscriber base to remove 56,000 Fido prepaid subscribers. Effective October&nbsp;1, 2024, we adjusted our prepaid mobile phone subscriber base to remove 81,000 Rogers prepaid subscribers. We believe these adjustment more meaningfully reflect
the underlying organic subscriber performance of our postpaid and prepaid mobile phone businesses. </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:75%; 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">On April&nbsp;3, 2023, we acquired approximately 501,000 postpaid mobile phone subscribers as a result of our
acquisition of Shaw, which are not included in net additions, but do appear in the ending total balances for December&nbsp;31, 2023. As at
</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:6.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:6.5pt">
December&nbsp;31, 2023, we had completed migrating these subscribers to the Rogers network; there were 18,000 deactivated subscribers that could not be migrated and were therefore removed from
our postpaid mobile phone subscriber base effective December&nbsp;31, 2023. </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:75%; 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">Effective April&nbsp;1, 2023, we adjusted our postpaid mobile phone subscriber base to remove 51,000 subscribers
relating to a wholesale account. </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:75%; 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">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:75%; 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">Effective December&nbsp;1, 2023, we adjusted our Wireless prepaid subscriber base to remove 94,000 subscribers as a
result of a change to our deactivation policy from 90 days to 30 days. </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:75%; vertical-align:top">7</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:6.5pt; font-family:arial; " ALIGN="justify">Mobile phone 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></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> <P STYLE="margin-top:12pt; 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">roaming and other usage-based 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 4% increase in service revenue this year was primarily a result of the cumulative impact of growth in our mobile phone subscriber base over the past
year, including our evolving mobile phone plans that increasingly bundle more services in the monthly service fee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The decrease in total gross and
net additions this year was a result of a less active market, slowing population growth as a result of changes to government immigration policies, and our focus on attracting subscribers to our premium 5G Rogers brand. </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 3% 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">an increase in new subscribers purchasing devices; 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 continued 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">lower device upgrades by existing customers. </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 4% increase in the cost of equipment this year was a result of the equipment revenue changes discussed above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 2% decrease in other operating expenses this year was primarily a result of lower costs associated with productivity and efficiency initiatives.
</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">The 7% 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;44 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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="mda934977_27"></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, 2024, 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 4.3&nbsp;million retail 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%">
<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 2.6&nbsp;million Video 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">a network passing approximately 10.2&nbsp;million homes across Canada.
</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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" ALIGN="center">


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<TD WIDTH="66%"></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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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:3pt ;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="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:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>2024</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:3pt ;BORDER-BOTTOM:1px solid #000000">2023</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:3pt ;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="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></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="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="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=" 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>7,750</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">6,921</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>51</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Revenue from external customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,801</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">6,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:1pt ;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">Service revenue from internal customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>75</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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></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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,876</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">7,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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></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">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="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=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:arial">Cost of equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>51</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">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:1pt ;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">Other operating expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,307</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,176</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;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="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,358</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,231</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>4,518</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,774</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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></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>57.4%</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">53.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.5&nbsp;pts</TD>
<TD NOWRAP VALIGN="bottom">&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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,939</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,865</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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="60%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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:3pt ;BORDER-BOTTOM:1px solid #000000">(In thousands, except ARPA and<BR>penetration)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Years ended December&nbsp;31</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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>2024</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" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; 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="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: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:75%; vertical-align:top">2,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,205</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">9,943</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262</TD>
<TD NOWRAP VALIGN="bottom">&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"></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;</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="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: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 (losses)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>47</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</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&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"></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:75%; vertical-align:top">2,3,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,683</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">4,636</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&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"></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">ARPA (monthly) <SUP STYLE="font-size:75%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>140.12</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">142.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">($</TD>
<TD VALIGN="bottom" ALIGN="right">2.46</TD>
<TD NOWRAP VALIGN="bottom">)&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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:1pt ;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">Penetration <SUP
STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>45.9%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">46.6%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(0.7&nbsp;pts</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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"></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">Retail Internet</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="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: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>111</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">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&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"></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 retail Internet subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,3,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,273</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">4,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&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"></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">Video</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="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: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>(134</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</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(149</TD>
<TD NOWRAP VALIGN="bottom">)&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"></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 Video subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,617</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">2,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(134</TD>
<TD NOWRAP VALIGN="bottom">)&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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">Home Monitoring</FONT></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="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: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 losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>44</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">(12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&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"></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 Home Monitoring subscribers <SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>133</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">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:7pt">Home Phone</FONT></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="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: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 losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(122</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">(116</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6</TD>
<TD NOWRAP VALIGN="bottom">)&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"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top" STYLE="padding-bottom:1pt ;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 Home Phone subscribers<SUP
STYLE="font-size:75%; vertical-align:top"> 2,3</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,507</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,629</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(122</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:75%; 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">Subscriber results 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:75%; 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">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:75%; 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">On April&nbsp;3, 2023, we acquired approximately 1,961,000 retail Internet subscribers, 1,203,000 Video subscribers,
890,000 Home Phone subscribers, 4,935,000 homes passed, and 2,191,000 customer relationships as a result of the Shaw Transaction. On November&nbsp;1, 2023, we acquired approximately 22,000 retail Internet subscribers, 8,000 Video subscribers, 19,000
Home Phone subscribers, 8,000 homes passed, and 30,000 customer relationships as a result of our acquisition of Comwave. None of these subscribers are included in net additions. </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:75%; 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">Effective October&nbsp;1, 2023, and on a prospective basis, we reduced our retail Internet subscriber base by 182,000
and our customer relationships by 173,000 to remove Fido Internet subscribers as we stopped selling new plans for this service as of that date. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber
performance of our retail Internet business. </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:75%; 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">ARPA 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></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 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, digital cable, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-home</FONT></FONT>
satellite 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="15">&nbsp;</TD>
<TD WIDTH="12" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">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="15">&nbsp;</TD>
<TD WIDTH="12" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">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="15">&nbsp;</TD>
<TD WIDTH="12" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">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="15">&nbsp;</TD>
<TD WIDTH="12" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial; " ALIGN="justify">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 12% 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 completion of the Shaw Transaction in April 2023, which contributed an incremental approximately $1&nbsp;billion in
the first quarter of 2024; 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">the impact of declines in our Video subscriber base this 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="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">ongoing competitive promotional intensity. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The lower ARPA this year was primarily a result of competitive promotional activity. </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
generated from the sale of television <FONT STYLE="white-space:nowrap">set-top</FONT> boxes, Internet modems and other equipment, and home monitoring equipment. </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 (including 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 4% increase in operating expenses this year was a result of a full year of results for the Shaw Transaction, which closed in April 2023, partially
offset by ongoing cost efficiency initiatives. </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">The 20% 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">45&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_28"></A>MEDIA </B></FONT></P>
<P STYLE="margin-top:12pt; 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>
<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">sports media and entertainment, such as Sportsnet (Canada&#146;s
<FONT STYLE="white-space:nowrap">number-one</FONT> sports media brand) 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%">
<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">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%">
<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">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:11pt; 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>
<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="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="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></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:3pt ;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: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="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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000"><B>2024</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:1pt ;BORDER-BOTTOM:1px solid #000000">2023</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:1pt ;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="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></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">Revenue from external customers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,215</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">2,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&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"></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 #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 from internal
customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>269</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">249</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></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">Revenue</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,484</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">2,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&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"></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 #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:3pt ;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:3pt ;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>2,400</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2,258</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">6</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></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="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">Adjusted EBITDA</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></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>84</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="top">Adjusted EBITDA margin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.4%</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">3.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1&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:1pt ;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:1pt ;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:1pt ;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>263</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">250</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;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:1pt ;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</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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 6% increase in revenue this year was primarily 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 sports-related revenue, including at the Toronto Blue Jays and from higher subscriber revenue; 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">lower Today&#146;s Shopping Choice revenue. </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 6% 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 Toronto Blue Jays expenses, including player payroll and game
<FONT STYLE="white-space:nowrap">day-related</FONT> costs; 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 programming and production costs; 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">lower Today&#146;s Shopping Choice cost of goods sold, in line with lower revenue. </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 9% 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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;46 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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="mda934977_29"></A>CAPITAL EXPENDITURES </B></FONT></P>
<P STYLE="margin-top:11pt; 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. 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">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" 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; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right"><B>2024</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:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">2023</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:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; 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="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></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>1,596</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">1,625</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">(2</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="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: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>1,939</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">1,865</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">4</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="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: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>263</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">250</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">5</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="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="padding-bottom:3pt ;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:3pt ;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:3pt ;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>243</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">194</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">25</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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="padding-bottom:3pt ;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:75%; 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:3pt ;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:3pt ;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>4,041</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">3,934</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <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" STYLE="padding-bottom:3pt ;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="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></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:8pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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<SUP
STYLE="font-size:75%; line-height:7.0pt ; vertical-align:top"> 2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>19.6%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">20.4%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:8pt; font-family:arial" ALIGN="right">(0.8&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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 and accrued government grants, but
does not include expenditures for spectrum licences, additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, or assets acquired through business combinations. </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:75%; 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">Capital intensity 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></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">One of our objectives is to build
the biggest and best networks in the country. As we continually work towards this, we once again spent more on our networks this year than we have in the past several years. We continue to expand the reach and capacity of our 5G network (the largest
5G network in Canada as at December&nbsp;31, 2024) across the country. We also continue to invest in fibre deployments, including
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fibre-to-the-home</FONT></FONT></FONT> (FTTH), in our cable network and we are expanding our network footprint to reach more homes and businesses,
including in rural, remote, and Indigenous communities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These investments will strengthen network resilience and stability and will help us bridge
the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.
</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>WIRELESS </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 Wireless this year was a result of capital efficiencies as we progressed with 5G network expansion. We remain committed to expanding and enhancing our wireless network through continued strategic investments in
network development and 5G deployment. We are actively deploying advanced spectrum assets, including the newly acquired 3800 MHz licences, alongside the ongoing rollout of 3500 MHz spectrum. These investments build on our existing 5G infrastructure
in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas. Additionally, we successfully completed Canada&#146;s first national live trial of 5G network slicing in 2024.
</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 increase in capital expenditures in Cable
this year reflects a full year of results for the Shaw Transaction. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our cable
network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0. This evolution will improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out <FONT
STYLE="white-space:nowrap">mid-split</FONT> technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing
upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap. </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 in Media this
year was a result of higher Toronto Blue Jays stadium infrastructure-related expenditures associated with the completion of the multi-year Rogers Centre modernization project. </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 corporate information technology infrastructure. </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 decreased this year as a result of the revenue and capital expenditure 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">47&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_30"></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">


<TR>

<TD WIDTH="64%"></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="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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>2024</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:3pt ;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">2023</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:3pt ;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="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>9,617</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">8,581</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">&#8201;&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">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></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: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;</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="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: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;</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>4,616</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">4,121</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">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></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:8.5pt">
<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:8.5pt; 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: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>406</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">685</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">(41</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="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: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;</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>2,295</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">2,047</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">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></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: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 (income) expense</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>(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">362</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">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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>572</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">517</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">11</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>1,734</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">849</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:8.5pt; font-family:arial" ALIGN="right">104</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; 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="63%"></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;</TD>
<TD VALIGN="bottom" COLSPAN="10" 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">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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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>2024</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:3pt ;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">2023</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:3pt ;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">% 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;</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>3,665</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;</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">3,331</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;</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">10</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">Depreciation of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> 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"><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>408</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;</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">371</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;</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">10</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="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>543</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">419</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">30</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>4,616</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">4,121</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">12</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 increased this year, primarily as a result of the property, plant and equipment, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, and customer relationship intangible assets acquired through the Shaw Transaction in April 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RESTRUCTURING, ACQUISITION AND OTHER </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="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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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>2024</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:3pt ;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">2023</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:3pt ;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">% 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">Restructuring, acquisition and other excluding Shaw Transaction-related costs</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"><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>276</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;</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">365</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;</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">(24</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="padding-bottom:3pt ;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">Shaw Transaction-related
costs</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>130</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">320</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">(59</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 restructuring,
acquisition and other</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>406</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">685</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">(41</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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">The restructuring, acquisition and other costs excluding the Shaw Transaction-related costs in 2023 and 2024 include
severance and other departure-related costs associated with the targeted restructuring of our employee base, including costs associated with voluntary departure programs. These costs also included costs related to real estate rationalization
programs, an impairment of our radio broadcast licences (in 2024), and transaction costs related to other completed and potential acquisitions and other corporate 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">The Shaw Transaction-related costs in 2023 and 2024 consisted of incremental costs supporting acquisition
(in 2023) and integration activities (in 2023 and 2024) related to the Shaw Transaction. This includes significant costs in the second quarter of 2023 relating to closing-related fees, the Shaw Transaction-related employee retention program, and the
cost of the tangible benefits package related to the broadcasting portion of the Shaw Transaction. </P> <P STYLE="margin-top:12pt; 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">


<TR>

<TD WIDTH="62%"></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></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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:3pt ;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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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:3pt ;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>2024</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:3pt ;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">2023</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:3pt ;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">Total interest on borrowings <SUP
STYLE="font-size:75%; 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>2,022</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">1,981</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</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:3pt ;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">Interest earned on restricted
cash and cash equivalents</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>&#150;</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">(149</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">(100</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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">Interest on borrowings, net</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>2,022</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">1,832</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">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: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>137</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">111</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">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">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>(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">(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">(62</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 (gain) 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>222</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">(111</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">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"> <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>(205</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">108</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">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"> <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>(36</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">(38</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">(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" STYLE="padding-bottom:3pt ;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">Deferred transaction costs
and other</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>160</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">158</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>2,295</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">2,047</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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 12% increase in finance costs this year was primarily 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 interest earned on restricted cash and cash equivalents in 2023, as we used these funds to partially fund the Shaw
Transaction on April&nbsp;3, 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">higher interest on lease liabilities; 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 interest expense associated with the long-term debt assumed through the Shaw Transaction; 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">the repayment at maturity of senior notes in March 2023, October 2023, November 2023, January 2024, and March 2024 at
different underlying interest rates; 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 interest expense associated with refinancing a significant portion of the borrowings under our term loan facility
with senior notes issued in September 2023 and February 2024. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; 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 $222&nbsp;million in net foreign exchange losses in 2024 (2023&#8201;&#150;&#8201;$111&nbsp;million in net gains). These losses were
primarily attributed to our $6&nbsp;billion term loan facility, our <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facility, and 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 $205&nbsp;million gain related to the change in fair value of derivatives
(2023&#8201;&#150;&#8201;$108&nbsp;million loss) 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;48 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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>OTHER (INCOME) EXPENSE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The decrease in other expense this year was primarily a result of a $422&nbsp;million loss related to the change in the value of one of our joint
venture&#146;s obligations to purchase at fair value the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest in one of its investments recorded in the prior year. </P>
<P STYLE="margin-top:12pt; 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></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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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:3pt ;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>2024</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:3pt ;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">2023</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>26.2%</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">26.2%</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:3pt ;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:3pt ;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:3pt ;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>2,306</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">1,366</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>604</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">358</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-(taxable)</FONT> deductible 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>(13</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">9</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">Revaluation of deferred tax balances due to corporate reorganization-driven change in
income tax rate</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">52</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 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">(16</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> loss on joint venture&#146;s <FONT
STYLE="white-space:nowrap">non-controlling</FONT> interest purchase obligation</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">111</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>(19</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">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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;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>572</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">517</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>24.8%</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">37.8%</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:3pt ;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:3pt ;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:3pt ;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>545</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">439</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 24.8% compared to 37.8% for 2023. In 2024, our effective income tax rate was
lower than the statutory income tax rate as a result of <FONT STYLE="white-space:nowrap">non-taxable</FONT> stock-based compensation and changes in prior year estimates. The effective income tax rate for 2023 was higher than the statutory income tax
rate as a result of the <FONT STYLE="white-space:nowrap">non-deductible</FONT> loss on one of our joint venture&#146;s obligation to purchase at fair value the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest and the revaluation of
deferred tax balances due to a corporate reorganization-driven change in income tax rate.
</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>NET INCOME </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Net
income was 104% higher 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="94%"></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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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:3pt ;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</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial">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:3pt ;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" STYLE="padding-bottom:3pt ;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:1pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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" STYLE="padding-bottom:3pt ;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:1pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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:3pt ;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:1pt; 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>1,734</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">849</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">104</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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.25</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">1.62</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">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" 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>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>3.20</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">1.62</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">98</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 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 13% higher compared to 2023, primarily as a result of higher adjusted EBITDA, partially offset by higher depreciation and amortization and higher finance costs, both associated with the Shaw Transaction. </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="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="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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:3pt ;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</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8.5pt; font-family:arial">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:3pt ;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" STYLE="padding-bottom:3pt ;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:1pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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:3pt ;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:1pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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:3pt ;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:1pt; 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>9,617</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">8,581</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">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></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;</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">Depreciation and amortization<SUP
STYLE="font-size:75%; 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>3,699</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">3,357</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">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">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>2,295</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">2,047</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">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></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 income<SUP STYLE="font-size:75%; 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>(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">(60</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">(90</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:3pt ;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:75%; 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:3pt ;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:3pt ;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>910</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">831</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">10</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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 <SUP
STYLE="font-size:75%; 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:3pt ;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:3pt ;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>2,719</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">2,406</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">13</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">4.60</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="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>5.04</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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">4.59</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">10</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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">Our calculation of adjusted net income excludes depreciation and amortization on the fair value increment recognized
on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets. For purposes of calculating adjusted net income, we believe the magnitude of this depreciation and amortization, which was significantly affected by the
size of the Shaw Transaction, may have no correlation to our current and ongoing operating results and affects comparability between certain periods. Depreciation and amortization excludes depreciation and amortization on Shaw Transaction-related
property, plant and equipment and intangible assets of $917&nbsp;million (2023&#8201;&#150;&#8201;$764 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets
based on Shaw&#146;s historical cost and depreciation policies. </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:75%; 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">Other income for the year ended December&nbsp;31, 2023 excludes a $422&nbsp;million loss related to one of our joint
venture&#146;s obligation to purchase at fair value the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest in one of its investments. </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:75%; 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">Income tax expense excludes a $338&nbsp;million recovery (2023&#8201;&#150;&#8201;$366&nbsp;million recovery) for the
year ended December&nbsp;31, 2024 related to the income tax impact for adjusted items and it also excludes a $52&nbsp;million expense for the year ended December&nbsp;31, 2023 due to a revaluation of deferred tax balances resulting from a change in
our income tax rate. </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, 2024, we had approximately 24,000 employees
(2023&#8201;&#150;&#8201;26,000) 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 2024 were $2,308&nbsp;million
(2023&#8201;&#150;&#8201;$2,453 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">49&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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>2023 FULL-YEAR RESULTS COMPARED TO 2022 </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="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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>2023</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:3pt ;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">2022</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:3pt ;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="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: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>10,222</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">9,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&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"></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>7,005</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">4,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&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"></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>2,335</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">2,277</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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>(254</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">(149</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">70</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>19,308</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">15,396</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">25</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:3pt ;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:3pt ;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:3pt ;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>16,845</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">13,305</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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="padding-bottom:3pt ;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="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: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>4,986</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">4,469</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">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></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: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>3,774</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">2,058</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">83</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="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: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>77</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">69</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">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></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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>(256</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;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">26</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>8,581</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">6,393</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">34</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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>44.4%</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">41.5%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">2.9&nbsp;pts</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>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;</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">1,680</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">(49</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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>2,406</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">1,915</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">26</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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: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 increased by 25% in 2023, driven by a revenue increase of 72% in Cable and an 11% increase in Wireless. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue increased
by 9% in 2023, primarily as a result of the cumulative impact of growth in our mobile phone subscriber base and revenue from Shaw Mobile subscribers acquired through the Shaw Transaction, and the impact of the July 2022 network outage-related
credits. Wireless equipment revenue increased by 17% primarily as a result of an increase in new subscribers purchasing devices and a continued shift in the product mix towards higher-value devices.
</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">Cable service revenue increased in 2023 primarily as a result of the Shaw Transaction and the impact of
the July 2022 network outage-related credits. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased by 3% in 2023 primarily as a result of higher sports-related revenue,
including at the Toronto Blue Jays. </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 increased 34% in 2023 and our adjusted EBITDA margin increased by 290 basis points as a result of synergies and other
efficiencies, including those recognized through the Shaw Transaction and the network outage-related credits issued to customers last year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased 12% in 2023, primarily due to the flow-through impact of higher revenue as discussed above. This gave rise to an
adjusted EBITDA service margin of 63.9%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA increased 83% in 2023 due to the flow-through impact of higher revenue as discussed
above and the achievement of cost synergies associated with integration activities. This gave rise to an adjusted EBITDA margin of 53.9%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media
adjusted EBITDA increased in 2023 primarily due to higher revenue as discussed above, partially offset by higher Toronto Blue Jays payroll and other operating costs. </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 decreased by
49% in 2023, primarily as a result of higher depreciation and amortization, higher finance costs, and higher restructuring, acquisition and other costs, primarily associated with the Shaw Transaction and integration-related activities. Adjusted net
income increased by 26%, primarily as a result of higher adjusted EBITDA. </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;50 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </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="font-size:36pt; 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="mda934977_31"></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 2024 and 2023. </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="4" COLSPAN="20" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD>
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<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="padding-bottom:3pt ;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>2024</B></P></TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="center">2023</P></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="4"></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="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;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:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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" ALIGN="right" STYLE="padding-bottom:3pt ;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>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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:3pt ;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></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">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>10,595</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">2,981</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">2,620</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">2,466</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">2,528</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">10,222</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">2,868</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">2,584</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">2,424</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">2,346</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>7,876</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">1,983</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">1,970</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">1,964</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">1,959</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>
<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">7,005</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">1,982</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">1,993</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">2,013</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">1,017</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>2,484</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">616</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">653</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">736</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">479</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">2,335</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">558</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">586</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">686</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">505</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>(351</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">(99</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">(114</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">(73</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">(65</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">(254</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">(73</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">(71</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">(77</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">(33</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>20,604</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">5,481</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">5,129</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">5,093</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">4,901</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">19,308</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">5,335</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">5,092</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">5,046</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">3,835</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>18,066</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">4,543</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">4,567</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">4,599</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">4,357</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">16,845</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">4,470</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">4,527</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">4,534</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">3,314</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="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="4"></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="4"></TD>
<TD HEIGHT="5" 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;</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>5,312</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">1,367</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">1,365</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">1,296</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">1,284</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">4,986</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">1,291</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">1,294</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">1,222</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">1,179</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>4,518</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">1,169</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">1,133</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">1,116</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">1,100</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">3,774</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">1,111</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">1,080</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>
<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></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>84</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">53</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">134</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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: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">(103</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">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">&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>
<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">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">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>
<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">(38</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>(297</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">(87</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">(87</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">(67</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">(256</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">(77</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">(70</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">(62</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">(47</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>9,617</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">2,533</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">2,545</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">2,325</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">2,214</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">8,581</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">2,329</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">2,411</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">2,190</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">1,651</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="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="4"></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="4"></TD>
<TD HEIGHT="5" 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;</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>4,616</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">1,174</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">1,157</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">1,136</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">1,149</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">4,121</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">1,172</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">1,160</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">1,158</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">631</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>406</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">83</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">91</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">90</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">142</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">685</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">86</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">213</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">331</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">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></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>2,295</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">571</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">568</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">576</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">580</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">2,047</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">568</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">600</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">583</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></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 (income) 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>(6</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">(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">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">(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: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">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: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">362</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">(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: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">426</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">(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: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">(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: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>2,306</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">716</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">727</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">528</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">335</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">1,366</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">522</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">12</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">136</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">696</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>572</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">158</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">201</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">134</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">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: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">517</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">194</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">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: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">185</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 (loss)</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>1,734</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">558</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">526</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="padding-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">256</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">849</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">328</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">(99</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">109</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">511</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 (loss) 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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.25</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.04</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">0.74</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.48</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.62</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.62</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">($</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.19</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.21</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</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></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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>3.20</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.02</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.98</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</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>
<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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.46</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.62</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.62</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">($</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.20</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.20</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.00</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 (loss)</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>1,734</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">558</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">526</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">394</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">256</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">849</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">328</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">(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">&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">109</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">511</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>406</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">83</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">91</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">90</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">142</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">685</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">86</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">213</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">331</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">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></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 on fair value increment of Shaw Transaction-related
assets</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>917</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">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">227</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>
<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">242</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">764</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">249</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">263</P></TD>
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<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">252</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>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">&#150;</P></TD>
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<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">Loss on joint venture&#146;s <FONT STYLE="white-space:nowrap">non-controlling</FONT>
interest purchase obligation</P></TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>&#150;</B></P></TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">&#150;</P></TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">&#150;</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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: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">422</P></TD>
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<TD VALIGN="bottom">&nbsp;</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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: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">422</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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: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">Income tax impact of above items</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>(338</B></P></TD>
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<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>
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<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>
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<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">(81</P></TD>
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<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">(100</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<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">(366</P></TD>
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<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>
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<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">(120</P></TD>
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<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">(148</P></TD>
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<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</P></TD>
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<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 adjustment, tax rate
change</P></TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</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 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" ALIGN="right">&#150;</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 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 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" ALIGN="right">&#150;</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 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 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" ALIGN="right">&#150;</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">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 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 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" ALIGN="right">&#150;</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 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 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" ALIGN="right">&#150;</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 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 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" ALIGN="right">&#150;</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>2,719</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">794</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">762</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">623</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">540</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">2,406</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">630</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">679</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">544</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">553</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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>5.09</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.48</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.43</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.17</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.02</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">4.60</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.28</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">1.10</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>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>5.04</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.46</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.42</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.16</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">0.99</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">4.59</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.19</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.27</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">$</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.02</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial">$</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></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">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>4,041</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">1,007</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">977</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">999</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">1,058</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">3,934</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">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">1,017</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">1,079</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">892</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>5,680</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">1,135</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">1,893</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">1,472</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">1,180</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">5,221</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">1,379</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">1,754</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">1,635</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" 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>3,045</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">878</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">915</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">666</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">586</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">2,414</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">823</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">745</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">476</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">370</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">51&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>FOURTH QUARTER 2024 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 2024 Results&#148; compares the fourth quarter of 2024 with the fourth quarter of 2023. </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 each
increased by 3% and 2% respectively in the fourth quarter, driven by revenue growth in our Wireless and Media businesses and by stabilized revenue in our Cable business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless service revenue increased by 2% in the fourth quarter, primarily as a result of the cumulative impact of growth in our mobile phone subscriber
base over the past year. Wireless equipment revenue increased by 9%, primarily as a result of an increase in new subscribers purchasing higher-value devices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable service revenue was stable in the fourth quarter, improving sequentially from the third quarter and from the prior year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media revenue increased by 10% in the fourth quarter primarily as a result of higher sports- and entertainment-related revenue. </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
increased 9% in the fourth quarter and our adjusted EBITDA margin increased by 250 basis points, primarily as a result of ongoing productivity and cost efficiencies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Wireless adjusted EBITDA increased by 6%, primarily due to the flow-through impact of higher revenue as discussed above in conjunction with ongoing cost
efficiencies. This gave rise to an adjusted EBITDA margin of 66%, up 250 basis points. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Cable adjusted EBITDA increased by 5%, due to ongoing cost
efficiencies. This gave rise to an adjusted EBITDA margin of 59%, up 290 basis points. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Media adjusted EBITDA increased by $49&nbsp;million in the
fourth quarter, primarily due to 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 increased by 70% and 26%, respectively, in the fourth quarter, primarily as a result of higher 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">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, gains or losses on asset sales, impairment of assets, and changes in income tax expense.
</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>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>
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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 growing number of wireless subscribers; </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">greater usage of wireless data; </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">a shift to consumers financing higher-value devices, along with ongoing disciplined promotional activity; 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">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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<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">fewer new subscribers purchasing devices and fewer device upgrades by existing 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">lower overage revenue as customers continue to adopt our unlimited data plans; 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">recent changes to government immigration policies resulting in fewer newcomers to Canada, which has put pressure on
gross and net subscriber additions. </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">Prepaid plans have evolved 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 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 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 in turn are 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>
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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">higher Internet subscription fees as customers increasingly upgrade to higher-tier speed plans; </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">customers adopting Rogers Xfinity TV; </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">general service pricing increases; 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">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, <FONT STYLE="white-space:nowrap">next-generation</FONT> services and data centre businesses; partially offset by
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;52 </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="font-size:36pt; 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">

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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">competitive losses of legacy Television, Phone, and Satellite subscribers; </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">Television subscribers downgrading their service plans; 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">lower additional usage of our products and services as service plans are increasingly bundling more features, such as 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>
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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">higher Internet operating margins, as a result of the shift from conventional Television to Internet services; 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">the shift to a self-install model for most of our Cable products; partially offset by </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">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 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>
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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">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">seasonal use of secondary residences (e.g. cottages) for satellite 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">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> <P STYLE="margin-top:12pt; 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>
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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">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></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">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 is expected to trend upward as a result of an increase in our capital expenditures and
general depreciable asset base, primarily related to the ongoing expansions of our wireless and cable networks. The increasing trend is a direct result of increasing capital expenditures as we upgraded our wireless network for 5G services and our
service footprint expansion and upgrades to our DOCSIS 3.1 platform to evolve to DOCSIS 4.0 for 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> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Finance costs are also trending upward as a result
of the significant debt we have incurred related to the Shaw Transaction. We expect finance costs to begin trending downward as we work toward deleveraging.
</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">53&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_32"></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:1pt; font-size:7pt; font-family:arial" ALIGN="justify">(In millions of dollars)</P></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2024</B></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2023</TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">$ Chg</TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">%&nbsp;Chg</TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:7pt">Explanation of significant changes</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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<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 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: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>898</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">800</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">98</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">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>5,478</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">4,996</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">482</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">10</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 higher financing receivables due to growth in our Wireless business and at Rogers Bank.</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>641</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">456</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">185</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">41</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 higher wireless handset inventories.</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>171</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">163</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">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">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">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>849</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">1,202</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">(353</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">(29</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 receipt of a balance from the Canada Revenue Agency and lower
<FONT STYLE="white-space:nowrap">non-operational</FONT> receivable balances following collection.</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 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>336</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">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="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">256</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">n/m</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 change in market values of certain debt derivatives and expenditure derivatives as a result of the depreciation of
the Cdn$ relative to the US$.</P></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 #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">Assets held for sale</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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>&#150;</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">137</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">(137</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">(100</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects the reclassification to property, plant and equipment of
certain real estate assets as a result of a deterioration in the relevant real estate markets.</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>8,373</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">7,834</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">539</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"> <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>25,072</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">24,332</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">740</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</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 capital expenditures incurred, 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>17,858</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">17,896</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 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 NOWRAP 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">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">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>615</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">598</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="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</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>997</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">571</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">426</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">75</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 change in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the
US$.</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>1,189</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">1,101</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">88</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="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects an increase in customers financing new devices as a result of growth in our Wireless business.</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>1,027</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">670</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">357</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="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects an increase in deferred commission cost assets and a remeasurement increase in our net pension assets.</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:9.5pt; font-size:7pt; font-family:arial">Goodwill</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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>16,280</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">16,280</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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">&#150;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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">&#150;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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></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="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">Total assets</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>71,411</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">69,282</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,129</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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">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>2,959</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">1,750</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">1,209</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">69</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 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>4,059</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">4,221</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">(162</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 an overall decrease in trade payables as a result of the timing of payments made.</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>26</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 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 NOWRAP 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="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 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 NOWRAP 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">Reflects an increase in taxes owed.</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>482</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">434</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">48</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">Primarily reflects a change in the fair value of short-term debt derivatives related to the borrowings under our term loan
facility.</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>800</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">773</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">27</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</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>3,696</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">1,100</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">2,596</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">n/m</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 reclassification to current of our US$1&nbsp;billion senior notes due March 2025, $1.25&nbsp;billion senior notes
due April 2025, and our $700&nbsp;million senior notes due December 2025, partially offset by the repayment at maturity of our $500&nbsp;million and $600&nbsp;million senior notes in January 2024 and March 2024, respectively</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:9.5pt; font-size:7pt; font-family:arial">Current portion of lease
liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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>587</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">504</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">83</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">16</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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 for new leases entered into.</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>12,609</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">8,782</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">3,827</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">44</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>61</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">54</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="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">13</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>38,200</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">39,755</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">(1,555</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 the partial repayment of our $6&nbsp;billion term loan facility and the reclassification of our US$1&nbsp;billion
senior notes due March 2025, $1.25&nbsp;billion senior notes due April 2025, and $700&nbsp;million senior notes due December 2025 to current, partially offset by the issuance of US$2.5&nbsp;billion of senior notes in February 2024.</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>2,191</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">2,089</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">102</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">Reflects liabilities for new leases entered into.</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>1,666</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">1,783</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">(117</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 change in market values of debt derivatives as a result of the depreciation of the Cdn$ relative to the
US$.</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: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="padding-bottom:5pt ;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="padding-bottom:5pt ;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>6,281</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">6,379</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">(98</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">(2</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9.5pt; font-size:7pt; font-family:arial">Reflects the reversal of certain temporary
differences.</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>61,008</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">58,842</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">2,166</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"></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:9.5pt; font-size:7pt; font-family:arial">Shareholders&#146;
equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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>10,403</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">10,440</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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="padding-bottom:5pt ;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">(37</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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 NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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">&#150;</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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></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="padding-bottom:3pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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>71,411</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">69,282</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">2,129</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;54 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_33"></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="mda934977_34"></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="83%"></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="5" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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="padding-bottom:3pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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="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">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>9,188</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">8,067</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>(876</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">(627</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>(545</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">(439</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:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Interest paid, net</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></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,087</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,780</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;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">Cash provided by operating activities</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"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right"><B>5,680</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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: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:4pt ;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:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right">5,221</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; 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></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">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>(4,041</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">(3,934</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>(72</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">(74</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>136</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</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>(475</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">(16,215</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:3.00em; text-indent:-1.00em; 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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(3</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;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">Cash used in investing activities</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"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right"><B>(4,455</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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: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:4pt ;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:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right">(20,200</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; 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></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">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>1,138</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">(1,439</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 (repayment) 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>(1,103</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">5,040</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 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>107</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">492</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>(47</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">(284</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>(478</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">(370</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">Dividends paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(739</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">(960</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:3.00em; text-indent:-1.00em; 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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(5</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;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">Cash provided by (used in) financing activities</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"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right"><B>(1,127</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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: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:4pt ;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:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right">2,479</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; 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></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">Change in cash and cash equivalents and
restricted cash and cash equivalents</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>98</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right">(12,500</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:8.5pt; 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></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">Cash and cash equivalents and restricted cash
and cash equivalents, beginning of year</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></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>800</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">13,300</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;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">Cash and cash equivalents, end of year</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"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right"><B>898</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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: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:4pt ;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:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial" ALIGN="right">800</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;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:8.5pt; font-family:arial">&nbsp;</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>OPERATING ACTIVITIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 9% increase in cash provided by operating activities this year was primarily a result of higher adjusted EBITDA, partially offset by higher
investment in net operating assets, mainly higher inventory and lower accounts payable and accrued liabilities, and higher interest 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 $4,041&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 3% higher than 2023. 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 $475&nbsp;million related to the acquisition of 3800 MHz spectrum licences. We recognized the spectrum licences as indefinite-life intangible assets. In 2023, we paid $16.2&nbsp;billion, net of cash acquired, related to business
acquisitions, primarily the Shaw Transaction (see &#147;Shaw Transaction&#148;).
</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 $95&nbsp;million (2023&#8201;&#150; received net amounts of $3,809 million) on our short-term borrowings,
long-term debt, and related derivatives, including 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 US dollar-denominated commercial paper (US CP) program, and our <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities. Below is a summary of our short-term
borrowings as at December&nbsp;31, 2024 and 2023. </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="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="5" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" STYLE="padding-bottom:2pt ;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:2pt ;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="padding-bottom:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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="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: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>2,000</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">1,600</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>452</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">150</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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,959</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,750</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</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">55&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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">The table below summarizes the activity relating to our short-term borrowings for the years ended
December&nbsp;31, 2024 and 2023. </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="60%"></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="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="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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Year&nbsp;ended&nbsp;December&nbsp;31, 2024</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:3pt ;BORDER-BOTTOM:1px solid #000000">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2023</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="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</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:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</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">Proceeds received from receivables securitization</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>800</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 NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</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="padding-bottom:3pt ;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 receivables
securitization</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(400</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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)
receivables securitization</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>400</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>2,009</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>1.373</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>2,759</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">1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,447</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="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,819</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.371</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,494</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,858</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.345</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,499</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>265</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(52</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 (Cdn$) <SUP
STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Proceeds received from <FONT
STYLE="white-space:nowrap">non-revolving</FONT> credit facilities (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,899</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.378</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,996</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.349</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,866</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 proceeds received from <FONT
STYLE="white-space:nowrap">non-revolving</FONT> credit facilities</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,996</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,241</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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">Repayment of <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities (Cdn$) <SUP
STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(758</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Repayment of
<FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,547</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.383</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(3,523</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.351</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,870</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 repayment of <FONT
STYLE="white-space:nowrap">non-revolving</FONT> credit facilities</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(3,523</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(3,628</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;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) <FONT
STYLE="white-space:nowrap">non-revolving</FONT> credit facilities</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>473</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(387</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1,138</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,439</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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">Borrowings under our <FONT STYLE="white-space:nowrap">non-revolving</FONT> facility mature and are reissued
regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. </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 participate in a receivables securitization program with a group of Canadian financial institutions
that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4&nbsp;billion. The terms of our receivables securitization program are committed until its expiry, which
we extended in June 2024 to an expiration date of June&nbsp;28, 2027. The buyers&#146; interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade
receivables have no claim on any of our other assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 2023, we repaid the outstanding $200&nbsp;million of borrowings under Shaw&#146;s
legacy accounts receivable securitization program, subsequent to which the program was terminated. This repayment is included in &#147;repayment of receivables securitization&#148; above. </P>
<P STYLE="margin-top:6pt; 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
</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">
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 November 2023, we entered into three <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facilities with an aggregate limit of
$2&nbsp;billion. In December 2023, we terminated two of these credit facilities and reduced the amount available from $2&nbsp;billion to $500&nbsp;million. Drawings on this facility were recognized as short-term borrowings on our Consolidated
Statements of Financial Position. Borrowings under this facility were unsecured, guaranteed by RCCI, and ranked equally in right of payment with all of our other credit facilities and senior notes and debentures. In March 2024, we borrowed
US$185&nbsp;million under this facility maturing in March 2025. In April 2024, we borrowed an additional US$184&nbsp;million under the facility, resulting in it being fully drawn.
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;56 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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, 2024 and 2023. </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="54%"></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="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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></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:3pt ;BORDER-TOP:1px solid #000000; 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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2024</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" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; 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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2023</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>
<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="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</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:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(US$)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Exchange<BR>rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Notional<BR>(Cdn$)</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 (Cdn$)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>64</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Credit facility borrowings (US$)</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;</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">220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">301</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="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(220</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.336</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(294</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>64</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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">Term loan facility net borrowings (US$) <SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>n/m</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,082</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Term loan facility net repayments
(US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(2,553</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.352</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(3,452</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,265</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.340</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,695</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 repayments under term loan
facility</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(3,434</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4,387</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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$)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Senior note issuances (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,500</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.347</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,367</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 senior note issuances</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>3,367</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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 repayments (Cdn$)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,100</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(500</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Senior note repayments (US$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>&#150;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,350</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.373</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(1,854</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 senior note repayments</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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,100</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(2,354</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,267</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">646</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(1,103</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&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=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">5,040</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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">Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net
outstanding borrowings equivalent to the then-current credit limit on the reissue dates. </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="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" 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; 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="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="font-size:2pt;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>&#8195;2024</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="font-size:2pt;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">2023</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="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">Long-term debt, beginning of
year</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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>40,855</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right">31,733</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:8.5pt; 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></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 (repayment) 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>(1,103</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">5,040</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">Long-term debt assumed through the Shaw Transaction</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;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,526</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">Increase in government grant liability related to Canada Infrastructure Bank facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(39</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></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="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">Loss (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>2,094</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">(549</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>(52</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">(31</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>
<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>141</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"> 136<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="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:3pt ;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; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:arial">Long-term debt, 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>41,896</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; 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;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">40,855</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; 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: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">In April 2024, we amended our revolving credit facility to extend the maturity date of the
$3&nbsp;billion tranche to April 2029, from January 2028, and the $1&nbsp;billion tranche to April 2027, from January&nbsp;2026. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 2023, we
drew the maximum $6&nbsp;billion on the term loan facility upon closing the Shaw Transaction (see note 3), consisting of $2&nbsp;billion from each of the three tranches. The three tranches mature on April&nbsp;3, 2026, 2027, and 2028, respectively.
During the year ended December&nbsp;31, 2023, we repaid $1.6&nbsp;billion of the tranche maturing on April&nbsp;3, 2027. In February 2024, we used the proceeds from the issuance of US$2.5&nbsp;billion of senior notes (see &#147;Issuance of senior
notes and related debt derivatives&#148; below) to repay an additional $3.4&nbsp;billion of the facility such that $1&nbsp;billion remains outstanding under the April 2026 tranche.
</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 April 2023, we also assumed $4.55&nbsp;billion principal amount of Shaw&#146;s senior notes upon
closing the Shaw Transaction, of which $500&nbsp;million was subsequently repaid at maturity in November 2023 and $500&nbsp;million was repaid at maturity in January 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have an $815&nbsp;million senior unsecured <FONT STYLE="white-space:nowrap">non-revolving</FONT> credit facility with a fixed 1% interest rate with
Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other
things, increase the limit from $665&nbsp;million. As at December&nbsp;31, 2024, we had drawn $64&nbsp;million on the credit facility and have recognized a government grant liability of $39&nbsp;million related to this loan reflecting the
below-market interest rate. </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">57&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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 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 notes we issued in 2024 and 2023. </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:8pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></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="4" COLSPAN="9" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="8" NOWRAP STYLE="padding-bottom:3pt ;">(In millions of dollars, except interest rates and discounts)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Discount/<BR>premium&nbsp;at<BR>issuance</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Total&nbsp;gross<BR>proceeds&nbsp;<SUP STYLE="font-size:75%; vertical-align:top">1</SUP><BR>(Cdn$)</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Transaction<BR>costs and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">discounts&nbsp;<SUP STYLE="font-size:75%; vertical-align:top">2<BR></SUP>(Cdn$)</P></TD>
<TD VALIGN="bottom" ROWSPAN="2" 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" NOWRAP STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">Interest&nbsp;rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
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<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>2024 issuances</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<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">February&nbsp;9, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US&#8199;1,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2029</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">99.714%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,684</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">February&nbsp;9, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US&#8199;1,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.300%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.119%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
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<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>2023 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">September&nbsp;21, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.650%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.853%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</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="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">September&nbsp;21, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.700%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.871%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,000</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="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">September&nbsp;21, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.800%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.932%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</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="padding-bottom:3pt ;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">September&nbsp;21, 2023</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2033</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">5.900%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">99.441%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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:75%; 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>
<P STYLE="font-size:8pt;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">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 and ranking ahead of our subordinated notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>2025 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In February 2025, we issued three tranches of subordinated notes, consisting 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">US$1.1&nbsp;billion due 2055 with an initial coupon of 7.00% for the first five years; </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">US$1&nbsp;billion due 2055 with an initial coupon of 7.125% for the first ten years; 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">$1&nbsp;billion due 2055 with an initial coupon of 5.625% for the first five years. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Concurrent with these US dollar-denominated issuances, we entered into debt derivative to convert all interest and principal payment obligations to
Canadian dollars. We received net proceeds of $4.0&nbsp;billion from the issuances. We intend to use the proceeds to repay maturing senior notes and to partially fund the MLSE Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The US$1.1&nbsp;billion and the Cdn$1&nbsp;billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment
date. The US$1&nbsp;billion notes can be redeemed at par on their <FONT STYLE="white-space:nowrap">ten-year</FONT> 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We understand that S&amp;P Global Ratings Services (S&amp;P), Moody&#146;s Investors Service (Moody&#146;s), Fitch Ratings (Fitch), and DBRS Morningstar
will only include 50% of the outstanding principal amount of these subordinated notes in their debt leverage ratio calculation at least until the earliest <FONT STYLE="white-space:nowrap">&#147;at-par&#148;</FONT> redemption date of each note.
</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>2024 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In
February 2024, we issued senior notes with an aggregate principal amount of US$2.5&nbsp;billion, consisting of US$1.25&nbsp;billion of 5.00% senior notes due 2029 and US$1.25&nbsp;billion of 5.30% senior notes due 2034. Concurrent with the issuance,
we also entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46&nbsp;billion ($3.32&nbsp;billion). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>2023 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In September 2023, we issued senior notes with an
aggregate principal amount of $3&nbsp;billion. As a result, we received net proceeds of $2.98&nbsp;billion which we used for the repayment of outstanding debt. </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"><I>2024
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2024, we repaid the entire outstanding principal of our $500&nbsp;million 4.35% and $600&nbsp;million 4.00% senior notes at maturity. There
were no derivatives associated with these senior notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>2023 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In 2023, we repaid the entire outstanding principal of our $500&nbsp;million 3.80% senior notes, which were assumed in the Shaw Transaction, at
maturity. There were no derivatives associated with these senior notes. In addition, we repaid the entire outstanding principal of our US$850&nbsp;million 4.10% senior notes and our US$500&nbsp;million 3.00% senior notes, including the associated
debt derivatives, at maturity. As a result, we repaid $2,188&nbsp;million, net of $522&nbsp;million received on settlement of the associated debt derivatives. </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 2024, 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 $739&nbsp;million in cash dividends and issued $325&nbsp;million in Class&nbsp;B
<FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares to settle the declared dividends. See &#147;Dividends and Share Information&#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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;58 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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"><I>Shelf prospectuses </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On July&nbsp;26, 2023 we filed a registration statement with the U.S. Securities and Exchange Commission that registers under the U.S Securities Act the
public offering of up to US$8&nbsp;billion of debt securities and preferred shares from time to time. We have issued US$2.5&nbsp;billion aggregate principal amount of senior debt securities and, as of February 2025, an additional US$2.1&nbsp;billion
aggregate principal amount of subordinated debt securities, under this shelf registration statement, which expires in August 2025. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On
March&nbsp;25, 2024, we filed a shelf prospectus that qualifies the public offering of debt securities and preferred shares in each of the provinces of Canada. This Canadian shelf prospectus expires in April 2026. We have not issued any securities
under this Canadian shelf prospectus to date. </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>FREE CASH FLOW </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:8pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></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="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" ROWSPAN="2" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:11pt; font-size:8pt; 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="10" NOWRAP ALIGN="right" STYLE="padding-bottom:3pt ;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="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="padding-bottom:3pt ;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:8pt; font-family:arial" ALIGN="right"><B>2024</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" NOWRAP STYLE="padding-bottom:3pt ;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:8pt; font-family:arial" ALIGN="right">2023</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 STYLE="padding-bottom:3pt ;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:8pt; 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: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>9,617</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">8,581</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">12</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:75%; 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>4,041</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">3,934</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;&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</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>1,986</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">1,794</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">11</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">Cash income taxes<SUP
STYLE="font-size:75%; 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="padding-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>545</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;&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">439</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;&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">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: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="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;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>3,045</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,414</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <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" STYLE="padding-bottom:3pt ;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:75%; 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 and accrued government grants, but
does not include expenditures for spectrum licences, additions to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, or assets acquired through business combinations. </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:75%; 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 26% increase in free cash flow this year was primarily a result of higher adjusted EBITDA, partially offset by higher interest on borrowings.
</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="mda934977_35"></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: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, 2024<BR>(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:75%; 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">898</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>898</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:75%; 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">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">455</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>3,535</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">500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</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"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</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">Outstanding letters of credit</P></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>
<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">3</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"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#150;</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" 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:75%; 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">2,400</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">2,000</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="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>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">7,801</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">2,500</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">13</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">455</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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>4,833</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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:75%; 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="47%"></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>

<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: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, 2023<BR>(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:75%; 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">800</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">&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">800</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:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">Bank credit facilities
<SUP STYLE="font-size:75%; 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">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,839</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"><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">500</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>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500</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">243</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">243</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:75%; 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">2,400</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">1,600</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">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></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>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">7,943</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">1,600</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">253</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">151</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">5,939</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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:75%; 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="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">Our $815&nbsp;million Canada Infrastructure Bank credit agreement is not included in available liquidity
as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes.
</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>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 4.61% as at December&nbsp;31, 2024 (2023 &#150; 4.85%) and a weighted average term to maturity of 9.8
years (2023 &#150; 10.4 years). These figures reflect the repayment of our subordinated notes on the five-year anniversary. </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">59&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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>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,
</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">
2024 and 2023, we were in compliance with all financial covenants and financial ratios in our debt agreements. Throughout 2024, these covenants did not impose restrictions of any material
consequence on our operations. </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: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, Fitch, and DBRS Morningstar 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,&nbsp;2024. </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:8pt" ALIGN="center">



<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial"><B>&#8196;&#8202;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:8pt; font-family:arial"><B>S&amp;P Global Ratings Services</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial"><B>Moody&#146;s</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial"><B>Fitch</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:8pt; font-family:arial"><B>DBRS Morningstar</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>
<TD HEIGHT="4" COLSPAN="2"></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:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8pt; font-family:arial">Corporate 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:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial">Baa3 (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial">BBB (low) (stable)</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>
<TD HEIGHT="4" COLSPAN="2"></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:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8pt; 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:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial">Baa3 (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">BBB-</FONT> (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial">BBB (low) (stable)</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>
<TD HEIGHT="4" COLSPAN="2"></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:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8pt; 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:8pt; font-family:arial">BB (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial">Ba2 (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial">BB (stable)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13.0pt; font-size:8pt; font-family:arial">N/A <SUP STYLE="font-size:75%; line-height:10.0pt ; vertical-align:top">1</SUP></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>
<TD HEIGHT="4" COLSPAN="2"></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:1.50em; text-indent:-1.00em; line-height:13.0pt; font-size:8pt; font-family:arial">US 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:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">A-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial"><FONT STYLE="white-space:nowrap">P-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial">N/A <SUP STYLE="font-size:75%; line-height:10.0pt ; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8pt; font-family:arial">N/A <SUP STYLE="font-size:75%; 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="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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 at December&nbsp;31, 2024, we have not sought a rating from Fitch or DBRS Morningstar for our short-term
obligations or from DBRS Morningstar for our subordinated debt. </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">In February 2024, S&amp;P improved their outlook for our corporate credit issuer default rating and our
senior unsecured debt rating to stable from negative. At the same time, S&amp;P also improved their outlook for our subordinated debt rating to stable from negative. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In connection with our February 2025 subordinated note issuance, we sought a rating from DBRS Morningstar on those subordinated notes, which were rated
BB (stable). DBRS Morningstar has not provided a rating for the subordinated notes we issued in 2021 or 2022. The subordinated notes issued in February 2025 were rated Ba1 by Moody&#146;s. Moody&#146;s credit ratings for our previously issued
subordinated notes did not change. </P> <P STYLE="margin-top:6pt; 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, Fitch,
and DBRS Morningstar) or Aaa (Moody&#146;s), representing the highest quality of securities rated, to D (S&amp;P and DBRS Morningstar), Substantial Risk (Fitch), and C (Moody&#146;s) for the lowest quality of securities rated. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Investment-grade credit ratings are generally considered to range
</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">
from <FONT STYLE="white-space:nowrap">BBB-</FONT> (S&amp;P and Fitch), BBB (DBRS Morningstar), or Baa3 (Moody&#146;s) to AAA (S&amp;P, Fitch, and DBRS Morningstar) 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) 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 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), 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,
Moody&#146;s, and DBRS Morningstar are investment-grade ratings. </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;60 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ADJUSTED NET DEBT AND DEBT LEVERAGE RATIOS </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, net of cash and cash equivalents or bank advances, and restricted 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="78%"></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: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="2" ALIGN="right" STYLE="padding-bottom:5pt ;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="padding-bottom:5pt ;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" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000">(In millions of dollars, except ratios)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"><B>2024</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:3pt ;BORDER-BOTTOM:1px solid #000000">2023</TD>
<TD VALIGN="bottom" STYLE=" 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></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">Current portion of long-term debt</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>3,696</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">1,100</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"> <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</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>38,200</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">39,755</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:3pt ;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">Deferred transaction costs
and discounts</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>951</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">1,040</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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"></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>42,847</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">41,895</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">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:8.5pt">
<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:8.5pt; font-family:arial">Adjustment of US dollar-denominated debt to hedged 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>(2,855</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">(808</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:11.0pt; font-size:8.5pt; font-family:arial">Subordinated notes adjustment <SUP
STYLE="font-size:75%; 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>(1,540</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">(1,496</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:11.0pt; 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>2,959</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">1,750</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">Deferred government grant 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>39</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">Current portion of 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>587</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">504</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">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>2,191</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">2,089</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:11.0pt; 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="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>(898</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">(800</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="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:8.5pt">
<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:8.5pt; font-family:arial">Adjusted net debt<SUP STYLE="font-size:75%; 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>43,330</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">43,134</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:3pt ;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: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="padding-bottom:3pt ;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:3pt ;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>9,617</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">8,581</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;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>4.5</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">5.0</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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: pro forma
trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA <SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>n/a</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">9,095</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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">Pro forma debt leverage
ratio</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>n/a</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">4.7</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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 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>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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 net debt is a capital management measure. Pro forma trailing
<FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure and is a component of pro forma debt leverage ratio. 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="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">Trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA as at December&nbsp;31, 2023
reflects the combined results of Rogers including Shaw for the period since the Shaw Transaction closed in April 2023 to December 2023 and standalone Rogers results prior to April 2023. To illustrate the results of a combined Rogers and Shaw as if
the Shaw Transaction had closed at the beginning of the trailing <FONT STYLE="white-space:nowrap">12-month</FONT> period, we have also disclosed a pro forma trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA and pro forma debt
leverage ratio. Pro forma trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA incorporates an amount representing the results of Shaw&#146;s adjusted EBITDA, adjusted to conform to Rogers&#146; accounting policies, for the
three months beginning January&nbsp;1, 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">These pro forma metrics are presented for illustrative purposes only and do not purport to reflect
what the combined company&#146;s actual operating results or financial condition would have been had the Shaw Transaction occurred on the date indicated, nor do they purport to project our future financial position or operating results and should
not be taken as representative of our future financial position or consolidated operating results. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As a result of the significant debt we issued to
finance the Shaw Transaction, and as planned when the Shaw Transaction was first announced, our debt leverage ratio increased. As at December&nbsp;31, 2024 our debt leverage ratio was 4.5 (2023 &#150; 5.0, or 4.7 on an as adjusted basis to include
trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA of a combined Rogers and Shaw as if the Shaw Transaction had closed on January&nbsp;1, 2023). In order to meet our stated objective of
</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">
returning our debt leverage ratio to approximately 3.5 within 36 months of closing the Shaw Transaction, we intend to manage our debt leverage ratio through combined operational synergies,
organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. </P> <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 $175&nbsp;million as at December&nbsp;31, 2024 (2023 &#150; net asset
position of $76&nbsp;million). During 2024, our net deferred pension asset increased by $99&nbsp;million primarily as a result of changes in certain financial assumptions underlying the value of the defined benefit obligation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We made a total of $5&nbsp;million (2023 &#150; $19 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 nil in 2025 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="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">61&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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"><I>Pension plans purchase of annuities </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In July 2024 and July 2023, our defined benefit pension plans purchased approximately $147&nbsp;million and $737&nbsp;million, respectively, of
annuities from insurance companies for substantially all the retired members in the plans at those times. The aggregate premiums for the annuities were funded by selling a corresponding amount of existing assets from the plans. 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">
purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchases required a
remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.
</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="mda934977_36"></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 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>
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<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:0.59em; line-height:14.0pt; font-size:8.5pt; font-family:arial"><B>Derivative</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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>
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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:0.59em; font-size:8.5pt; font-family:arial">Debt derivatives</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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:2pt; 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="padding-bottom:3pt ;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" ALIGN="justify">Forward 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" ALIGN="justify">Forward foreign exchange agreements</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</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:0.59em; font-size:8.5pt; font-family:arial">Expenditure derivatives</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Impact of fluctuations in foreign exchange rates on forecast US
dollar-denominated expenditures</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.59em; font-size:8.5pt; font-family:arial" ALIGN="justify">Forward foreign exchange agreements and foreign
exchange option agreements</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</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:0.59em; font-size:8.5pt; font-family:arial">Equity derivatives</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 share price of our Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares on stock-based compensation expense</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 #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.59em; font-size:8.5pt; font-family:arial" ALIGN="justify">Total return swap agreements</P></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:4pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.59em; font-size:8.5pt; font-family:arial">Virtual power purchase agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Impact of fluctuations in market rates for electricity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Virtual power purchase agreement</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 fixed and fluctuating interest rates and we have fixed the interest rate on 90.8% (2023 -
85.6%) of our debt, including short-term borrowings, as at December&nbsp;31, 2024. </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, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings. We typically designate the debt
derivatives related to our senior notes, debentures, subordinated notes, 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">Below is a summary of the debt derivatives we entered into related to senior notes during the twelve months ended
December&nbsp;31, 2024. We did not enter into any debt derivatives related to senior notes issued during 2023. </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:8.5pt; font-family:arial" ALIGN="center">US$</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="center">Hedging
effect</P></TD>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Effective date</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Principal/Notional</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">amount&nbsp;(US$)</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">&#8195;&#8195;Maturity&nbsp;date</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="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Coupon&nbsp;rate</P>
<P STYLE="font-size:1pt; 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:8.5pt; font-family:arial" ALIGN="right">Fixed&nbsp;hedged&nbsp;(Cdn$)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">interest rate <SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Equivalent&nbsp;(Cdn$)</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="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></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"><I>2024 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:8.5pt">
<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:8.5pt; font-family:arial">February&nbsp;9, 2024</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">1,250</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">2029</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">5.000%</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT: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">&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">4.735%</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">1,684</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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">February&nbsp;9, 2024</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">1,250</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">2034</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;&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">5.300%</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: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">5.107%</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;&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">1,683</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="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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:12pt; 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">In
October 2023, we repaid the entire outstanding principal amount of our US$850&nbsp;million 4.10% senior notes and the associated debt derivatives at maturity, resulting in $288&nbsp;million received on settlement of the associated debt derivatives.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In March 2023, we repaid the entire outstanding principal amount of our US$500&nbsp;million 3.00% senior notes and the associated debt derivatives
at maturity, resulting in $174&nbsp;million received on settlement of the associated debt derivatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In March 2023, we settled the derivatives
associated with our US$1&nbsp;billion senior notes due 2025, which were not designated as hedges for accounting purposes. We subsequently entered into new derivatives associated with our US$1&nbsp;billion senior notes due 2025; these derivatives are
designated as hedges for accounting purposes. We received net $60&nbsp;million relating to these transactions. </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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;62 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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">As at December&nbsp;31, 2024, we had US$17,250&nbsp;million of US dollar-denominated senior notes,
debentures, and subordinated notes, 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:8.5pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></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: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" 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 at&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-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:11pt; font-size:8.5pt; font-family:arial">(In millions of dollars, except exchange rates, percentages, and years)</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="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"><B>2024</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: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">2023</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: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; line-height:11pt; font-size:8.5pt; font-family:arial">US
dollar-denominated long-term debt <SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">1</SUP></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; line-height:11pt; font-size:8.5pt; font-family:arial"><B>US$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>17,250</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">US$</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; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">14,750</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; 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">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:8.5pt; font-family:arial"><B>US$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>17,250</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">US$</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">14,750</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">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: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>1.2721</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">1.2594</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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Percent hedged</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:11pt; 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:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>100.0%</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:11pt; 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:11pt; 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:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">100.0%</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:11pt; font-size:8.5pt; 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: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; line-height:11pt; font-size:8.5pt; font-family:arial">Amount of borrowings
at fixed rates <SUP STYLE="font-size:75%; line-height:8.0pt ; 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></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">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:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>42,963</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">42,813</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">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:8.5pt; font-family:arial"><B>$</B></P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>39,008</B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">$</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">36,677</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">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: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>90.8%</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;&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">85.7%</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"> <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">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: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>4.61%</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">4.85%</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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8.5pt; font-family:arial">Weighted average term to maturity</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 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:1pt; 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" ALIGN="right"><B>9.8 years</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:11pt; 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 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:1pt; 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" ALIGN="right">10.4 years</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:11pt; 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="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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:75%; 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">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 2024 and 2023. </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="58%"></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: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:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2024</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</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" 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:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2023</P> <P STYLE="font-size:1pt; 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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;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 exchange rates)</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:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(US$)</P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</P> <P STYLE="font-size:1pt;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;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(US$)</P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</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: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; line-height:12pt; font-size:8.5pt; 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: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">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: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>14,943</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"><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>1.366</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"><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>20,407</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: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">38,205</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">1.348</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">51,517</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:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; 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: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>17,136</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"><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>1.364</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"><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>23,368</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: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">34,964</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">1.348</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">47,126</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:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; font-family:arial">Net cash received (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: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>87</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:8.5pt; 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: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">(10</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="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: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"><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: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">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: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>2,008</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"><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>1.374</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"><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>2,758</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: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">1,803</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">1.357</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">2,447</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:3.00em; text-indent:-1.00em; line-height:12pt; font-size:8.5pt; 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: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>1,807</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"><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>1.371</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"><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>2,478</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: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">1,848</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">1.345</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">2,486</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="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; line-height:12pt; font-size:8.5pt; font-family:arial">Net cash received (paid) 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="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<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="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>13</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; 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; 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">&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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<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" 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; line-height:12pt; font-size:8.5pt; 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 2024 and 2023. </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="58%"></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: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:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2024</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</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" 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:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year ended December&nbsp;31, 2023</P> <P STYLE="font-size:1pt; 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="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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;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 exchange rates)</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:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(US$)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</P> <P STYLE="font-size:1pt;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;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">(US$)</P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</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="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>
<TD HEIGHT="5" COLSPAN="4"></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">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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>&#8195;271</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>1.369</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right"><B>&#8199;&#8201;371</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right">274</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right">1.336</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:8.5pt; 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:8.5pt; 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:8.5pt; font-family:arial" ALIGN="right">366</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:8.5pt; font-family:arial">&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" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4"></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: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">Debt derivatives settled</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>214</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>1.322</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>283</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;<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"> 142<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 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"> 1.310<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 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"> 186<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="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As at December&nbsp;31, 2024, we had US$416&nbsp;million notional amount of debt derivatives outstanding related to our
outstanding lease liabilities (2023 &#150; US$357 million) with terms to maturity ranging from January 2025 to December 2027 (2023 &#150; January 2024 to December 2026), at an average rate of $1.349/US$ (2023 &#150; $1.329/US$). </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">63&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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>
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<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;<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" 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:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2024</P>
<P STYLE="font-size:1pt; 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;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" 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:0pt; line-height:14pt; font-size:8.5pt; font-family:arial" ALIGN="right">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2023</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>
<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="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">(In millions of dollars, except exchange rates)</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:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(US$)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</P> <P STYLE="font-size:1pt; 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;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;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; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(US$)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Exchange<BR>rate</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Notional<BR>(Cdn$)</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="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>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top">Expenditure derivatives entered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,140</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>1.340</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>1,528</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">1,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.325</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,187</TD>
<TD NOWRAP VALIGN="bottom">&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>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="top">Expenditure derivatives acquired</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">212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282</TD>
<TD NOWRAP VALIGN="bottom">&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>
<TD HEIGHT="5" 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; font-size:8.5pt; font-family:arial">Expenditure derivatives settled</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>1,200</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;&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>1.325</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;&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>1,590</B> <P STYLE="font-size:2pt; 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: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"> 1,172<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"> 1.262<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"> 1,479<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>
</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, 2024, we had US$1,590&nbsp;million of expenditure derivatives outstanding (2023 &#150; US$1,650 million), at an average rate of
$1.336/US$ (2023 &#150; $1.325/US$), with terms to maturity ranging from January 2025 to December 2026 (2023 &#150; January 2024 to December 2025). </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 total return swap agreements (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, 2024, we had equity derivatives for 6.0&nbsp;million (2023&nbsp;&#150; 6.0 million) Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares with a weighted average price of $53.27 (2023 &#150; $54.02). 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>
</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">
Shares on the accrued value of the stock-based compensation liability for our stock-based compensation programs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In April 2024, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with
revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In June 2023, we entered into
0.5&nbsp;million equity derivatives with a weighted average price of $58.14 as a result of the issuance of additional performance restricted share units in 2023.
</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:9pt; font-family:arial"><B>CASH SETTLEMENTS ON DEBT DERIVATIVES AND FORWARD
CONTRACTS </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 net proceeds (payments) on settlement of debt derivatives and forward contracts during the years ended
December&nbsp;31, 2024 and 2023. </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="51%"></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="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></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="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,
2024</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,
2023</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" STYLE="padding-bottom:2pt ;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; font-size:8pt; font-family:arial" ALIGN="right">US$</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">settlements</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Cdn$</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">settlements</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="2" STYLE="padding-bottom:2pt ;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; font-size:8pt; font-family:arial" ALIGN="right">US$</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">settlements</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Cdn$</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">settlements</P></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" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4"></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:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Credit facilities</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: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>87</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT: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">&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: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="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>
<TD HEIGHT="5" 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; line-height:11pt; font-size:8.5pt; font-family:arial">US commercial paper program</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: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</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT: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">&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: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">(20</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="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>
<TD HEIGHT="5" 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; line-height:11pt; font-size:8.5pt; font-family:arial">Senior and subordinated notes</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"> <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" STYLE="BORDER-RIGHT: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">&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: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">522</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="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>
<TD HEIGHT="5" 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; line-height:11pt; font-size:8.5pt; font-family:arial">Lease liabilities</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</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: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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>7</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT: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">&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"> <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 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> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&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">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></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>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4" 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:8pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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 proceeds on settlement of
debt derivatives and forward contracts</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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>107</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-RIGHT:1px solid #000000; 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="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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">492</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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: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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;64 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <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><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<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="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="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" STYLE="padding-bottom:3pt ;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:1pt; font-size:8pt; font-family:arial" ALIGN="right">As at December&nbsp;31, 2024</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:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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" STYLE="padding-bottom:3pt ;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; 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$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</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" STYLE="padding-bottom:3pt ;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; 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="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; line-height:11pt; font-size:8pt; font-family:arial">Debt derivatives
accounted for as cash flow hedges:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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">As assets</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">11,116</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">1.2510</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">13,906</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"><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>1,194</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></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">As liabilities</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">6,550</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">1.3127</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">8,598</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"><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>(842</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></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 not accounted for as hedges:</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=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">As assets</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">1.4282</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">951</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"><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>7</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></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">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=" 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">696</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;</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">1.4421</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;</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">1,004</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;</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>(2</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></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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; 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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>357</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:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></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: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:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Expenditure derivatives
accounted for as cash flow hedges:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">As assets</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:11pt; font-size:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">1,590</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:11pt; font-size:8pt; 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:11pt; font-size:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">1.3362</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:11pt; font-size:8pt; 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:11pt; font-size:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">2,125</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:11pt; font-size:8pt; 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:11pt; font-size:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>132</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:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></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: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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> expenditure
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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>132</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:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></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: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></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">As 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:11pt; font-size:8pt; 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:8pt; 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:11pt; font-size:8pt; font-family:arial">&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=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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:8pt; 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: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"> <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">320</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;</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>(54</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></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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> equity
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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>(54</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:11pt; font-size:8pt; font-family:arial"><B>)&nbsp;</B></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: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">Virtual power purchase agreement not accounted for as hedges:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">As 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 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>
<P STYLE="font-size:1pt; 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:8pt; font-family:arial" ALIGN="right">&#150;</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:11pt; font-size:8pt; 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 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>
<P STYLE="font-size:1pt; 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:8pt; font-family:arial" ALIGN="right">&#150;</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:11pt; font-size:8pt; 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 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>
<P STYLE="font-size:1pt; 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:8pt; font-family:arial" ALIGN="right">&#150;</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:11pt; font-size:8pt; 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: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>(10</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></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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> virtual
power purchase agreement</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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> 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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right"><B>425</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:11pt; font-size:8pt; font-family:arial"><B>&nbsp;</B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:1pt">&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">

<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="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="page-break-inside:avoid ; font-family:arial; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" STYLE="padding-bottom:3pt ;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:1pt; font-size:8pt; font-family:arial" ALIGN="right">As at December&nbsp;31, 2023</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:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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" STYLE="padding-bottom:3pt ;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; 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$)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">Notional</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">(Cdn$)</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" STYLE="padding-bottom:3pt ;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; 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="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; line-height:11pt; font-size:8pt; font-family:arial">Debt derivatives
accounted for as cash flow hedges:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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">As assets</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">4,557</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">1.1583</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">5,278</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">599</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">As liabilities</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">10,550</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">1.3055</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">13,773</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">(1,069</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: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:8pt; font-family:arial">Debt derivatives not accounted for as hedges:</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=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; 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=" 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">3,354</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;</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">1.3526</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;</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">4,537</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;</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">(101</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="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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> debt
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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">(571</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:11pt; font-size:8pt; 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:11pt; font-size:8pt; font-family:arial">Expenditure derivatives accounted for as cash flow hedges:</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=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">As assets</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">600</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">1.3147</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">789</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">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="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">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=" 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">1,050</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;</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">1.3315</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;</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">1,398</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;</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">(19</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="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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; 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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">(15</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:11pt; font-size:8pt; 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: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></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&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:3.00em; text-indent:-1.00em; line-height:11pt; 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=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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:8pt; 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:11pt; font-size:8pt; font-family:arial">&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=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8pt; 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:8pt; 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: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"> <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">324</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;</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">48</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="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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> equity
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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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: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">48</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="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:0pt; margin-left:1.00em; text-indent:-1.00em; line-height:11pt; font-size:8pt; font-family:arial">Net <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT>
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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size: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:8pt; 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:11pt; font-size:8pt; font-family:arial" ALIGN="right">(538</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:11pt; font-size:8pt; 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="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="mda934977_37"></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&nbsp;Shares.</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="24%"></TD>

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

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

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

<TD VALIGN="bottom" WIDTH="4%"></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:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> &nbsp;&nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="8" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; 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">Dividends paid</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">(in millions of dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="padding-bottom:3pt ;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">Number&nbsp;of&nbsp;Class&nbsp;B</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right"><FONT
STYLE="white-space:nowrap">Non-Voting</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">Shares issued</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">(in thousands) <SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" ROWSPAN="2" 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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Declaration date</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Record date</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Payment date</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">Dividend&nbsp;per<BR>share&nbsp;(dollars)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">In&nbsp;cash</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="padding-bottom:3pt ;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; line-height:11pt; font-size:8.5pt; font-family:arial" ALIGN="right">In&nbsp;Class&nbsp;B<BR><FONT STYLE="white-space:nowrap">Non-Voting&nbsp;Shares</FONT></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:3pt ;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">Total</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="2"></TD>
<TD HEIGHT="2" COLSPAN="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>
<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="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">January&nbsp;31,&nbsp;2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">March&nbsp;11,&nbsp;2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">April&nbsp;3,&nbsp;2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">0.50</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">183</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">83</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">266</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,552</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:arial">&nbsp;</P></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="2"></TD>
<TD HEIGHT="2" COLSPAN="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: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;23, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">June&nbsp;10, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">July&nbsp;5, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">185</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">266</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">1,651</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="2"></TD>
<TD HEIGHT="2" COLSPAN="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: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;23, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">September&nbsp;9,&nbsp;2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">October&nbsp;3,&nbsp;2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">181</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">267</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">1,633</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="2"></TD>
<TD HEIGHT="2" COLSPAN="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: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;23,&nbsp;2024</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">December&nbsp;9,&nbsp;2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">January&nbsp;3,&nbsp;2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">185</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">269</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">1,943</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="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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: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">February&nbsp;1, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">March&nbsp;10, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">April&nbsp;3, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">252</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&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>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">&#150;</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="2"></TD>
<TD HEIGHT="2" COLSPAN="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: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;25, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">June&nbsp;9, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">July&nbsp;5, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">264</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">&#150;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">264</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">&#150;</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="2"></TD>
<TD HEIGHT="2" COLSPAN="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: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;25, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">September&nbsp;8, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">October&nbsp;3, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">0.50</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">265</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;" ALIGN="right">1,454</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">November&nbsp;8,&nbsp;2023</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"> December&nbsp;8, 2023<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"> January&nbsp;2, 2024<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"> 0.50<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"> 190<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"> 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"> &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"> 265<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"> 1,244<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>
</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:75%; 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">Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares are issued as partial settlement of our
quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP). </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">65&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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;29, 2025, 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;2, 2025, to shareholders of record on March&nbsp;10, 2025. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We currently expect that the remaining record and payment dates for the 2025 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">



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<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="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c">&#8199;Declaration date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c">Record date</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">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; line-height:11pt; font-size:8.5pt; font-family:arial">&#8199;April&nbsp;22, 2025</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">June&nbsp;9, 2025</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">July&nbsp;3, 2025</P></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; line-height:11pt; font-size:8.5pt; font-family:arial">&#8199;July&nbsp;22, 2025</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">September&nbsp;8, 2025</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">October&nbsp;3, 2025</P></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" STYLE="padding-bottom:3pt ;"> <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">&#8199;October&nbsp;22, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">December&nbsp;8, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:8.5pt; font-family:arial">January&nbsp;2, 2026</P></TD></TR>
</TABLE> <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">


<TR>

<TD WIDTH="55%"></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="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&nbsp;at&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" 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" 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:8.5pt; font-family:arial" ALIGN="right"><B>2024</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;&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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2023</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="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: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:75%; 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>111,152,011</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">111,152,011</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>424,949,191</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">418,868,891</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="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:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;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>536,101,202</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">530,020,902</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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>9,707,847</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">10,593,645</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="padding-bottom:3pt ;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="padding-bottom:3pt ;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:3pt ;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>6,135,190</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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">4,749,678</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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:75%; 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 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, 2025, 111,152,011 Class&nbsp;A Shares, 426,892,268 Class&nbsp;B <FONT
STYLE="white-space:nowrap">Non-Voting</FONT> Shares, and 9,592,909 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">On April&nbsp;3, 2023, we issued 23.6&nbsp;million Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares as partial consideration for
the Shaw Transaction. </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="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" 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;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:2pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="padding-bottom:3pt ;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-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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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>2024</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:3pt ;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">2023</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>534</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">523</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="padding-bottom:3pt ;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></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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>535</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="padding-bottom:3pt ;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="padding-bottom:3pt ;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">524</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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 prior years, 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;66 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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="mda934977_38"></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, 2024. See notes 4, 19, and 30 to our 2024 Audited Consolidated Financial Statements for more information. In addition to the below, our share of commitments relating to associates and joint
ventures is $432&nbsp;million. We also have a commitment to acquire Bell&#146;s indirect 37.5% ownership stake in MLSE for a purchase price of $4.7&nbsp;billion subject to certain adjustments (see &#147;MLSE Transaction&#148;). </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="54%"></TD>

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

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

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></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:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:3pt ;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" STYLE="padding-bottom:3pt ;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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">Less&nbsp;than<BR>1 Year</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="padding-bottom:3pt ;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="padding-bottom:3pt ;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" STYLE="padding-bottom:3pt ;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:1pt; font-size:8.5pt; font-family:arial" ALIGN="right">After<BR>5&nbsp;Years</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="padding-bottom:3pt ;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="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; 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="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; 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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,959</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; 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="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</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; 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="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</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; 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="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">&#150;</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; line-height:12pt; font-size:8.5pt; 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; line-height:12pt; font-size:8.5pt; 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; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">2,959</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; 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">Accounts payable and accrued 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">4,059</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">4,059</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:75%; 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">3,696</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">8,970</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">5,799</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">24,421</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">42,886</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">1,925</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">3,303</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">2,528</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">13,480</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">21,236</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">587</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">1,084</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">406</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">1,469</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">3,546</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:75%; 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">(191</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">(392</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">(115</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">(2,222</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 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">(2,920</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:75%; 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">(122</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 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">(164</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:75%; 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">190</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">206</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">109</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">505</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:75%; 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">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>
<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">781</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">494</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">924</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">2,834</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">220</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">194</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">96</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">101</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">611</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:75%; 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">856</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">921</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">586</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">1,082</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">3,445</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 financial 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=" 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</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">42</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">4</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">49</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="padding-bottom:1pt ;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; 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="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">14,815</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top: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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">15,027</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top: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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">9,945</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top: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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">39,259</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top: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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; line-height:12pt; font-size:8.5pt; font-family:arial" ALIGN="right">79,046</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top: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> <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:75%; 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:75%; 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 and February 2022 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:75%; 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 <FONT
STYLE="white-space:nowrap">year-end</FONT> exchange 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:75%; 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:75%; 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:75%; 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 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="mda934977_39"></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 29 to our 2024 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">67&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_40"></A>Governance at 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 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 RCI 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 (2023 &#150; 98%). Members of the Rogers family are substantial stakeholders and owned approximately 27% of our equity as at December&nbsp;31, 2024 (2023 &#150; 28%) through their ownership of a combined total
of 147&nbsp;million (2023 &#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 14 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>
<TABLE STYLE="BORDER-COLLAPSE: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">separating the CEO and Executive Chair roles; </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">appointing an independent lead director; </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">adopting formal corporate governance policies and charters; </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">adopting a code of business conduct and whistleblower hotline; </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">establishing director share ownership 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">conducting Board and committee in camera discussions; </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">performing annual reviews of Board and Committee performance; </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">conducting Audit and Risk Committee meetings with internal and external auditors; </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">creating an orientation program for new directors; </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">conducting regular Board and committee education sessions; </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">empowering committees to retain independent advisors; 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">establishing 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">The Board currently consists of 10 independent directors and 4 <FONT STYLE="white-space:nowrap">non-independent</FONT> directors. </P>
<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></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>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. The below outlines the
responsibilities of the eight committees: </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">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, including relating to cybersecurity. </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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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. Our CEO is responsible for sustainability and social impact from a management perspective and
is supported by the Chief Corporate Affairs Officer and an Environmental, Social and Governance (ESG) Operating Group composed of senior leaders from across the organization to drive accountability around advancing efforts. </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">Executive Committee <I>&#150;</I> approves the final terms of transactions previously approved by the Board and
monitors the implementation of policy initiatives adopted by the Board. </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">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>
<TABLE STYLE="BORDER-COLLAPSE: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">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">Further information regarding our corporate governance practices is available on our
Investor Relations website, 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">a complete statement of our corporate governance practices; </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 codes of conduct and ethics; </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">charters for each of the Board&#146;s standing committees; </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">director biographies; 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 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 foreign private issuer listed on the NYSE.
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;68 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g934977g58n09.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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">Executive Chair of the Board </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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">Lead Director </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="mda934977_41"></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 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 $572&nbsp;million in 2024 was slightly lower than the expense computed on our accounting income at the statutory rate of
26.2% as a result of <FONT STYLE="white-space:nowrap">non-taxable</FONT> stock-based compensation and changes in prior year estimates. Cash income tax payments totaled $545&nbsp;million in 2024. The primary reasons our cash income tax is lower than
our income tax expense are the timing of installment payments and the significant capital investment we continue to make in our wireless and cable networks throughout Canada. Similar to tax systems throughout the world, Canadian tax laws permit
investments in such productivity-enhancing assets to be deducted for tax purposes more quickly than they are depreciated for financial statement purposes.
</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>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, or mandated by, federal,
provincial, and municipal governments, 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">various taxes on the salaries and wages we pay (payroll taxes) to approximately 24,000 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">property and business taxes; </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">unrecoverable sales taxes and custom duties; 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">broadcast, spectrum, and other regulatory fees. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; 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 2024 was $1,592&nbsp;million. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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" 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">(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:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>2024</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">2023</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">Income taxes paid</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>545</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">439</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:1.00em; text-indent:-1.00em; line-height:13pt; font-size:8.5pt; font-family:arial">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></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">Unrecoverable sales taxes paid</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>11</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">11</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">Payroll taxes paid</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>179</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">187</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:75%; 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>786</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">723</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>71</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">72</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:75%; 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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right"><B>1,592</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; 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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:13pt; font-size:8.5pt; font-family:arial" ALIGN="right">1,432</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; 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="8" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; 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 $442&nbsp;million (2023 &#150; $418 million) relating to the $3.3&nbsp;billion,
$24&nbsp;million, $1.7&nbsp;billion, $3.3&nbsp;billion, and $475&nbsp;million we paid for the acquisition of spectrum licences in 2014, 2015, 2019, 2021, and 2024, respectively. </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:75%; 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 $2,594&nbsp;million in sales taxes on our products
and services and $872&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">69&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_42"></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, we will knowingly take certain risks 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 cyber security) 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>
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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 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>
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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 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>
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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 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%">
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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">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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<TD WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&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 incident management and planning to maintain customer service,
</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">
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="mda934977_43"></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>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
attacks that are growing in both frequency and complexity. Cybersecurity attacks are perpetrated by a variety of groups and persons, including cybercriminals and state-sponsored threat actors. Some of these perpetrators reside in jurisdictions where
law enforcement measures to address such attacks are ineffective or unavailable. Additionally, the introduction of 5G, cloud computing, increased digitization, and the use of emerging technologies such as generative artificial intelligence (gen AI)
have resulted in an increase in cybersecurity risks and more complex cybersecurity attacks. Rogers, along with our third-party providers, employs systems and network infrastructure that are subject to cyberattacks,
</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;70 </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="font-size:36pt; 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">
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 critical network infrastructure and supporting information systems (or those of our third-party providers) could result in service disruptions, litigation, loss of customers, incurring significant costs, or reputational
damage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We routinely work with third-party providers, including cloud service providers, whose products and services are used in our business
operations. These third-party providers have experienced cybersecurity attacks in the past and, based on industry trends, we expect will continue to experience cybersecurity attacks that attempt to obtain unauthorized access to our sensitive
information or create operational disruptions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We continue to experience social engineering attacks targeting our team members, customers, and
third-party providers. These attacks, often perpetrated by organized cybercriminal groups, involve persuading the targeted individuals to disclose sensitive information, plant malicious software, share their access credentials, or take other
fraudulent actions that are then used to steal data or carry out unauthorized changes to our customers&#146; accounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have an information and
cybersecurity program that includes established cyber governance practices designed to reinforce the importance of remaining a secure, vigilant, and resilient organization. Our ongoing success depends on protecting our sensitive data and key service
delivery systems, including personal information about our customers and personnel. We rely on security awareness training, policies, procedures, and IT systems to protect this information. Success also depends on our continuing to monitor through
risk management programs, leveraging external threat intelligence and significant partnerships, internal monitoring, reviewing industry practices, and implementing controls as appropriate to maintain ongoing cyber resilience. We have established
incident response plans and regularly conduct cybersecurity exercises to increase preparedness for cybersecurity breaches, intrusions, and attacks. </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 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, key service delivery systems, or our financial results. We continue to invest in our cybersecurity program and conduct regular assessments to test our resiliency. </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 the ways
in which organizations handle personal information are becoming increasing priorities for consumers. Ensuring appropriate governance over this data has become even more critical. As the move to digital transactions accelerated over the past several
years, companies continued 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 ensuring
appropriate safeguards and privacy protections are 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></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 customers expect us to responsibly collect, use, and disclose personal information, while keeping it
secure. Lawmakers and regulators recognize this consumer priority, resulting in expected changes to privacy laws and greater regulatory oversight, guidance, and expectations for businesses in how they treat the personal information under their
custody and control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our customer privacy policy transparently discloses how we handle personal information. It is reviewed regularly and updated
as laws or our handling of personal information changes. If there are changes to our privacy policy, we ensure our customers are notified in a timely manner. </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. Delays in the availability of the new technologies may adversely impact our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">go-to-market</FONT></FONT> plans for offering new products and services to our customers.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As new technologies become available, a substantial portion of our future revenue growth could come from new and advanced services, and we will
need to continue to invest significant capital resources to develop our networks and implement in an agile framework to meet customer and business demands. 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>
<P STYLE="margin-top:6pt; 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 WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<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>
<TABLE STYLE="BORDER-COLLAPSE: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">IP-based</FONT> voice, data, and video delivery 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">increased use of optical fibre technologies to businesses and residences; </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">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 WIDTH="11" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<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 and/or have greater access to financial
resources. 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 have a material adverse impact on our results of
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">71&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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 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 churn, produce accurate and timely subscriber invoices, generate revenue growth, and manage operating
expenses. This could have a material adverse impact on our business, results of operations, and financial condition. </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 or IT components fail, it could, in some circumstances, result in a loss of service for our customers for certain periods and 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 work to protect our networks and our services 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:8.5pt; font-family:arial"><B><I>Satellite </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We currently utilize two satellites (Anik
F3 and Anik G1) owned by Telesat to provide satellite TV services to customers. Anik F2, which we had previously used, was proactively removed from service for our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-home</FONT></FONT> customers on February&nbsp;29, 2024, following Telesat&#146;s public disclosure of anomalies with two of four station-keeping thrusters and the resulting
service interruptions. Any future anomalies with, or failure of any remaining satellite could negatively affect customer service and our relationships with our customers and may have a material adverse effect on our reputation, operations, and/or
financial results. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We do not maintain insurance coverage for the transponders on Anik F3 or Anik G1, including business interruption insurance,
that
</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">
would cover damage related to the loss of use of one or more of the transponders on the satellites. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The provision of Internet connectivity in rural areas by new entrants leveraging low Earth orbit satellite technology, or expanded broadband or wireless
infrastructure from legacy providers, could also result in declining subscriber trends among Satellite customers. </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. Canadian regulators continue to consider whether the regulatory framework governing wholesale wireline
and wireless access should be expanded. 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">Depending on
various factors, including economic conditions and responses from our competitors or current and potential customers, we may need to change our 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 increase content spending in new markets, such as sports media, resulting in increased competition for our Media and Cable segments. This may result in an increase in 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 have moved towards self-made, self-hosted exclusive content, and are aggressively competing for rights such that traditional broadcasters may not gain access to desirable programming. Overall increased competition for
content could 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. </P> <P STYLE="margin-top:6pt; 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 services. This could result in an increase in churn in our Cable 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 through OTT
content providers, has resulted in competition for </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
viewership and increased competition for Canadian cable television service providers. As a result, cord-cutting and cord-shaving has increased and continues to increase 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 regulations or the regulatory framework under which we operate </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 Innovation, Science and Economic Development Canada (ISED Canada) and/or the CRTC. Any
regulatory changes or decisions could adversely affect our consolidated results and financial condition. The ongoing proceedings with the most significant potential impact on our business are various matters related to the regulatory framework
governing wholesale wireline and wireless access (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 regulators could adversely impact our results. This regulation relates to, among other things, licensing and related fees, competition, the 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 issues such as
copyright, privacy, 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. These
licensing conditions, including the 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 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 the loss of a licence. </P>
<P STYLE="margin-top:12pt; 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="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;
</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 we cannot acquire and retain needed spectrum, whether due to unfavourable spectrum auction rules,
licence conditions, or other factors, 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 wireline network, we must have access to support structures and municipal rights
of way to install equipment on municipal poles and buildings, and on Indigenous land. Under the Telecommunications Act, the CRTC has jurisdiction over support structures owned by telecommunication carriers and municipal rights of way. The
CRTC&#146;s jurisdiction does not extend to electrical utility support structures, which are regulated by provincial utility authorities. </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">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, both in terms of service level and value for money. We handle tens of millions of customer interactions annually, ranging from potential new customers making <FONT STYLE="white-space:nowrap">in-store</FONT> and
online 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 or browsing the Internet on their wireless device, 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 any Rogers brand. If our services 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 and have a negative impact to our reputation or brand. This could also result in lost sales
opportunities or customers switching to a competitor for some or all of their services, either of which could have a material adverse impact on our business, results, and financial condition. </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">73&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Our business is complex and we seek to reduce that complexity through transformational initiatives and
simplification. As a result, we operate multiple platforms, billing systems, sales channels, rate plans, brands, and product offerings, all in the context of a large customer base and a workforce that continuously manages through attrition and
training. This operational complexity, including the impact of any potential workforce reduction on our response times with customers, may lead to customer confusion or billing, service, or other errors, any of which could adversely impact customer
satisfaction, acquisition, and retention. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We operate in multiple lines of business across the country and our products and services impact the
lives of millions of Canadians every day. As a result, attention drawn to us in the media for various reasons, including but not limited to customer billing issues, rate increases, service issues, or other customer complaints, could erode our brand
reputation and have an adverse impact on customer acquisition and retention, which in turn could impact our business, results, and financial condition. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The advent and growing popularity of <FONT STYLE="white-space:nowrap">AI-based</FONT> technology solutions provides an opportunity for us to provide a
better, cost-effective, and more convenient customer and contact centre agent experience. To the extent we implement these solutions, we must carefully assess and monitor their use for possible challenges that could impact the customer experience or
our business. Such risks include customer acceptance (for example, customers could be resistant to interacting with AI), inaccurate responses (which could frustrate customers and damage our reputation), and lack of empathy (risk in handling
sensitive or complex issues). </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, and network and IT
functions. If interruptions in these services or at these suppliers occur, including global supply chain issues, it could adversely affect our ability to provide service to our customers, which could have an adverse effect on our revenue and
profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MLSE TRANSACTION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Failure to complete the MLSE
Transaction </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The MLSE Transaction is subject to sports league and regulatory approvals. The required sports league approvals are from the
leagues in which MLSE teams are members or participate, including the National Hockey League, the National Basketball Association, Major League Soccer, and the Canadian Football League. Completion of the MLSE Transaction is also subject to other
customary closing conditions and, in certain circumstances, Bell or Rogers will have the right to terminate the share purchase agreement for the MLSE Transaction, in which case the MLSE Transaction would not be completed. Some of those closing
conditions and termination rights are outside the control of Rogers and Bell. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><I>Financing-related risks </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We currently expect to finance a portion of the purchase price for the MLSE Transaction with funding from private investors. However,
</P></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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due to general economic and market conditions, or other internal and external considerations or requirements, we may instead fund all or a portion of the purchase price through alternate sources,
which may include debt or equity of RCI, if necessary. In the event this funding increases our debt leverage ratio, that increased debt leverage ratio could result in a downgrade in our credit ratings, decrease our flexibility in responding to
changing business and economic conditions, reduce our funds available for other business purposes, or make it more difficult to obtain additional financing or refinance existing financing. A downgrade in our credit ratings could also adversely
affect our share price. Investors in RCI Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares may experience dilution in earnings per share if we issue new equity securities. </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 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 principal amounts, which
reduces funds available for other business purposes, including other financial operations, or to pay dividends; </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">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>
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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">limiting our flexibility in planning for, and reacting to, changes in our business and industry; </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">putting us at a competitive disadvantage compared to competitors who may have more financial resources or less
financial leverage; 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">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. In connection with the Shaw Transaction, each of S&amp;P, Moody&#146;s, Fitch, and DBRS Morningstar downgraded our corporate credit issuer default rating and our senior unsecured debt ratings by two notches.
If rating agencies lower the credit ratings on our debt further, 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 reduce the availability and/or increase the cost of capital. </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;74 </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"><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, inflation, tariffs on trade between Canada
and its trading partners, declines in economic activity, and financial and capital market volatility (in each case, whether actual, threatened, perceived, or expected), and other economic uncertainty can (i)&nbsp;erode consumer and business
confidence and reduce discretionary spending or (ii)&nbsp;result in increased costs for us to acquire goods and services required in our business. Any of these factors can negatively affect us through 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> <P STYLE="margin-top:6pt; 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
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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 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, (iv)&nbsp;theft of mobile phones, and (v)&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 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 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 and subscriptions to digital programming with our encryption technology, including premium or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">video-on-demand,</FONT></FONT> our Cable revenue could
decline. </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 business, results of operations, financial condition, 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 and demand trends and it is possible 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></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">75&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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"><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 that 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, or a lack, 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 stakeholder interest and management expectations. Many aspects of our operations are subject to evolving and increasingly stringent federal, provincial, and local environmental, health, and safety laws and regulations.
Such laws and regulations impose requirements on 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, loss of stakeholder
confidence, or damage to our reputation or brand. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt"><FONT STYLE="font-size:13pt">&nbsp;
</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"><B><I>Pandemics, epidemics, and other public health emergencies </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Pandemics, epidemics, and public health emergencies could occur, which could adversely affect our ability to maintain operational networks and provide
products and services to our customers, as well as the ability of our suppliers to provide us with products and services we need to operate our business. Any such pandemics, epidemics, and other public health emergencies could also have an adverse
effect on the economy and financial markets resulting in a declining level of retail and commercial activity, which could have a negative impact on the demand for, and prices of, our products and services. </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 RCI 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, some 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, 2024, private Rogers family holding
companies controlled by the Trust owned approximately 98% of our outstanding Class&nbsp;A Shares (2023 &#150; 98%) and approximately 9% of our Class&nbsp;B <FONT STYLE="white-space:nowrap">Non-Voting</FONT> Shares (2023 &#150; 9%), or in total
approximately 27% of the total shares outstanding (2023 &#150; 28%). 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>July 2022 network outage </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">As a result of the
network outage that occurred on July&nbsp;8, 2022, a total of four applications were filed in the Quebec Superior Court seeking authorization to commence a class action against Rogers in relation to this network outage. One of the applications was
subsequently withdrawn. Two additional applications have since been suspended. The remaining application seeks to institute a class action on behalf of all persons who, among other things, experienced a wireless or wireline service interruption as a
result of, or were otherwise impacted by, the outage. The application claims various damages, including, among others, contractual damages, damages for lost profits, and punitive damages. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">At this time, we are unable to assess the likelihood of success of the active application or the suspended applications, or predict the magnitude of any
liability we might incur by virtue of the claims underlying those applications or any corresponding or similar claims that may be brought against us in the future. As such, we have not recognized a liability for this contingency. If successful, one
of those claims could have a material adverse effect on our business, financial results, or financial condition. It is also possible that similar or corresponding claims could be filed in other jurisdictions. </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 </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;76 </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="font-size:36pt; 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">
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>Outcomes of proceedings </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In addition to the legal proceedings described above, we are involved in various other disputes, governmental and/or regulatory inspections,
investigations and proceedings, and other litigation matters. Such legal proceedings can be complex, costly, and highly disruptive to our business operations by diverting the attention and energy of management and other key personnel. It is not
possible for us to predict the outcome of such legal proceedings due to the various factors and uncertainties involved in the legal process. Potential outcomes include judgment, awards, settlements, or orders that could have a material adverse
effect on our business, reputation, financial condition and results. Legal proceedings could impose restraints on our current or future manner of doing business. The amounts ultimately paid or received upon settlement or pursuant to a final
judgment, order, or decree may differ materially from amounts accrued in our financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Based on information currently known to us, we
believe it is not probable that the ultimate resolution of any of the current legal proceedings to which we are subject, individually or in total, will have a material adverse impact 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
</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 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:11pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_44"></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, 2024, 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:11pt; 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 control over financial reporting. </P>
<P STYLE="margin-top:6pt; 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, 2024, 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, 2024. This report is included in our 2024 Audited Consolidated Financial Statements filed on SEDAR+ (sedarplus.ca). </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">In October 2023, we implemented a new enterprise resource planning system that initially included accounting functions. In 2024, we expanded the system
to include certain supply chain functions, with additional supply chain functions to be implemented in 2025. In connection with the implementation, we updated our internal control over financial reporting, as necessary, to accommodate related
changes to our business processes and accounting procedures. We will continue to monitor the effectiveness of these processes going forward.
</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">77&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_45"></A>Regulation in our Industry </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">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 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">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 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">wireless spectrum and broadcasting licensing; </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">carriage and distribution of television programming 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">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 wireline and wireless 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">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; </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">consumer protection; and </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">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. See &#147;Regulatory Risk&#148; within &#147;Risk Management&#148; for
more information. Our business can also be impacted by regulations that are not specific to the telecommunications industry, such as immigration policies. </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 issues such as copyright, privacy, 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 broadcasting 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, among 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">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 terrestrial and satellite BDUs, satellite relay distribution
undertakings (SRDU), radio stations, programming undertakings (conventional television stations, discretionary services, and <FONT STYLE="white-space:nowrap">on-demand</FONT> services), and online streaming services are 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 WIDTH="1" VALIGN="top">&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&#146; mobile voice and data operations; 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">Cable&#146;s Internet and telephone services.
</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">Our cable and telecommunications retail services are not currently subject to retail price regulation,
other than the CRTC&#146;s requirement for BDUs to offer a $25/month entry-level basic television service. 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">Under the Radiocommunication Act and the
Telecommunications Act, ISED Canada licences and oversees: </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 technical aspects of the operation of radio and television stations; </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 frequency-related operations of cable television networks; 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">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>CRTC CODES OF CONDUCT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are subject to the CRTC&#146;s
codes of conduct: the Wireless Code, the Television Service Provider Code, and the Internet Code. These codes govern the terms and conditions of service in contracts between Rogers and our customers in connection with contract disclosures, early
cancellation fees, changes to contracts, cancellation and renewal rights of customers, and the disclosure of related costs, among other matters. See &#147;CRTC Wireless Code&#148; and &#147;CRTC Internet Code&#148; for more information. The CRTC is
currently holding public consultations to enhance protections under the existing Codes. See &#147;Government of Canada Budget 2024&#148; for more information. In addition, each province has consumer protection laws that are applicable to our
provision of services. Rogers is also subject to the CRTC&#146;s Wholesale Code, which governs certain aspects of the commercial arrangements between BDUs and programming services. </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
licensed 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. </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> <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">Under the Telecommunications Act, telecommunications companies with less
than 10% of the total Canadian </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;78 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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telecommunications market measured by revenue are exempt 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 UNIVERSAL SERVICE OBJECTIVE
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC has 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 has
shifted the focus of its regulatory frameworks from wireline voice services to broadband Internet access services. 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 underserved 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 CRTC&#146;s Broadband Fund</I>, released on September&nbsp;27, 2018 and later modified in Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2024-328,</FONT>
<I>Broadband Fund policy review &#150; New policy for funding capital projects</I>. Two calls for applications occurred in 2019, with a third call occurring in 2022. 2020 marked 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 increased by $25&nbsp;million annually to $150&nbsp;million in 2022. Since 2022, the industry&#146;s annual contribution has remained capped at $150&nbsp;million. This contribution
amount will remain unchanged until the CRTC concludes its ongoing review of the Broadband Fund, at which point it may set a revised annual funding cap. </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 areas and to provide a national video relay service (VRS). In 2016, pursuant to Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2016-496,</FONT> the CRTC updated the basic services definition to include voice and
data services and set in motion the evolution of the subsidy program to transition from voice-centric subsidies to subsidies to support investment in broadband access networks through the establishment of 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">
CRTC Broadband Fund. As planned in Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2018-213,</FONT> the voice subsidy was eliminated in 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC collected $176&nbsp;million of contributions in 2020, $180&nbsp;million in 2021, $194&nbsp;million in 2022, and $198&nbsp;million in 2023. On
November&nbsp;12, 2024, the CRTC set a final 2024 revenue-percentage charge of 0.46% and set the interim 2025 rate at 0.46%. The percent of revenue levy is applied to voice and data revenues with limited exceptions. The interim 2025 rate is subject
to finalization in late 2025. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On March&nbsp;23, 2023, the CRTC initiated a review of the Broadband Fund. The CRTC is considering increasing the
scope of the Broadband Fund to include additional project streams and costs. In December 2024, the CRTC released its first of multiple decisions in its review of the Broadband Fund. This decision streamlined the project application process, reduced
barriers for First Nations applicants, and increased community engagement requirements, among other changes. The CRTC will release additional decisions that will affect the Broadband Fund in 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CANADA&#146;S ANTI-SPAM LEGISLATION (CASL) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">CASL,
administered primarily by the CRTC, sets out a comprehensive regulatory regime regarding online commerce, including requirements to obtain consent prior to sending commercial electronic messages and installing computer programs and software.
Non-compliance may result in fines of up to $10&nbsp;million per violation. We maintain internal practices and policies to ensure full compliance with CASL. </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">The Personal
Information Protection and Electronic Documents Act (PIPEDA), requires federally regulated private sector organizations to notify the Privacy Commissioner of Canada and impacted individuals of a privacy breach where it is reasonable to believe the
breach creates a real risk of significant harm to the individual. Businesses must also keep records of breaches and provide these records to the Privacy Commissioner upon request. <FONT STYLE="white-space:nowrap">Non-compliance</FONT> may result in
fines up to $100,000 per violation. We fully comply with these obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>AMENDMENTS TO THE BROADCASTING ACT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On April&nbsp;27, 2023, Bill <FONT STYLE="white-space:nowrap">C-11,</FONT> the Online Streaming Act, which amends the Broadcasting Act, received royal
assent and is now law. On November&nbsp;9, 2023, the Governor in Council&#146;s Policy Direction came into force, directing the CRTC, in its implementation of Bill <FONT STYLE="white-space:nowrap">C-11</FONT> to, among other things (i)&nbsp;support
Canadian artists and creative industries; (ii)&nbsp;advance Indigenous storytelling; (iii)&nbsp;increase representation of equity-seeking groups; (iv)&nbsp;ensure regulations are equitable, fair, and flexible; (v)&nbsp;redefine Canadian programs;
and (vi)&nbsp;exclude the content of social media and digital creators, including podcasts, from regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In May 2023, the CRTC launched its
multi-year process to modernize Canada&#146;s broadcasting framework. In June 2024, the Commission introduced a new financial contribution requirement to support the production of Canadian and Indigenous content. The new financial contribution
requirement came into effect in September 2024 and applies to online streaming services that are not affiliated with Canadian licensed broadcasting undertakings. In 2025, the CRTC will continue to review and reform the
</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">79&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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broadcasting regulatory framework, which could result in the introduction of new regulatory requirements that impose direct or indirect financial obligations on Rogers&#146; traditional and/or
online broadcasting undertakings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MATTERS ASSOCIATED WITH NETWORK OUTAGE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On July&nbsp;11, 2022, in response to the network outage that occurred on July&nbsp;8, 2022, the Minister for Innovation, Science and Industry announced
he had directed the major telecommunications companies in Canada to improve the resilience and reliability of their networks by ensuring formal arrangements are in place within 60 days that will address (i)&nbsp;emergency roaming, (ii)&nbsp;mutual
assistance during outages, and (iii)&nbsp;a communication protocol to better inform the public and authorities during telecommunications emergencies. On September&nbsp;7, 2022, we announced that a formal memorandum of understanding had been signed
among Canada&#146;s major telecommunications carriers regarding reciprocal support for emergency roaming, mutual assistance, and communications protocols in the event of a future network outage. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The House of Commons Standing Committee on Industry and Technology held meetings to study the network outage in July 2022, during which representatives
from Rogers, among others, appeared. On July&nbsp;12, 2022, the CRTC issued a request for information asking us to respond to detailed questions and provide a comprehensive explanation regarding the network outage. The CRTC requested a detailed
account as to why and how this network outage happened, as well as what measures we will put in place to prevent future outages. On July&nbsp;22, 2022, we provided responses to the CRTC&#146;s questions. On August&nbsp;22, 2022, Rogers filed
responses to a subsequent request for information. The CRTC engaged an external party (Xona Partners Inc.) to prepare a report and Rogers participated in this process. On July&nbsp;4, 2024, the CRTC published the executive summary of the report
completed by Xona and noted in a public letter Rogers&#146; implementation of all of Xona&#146;s recommendations to further enhance the reliability of Rogers&#146; networks. In November 2024, the CRTC published a redacted version of the full report,
closing the proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_46"></A>WIRELESS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ANNUAL MOBILE SPECTRUM LICENCE FEES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In November 2024, ISED
Canada released Consultation on a Fee Framework and Amendments to Conditions of Licence for Certain Spectrum Licences Used to Provide Commercial Mobile Services Below 10 GHz. The Consultation proposes to apply a new three-tier annual spectrum fee
rate structure to the following mobile spectrum bands: <FONT STYLE="white-space:nowrap">AWS-1;</FONT> <FONT STYLE="white-space:nowrap">AWS-4;</FONT> Cellular 850 MHz, PCS 1900 MHz; BRS 2500 MHz <FONT STYLE="white-space:nowrap">non-auctioned</FONT>
licences; 3500 MHz <FONT STYLE="white-space:nowrap">non-auctioned</FONT> licences; and WCS 2300 MHz licences. The Consultation also proposes to use Statistics Canada 2021 census data for calculating the amount of fees that would be payable each
year. Annual mobile spectrum fees are currently paid for Cellular 850 MHz and certain PCS 1900 MHz licences using 2001 census data. Comments were submitted in January and a decision is anticipated in 2025. Implementation of the new framework is
proposed for March 2026. </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>MILLIMETRE WAVE SPECTRUM </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In June 2022, ISED Canada released Consultation on Policy and Licensing Framework for Spectrum in the 26 GHz, 28 GHz and 38 GHz bands. The Consultation
proposes to license millimetre wave spectrum in the 26 GHz, 28 GHz, and 38 GHz bands using a spectrum auction. The Consultation proposes to license a total of 1.6 GHz in the combined 26 GHz/28 GHz band and 1.6 GHz in the 38 GHz band. It also
proposes the use of one of the following two potential <FONT STYLE="white-space:nowrap">pro-competitive</FONT> measures: an 800 MHz <FONT STYLE="white-space:nowrap">set-aside</FONT> for <FONT STYLE="white-space:nowrap">non-national</FONT> (i.e.
regional) service providers across the three bands or an 800 MHz spectrum cap across the three bands. A decision is outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>3800 MHZ SPECTRUM LICENCE BANDS
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">ISED Canada&#146;s 3800 MHz spectrum licence auction began on October&nbsp;24, 2023 and concluded on November&nbsp;24, 2023; the results were
released on November&nbsp;30, 2023. <FONT STYLE="white-space:nowrap">Twenty-two</FONT> companies participated in the auction and 4,099 of 4,300 licences were awarded to twenty of those participants, with a total value of $2.2&nbsp;billion. We won
860 licences across the country at a cost of $475&nbsp;million. We made payments for these licences in January 2024 for $95&nbsp;million and May 2024 for $380&nbsp;million. Upon acquisition in May 2024, we recognized the spectrum licences as
indefinite-life intangible assets of $480&nbsp;million, including directly attributable costs. </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
</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">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. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC WIRELESS CODE
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC&#146;s Wireless Code imposes obligations on wireless carriers on provision of wireless services to consumers and small businesses.
Obligations relate to, and include, maximum contract term length, data overage and data roaming bill caps, device unlocking rules, and contract disclosures and summaries. It also sets out the rules for device subsidies, device financing, 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 or financing they received.
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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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;80 </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="font-size:36pt; 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>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> <P STYLE="margin-top:6pt; 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 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. 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:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;13, 2023, the <I>Order Issuing a Direction to the CRTC on a Renewed Approach to
Telecommunications Policy</I> came into effect. Building on the direction and objectives set out in the previous Order, it adds the required principles of effective regulation that the CRTC must follow. The principles most notably include
transparency, predictability, coherence, and efficiency, and also state the CRTC should ensure proceedings are held, and decisions released, in a timely manner. It also requires the CRTC to consider fixed Internet competition and mobile wireless
competition, including maintaining regulatory frameworks regarding wholesale services for both fixed Internet and wholesale roaming services for mobile wireless. It also requires the CRTC to enhance and protect the rights of consumers in
telecommunication markets, and to continue taking measures to support universal access to high-quality, reliable, and resilient fixed Internet and mobile wireless services. </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 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.
</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
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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. Eligible regional wireless carriers may only use the mandated MVNO access regime to serve consumers and small business end users (where small businesses are defined as
accounts with less than 100 lines). </P> <P STYLE="margin-top:6pt; 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 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. The CRTC also 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:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On April&nbsp;6, 2022, the CRTC
issued Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2022-102,</FONT> <I>Updates to national wireless carriers&#146; <FONT STYLE="white-space:nowrap">GSM-based</FONT> wholesale mobile wireless roaming tariffs to incorporate seamless <FONT
STYLE="white-space:nowrap">hand-off</FONT> and 5G roaming</I>, which requires the implementation of seamless roaming, including using <FONT STYLE="white-space:nowrap">one-way</FONT> seamless <FONT STYLE="white-space:nowrap">hand-off.</FONT> The CRTC
directed the national wireless carriers to begin accepting written requests for seamless roaming from regional wireless carriers effective immediately. The CRTC considers that its determinations in this decision will assist with the implementation
of seamless roaming to the benefit of regional wireless carriers and reduce barriers to entry into the market and to competition for telecommunications service providers that are new, regional, or smaller than the incumbent national service
providers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On October&nbsp;19, 2022, the CRTC issued Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2022-288,</FONT> <I>Facilities-based
wholesale mobile virtual network operator (MVNO) access tariffs &#150; Commission determinations on proposed terms and conditions</I>, which determined that wholesale MVNO access service is available for use by regional wireless carriers that have
deployed their own home Public Mobile Network (PMN) somewhere in Canada and are also offering retail wireless services. To be eligible for the MVNO access, a regional wireless carrier must be registered with the CRTC as a wireless carrier, must have
home PMN somewhere in Canada, and must be actively offering mobile wireless services commercially to retail customers. The CRTC has directed the incumbents to modify their tariffs in accordance with its determination, and noted that entities that
are not currently eligible for the service may become eligible over the course of the mandate if they acquire rights to spectrum, and invest in a home PMN and start offering retail service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On October&nbsp;9, 2024, the CRTC issued Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2024-238,</FONT> <I>Facilities-based wholesale mobile
virtual network operator (MVNO) access tariffs &#150; Expanding the scope to include enterprise and Internet of Things customers</I>, expanding the scope of the CRTC&#146;s mandated MVNO regime to include the enterprise and Internet of Things and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">machine-to-machine</FONT></FONT> (IoT/M2M)
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STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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segments of the market (where enterprises are defined as accounts with 100 lines or more). On January&nbsp;24, 2025, we submitted an application to review and vary Telecom Decision CRTC <FONT
STYLE="white-space:nowrap">2024-238.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC DECISION ON FINAL OFFER ARBITRATION BETWEEN ROGERS AND QUEBECOR REGARDING MVNO ACCESS RATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">In Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2021-130</FONT> &#150; Review of Mobile Wireless Services, the CRTC mandated that the
national carriers, including Rogers, provide mobile virtual network operator (MVNO) service to regional carriers possessing mobile spectrum licences. Under the policy, if parties are unable to agree upon commercial rates, either party may refer the
dispute to the CRTC for final offer arbitration. Because Rogers and Quebecor were unable to reach an agreement, the matter was put before the CRTC. On July&nbsp;24, 2023, in Telecom Decision CRTC <FONT STYLE="white-space:nowrap">2023-217,</FONT> the
CRTC accepted Quebecor&#146;s offer and directed the parties to enter into an MVNO access agreement consistent with that offer. On August&nbsp;23, 2023, we brought a motion to the Federal Court of Appeal (FCA) for leave to appeal the CRTC&#146;s
decision. On August&nbsp;16, 2024, the FCA granted our leave to appeal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ISED CANADA CONDITIONS OF LICENCE RELATING TO WIRELESS SERVICE WITHIN THE TTC SUBWAY
SYSTEM </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On July&nbsp;24, 2023, ISED Canada announced it had initiated a Consultation on Conditions of Licence relating to the Provision of
Service within the TTC subway system. On September&nbsp;11, 2023, the Minister of Innovation, Science and Industry announced new spectrum licence conditions, which required carriers to (i)&nbsp;provide equivalent levels of service to all TTC subway
riders by October&nbsp;3, 2023; (ii) expand existing network coverage in order to provide full voice, text, and data services throughout the TTC subway system within specific timeframes; and (iii)&nbsp;provide service in all future stations and
tunnels at the same time as they are made operational by the TTC. On October&nbsp;2, 2023, we announced we had developed and introduced an immediate solution to activate 5G service for transit riders from all major Canadian wireless carriers in the
busiest sections of the TTC subway system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>GOVERNMENT OF CANADA BUDGET 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The 2024 Federal Budget, published in April 2024, included a plan to (i)&nbsp;address specific fees that make it hard for consumers to change or cancel
their plans, (ii)&nbsp;ensure businesses are transparent with prices, and (iii)&nbsp;make life more affordable for Canadians. In June 2024, Parliament introduced amendments to the Telecommunications Act to address the Budget, imposing new
requirements on service providers to remove barriers to switching by prohibiting some fees, improving notifications to consumers about their contract terms, and enhancing self-service tools for consumers. The CRTC public consultations to enact these
new requirements are ongoing. The CRTC is also holding a consultation on standard information requirements on price, speed, and other metrics for Internet services to help consumers easily compare plans. A public hearing is scheduled for June 2025.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ACCESS TO SUPPORT STRUCTURES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;15, 2023,
in Telecom Regulatory Policy <FONT STYLE="white-space:nowrap">2023-31,</FONT> the CRTC made several determinations intended to facilitate access to poles owned by Canadian carriers (telecommunications poles) or
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poles to which Canadian carriers control access. The CRTC set expedited timelines for large telephone companies to provide competitors with access to poles, which should enable cable competitors
to roll out broadband networks more quickly and efficiently and increase competition across Canada. The CRTC also clarified responsibilities for pole maintenance and the sharing of costs related to the installation of equipment and required large
telephone companies to increase transparency and accountability. Provincial and territorial governments were encouraged to coordinate with telecommunications service providers and other stakeholders to facilitate network deployment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On February&nbsp;5, 2024, in Telecom Notice of Consultation CRTC <FONT STYLE="white-space:nowrap">2024-25,</FONT> the CRTC invited parties to comment
on: the CRTC&#146;s jurisdiction over the deployment of wireless facilities on support structures owned or controlled by incumbent local exchange carriers (ILECs); the application of the current ILEC support structure tariffs to the attachment of
wireless facilities; and, the requirement for competitors to obtain a permit to deploy wireless facilities on ILEC-owned or -controlled support structures. The CRTC intends to provide greater regulatory certainty to those seeking access to
ILEC-owned or -controlled support structures and to promote the efficient deployment of wireless networks, including <FONT STYLE="white-space:nowrap">5G-capable</FONT> networks. In particular, the CRTC is examining whether it should modify existing
rules that allow third parties to attach 5G small cells. The CRTC concurrently denied applications by Rogers seeking interim and final orders directing Bell and Telus to process and grant permits to attach wireless equipment in accordance with their
approved support structure tariffs. The record of these applications will be incorporated into the new proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_47"></A>CABLE </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ISED CANADA REVIEW OF THE SHAW TRANSACTION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On March&nbsp;31, 2023, the Minister of Innovation, Science and Industry approved the transfer of Freedom&#146;s spectrum licences to Videotron,
following which the Shaw Transaction and Freedom Transaction closed on April&nbsp;3, 2023. As part of the regulatory approval process, we have agreed to certain legally enforceable undertakings with ISED Canada, which reflect commitments we made
when the Shaw Transaction was announced, 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">$1&nbsp;billion of investments over five years to connect rural, remote, and Indigenous communities across Western
Canada and to close critical connectivity gaps faster for underserved areas, including to make broadband Internet services available where broadband Internet at a minimum 50 megabit per second (Mbps) download speeds and 10 Mbps upload speeds is not
currently available and to make 5G wireless service available where mobile service using long-term evolution (LTE) is not available; </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">$2.5&nbsp;billion of investments over five years to enhance and expand 5G coverage across Western Canada and
$3&nbsp;billion over five years related to additional network, services, and technology investments, including the expansion of our Cable 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">expanding Connected for Success, our <FONT STYLE="white-space:nowrap">low-cost,</FONT> high-speed Internet program, to <FONT
STYLE="white-space:nowrap">low-income</FONT> Canadians across Western Canada and implementing a new Connected for Success wireless program for <FONT STYLE="white-space:nowrap">low-income</FONT> Canadians across Canada, such that Connected for
Success will be available to more than 2.5&nbsp;million eligible Canadians within five years; </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;82 </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">maintaining a strong presence in Western Canada, including creating 3,000 new jobs within five years (and maintaining
those jobs until the tenth anniversary of closing) and maintaining a Western Canada headquarters in Calgary for at least ten years; 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">continuing to offer wireless plans to existing Shaw Mobile customers as at the closing date with the same terms and
conditions (including eligibility) as the Shaw Mobile plans that were available as at the closing date for five years. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We will
report on our progress towards each of these undertakings every year until such commitments have been met or for up to ten years after the closing date of the Shaw Transaction, whichever is earlier, including through a report that will be posted
publicly on our website (the first of which was published in April 2024). If any material element of any of the above commitments is not met, we could be liable to pay ISED Canada $100&nbsp;million in damages per year (to a maximum of $1 billion)
until the earlier of (i)&nbsp;such material elements having been met or fulfilled or (ii)&nbsp;ten years after the closing date of the Shaw Transaction. </P>
<P STYLE="margin-top:12pt; 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">The Copyright
Board of Canada establishes the royalties paid for the use of copyrighted works, including the rates that our broadcasting undertakings pay for the broadcast and distribution of audio and audiovisual works. Pursuant to section 31(2) of the Copyright
Act, BDUs 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 pursuant to the rates approved
by the Copyright Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On December&nbsp;18, 2018, the Board released the approved rates for the 2014-2018 tariff period (Initial Rate Decision).
The Copyright Collectives and the BDUs each collectively sought judicial review of the Initial Rate Decision. On July&nbsp;22, 2021, the FCA directed the Copyright Board to correct certain errors in connection with its Initial Rate Decision. On
January&nbsp;12, 2024, the Copyright Board issued its decision in the redetermination of the 2014-2018 tariff period (Redetermination Decision), which reduced the monthly <FONT STYLE="white-space:nowrap">per-subscriber</FONT> rates for the years
2015-2018 on a retroactive basis. On February&nbsp;9, 2024, the Collectives applied to the FCA seeking judicial review of the Redetermination Decision, which we, along with Bell, Telus, Cogeco, and Videotron, are opposing. The FCA hearing is
expected to occur in early April 2025. If the Redetermination Decision is not upheld, Rogers could become subject to significantly increased royalty rates for the 2016-2018 period, negatively impacting our financial results. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A Copyright Board hearing to set the rates for one or both of the subsequent tariff periods (2019-2023 and 2024-2028) could start in 2025. If, pursuant
to any such hearing, the Copyright Board issues a decision that aligns with the Collectives&#146; proposed tariff rates for either of such subsequent periods, we could become subject to significantly higher royalty rates, negatively impacting our
financial results. </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">The Internet Code
is a mandatory code of conduct for large, facilities-based ISPs and related affiliates that applies to the companies&#146; provision of fixed wireline Internet access services to individual customers. Obligations relate to and include maximum
contract term length, early cancellation fees, contract disclosures and summaries, and notice prior to service cancellations.
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 <P STYLE="margin-top:0pt; 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</I> <I>aggregated wholesale high-speed access (HSA) services</I> (2019 Order), the CRTC set final rates for
facilities-based carriers&#146; wholesale HSA, including Rogers&#146; TPIA service. Rogers in conjunction with the other large Canadian cable companies (Cable Carriers) appealed the decision to the Federal Court of Appeal (Court). On
September&nbsp;10, 2020, the FCA dismissed the Cable Carriers&#146; appeal and vacated the interlocutory stay previously granted. On February&nbsp;25, 2021, a motion for Leave to Appeal the FCA&#146;s decision with the Supreme Court of Canada was
dismissed without reasons. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;13, 2019, Rogers, in conjunction with the other Cable Carriers, filed an appeal of the 2019 Order with
the Federal Cabinet. 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; however, they decided not to refer the matter back to the CRTC, given that a review and vary application filed by Rogers and the other Cable Carriers was already before the CRTC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On December&nbsp;13, 2019, Rogers, in conjunction with the other Cable Carriers, filed an Application with the CRTC seeking review and variance and stay
of the 2019 Order. 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. </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> (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. On July&nbsp;22, 2024, the FCA
dismissed the appeal. Rogers, Bell, and several cable companies are opposing an application for leave to appeal that decision to the Supreme Court of Canada. </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 March&nbsp;8, 2023, the CRTC released Telecom Notice of Consultation CRTC <FONT STYLE="white-space:nowrap">2023-56</FONT> to provide notice of a
public hearing to be held for its review of the existing framework for wholesale HSA services in light of changing market conditions, the significant challenges in implementing the framework, and the importance to Canadians of having access to
greater choice and more affordable services. The CRTC had requested comments on several issues, including the preliminary views that (i)&nbsp;the provision of aggregated wholesale HSA services should be mandated; (ii)&nbsp;access to FTTH facilities
should be provided over these services; and (iii)&nbsp;the provision of FTTH facilities over aggregated wholesale HSA services should be mandated on a temporary and expedited basis until the CRTC reaches a decision as to whether such access is to be
provided indefinitely. </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">83&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;6, 2023, the CRTC released Telecom Decision CRTC
<FONT STYLE="white-space:nowrap">2023-358,</FONT> mandating the incumbent local exchange carriers to provide competitors with access to their FTTH facilities over aggregated wholesale HSA in Quebec and Ontario by May&nbsp;7, 2024. The CRTC found
that the hybrid fibre-coaxial networks of cable carriers, such as Rogers, already service the majority of wholesale-based competitors and concluded that, given the temporary nature of the aggregated FTTH access mandate being considered, it would be
neither efficient nor proportionate to mandate cable carriers to implement it. The public hearing on wholesale wireline telecommunications services commenced on February&nbsp;12, 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On August&nbsp;13, 2024, the CRTC released Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2024-180,</FONT> <I>Competition in
Canada&#146;s Internet service markets</I>, mandating Bell, Telus, and SaskTel to provide wholesale access to their FTTH network by February&nbsp;13, 2025. Additionally, the Policy also (i)&nbsp;provided a five-year regulatory holiday on new FTTH
builds, (ii)&nbsp;prohibited incumbent carriers from accessing wholesale services, on any technology, within their historical serving area, and (iii)&nbsp;exempted cable companies from any FTTH obligations but maintained their wholesale HFC
requirements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;6, 2023, Bell filed a petition to the Governor in Council asking for CRTC
<FONT STYLE="white-space:nowrap">2023-358</FONT> to be overturned, or, in the alternative, have Rogers, Bell, and Telus prohibited from accessing mandated wholesale FTTH services across Canada. In response, on November&nbsp;5, 2024, the Governor in
Council issued a cabinet order referring CRTC <FONT STYLE="white-space:nowrap">2023-358</FONT> back to the CRTC to reconsider, whether Rogers, Bell, and Telus should be prohibited from accessing mandated wholesale FTTH in Ontario, and Quebec.
Additionally, Rogers and a coalition of regional carriers (Eastlink, Cogeco, CNOC, and SaskTel) separately filed review and vary applications with the CRTC on November&nbsp;12 and 7, 2024, respectively. The coalition also filed a petition to the
Governor in Council on November&nbsp;8, 2024. The applications and the petition all request the CRTC vary CRTC <FONT STYLE="white-space:nowrap">2024-180</FONT> to prohibit Rogers, Bell, and Telus from accessing mandated wholesale broadband access
anywhere in Canada and using any technology, including cable HFC. On February&nbsp;3, 2025, the CRTC determined that overturning Telecom Decision <FONT STYLE="white-space:nowrap">2023-358</FONT> would not be in the public interest given the
&#147;temporary&#148; nature of the decision. The CRTC will instead consider whether large incumbents&#146; use of wholesale access would have material negative effects on future investment and long-term competition in its consolidated proceeding to
address the applications to review and vary Telecom Regulatory Policy CRTC <FONT STYLE="white-space:nowrap">2024-180,</FONT> which the CRTC intends to complete by summer 2025. </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">BDUs are required to offer
customers an option for a small basic service consisting of Canadian local and regional channels (local radio is optional), mandatory Canadian services, community and provincial legislature channels, provincial/territorial educational channels, and,
should they wish, US 4+1 networks. The retail rate for this entry-level service is capped at $25 per month (excluding equipment). Further, all channels above the basic tier must be offered on an &agrave; la carte basis and in smaller, reasonably
priced packages. BDUs are required to ensure the majority of programming services offered to consumers are Canadian channels. As a result of the decision approving the Shaw Transaction, our BDUs are also required to carry 45 Canadian independent
English or French programming services. </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>CRTC LICENCE RENEWAL DECISIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On August&nbsp;8, 2023, pursuant to Broadcasting Decision CRTC <FONT STYLE="white-space:nowrap">2023-245,</FONT> the CRTC administratively renewed our
television stations, discretionary services, <FONT STYLE="white-space:nowrap">on-demand</FONT> services <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(video-on-demand</FONT></FONT> and terrestrial PPV), and terrestrial BDUs until
August&nbsp;31, 2026. On December&nbsp;14, 2023, pursuant to Broadcasting Decision CRTC <FONT STYLE="white-space:nowrap">2023-413,</FONT> the CRTC administratively renewed our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-home</FONT></FONT> (DTH) PPV licence until August&nbsp;31, 2026. Our DTH BDU and SRDU licences were renewed in November 2019, each with a seven-year term expiring
August&nbsp;31, 2026. The licences for our commercial radio stations, which we operate in British Columbia, Alberta, Manitoba, Ontario, and Nova Scotia, have been individually renewed at various times, with terms expiring between August&nbsp;31,
2026, and August&nbsp;31, 2030. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC CONSULTATION ON MARKET DYNAMICS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On January&nbsp;9, 2025, the CRTC launched Broadcasting Notice of Consultation CRTC <FONT STYLE="white-space:nowrap">2025-2,</FONT> <I>The Path Forward
&#150; Working towards a sustainable Canadian broadcasting system</I>. The CRTC set out two key goals to guide this consultation: (i)&nbsp;a sustainable model for the delivery and discoverability of diverse Canadian and Indigenous content and
(ii)&nbsp;a fair and competitive marketplace. Regarding the first goal, the CRTC will focus on issues surrounding access, discoverability, and connected devices. It will also consider the effectiveness of existing regulatory tools, 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">mandatory distribution of programming services pursuant to 9.1(1)(h) orders; </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">requiring BDUs to distribute at least one discretionary service of an independent programming undertaking for each
discretionary service of a related programming undertaking it distributes; </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">requirements for a $25 basic service and offering all services on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">pick-and-pay</FONT></FONT> basis and in small, affordable packages; 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">requiring BDUs to offer a preponderance of Canadian services to subscribers. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Regarding the second goal, the consultation will examine the effectiveness of the Wholesale Code, the concept of good faith negotiation, and data
gathering and sharing. The CRTC will also consider the modernization of dispute resolution with specific questions about the effectiveness of existing alternative dispute resolution mechanisms, staff-assisted mediation, the standstill rule, and
final offer arbitration. The CRTC also aims to review its undue preference framework for traditional broadcasters and consider its relevance for online undertakings. A public hearing is scheduled to begin on May&nbsp;12, 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_48"></A>MEDIA </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>CRTC
CONSULTATION ON CANADIAN CONTENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;15, 2024, the CRTC launched Broadcasting Notice of Consultation CRTC <FONT
STYLE="white-space:nowrap">2024-288,</FONT> <I>The Path Forward</I> &#150; <I>Defining &#147;Canadian program&#148; and supporting the creation and distribution of Canadian programming in the audio-visual sector</I>. This proceeding will review
certain existing regulatory tools used to help support the creation, funding, and distribution of audio-visual Canadian programming. The CRTC seeks to determine how 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">better support and promote Canadian stories through audio-visual programming that makes use of Canadian creativity and
other resources, including French-language, Indigenous, and news content; </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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;84 </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="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&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">facilitate flexible audio-visual Canadian programming and a financial support ecosystem that encourages a variety of
productions, and a variety of business, broadcast, and distribution models; </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">better recognize the role played by Canadian key creators in the creation, broadcast, and distribution of audio-visual
Canadian programming; </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">foster a sustainable Canadian broadcasting system where Canadian creators can profit from their creations, including
through intellectual property rights; </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">further the exportability and discoverability of Canadian programming; 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">ensure Canada&#146;s diversity is reflected in the Canadian broadcasting system. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">The CRTC asks several questions concerning: </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">how to modernize the current definition of &#147;Canadian program&#148;; </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">whether and how to adjust Canadian Programming and programs of national interest (PNI) expenditure requirements and the
funding of <FONT STYLE="white-space:nowrap">at-risk</FONT> programming (including news content); </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">whether and how to address the use of AI; 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">how to ensure the CRTC, the broadcasting industry, and Canadians have access to data and information to make informed
choices about Canadian programs. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">A public hearing is scheduled to begin on March&nbsp;31, 2025.
</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>THE ONLINE NEWS ACT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On June&nbsp;22, 2023, Bill <FONT STYLE="white-space:nowrap">C-18,</FONT> the Online News Act, received royal assent and became law. The Online News Act
aims to enhance fairness in the Canadian digital marketplace and to contribute to the sustainability of the Canadian news sector by establishing a bargaining framework for commercial agreements between the largest digital platforms and eligible news
businesses. On October&nbsp;28, 2024, the CRTC approved Google LLC&#146;s application for an exemption from the Online News Act with respect to Google Search, given that Google has agreed to contribute $100&nbsp;million annually to Canadian news
businesses. Google&#146;s annual monetary contribution will be administered by the Canadian Journalism Collective. The maximum amount that can be allocated to Canadian broadcasters that produce news is capped at 30% under the Online News Act
Application and Exemption Regulations. On December&nbsp;12, 2024, the CRTC released its framework governing the formal bargaining process under the Online News Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>MODERNIZATION OF RADIO REGULATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On November&nbsp;15, 2024,
the CRTC launched a consultation to modernize the regulatory framework applicable to radio undertakings operating in Canada, with the objective of reducing the framework&#146;s administrative burden. In this proceeding, the CRTC will consider new
compliance measures, including the use of administrative monetary penalties (AMPs) in connection with severe <FONT STYLE="white-space:nowrap">non-compliance,</FONT> repeated <FONT STYLE="white-space:nowrap">non-compliance,</FONT> or both. The CRTC
will consider issues related to the contributions of radio broadcasters, including regulatory requirements for audio programming, in a separate proceeding.
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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">85&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 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="mda934977_49"></A>Other Information </B></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="mda934977_50"></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
we are 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:8.5pt; font-family:arial"><I>Determining the appropriate amortization
period for deferred commission costs assets </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use estimates in determining the timing over which we will receive the expected pattern of
benefits from the payment of commissions. </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
estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
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 &#147;property, plant and equipment&#148;. 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-adjusted value of derivatives requires assessment of the credit risk of the parties to the instruments and the instruments&#146; discount rates.
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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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;86 </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="font-size:36pt; 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">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, 2024. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="30%"></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; line-height:11pt; 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" 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">Increase&nbsp;(decrease)&nbsp;in<BR>accrued&nbsp;benefit&nbsp;obligation</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; 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:11pt; 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: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">(174</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" NOWRAP> <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">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: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">197</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">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:11pt; 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: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">12</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" NOWRAP> <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">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: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">(12</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">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:11pt; 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: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">36</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" NOWRAP STYLE="padding-bottom:3pt ;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">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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">(40</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;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="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>
<P STYLE="margin-top:12pt; 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 &#147;operating costs&#148; over the vesting period of the awards. If an
</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">
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 &#147;operating costs&#148; or
&#147;restructuring, acquisition and other&#148;, as applicable, 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:9pt; font-family:arial"><B>BUSINESS COMBINATIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use estimates in determining the
value of assets acquired and liabilities assumed in business combinations, most significantly property, plant and equipment and intangible assets, including the related deferred tax impacts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Valuation of acquired property, plant and equipment can be complex and may require significant estimation, including characteristics such as size, age,
replacement cost, and other characteristics of different assets. Each of these characteristics can have a significantly different cost to build or replace, and therefore fair value. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Property, plant and equipment (other than land and building) is often valued using a depreciated replacement cost approach, which requires estimating
the gross replacement cost of each asset (either through direct comparison to current prices or by applying inflationary factors to historical costs) and then applying a depreciation factor to reflect the age of the
<FONT STYLE="white-space:nowrap">in-service</FONT> asset. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Land and building assets are often valued using an income approach (for buildings) and a
direct market comparison approach (for the underlying land). This involves assessing comparable properties in the relevant markets to identify characteristics, such as vacancy rates and income capitalization rates, to apply to the valuation of each
building. Land is often valued by comparing to similar plots of land in the relevant markets. </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 distinct 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>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.
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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">87&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <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 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>
<P STYLE="margin-top:6pt; 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 network leases, 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:10pt; 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.
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 <P STYLE="margin-top:0pt; 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. In particular for Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on
the interdependencies across Media and how it sells and goes to market. </P> <P STYLE="margin-top:12pt; 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 and in determining the appropriate allocation of shared costs between our 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.
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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" ALIGN="right">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;88 </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: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">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>BUSINESS COMBINATIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We use significant judgment to
determine what is, and what is not, part of a business combination, including the timing of when control transfers to us. This requires assessing the nature of other transactions entered into with the acquiree to ensure we account for the business
combination using only the consideration transferred for the assets acquired and liabilities assumed in the exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We also use significant
judgment in determining the valuation methodologies applied to various assets and liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ASSETS HELD FOR SALE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for
larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. </P>
<P STYLE="margin-top:12pt; 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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<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>
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<TD VALIGN="bottom" NOWRAP STYLE="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>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</B></P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">%&nbsp;Chg</P></TD>
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<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">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>45</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; line-height:10pt; 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; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">36</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; line-height:10pt; 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; line-height:10pt; 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; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">25</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; line-height:10pt; font-size:7pt; font-family:arial">&nbsp;</P></TD></TR>
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<TD VALIGN="top" STYLE="padding-bottom:1pt ;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">Purchases</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;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>231</B></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">203</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:1pt ;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:1pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:1pt ;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:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director
Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for each of 2024 and 2023. </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 our controlling shareholder and companies it controls. These transactions are
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">
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 2024 and 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">On closing of the Shaw Transaction, we entered
into an advisory agreement with Brad Shaw in accordance with the arrangement agreement, pursuant to which he will be paid $20&nbsp;million for a <FONT STYLE="white-space:nowrap">two-year</FONT> period following closing in exchange for performing
certain services related to the transition and integration of Shaw, of which $10&nbsp;million was recognized in net income and paid during the year ended December&nbsp;31, 2024 (2023&#8201;&#150;&#8201;$8 million). We have also entered into certain
other transactions with the Shaw Family Group. Total amounts paid to the Shaw Family Group in 2024 and 2023 were under $1&nbsp;million. We also assumed a liability of $102&nbsp;million through the Shaw Transaction related to a legacy pension
arrangement with one of our directors whereby the director will be paid $1&nbsp;million per month until March 2035, $12&nbsp;million of which was paid in 2024 (2023&#8201;&#150;&#8201;$8 million). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts
owing for these services were unsecured, interest-free, and due for payment in cash within one month of 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 2024 </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 2024. Except for the amendments to IAS 7 and IFRS
7, they did not have a material effect on our consolidated financial statements. </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">Amendments to IAS 1, <I>Presentation of Financial Statements &#150; 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> </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">Amendments to IFRS 16, <I>Leases &#150; Lease Liability in a Sale and Leaseback</I>, clarifying subsequent measurement
requirements for sale and leaseback transactions for seller-lessees. </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">Amendments to IAS 1, <I>Presentation of Financial Statements &#150; <FONT STYLE="white-space:nowrap">Non-current</FONT>
Liabilities with Covenants</I>, modifying the 2020 amendments to IAS 1 to further clarify the classification, presentation, and disclosure requirements in the standard for <FONT STYLE="white-space:nowrap">non-current</FONT> liabilities with
covenants. </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">Amendments to IAS 7, <I>Statement of Cash Flows</I> and IFRS 7, <I>Financial Instruments:
Disclosures&nbsp;&#150;&nbsp;Supplier Finance Arrangements, </I>adding disclosure requirements that require entities to provide qualitative and quantitative information about supplier finance arrangements. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; 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: </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">IFRS 18, <I>Presentation and Disclosure in Financial Statements </I>(replacing IAS 1, <I>Presentation of Financial
Statements</I>), with an aim to improve how information is communicated in the financial statements, with a focus on information in the statement of income (January 1, 2027).
</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">89&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TABLE STYLE="BORDER-COLLAPSE: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 9, <I>Financial Instruments</I> and IFRS 7, <I>Financial Instruments: Disclosures, </I>clarifying
both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).<I> </I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements.
We do not expect the amendments to have a material impact. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:arial"><FONT COLOR="#da291c"><B><A NAME="mda934977_51"></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, some of which are supplementary financial measures (see <FONT
STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> and Other Financial Measures&#148;), are not measurements in accordance with 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>
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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>
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<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>
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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">Wireless subscriber churn (churn); </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 mobile phone average revenue per user (ARPU); </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">Cable average revenue per account (ARPA); </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">Cable customer relationships; </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">Cable market penetration (penetration); </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">capital intensity; </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">total service revenue; </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">dividend payout ratios; 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">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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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt"><I></I>A wireless subscriber is represented by each identifiable telephone number. </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 report wireless subscribers in two categories: postpaid mobile phone and prepaid mobile phone. Postpaid and prepaid
include voice-only subscribers and subscribers with service plans including both voice and data. </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">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>
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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">Wireless prepaid subscribers are considered active for a period of 30 days from the date of their last
revenue-generating usage. </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>Subscriber count (Cable) </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">Cable retail Internet, Video, and Home Monitoring subscribers are represented by a dwelling unit; Cable Home Phone
subscribers are represented by line counts. </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">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>
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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 retail Internet, Video, Home Monitoring, and Home Phone 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>
<TD WIDTH="1" VALIGN="top">&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 exclude satellite subscribers, 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: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. 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, 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>MOBILE PHONE AVERAGE REVENUE PER USER
(WIRELESS) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial" ALIGN="justify">Mobile phone ARPU helps us identify trends and measure our success in attracting and retaining higher-value subscribers. Mobile
phone 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>
<P STYLE="margin-top:12pt; 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. retail Internet, legacy television or Rogers Xfinity 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></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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;90 </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="font-size:36pt; 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>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 the Toronto Blue Jays, which are also core to our business. We calculate total
service revenue by subtracting equipment revenue from total 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: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 paid for the year by net income or free cash flow for the year. In previous years this
ratio was calculated using dividends declared, however with the 2023 amendment to the DRIP there is now a difference in the amount of dividends declared vs the amount of dividends paid. This update to the calculation ensures that it is a cash flow
measure. 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></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">91&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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="mda934977_52"></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>
<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 VALIGN="bottom"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="22%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="7" NOWRAP> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures</B></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="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><I>&#8194;&#8201;Specified
financial<BR>&#8194;&#8201;measure</I></P></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How it is useful</I></P></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How we calculate it</I></P></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="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><I>Most directly</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><I>comparable</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial"><I>IFRS&nbsp;financial</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:10pt; font-size:7pt; font-family:arial"><I>measure</I></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: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; line-height:9pt; font-size:7pt; font-family:arial">Adjusted net</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.71em; line-height:9pt; 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; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Net (loss) income add (deduct) 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; depreciation and amortization on fair value increment of Shaw Transaction-related assets; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate
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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Net (loss) income</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: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; line-height:9pt; 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; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Income taxes paid</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">add</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Income taxes paid</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:7pt">
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.71em; line-height:9pt; font-size:7pt; font-family:arial">Pro forma trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted
EBITDA</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; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;To illustrate the results of a
combined Rogers and Shaw as if the Shaw Transaction had closed at the beginning of the trailing <FONT STYLE="white-space:nowrap">12-month</FONT> period.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">add</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; font-size:7pt; font-family:arial">Acquired Shaw business adjusted EBITDA &#150;
January 2023 to March 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA</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-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">



<TR>

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

<TD VALIGN="bottom"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="42%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="5" NOWRAP> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> ratios</B></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="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #da291c; BORDER-BOTTOM:1px solid #da291c"> <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">&#8194;&#8201;<I>Specified financial<BR>&#8194;&#8201;measure</I></P></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How it is useful</I></P></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How we calculate
it</I></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 ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; line-height:9pt; font-size:7pt; font-family:arial">Adjusted basic</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; line-height:9pt; font-size:7pt; font-family:arial">earnings per</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Adjusted diluted</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.71em; line-height:9pt; font-size:7pt; font-family:arial">earnings per</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.71em; line-height:9pt; 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; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Adjusted net income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; 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; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Pro forma debt leverage ratio</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; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8195;We believe this helps investors
and analysts analyze our ability to service our debt obligations, with the results of a combined Rogers and Shaw as if the Shaw Transaction had closed at the beginning of the trailing <FONT STYLE="white-space:nowrap">12-month</FONT> period.</P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Adjusted net debt</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; font-size:7pt; font-family:arial">pro forma trailing <FONT
STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA</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-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">



<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 STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B>Total of segments measures</B></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="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <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">&#8194;&#8201;<I>Specified financial<BR>&#8194;&#8201;measure</I></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; line-height:10pt; font-size:7pt; font-family:arial"><I>Most directly comparable IFRS&nbsp;financial
measure</I></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="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">&#8194;&#8201;Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Net income</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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;92 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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:7pt" ALIGN="center">



<TR>

<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 STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B>Capital management measures</B></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="bottom" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>&#8194;&#8201;Specified financial</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial"><I>&#8194;&#8201;measure</I></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How it is useful</I></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; line-height:9pt; 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; margin-right:0.86em; text-indent:-1.29em; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;&#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; margin-right:0.86em; text-indent:-1.29em; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;&#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; line-height:9pt; 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; margin-right:0.86em; text-indent:-1.29em; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;&#8201;We believe this helps investors and analysts
analyze our debt and cash balances while taking into account the economic 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; line-height:9pt; 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; margin-right:0.86em; text-indent:-1.29em; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;&#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; line-height:9pt; 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; margin-right:0.86em; text-indent:-1.29em; line-height:9pt; font-size:7pt; font-family:arial" ALIGN="justify">&#149;&#8194;&#8201;&#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>
<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">



<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 STYLE="BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10.0pt; font-size:7pt; font-family:arial" ALIGN="center"><B>Supplementary financial measures</B></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="bottom" NOWRAP STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>&#8194;&#8201;Specified financial</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial"><I>&#8194;&#8201;measure</I></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; line-height:10pt; font-size:7pt; font-family:arial"><I>How we calculate it</I></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; line-height:9pt; 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="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Adjusted EBITDA</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Wireless mobile phone average revenue per user
(ARPU)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Wireless service revenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; font-size:7pt; font-family:arial">average total number of Wireless mobile
phone 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; line-height:9pt; 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="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Cable service revenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Capital intensity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #da291c">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Capital expenditures</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; 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="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Net income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; 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="top" STYLE="padding-bottom:3pt ;BORDER-BOTTOM:1px solid #da291c"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Dividends paid</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; 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; line-height:9pt; font-size:7pt; font-family:arial">Dividend payout ratio of free cash flow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">Dividends paid for the year</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:9pt; font-size:7pt; font-family:arial">divided by</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; line-height:9pt; font-size:7pt; font-family:arial">free cash flow (defined
above).</P></TD></TR>
</TABLE>
<P STYLE="font-size:18pt;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>
<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; 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="top" COLSPAN="2" 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; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</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="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2023</P></TD>
<TD VALIGN="bottom" STYLE=" 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></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">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,734</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></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">849</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:10pt; 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">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>572</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">517</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 (income) 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>(6</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">362</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>2,295</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">2,047</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>406</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">685</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></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>4,616</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">4,121</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 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>9,617</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">8,581</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 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; 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:11pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</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="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11pt; font-size:7pt; font-family:arial" ALIGN="right">2023</P></TD>
<TD VALIGN="bottom" STYLE=" 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></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">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,734</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></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">849</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:10pt; 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>406</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">685</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">Depreciation and amortization on fair value increment of Shaw Transaction- related
assets</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>917</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">764</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">Loss on <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest purchase
obligation<SUP STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top"> 1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</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 NOWRAP VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&#150;</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">422</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">Income tax impact of above items</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>(338</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">(366</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 adjustment, tax rate change</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:11.0pt; 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:11.0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>&#150;</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>2,719</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">2,406</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="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:75%; 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">See &#147;Review of Consolidated Performance&#148; for more information as to the nature of this adjustment.
</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">93&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:10pt; font-family:arial" ALIGN="justify">&#8195; </P> <P STYLE="font-size:36pt; 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 PRO FORMA TRAILING <FONT STYLE="white-space:nowrap">12-MONTH</FONT> ADJUSTED EBITDA </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="99%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></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="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">&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">As&nbsp;at&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></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: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; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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">Trailing <FONT STYLE="white-space:nowrap">12-month</FONT> adjusted EBITDA</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">8,581</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:1.00em; text-indent:-1.00em; line-height:10pt; 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></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">Acquired Shaw business adjusted EBITDA &#150;
January 2023 to March 2023</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:10pt; 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:10pt; font-size:7pt; font-family:arial" ALIGN="right">514</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="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; line-height:13pt; font-size:7pt; font-family:arial">Pro forma 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:10pt; 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:10pt; font-size:7pt; font-family:arial" ALIGN="right">9,095</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="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> </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 FREE CASH FLOW </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="8%"></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="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:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="right" STYLE="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-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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; 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="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>2024</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="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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">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>5,680</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></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">5,221</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:10pt; 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">Capital expenditures</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>(4,041</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">(3,934</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">Interest on borrowings, net and capitalized interest</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>(1,986</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">(1,794</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">Interest paid, net</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>2,087</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">1,780</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>406</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">685</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">Program rights amortization</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>(63</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">(70</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">Change in net operating assets and liabilities</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>876</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">627</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">Other adjustments <SUP
STYLE="font-size:75%; line-height:8.0pt ; vertical-align:top">1</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: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>86</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;</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">(101</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="font-size:1pt">
<TD HEIGHT="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="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">Free cash flow</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>3,045</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;</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">2,414</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> <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:75%; 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">Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other
operating activities, and other investment income from our financial statements. </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="mda934977_53"></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 $4.5&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: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="46%"></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>

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

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

<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="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> <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="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:75%; 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="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:75%; 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="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:75%; line-height:7.0pt ; vertical-align:top">&nbsp;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="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:75%; 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;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="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:2pt ;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" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</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" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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="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">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>&#150;</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">&#150;</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>18,238</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">16,316</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>2,708</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">3,293</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>(342</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">(301</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>20,604</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">19,308</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:3pt ;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:3pt ;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:3pt ;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>1,734</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">849</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>2,429</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">1,276</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>234</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">289</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>(2,663</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(1,565</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>1,734</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">849</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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"> <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">&#8195;</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="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> <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="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:75%; 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="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:75%; 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="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:75%; 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="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:75%; 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;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="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:2pt ;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" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="right"><B>2024</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" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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:2pt ;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>2024</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:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">2023</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="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">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>52,502</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">44,427</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>49,840</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">43,991</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>10,750</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">10,803</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>(104,719</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">(91,387</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>8,373</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">7,834</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>65,637</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">63,073</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>53,586</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">57,016</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>5,807</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">7,593</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>(61,992</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">(66,234</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>63,038</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">61,448</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>57,147</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">44,638</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>68,919</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">68,370</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>8,809</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">9,119</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>(122,266</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">(113,345</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>12,609</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">8,782</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:3pt ;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:3pt ;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:3pt ;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>43,922</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">45,437</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>11,962</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">15,820</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>2,097</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">739</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>(9,582</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">(11,936</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;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>48,399</B></P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:3pt ;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:3pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; line-height:10pt; font-size:7pt; font-family:arial" ALIGN="right">50,060</P></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:3pt ;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:75%; 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:75%; 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">2024 ANNUAL REPORT<FONT
STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">&#8194;ROGERS COMMUNICATIONS INC.</FONT><FONT STYLE="font-family:arial">&#8199;&#8201;</FONT><FONT STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT
STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;&#8199;94 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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="font-size:36pt; 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="mda934977_54"></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="45%"></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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial">(In millions of dollars, except per share amounts,
subscriber count<BR>results, churn, ARPU, ARPA, percentages, and ratios)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" 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:1pt; 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" STYLE="padding-bottom:3pt ;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:1pt; font-size:6.5pt; font-family:arial" ALIGN="right"><B>2024</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:3pt ;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:1pt; font-size:6.5pt; font-family:arial" ALIGN="right">2023</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:3pt ;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:1pt; font-size:6.5pt; font-family:arial" ALIGN="right">2022</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:3pt ;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:1pt; font-size:6.5pt; font-family:arial" ALIGN="right">2021</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:3pt ;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:1pt; font-size:6.5pt; 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="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></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>10,595</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">10,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,768</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>7,876</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">7,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>2,484</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">2,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(351</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(254</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(149</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(160</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(166</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>20,604</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">19,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,655</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<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: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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>18,066</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">16,845</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">13,305</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">12,533</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">11,955</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>5,312</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">4,986</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>4,518</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">3,774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,058</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>84</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">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</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>
<TD VALIGN="bottom">&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:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(297</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(256</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(203</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(213</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">(196</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>9,617</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">8,581</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">6,393</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">5,887</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">5,857</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></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></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>1,734</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">849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<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: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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>2,719</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,406</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,915</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,803</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,725</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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 STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; 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>5,680</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">5,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,161</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>3,045</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">2,414</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,671</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>4,041</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">3,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,075</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&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;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,312</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>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.25</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.13</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>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5.09</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Diluted</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>5.04</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.59</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.78</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.56</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.40</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>25,072</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">24,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>16,280</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">16,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>17,858</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">17,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>615</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">598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>11,586</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,176</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">21,711</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">8,499</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">9,401</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>71,411</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">69,282</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">55,655</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">41,963</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">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></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></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>48,399</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">50,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,812</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>12,609</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">8,782</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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>61,008</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">58,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>10,403</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,440</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,092</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,532</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">9,573</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>71,411</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">69,282</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">55,655</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">41,963</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">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></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></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:75%; 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;</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 mobile phone subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,3,4,5,6,7</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11,874</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">11,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.013</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Retail Internet subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,8,9</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,273</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">4,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,229</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Video subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,9</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,617</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">2,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,491</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Home Monitoring subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,9</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>133</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">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:arial">Home Phone subscribers <SUP STYLE="font-size:75%; vertical-align:top">2,9</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,507</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">1,629</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">836</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">911</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="padding-bottom:4pt ;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:75%; vertical-align:top"> 9</SUP></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"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>4,683</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">4,636</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,590</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,581</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,530</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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:75%; 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;</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 mobile phone churn (monthly) <SUP STYLE="font-size:75%; vertical-align:top">2,3,4</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.21%</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">1.11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.90%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.88%</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="padding-bottom:4pt ;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">Mobile phone ARPU (monthly) <SUP
STYLE="font-size:75%; vertical-align:top">2</SUP></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"><B>$</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>57.98</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">57.86</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">57.89</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">56.83</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">n/a</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>140.12</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">142.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">130.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">132.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">130.70</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="padding-bottom:4pt ;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</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"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>45.9%</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">46.6%</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">53.9%</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">54.9%</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">55.3%</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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></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>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">25%</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>
<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: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>12%</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">34%</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">1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(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">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">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></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:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>61.8%</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">123.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>35.2%</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">43.3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60.4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></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:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2.4%</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">1.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:6.5pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;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="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>4.5</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">5.0</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.5</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.4</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:4pt ;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:75%; 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">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:75%; 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">Wireless mobile phone subscribers, retail Internet subscribers, Video subscribers, Home Monitoring subscribers, Home
Phone subscribers, postpaid mobile phone churn, and mobile phone ARPU have not been presented for periods prior to 2021. We commenced using the aforementioned measures as key performance indicators in the first quarter of 2022 and updated our 2021
comparative subscriber results. 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:75%; 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">Effective April&nbsp;1, 2023, we adjusted our postpaid mobile phone subscriber base to remove 51,000 subscribers
relating to a wholesale account. </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:75%; 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">On April&nbsp;3, 2023, we acquired approximately 501,000 Shaw Mobile postpaid mobile phone subscribers as a result of
our acquisition of Shaw, which are not included in net additions. As at December&nbsp;31, 2023, we had completed migrating these subscribers to the Rogers network; there were 18,000 deactivated subscribers that could not be migrated and were
therefore removed from our postpaid mobile phone subscriber base effective December&nbsp;31, 2023. </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:75%; 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">Effective December&nbsp;1, 2023, we adjusted our Wireless prepaid subscriber base to remove 94,000 subscribers as a
result of a change to our deactivation policy from 90 days to 30 days. </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:75%; 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">The following adjustments were made as we stopped selling new plans for the services as of the noted dates. Effective
January&nbsp;1, 2024, and on a prospective basis, we adjusted our prepaid mobile phone subscriber base to remove 56,000 Fido prepaid subscribers. Effective October&nbsp;1, 2024, and on a prospective basis, we adjusted our prepaid mobile phone
subscriber base to remove 81,000 Rogers prepaid subscribers. Effective October&nbsp;1, 2023, and on a prospective basis, we reduced our retail Internet subscriber base by 182,000 and our customer relationships by 173,000 to remove Fido Internet
subscribers. We believe these adjustments more meaningfully reflect the underlying organic subscriber performance of our prepaid mobile phone and retail Internet businesses. </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:75%; 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">In 2020, we acquired approximately 7,000 retail Internet subscribers and 8,000 customer relationships as a result of
our acquisitions of Ruralwave Inc. and Cable Cable Inc. In 2021, we acquired approximately 18,000 retail Internet subscribers and 20,000 customer relationships as a result of our acquisition of Seaside Communications. In 2022, we acquired
approximately 3,000 retail Internet subscribers, 2,000 Video subscribers, 1,000 Home Phone subscribers, and 3,000 customer relationships as a result of our acquisition of a small regional cable company in Nova Scotia. In April 2023, we acquired
approximately 1,961,000 retail Internet subscribers, 1,203,000 Video subscribers, 890,000 Home Phone subscribers, 4,935,000 homes passed, and 2,191,000 customer relationships as a result of the Shaw Transaction. In November 2023, we acquired
approximately 22,000 retail internet subscribers, 8,000 Video subscribers, 19,000 Home Phone subscribers, 8,000 homes passed, and 30,000 customer relationships as a result of our acquisition of Comwave. None of these subscribers are included in net
additions. </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">95&#8199;&#8199;&#8201;<FONT
STYLE="font-family:arial; font-size:9.5pt">|</FONT><FONT STYLE="font-family:arial; font-size:6.5pt">&#8201;&#8199;</FONT><FONT STYLE="font-family:arial; font-size:6.5pt" COLOR="#da291c">ROGERS COMMUNICATIONS
INC.</FONT><FONT STYLE="font-family:arial">&#8194;2024 ANNUAL REPORT </FONT></P>

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