CONNECTIONS COME ALIVE CONNECTIONS

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DELIVERING RESULTS IN 2011 FREE CASH FLOW GENERATION WHAT WE SAID: Deliver another year of significant consolidated pre-tax free cash flow. WHAT WE DID: Generated $2 billion of pre-tax free cash flow in 2011, supporting the significant cash we returned to shareholders during the year. CAPTURE OPERATING EFFICIENCIES WHAT WE SAID: Implement cost containment initiatives to capture efficiencies. WHAT WE DID: Reduced operating expenses for the combined Wireless and Cable segments, excluding the cost of wireless equipment sales, by approximately 2% from 2010 levels. Table of Contents 2 Letter to Shareholders 5 Why Invest in Rogers 6 Connections Come Alive 16 Supporting our Communities and the Environment 18 2011 Financial and Operating Highlights 18 Goals and Objectives in 2012 20 Management’s Discussion and Analysis DIVIDEND INCREASES WHAT WE SAID: Increase cash returns to shareholders consistently over time. WHAT WE DID: Increased annualized dividend per share 11% from $1.28 to $1.42 in 2011. FAST AND RELIABLE NETWORKS WHAT WE SAID: Maintain Rogers’ leadership in network technology and innovation. WHAT WE DID: Deployed Canada’s first, largest and fastest 4G LTE wireless network and completed the deployment of DOCSIS 3.0 Internet capabilities across our cable TV footprint. 78 Management’s Responsibility for Financial Reporting SHARE BUYBACKS WHAT WE SAID: Return additional cash to shareholders by repurchasing Rogers shares on open market. WHAT WE DID: Repurchased 31 million Rogers Class B shares for $1.1 billion. GROW WIRELESS DATA REVENUE WHAT WE SAID: Strong double-digit wireless data growth to support continued ARPU leadership. WHAT WE DID: 27% wireless data revenue growth with data as a percent of network revenue expanding to 35% from 28% in 2010. 78 Independent Auditors’ Report of Registered Public Accounting Firm 79 Consolidated Statements of Income 80 Consolidated Statements of Comprehensive Income 81 Consolidated Statements of Financial Position ROGERS COMMUNICATIONS INC. AT A GLANCE TOP-LINE GROWTH WHAT WE SAID: Leverage networks, channels and brands to deliver continued revenue growth. WHAT WE DID: Delivered 2% consolidated top-line growth with 2% growth in adjusted operating profit. GAIN HIGHER VALUE WIRELESS SUBSCRIBERS WHAT WE SAID: Continued rapid growth in smartphone subscriber base to drive wireless data revenue and ARPU. WHAT WE DID: Activated nearly 2.5 million smartphones helping bring smartphone penetration to 56% of postpaid subscriber base. Rogers Communications Inc. is a diversified Canadian communications and media company engaged in three primary lines of business. Rogers Wireless is Canada’s largest wireless voice and data communications services provider and the country’s only national carrier operating on the world standard GSM, HSPA+ and LTE technology platforms. Rogers Cable is a leading Canadian cable services provider, offering cable television, high-speed Internet access, and telephony products for residential and business customers. Rogers Media is Canada’s premier group of category-leading broadcast, specialty, sports, print and on-line media assets with businesses in radio and television broadcasting, televised shopping, sports entertainment, and magazine and trade journal publication. 82 Consolidated Statements of Changes in Shareholders’ Equity 83 Consolidated Statement of Cash Flows 84 Notes to Consolidated Financial Statements 126 Corporate Governance 128 Directors and Senior Corporate Officers 130 Corporate and Shareholder Information
2011 FINANCIAL HIGHLIGHTS 2011 CONSOLIDATED REVENUE AND OPERATING PROFIT PROFILE REVENUE $12.4 BILLION FINANCIAL HIGHLIGHTS WIRELESS 57% CABLE OPERATIONS 27% MEDIA 13% BUSINESS SOLUTIONS 3% (IN MILLIONS OF DOLLARS, EXCEPT PER SHARE, SUBSCRIBER AND EMPLOYEE DATA) 2011 2010 2009 2008 2007 Revenue $ 12,428 $ 12,142 $ 11,731 $ 11,335 $ 10,123 Adjusted operating profit 4,716 4,635 4,388 4,060 3,703 Adjusted operating profit margin 38% 38% 37% 36% 37% Adjusted net income 1,747 1,678 1,556 1,260 1,066 Adjusted diluted earnings per share 3.19 2.89 2.51 1.98 1.66 Annualized dividend rate at year-end 1.42 1.28 1.16 1.00 0.50 Total assets 18,362 17,033 17,018 17,082 15,325 Long-term debt (includes current portion) 10,034 8,654 8,464 8,507 6,033 Shareholders’ equity 3,572 3,760 4,273 4,716 4,624 Market capitalization of equity 20,736 19,435 19,476 23,679 29,614 Wireless subscribers (000s) 9,335 8,977 8,494 7,942 7,338 Cable subscribers (000s) 2,297 2,305 2,296 2,320 2,295 Internet subscribers (000s) 1,793 1,686 1,619 1,571 1,465 Cable telephony subscribers (000s) 1,052 1,003 937 840 656 Number of employees 28,745 27,971 28,985 29,200 27,900 TOTAL SHAREHOLDER RETURN * Comprised of: Rogers, BCE, Bell Aliant, Cogeco, MTS, Quebecor, Shaw and Telus ADJUSTED OPERATING PROFIT $4.7 BILLION TEN-YEAR COMPARATIVE TOTAL RETURN: 2002–2011 ONE-YEAR COMPARATIVE TOTAL RETURN: 2011 241% RCI.B on TSX 97% S&P/TSX COMPOSITE INDEX 33% 88% 17% S&P 500 INDEX TSX* TELECOM AND CABLE S&P 500 TELECOM INDEX IFRS CDN GAAP RCI.B on TSX FOR A DETAILED DISCUSSION OF OUR FINANCIAL AND OPERATING METRICS AND RESULTS, PLEASE SEE THE ACCOMPANYING MD&A LATER IN THIS REPORT. 18% (9)% S&P/TSX COMPOSITE INDEX 2% 16% 6% S&P 500 INDEX WIRELESS 62% CABLE OPERATIONS 32% MEDIA 4% BUSINESS SOLUTIONS 2% TSX* TELECOM AND CABLE S&P 500 TELECOM INDEX
Page 1: ROGERS COMMUNICATIONS INC. 2011 ANN
Page 5 and 6: REVENUE ($ in billions) 11.7 2009 R
Page 7 and 8: “ ROGERS IS BEST POSITIONED TO LE
Page 9 and 10: WHY INVEST IN ROGERS ROGERS COMMUNI
Page 11 and 12: ROGERS CUSTOMERS KNOW THAT THE FREE
Page 13 and 14: CONNECTIONS COME ALIVE WITH EASE 20
Page 15 and 16: 2011 ANNUAL REPORT ROGERS COMMUNICA
Page 17 and 18: ROGERS’ WORLD-CLASS MEDIA CONTENT
Page 19 and 20: WITH ANY CONTENT IN ANY PLACE Consu
Page 21 and 22: SUPPORTING OUR COMMUNITIES AND THE
Page 23 and 24: FINANCIAL SECTION CONTENTS 20 MANAG
Page 25 and 26: Wireless and Cable Operations, resp
Page 27 and 28: Operating Highlights and Significan
Page 29 and 30: Of the $286 million year-over-year
Page 31 and 32: United Kingdom, and Wireless expect
Page 33 and 34: across Nova Scotia, New Brunswick a
Page 35 and 36: spending on advertising and promoti
Page 37 and 38: Optical fibre joins the primary hub
Page 39 and 40: Summarized Cable Financial Results
Page 41 and 42: Summarized Subscriber Results Years
Page 43 and 44: Excluding the impact of the declini
Page 45 and 46: Cable Additions to Property, Plant
Page 47 and 48: Summarized Media Financial Results
Page 49 and 50: RECONCILIATION OF NET INCOME TO OPE
Page 51 and 52: The liability for stock-based compe
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RATIO OF DEBT TO ADJUSTED OPERATING
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Hedged Debt Position (In millions o
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In February 2012, Rogers’ Board o
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Canada. The Company believes that t
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a television service during negotia
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the large majority of homes today c
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Increase our vulnerability to gener
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various health concerns, including
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Adjusted Operating Profit, Adjusted
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The determination of the estimated
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IFRS 10, Consolidated Financial Sta
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FIVE-YEAR SUMMARY OF CONSOLIDATED F
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Quarterly Consolidated Financial Su
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SUPPLEMENTARY INFORMATION: NON-GAAP
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Wireless Non-GAAP Calculations (1)
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CONSOLIDATED STATEMENTS OF INCOME (
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CONSOLIDATED STATEMENTS OF FINANCIA
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CONSOLIDATED STATEMENTS OF CASH FLO
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(iii) Investments in publicly trade
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strategy in undertaking the hedge t
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(o) Property, plant and equipment:
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(t) Recent accounting pronouncement
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Reconciliation of financial positio
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In addition to the changes required
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January 1, 2010 December 31, 2010 C
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liabilities, is to reclassify the c
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(c) Product revenue: Revenue is com
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provider that delivers next generat
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The movement of deferred tax assets
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13. GOODWILL AND INTANGIBLE ASSETS
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The Company has contributed certain
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time, subject to a certain prepayme
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notional amount of the Derivatives
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At December 31, 2011, 91.7% of the
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The Company did not have any non-de
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(b) Allocation of plan assets: Asse
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A summary of stock-based compensati
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including proposals on acquisitions
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26. CONTINGENT LIABILITIES: (a) In
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Rogers Communications’ Board of D
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SENIOR CORPORATE OFFICERS Nadir H.
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“THE BEST IS YET TO COME.” TED
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CONNECTIONS COME ALIVE CONNECTIONS

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