Rogers Communications : Rapport annuel de 2023

A message from

Tony

• We delivered sustained, strong results, led the industry in growth, and regained our leadership position."

Dear Shareholders,

2023 was a record-breaking year for Rogers.

We delivered sustained, strong results, led the industry in growth, and regained our leadership position. We closed our historic merger with Shaw and delivered industry-leading innovation for Canadians.

We set a clear plan to be number one in our core businesses and I am pleased with our progress.

This momentum is a testament to the entire Rogers team who have shown relentless focus, disciplined execution, and an unwavering commitment to our customers.

Record-Breaking Results

In 2023, we returned to top- and bottom-line growth and met our 2023 guidance targets. Total service revenue grew by 27% and adjusted EBITDA grew by 34%.

In Wireless, we led the industry with 674,000 postpaid net additions, up 24%. This represents eight straight quarters of growth. It is clear more Canadians are choosing Rogers than any other carrier.

In Cable, we brought more competition to the West and saw market share gains accelerate in the West. Revenue and margins increased significantly, and we delivered adjusted EBITDA growth of 83%, which reflects the merger cost synergies.

In Media, our performance clearly stood out in the industry and reinforced the quality of our assets and the team's execution capability.

And we paid over $1 billion in dividends to our shareholders, delivering positive total shareholder return for the second year in a row.

Overall, the team is firing on all cylinders, and I am pleased with our progress.

Record-Breaking Merger

In 2023, we successfully completed the largest merger in Canadian telecom history. I continue to be very impressed with the quality of the Shaw assets, the Shaw team and the incredible company JR Shaw and his family built.

Together, with Shaw, we have doubled the size of our cable business - this is a scale business - and the power of our scale is starting to show.

From a customer perspective, we introduced Rogers Internet and TV services in Western Canada, and we launched new bundled offers. We rebranded our corporate stores and added residential services to the portfolio of products we offer in our Western Canadian retail locations.

Today, Alberta and BC are our fastest growing markets, and we are gaining healthy market share. We said we would increase competition in the West, and we have.

Record-Breaking Innovation

In 2023, we led the industry with new innovations for Canadians.

We signed exclusive agreements with SpaceX and Lynk Global to bring satellite-to-mobile coverage to rural and remote parts of Canada. We made the country's first satellite-to-mobile phone call and we are on track to introduce satellite services to Canadians this year.

We invested in technology to better predict and detect natural disasters across the country.

We acquired BAI Canada and introduced 5G cell service to all subway riders on the TTC. And we were awarded Canada's best wireless network for the fifth year in a row.

In 2023, we invested a record $4 billion in network and innovation. And we will continue this level of investment in 2024.

"More investment, more innovation. This is our commitment to Canada and to Canadians."

In January 2024, we completed the first network- slicing trial in Canada. This innovation will materially change how our network operates by offering multiple lanes for wireless traffic, including a dedicated lane for first responders.

Looking ahead, we plan to launch our DOCSIS

4.0 Internet roadmap to deliver the next generation of Internet and entertainment services to Canadians.

More investment, more innovation. This is

our commitment to Canada and to Canadians.

Industry-Leading Outlook

Our robust outlook for 2024 reflects our clear focus, disciplined execution, and unrelenting ambition to be number one.

It reflects a third year of strong service revenue and EBITDA growth. And it reflects strong free cash flow growth.

As a company, we remain relentlessly focused on being number one in our core businesses. And I am confident we have the right plan and the right team to deliver on this goal.

It truly is an honour to work with Edward, the Board and the Rogers-Shaw team to build on the incredible legacy of Ted Rogers and JR Shaw.

As Ted would say, the best is yet to come.

Tony Staffieri

President and Chief Executive Officer

A message from

Edward

• The team achieved these results through clear prioritization, disciplined execution, and a relentless focus on the customer."

Dear Shareholders,

As a Board, we remain squarely focused on ensuring the long-term growth and success of Rogers.

I am pleased to report that we achieved industry- leading results last year and led the industry on most key metrics for the second year in a row. After years of poor performance, we have reignited our competitive spirit and returned to number one. I would like to congratulate Tony Staffieri, the senior leadership team, and all Rogers employees for these terrific results.

The team achieved these results through clear prioritization, disciplined execution, and a relentless focus on the customer. The team also delivered on our upgraded guidance targets for the year and set industry-leading growth targets for 2024.

The team also closed the Shaw merger, the largest deal in Canadian telecom history. Rogers, together with Shaw, is now a formidable national cable company, bringing more choice, more innovation, and more competition to Canadians.

Investing for the long-term

Rogers' commitment to Canada dates back more than 60 years, with the legacies of Ted Rogers and JR Shaw, two of Canada's greatest entrepreneurs.

Both companies have a long history of innovation, entrepreneurship, and investment. Shaw was a leader for over five decades, and we have learnt a great deal from JR, Jim, and Brad Shaw. They have made immense contributions to the community and our country, and we look forward to carrying on this tradition.

Our networks play an integral role in the lives of customers, businesses, and communities. They are the backbone of our digital economy, and they require constant investment.

Over the last decade, Rogers and Shaw combined to invest over $40 billion in our networks. Our 2024 capital plan will see Rogers invest a record

$4 billion to expand 5G services, connect more rural and remote communities, and invest in next generation Internet and home entertainment services.

Investing in Content

Beyond networks, we also invest in Canadian content and sports.

Over the past decade, we have invested

$12 billion in Canadian sport. As proud owners of the Toronto Blue Jays, Canada's baseball team, we are committed to fielding a championship team and delivering the best fan experience. We have built a best-in-class training facility and renovated Rogers Centre to offer a truly reimagined fan experience at the ballpark.

In 2023, Sportsnet celebrated its 25th anniversary and remained the number one sports media brand in the country. Together with CityNews, and other programming, we produced over 12,700 hours of unique Canadian programming last year.

This is part of our $6.9 billion investment in Canadian content over the past decade, ranging from producing the best live sports to being Canada's largest funder of Canadian documentaries.

Investing in the community

I firmly believe our country is stronger when our communities are stronger. We proudly make meaningful investments to strengthen our communities - from creating local jobs to making services more accessible to creating opportunities for youth.

It starts with our team who support our customers. After closing the Shaw merger, we repatriated all customer service jobs back to Canada - the only national carrier committed to 100% Canada-based customer service teams.

We also helped bridge the digital divide by expanding our Connected for Success low-cost Internet program to Shaw's cable footprint.

• We are a proud Canadian company, and we are committed to investing in Canada."

And we introduced a new national Connected for Success wireless program to help connect 2.5 million low-income Canadians.

Overall, we drove over $100 million of benefits into Canadian communities through Community Grants, Scholarships, the Jays Care Foundation, and the Shaw Charity Classic.

Paying tribute

Since publishing our last annual report,

Phil Lind, a long-standing member of our Board and a close confidante to Ted, passed away. Phil worked at Rogers for 54 years, nearly 40

of them with my father, and helped build Rogers into the communications and media powerhouse it is today.

We are forever grateful for Phil's countless contributions, and will miss his deep devotion, relentless determination, and sage counsel.

In closing, I would like to thank the management team, and all employees, for their hard work and dedication to deliver for our customers, our shareholders, and Canadians.

I would also like to personally thank Brad Shaw, and the entire Shaw family for their support, guidance, and friendship.

As Ted would say, the best is yet to come.

Edward Rogers

Chair of the Board

Rogers Communications Inc.