GlobeNewswire Inc | Oct 22, 2020 07:00AM EDT

October 22, 2020

-- Wireless total net loading of 168,000, including a 34% increase in postpaid net subscriber additions to 138,000, reflecting strong executionStrongconsumer adoption of Rogers Infinite unlimited data plans now at approximately 2.2 million total subscribers, up almost 60% year to date in 2020Monthly postpaid churn of 1.10%, improved 10 basis pointsImproved adjusted EBITDA service margin 300 basis points with service revenue down 9% and adjusted EBITDA down 4% -- Expanded Canada's largest 5G network to 130 cities and towns across the country -- Cable adjusted EBITDA margin growth of 120 basis points and capital intensity decrease of 720 basis points to 22%Grew adjusted EBITDA by 2% with consistent service revenueCable results include 16,000 net new Internet subscribers and 38,000 net new Ignite TV subscribers -- Media revenue up 1% reflecting the return of live professional sports broadcasting -- Free cash flow of $868 million, up 13%; strong balance sheet with liquidity position of $5.5 billion -- Paid $253 million in dividends and declared a quarterly dividend of $0.50 per share

TORONTO, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Rogers Communications Inc. today announced its unaudited financial and operating results for the third quarter ended September30, 2020.

Consolidated Financial Highlights

Three months ended Nine months ended September September 30 30(In millions ofCanadian dollars, 2020 2019 % Chg 2020 2019 % Chgexcept per shareamounts, unaudited) Total revenue 3,665 3,754 (2 ) 10,236 11,121 (8 )Total service revenue ^ 3,086 3,233 (5 ) 8,932 9,721 (8 )1Adjusted EBITDA ^2 1,638 1,712 (4 ) 4,267 4,682 (9 )Net income 512 593 (14 ) 1,143 1,575 (27 )Adjusted net income ^2 548 622 (12 ) 1,225 1,624 (25 ) Diluted earnings per $ 1.01 $ 1.14 (11 ) $ 2.23 $ 3.05 (27 )shareAdjusted diluted $ 1.08 $ 1.19 (9 ) $ 2.39 $ 3.15 (24 )earnings per share^ 2 Cash provided by 986 1,305 (24 ) 3,374 3,360 ? operating activitiesFree cash flow ^2 868 767 13 1,798 1,781 1

1As defined. See "Key Performance Indicators".2As defined. See "Non-GAAP Measures and Related Performance Measures". These measures should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies.

"The strong sequential improvement in our third quarter results is reflective of solid execution across our businesses, including continued growth in our digital-first efforts, to ensure our customers have a range of channels available to meet their needs," said Joe Natale, President and CEO."Our company has adjusted well throughout the pandemic and will continue driving cost and service improvements while we remain focused on investing for the long-term in our leading networks, including bringing Canadas largest 5G network to even more communities."

Operating Environment and Strategic Highlights

COVID-19 continues to significantly impact Canadians and economies around the world as a second wave of the virus appears to be affecting Canada and other locations globally. After experiencing the most significant impact of COVID-19 in the second quarter, our results have recovered materially, although they are still down compared to last year. As a critical service provider during this time, it is of utmost importance to ensure our customers stay connected and that our customers and employees remain safe.

In March, we took swift action to ensure our customers and employees remain safe and healthy during the pandemic, including temporarily closing the majority of our retail stores across Canada and enabling most of our employees to work from home. We also took steps to ensure our customers could stay connected to the world around them, such as providing additional free services (including a rotating selection of premium television channels) and waiving certain fees (including pay-per-use international roaming fees and long distance voice calling fees), and that our networks remain operational, including adding capacity and managing traffic.

Earlier this year, we implemented compensation- and health and safety-related programs to help our employees get through this challenging time, including ensuring a minimum compensation level even when employees were unable to work. We also launched several community-focused activities and events, and as provinces relaxed certain public health restrictions, we have reopened substantially all of our retail stores with the implementation of public health and safety measures as at September 30, 2020.

This quarter, live sports, which were suspended in March, resumed and allowed our broadcast teams to return to the studio and provide coverage to Canadians despite continued restricted attendance at live sports events. As public health restrictions were lifted to certain extents across the country, we maintained our focus on keeping our employees safe and our customers connected during this time. While COVID-19 continues to have a significant worldwide impact, we remain confident we have the right team, a strong balance sheet, and world-class networks that will allow us to get through the pandemic having maintained our long-term focus on growth and doing the right thing for our customers.

Our six company priorities guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights.

Create best-in-class customer experiences by putting our customers first in everything we do

-- Improved monthly postpaid churn by 10 basis points to 1.10%, despite increased subscriber additions and high consumer activity. -- Opened virtually our Kelowna Customer Solution Centre as part of our fully Canada-based customer service team. -- Expanded financing to device accessories to make the latest accessories affordable for Rogers customers, including AirPods, Google Nest products, cases, screen protectors, chargers, smart bulbs, and more. -- Launched DAY PASS, a daily payment option, and Top Up as a Guest, which allows customers to top up an account without signing in, on chatr, both new features focused on affordability and flexibility.

Invest in our networks and technology to deliver leading performance and reliability

-- Expanded Canada's first and largest 5G network to 130 cities and towns. -- Launched a 5G Smart Campus at University of Waterloo to help enable the research and commercialization of made-in-Canada 5G technology and applications, including smart city solutions for local governments and residents, asset tracking for businesses, and network slicing for first responders. -- Announced the acquisitions of Cable Cable Inc. and Ruralwave Inc., local telecommunications companies in the Ontario Kawartha Lakes region, building on our commitment to expand our network and serve more customers. -- Continued to strengthen our Advanced Services portfolio to help make it easier for businesses and governments to serve their customers and citizens, including new Internet of Things collaborations with bciti, a smart city platform provider that digitally connects residents to their communities and local businesses, and Roambee, a real-time asset monitoring solution provider that transforms supply chain and logistics operations for Canadian businesses.

Deliver innovative solutions and compelling content that our customers will love

-- Launched an exclusive offer to provide the first six months free when signing up to Apple Music for customers on select Rogers Infinite plans. -- Launched Ignite SmartStream, an entertainment add-on for Ignite Internet customers, to give customers access to their favourite streaming services in one place. -- Expanded free content on Ignite TV with the introduction of two apps, Fun at Home and Health at Home. -- Delivered industry-leading coverage with the return of live sports, with Sportsnet the most-watched network in Canada for key demographics and first overall in primetime in August.

Drive profitable growth in all the markets we serve

-- Wireless postpaid net subscriber additions of 138,000, up 34%, reflecting strong execution with stores reopening and a recovering economy. -- Expanded Wireless adjusted EBITDA service margin by 300 basis points; expanded Cable adjusted EBITDA margin by 120 basis points despite COVID-19 impacts. -- Delivered free cash flow growth of 13% in part as a result of careful capital management.

Develop our people and a high performance culture

-- Achieved an all-time high employee engagement score of 87% in our annual employee survey, up two points from 2019 and seven points above best-in-class. -- Launched For the Love of Work, Made Possible by Rogers, a podcast that explores key themes at the heart of a winning employee experience, including resilience, inclusion and diversity, and values, to attract talent and build pride within our team. -- Extended our employee virtual health care solution in partnership with Sun Life until the end of the year to give our employees and their families quick access to health care professionals during COVID-19. -- Announced a $10 million commitment over the next five years in free advertising and creative services to charities and small businesses that support Black, Indigenous and People of Colour (BIPOC) and equity-seeking communities by leveraging our sports and media assets as part of our inclusion and diversity plan.

Be a strong, socially responsible leader in our communities across Canada

-- Completed successfully, in partnership with Food Banks Canada, the largest food hamper program in the organizations history with employee volunteers donating more than 20,000 hours in the Rogers Centre and across the country to enable 8 million meals for Canadian families and kicking off the 60,000 Hours Challenge for employees as part of The 60 Project to mark our 60th anniversary in 2020. -- Launched the Team Rogers Community Draft to support families as children return to sport, with assistance toward league fees and access to mentorship. -- Partnered with the Orange Shirt Society, in its efforts to expand Indigenous education across Canada and raise awareness on Indigenous reconciliation, with a specially designed t-shirt for Orange Shirt Day by Ojibwe artist Patrick Hunter sold on TSC and raised nearly $100,000, with all proceeds going to the society. -- Supported Jays Care Foundations virtual summer camps for 10,000 youth across Canada with an annual donation of $1 million to the foundation.

Proposed Cogeco transactionOn September 2, Rogers announced we had entered into an agreement with Altice USA, Inc. (Altice USA) whereby we would purchase the Canadian assets of Cogeco Inc. and Cogeco Communications Inc. (collectively Cogeco) if Altice USA is successful in acquiring Cogeco, as outlined in its bid proposal publicly released on September 2. The Boards of Directors of Cogeco rejected the September 2 offer and Cogecos controlling shareholder has indicated it does not support the proposed transaction.

On October 18, Altice USA presented a revised offer to Cogeco. If the offer is accepted by Cogeco, Rogers would acquire Cogecos Canadian assets for a gross purchase price of $6 billion, less the value of Rogers investment in Cogeco of $2.3 billion (which is inclusive of the bid premium), for net cash consideration of $3.7 billion. If a mutually satisfactory agreement or, at the very least, a clear path forward to completion of a transaction, is not reached by November 18, 2020, Altice USA has stated it will withdraw the revised offer. Cogeco's controlling shareholder and Boards of Directors rejected the revised offer. Subsequently, Altice USA and Rogers jointly reaffirmed that should Cogecos controlling shareholder and Boards of Directors wish to engage with subordinate shareholders about theoffer, the revised offer remains in effect until November 18, 2020.

Quarterly Financial Highlights

Our solid financial position enables us to prioritize the actions we need to take as a result of COVID-19, continue to make high priority investments in our network, and ensure customers stay connected during this critical time.

RevenueTotal revenue decreased by 2% this quarter, largely driven by a 9% decrease in Wireless service revenue.

The Wireless service revenue decrease was mainly a result of lower roaming revenue due to global travel restrictions during COVID-19, and lower overage revenue, primarily as a result of the continued adoption of our Rogers Infinite unlimited data plans. Wireless equipment revenue increased as a result of a shift in the product mix of device sales towards higher-value devices.

Cable revenue decreased by 1% this quarter with consistent service revenue and a decrease in equipment revenue.

Media revenue increased by 1% primarily as a result of higher revenue associated with the resumption of NHL hockey, partially offset by lower revenue at the Toronto Blue Jays due to COVID-19.

Adjusted EBITDA and marginsConsolidated adjusted EBITDA decreased 4% this quarter and our adjusted EBITDA margin was down 90 basis points.

Wireless adjusted EBITDA decreased by 4%, primarily as a result of the flow-through impact of the aforementioned decrease in revenue, partially offset by cost efficiencies. This gave rise to an adjusted EBITDA service margin of 65.9%, an improvement of 300 basis points from last year.

Cable adjusted EBITDA increased by 2% this quarter, primarily as a result of lower operating expenses due to lower costs associated with fewer subscriber additions, increased self-installation, and other cost efficiencies. This gave rise to a margin of 51.4% this quarter, up 120 basis points from last year.

Media adjusted EBITDA decreased by 32%, or $41 million, this quarter primarily due to higher programming and sports costs associated with the resumption of NHL hockey, partially offset by higher revenue, as discussed above.

Net income and adjusted net incomeNet income and adjusted net income both decreased this quarter by 14% and 12%, respectively, primarily as a result of the decrease in adjusted EBITDA.

Substantial cash flow and available liquidityThis quarter, we continued to generate substantial cash flow from operating activities of $986 million, down 24% as a result of an increase in net working capital associated with investments in customers, and free cash flow of $868 million, up 13%.

Furthermore, as at September30, 2020, we had $5.5 billion of available liquidity, including $2.2 billion in cash and cash equivalents and a combined $3.3 billion available under our bank credit facility and accounts receivable securitization program, and investment-grade credit ratings with a stable outlook.

We also returned substantial cash to shareholders through the payment of $253 million in dividends this quarter and we declared a $0.50 per share dividend on October 21, 2020.

Financial guidanceDue to the continued uncertainty surrounding the duration and potential outcomes of COVID-19, we are unable at this time to predict the overall impact on our operations and financial results, but the impact to date has been material. While results this quarter have recovered materially from the second quarter, it is not possible at this time to reliably estimate our financial results for the remainder of the year; therefore, we will not provide an updated financial outlook for 2020. Although COVID-19 has adversely impacted total service revenue and adjusted EBITDA in the short-term, we have continued to generate strong free cash flow, which remains a priority for us. See "Updates to Risks and Uncertainties" and "About Forward-Looking Information" for more information on COVID-19, including the impacts it has had and may have on our business and the actions we are taking in response.

About Rogers

Rogers is a proud Canadian company dedicated to making more possible for Canadians each and every day. Our founder, Ted Rogers, purchased his first radio station, CHFI, in 1960. We have grown to become a leading technology and media company that strives to provide the very best in wireless, residential, sports, and media to Canadians and Canadian businesses. 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).

Investment community contact Media contact Paul Carpino Sarah Schmidt647.435.6470 647.643.6397paul.carpino@rci.rogers.com sarah.schmidt@rci.rogers.com

Quarterly Investment Community Teleconference

Our third quarter 2020 results teleconference with the investment community will be held on:

-- October22, 2020 -- 8:00 a.m. Eastern Time -- webcast available at investors.rogers.com -- media are welcome to participate on a listen-only basis

A rebroadcast will be available at investors.rogers.com for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers' management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on Rogers' website at investors.rogers.com.

For More Information

You can find more information relating to us on our website (investors.rogers.com), on SEDAR (sedar.com), and on EDGAR (sec.gov), or you can e-mail us at investor.relations@rci.rogers.com. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to investors.rogers.com for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and nine months ended September30, 2020, as well as forward-looking information about future periods. This earnings release should be read in conjunction with our Third Quarter 2020 Interim Condensed Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our 2019 Annual MD&A; our 2019 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR at sedar.com or EDGAR at sec.gov, respectively.

Effective January 1, 2020, we updated our Cable segment financial and key performance indicator disclosures such that we began presenting Cable average revenue per account (ARPA), customer relationships, and market penetration. We also amended our subscriber reporting to report Internet and Ignite TV subscribers, removing legacy Television subscribers and Phone subscribers. In addition to the changes to our key performance indicators, we no longer report revenue by our Cable sub-products (i.e. Internet, Television, and Phone) and instead, we present a single "service revenue" amount. These changes are a result of the way in which we manage our business due to the ongoing convergence of the technology used to deliver Internet and television services and represent the key metrics against which we will measure growth in our Cable segment. See "Results of our Reportable Segments - Cable" and "Key Performance Indicators" for more information.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Our Strategy, Key Performance Drivers, and Strategic Highlights", and "Capability to Deliver Results" in our 2019 Annual MD&A.

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at October21, 2020 and was approved by RCI's Board of Directors (the Board) on that date. This earnings release includes forward-looking statements and assumptions. See "About Forward-Looking Information" for more information.

We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

In this earnings release, this quarter, the quarter, or third quarter refer to the three months ended September30, 2020, the first quarter refers to the three months ended March 31, 2020, second quarter refers to the three months ended June 30, 2020, and year to date refers to the nine months ended September30, 2020 unless the context indicates otherwise. All results commentary is compared to the equivalent period in 2019 or as at December31, 2019, as applicable, unless otherwise indicated. References to COVID-19 are to the pandemic from the outbreak of this virus and to its associated impacts in the jurisdictions in which we operate and globally, as applicable.

Rogers and related marks are trademarks of Rogers Communications Inc. or an affiliate, used under licence. All other brand names, logos, and marks are trademarks and/or copyright of their respective owners. 2020 Rogers Communications

Reportable segmentsWe report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment Principal activitiesWireless Wireless telecommunications operations for Canadian consumers and businesses. Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for CanadianCable 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. A diversified portfolio of media properties, including sports mediaMedia and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain of our other wholly owned subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries.

Summary of Consolidated Financial Results

Three months ended September Nine months ended September 30 30(In millions ofdollars, except 2020 2019 %Chg 2020 2019 %Chgmargins and pershare amounts) Revenue Wireless 2,228 2,324 (4 ) 6,239 6,757 (8 )Cable 988 994 (1 ) 2,927 2,967 (1 )Media 489 483 1 1,197 1,542 (22 )Corporate itemsand (40 ) (47 ) (15 ) (127 ) (145 ) (12 )intercompanyeliminationsRevenue 3,665 3,754 (2 ) 10,236 11,121 (8 )Total service 3,086 3,233 (5 ) 8,932 9,721 (8 )revenue ^1 Adjusted EBITDA ^ 2Wireless 1,089 1,138 (4 ) 3,033 3,281 (8 )Cable 508 499 2 1,415 1,422 ? Media 89 130 (32 ) (31 ) 118 n/mCorporate itemsand (48 ) (55 ) (13 ) (150 ) (139 ) 8 intercompanyeliminationsAdjusted EBITDA 1,638 1,712 (4 ) 4,267 4,682 (9 )^2Adjusted EBITDA 44.7 % 45.6 % (0.9 pts) 41.7 % 42.1 % (0.4 pts)margin^ 2 Net income 512 593 (14 ) 1,143 1,575 (27 )Basic earnings $ 1.01 $ 1.16 (13 ) $ 2.26 $ 3.07 (26 )per shareDilutedearnings per $ 1.01 $ 1.14 (11 ) $ 2.23 $ 3.05 (27 )share Adjusted net 548 622 (12 ) 1,225 1,624 (25 )income^ 2Adjusted basicearnings per $ 1.09 $ 1.22 (11 ) $ 2.43 $ 3.17 (23 )share^ 2Adjusteddiluted $ 1.08 $ 1.19 (9 ) $ 2.39 $ 3.15 (24 )earnings pershare^ 2 Capital 504 657 (23 ) 1,656 2,016 (18 )expendituresCash providedby operating 986 1,305 (24 ) 3,374 3,360 ? activitiesFree cash flow 868 767 13 1,798 1,781 1 ^2

n/m - not meaningful1 As defined. See "Key Performance Indicators".2Adjusted EBITDA, adjusted net income, and free cash flow are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See "Non-GAAP Measures and Related Performance Measures" for information about these measures, including how we calculate them and the ratios in which they are used.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

Three months ended Nine months ended September 30 September 30(In millions of dollars, 2020 2019 %Chg 2020 2019 %Chgexcept margins) Revenue Service revenue 1,652 1,808 (9 ) 4,942 5,368 (8 )Equipment revenue 576 516 12 1,297 1,389 (7 )Revenue 2,228 2,324 (4 ) 6,239 6,757 (8 ) Operating expenses Cost of equipment 567 530 7 1,278 1,498 (15 )Other operating expenses 572 656 (13 ) 1,928 1,978 (3 )Operating expenses 1,139 1,186 (4 ) 3,206 3,476 (8 ) Adjusted EBITDA 1,089 1,138 (4 ) 3,033 3,281 (8 ) Adjusted EBITDA service 65.9 % 62.9 % 3.0 pts 61.4 % 61.1 % 0.3 ptsmargin^ 1Adjusted EBITDA margin^ 2 48.9 % 49.0 % (0.1 pts) 48.6 % 48.6 % ? ptsCapital expenditures 228 288 (21 ) 763 960 (21 )

1 Calculated using service revenue.2Calculated using total revenue.

Wireless Subscriber Results1

Three months ended September 30 Nine months ended September 30(Inthousands,exceptchurn, 2020 2019 Chg 2020 2019 ChgblendedABPU, andblendedARPU) Postpaid Gross 450 437 13 923 1,083 (160 )additionsNet 138 103 35 131 203 (72 )additionsTotalpostpaid 9,569 9,360 209 9,569 9,360 209 subscribers^ 2Churn 1.10 % 1.20 % (0.10 pts) 0.93 % 1.06 % (0.13 pts)(monthly)Prepaid Gross 163 235 (72 ) 423 605 (182 )additionsNet 30 27 3 (102 ) (21 ) (81 )additionsTotalprepaid 1,300 1,478 (178 ) 1,300 1,478 (178 )subscribers^ 2Churn 3.46 % 4.74 % (1.28 pts) 4.41 % 4.62 % (0.21 pts)(monthly)BlendedABPU $ 63.55 $ 67.20 ($ 3.65 ) $ 63.39 $ 66.25 ($ 2.86 )(monthly)BlendedARPU $ 51.12 $ 56.01 ($ 4.89 ) $ 51.00 $ 55.56 ($ 4.56 )(monthly)

1 Subscriber counts, subscriber churn, blended ABPU, and blended ARPU are key performance indicators. See "Key Performance Indicators".2 As at end of period.

Service revenueThe 9% decreases in service revenue and blended ARPU this quarter and 8% decreases year to date were each a result of:

-- lower roaming revenue, due to global travel restrictions during COVID-19; and -- a decrease in overage revenue as a result of strong customer adoption of our Rogers Infinite unlimited data plans and lower wireless data usage as customers spent more time at home on WiFi.

The 5% decrease in blended ABPU this quarter and 4% decrease year to date were primarily a result of the declines in roaming and overage revenue, partially offset by an ongoing shift in subscribers financing new, higher-value device purchases.

The increase in postpaid gross additions, the postpaid net additions, and the improved postpaid churn this quarter were all a result of strong execution, with gradual store openings and an increase in market activity by Canadians.

Equipment revenueThe 12% increase in equipment revenue this quarter was a result of:

-- a shift in the product mix of device sales towards higher-value devices; and -- higher device upgrades by existing customers.

The year to date equipment revenue decrease of 7% was primarily a result of lower device upgrades by existing customers and lower gross additions, in part due to COVID-19.

Operating expensesCost of equipmentThe 7% increase in the cost of equipment this quarter and the 15% decrease year to date were each a result of the same factors discussed in equipment revenue above.

Other operating expensesThe 13% decrease in other operating expenses this quarter was primarily a result of various cost efficiencies and productivity initiatives.

The lower decrease of 3% year to date was also impacted by higher bad debt expense in the second quarter due to the adverse change in economic conditions tied to the onset of COVID-19.

Adjusted EBITDAThe 4% decrease in adjusted EBITDA this quarter and 8% decrease year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

Three months ended Nine months ended September 30 September 30(In millions of dollars, 2020 2019 %Chg 2020 2019 %Chgexcept margins) Revenue Service revenue 985 989 ? 2,920 2,956 (1 )Equipment revenue 3 5 (40 ) 7 11 (36 )Revenue 988 994 (1 ) 2,927 2,967 (1 ) Operating expenses 480 495 (3 ) 1,512 1,545 (2 ) Adjusted EBITDA 508 499 2 1,415 1,422 ? Adjusted EBITDA margin 51.4 % 50.2 % 1.2 pts 48.3 % 47.9 % 0.4 ptsCapital expenditures 217 290 (25 ) 713 864 (17 )

Cable Subscriber Results 1

Three months ended September 30 Nine months ended September 30(Inthousands,except ARPA 2020 2019 Chg 2020 2019 Chgandpenetration) Internet Net additions 16 41 (25 ) 38 77 (39 )TotalInternet 2,574 2,507 67 2,574 2,507 67 subscribers^2,3Ignite TV Net additions 38 65 (27 ) 147 178 (31 )Total IgniteTV 473 220 253 473 220 253 subscribers^2 Homes passed 4,543 4,434 109 4,543 4,434 109 ^2Customer relationshipsNet additions 6 14 (8 ) 1 13 (12 )Totalcustomer 2,513 2,502 11 2,513 2,502 11 relationships^2,3ARPA $ 131.25 $ 132.22 ($ 0.97 ) $ 129.44 $ 131.99 ($ 2.55 )(monthly) Penetration ^ 55.3 % 56.4 % (1.1 pts) 55.3 % 56.4 % (1.1 pts)2

1 Subscriber results are key performance indicators. See "Key Performance Indicators".2 As at end of period.3 On September 30, 2020, we acquired approximately 2,000 Internet subscribers and customer relationships as a result of our acquisition of Ruralwave Inc., which are not included in net additions, but do appear in the ending total balance for September 30, 2020.

RevenueCable service revenue was stable this quarter. The 1% decrease year to date was a result of:

-- a 2% decrease year to date in ARPA as a result of the combined effects of bundled pricing constructs that provide home phone for a lower incremental cost and waiving certain fees and the programs implemented to help customers during COVID-19, the movement of Internet customers to higher speed and usage tiers in our Ignite Internet offerings, and the impact of service pricing changes in 2019; partially offset by -- the increase in total customer relationships over the past year, due to growth in our Internet and Ignite TV subscriber bases, partially offset by declines in our legacy television and home phone subscriber bases.

We remain focused on our Connected Home roadmap, driven by our Ignite TV product. During the past year, we have achieved significant growth in our Ignite TV subscriber base. The next steps on our roadmap include adding more apps and content to Ignite TV and launching more new products to help keep our customers connected.

Operating expensesThe 3% decrease in operating expenses this quarter and 2% decrease year to date were primarily a result of lower costs associated with fewer subscriber additions and increased self-installation and other cost efficiencies.

Adjusted EBITDAThe 2% increase in adjusted EBITDA this quarter and stable adjusted EBITDA year to date were a result of the revenue and expense changes discussed above.

MEDIA

Media Financial Results

Three months ended Nine months ended September September 30 30(In millions ofdollars, except 2020 2019 %Chg 2020 2019 %Chgmargins) Revenue 489 483 1 1,197 1,542 (22 )Operating expenses 400 353 13 1,228 1,424 (14 ) Adjusted EBITDA 89 130 (32 ) (31 ) 118 n/m Adjusted EBITDA 18.2 % 26.9 % (8.7 pts) (2.6 )% 7.7 % (10.3 pts)marginCapital expenditures 18 17 6 43 56 (23 )

Our Media results this quarter and year to date have been significantly affected by COVID-19 and reflect the suspension of all major sports leagues from mid-March until the beginning of this quarter. Additionally, our Media segment is affected by seasonal fluctuations, some of which relate to the typical amount of consumer activity and its impact on advertising and related retail cycles.

RevenueThe 1% increase in revenue this quarter was a result of:

-- higher advertising, subscription, and broadcasting revenue as a result of the resumption of NHL hockey; and -- higher Today's Shopping Choice revenue; partially offset by -- lower Toronto Blue Jays game-day revenue due to COVID-19.

Year to date revenue decreased 22% primarily as a result of lower sports-related revenues, including at the Toronto Blue Jays, and lower advertising revenue as a result of softness in the advertising market, both due to COVID-19.

Operating expensesThe 13% increase in operating expenses this quarter was a result of:

-- higher programming costs, as a result of the resumption of NHL hockey; partially offset by -- lower general operating costs as a result of reduced operating activity.

The 14% decrease in operating expenses year to date was a result of lower sports-related costs, including Toronto Blue Jays player payroll and game-day costs, due to COVID-19 and the temporary suspension of major sports leagues.

Adjusted EBITDAThe decreases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

Three months ended Nine months ended September September 30 30(In millions ofdollars, except 2020 2019 %Chg 2020 2019 %Chgcapital intensity) Wireless 228 288 (21 ) 763 960 (21 )Cable 217 290 (25 ) 713 864 (17 )Media 18 17 6 43 56 (23 )Corporate 41 62 (34 ) 137 136 1 Capital expenditures ^ 504 657 (23 ) 1,656 2,016 (18 )1 Capital intensity^ 2 13.8 % 17.5 % (3.7 pts) 16.2 % 18.1 % (1.9 pts)

1Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets.2As defined. See "Key Performance Indicators".

As a result of COVID-19, consolidated capital expenditures have declined by 23% this quarter and 18% for the year to date. Most of this decline has been a result of fewer residential installations, deferrals of projects that have been delayed as a result of the pandemic, and lower costs associated with the introduction of self-install in our Cable business. Despite the overall decline, we continue to prioritize capital spending to support our long-term strategy, as evidenced by our improving capital intensity ratios, including expansion of our 5G network and our Connected Home roadmap.

WirelessCapital expenditures in Wireless this quarter and year to date, while lower than in 2019, reflect continued investments in our networks. We continued augmenting our existing LTE network with 4.5G technology investments that are also 5G-ready and we continued to work on our 5G deployments in the 600 MHz band and other bands as we have deployed our 5G network in 130 cities and towns.

CableThe decreases in capital expenditures in Cable this quarter and year to date were a result of lower residential installation activity and lower purchases of customer premise equipment (CPE) during the pandemic. While we continue to work towards our ongoing goal of recognizing capital efficiencies and improving our capital intensity, we have prioritized our capital expenditures through continued upgrades to our network infrastructure with additional fibre deployments, including increasing our fibre-to-the-home and fibre-to-the-curb distribution. These upgrades will lower the number of homes passed per node and incorporate the latest technologies to help deliver more bandwidth and an even more reliable customer experience as we progress in our Connected Home roadmap.

MediaMedia capital expenditures this quarter were in line with 2019. The decrease in capital expenditures in Media year to date was primarily a result of lower stadium and facility investments at the Toronto Blue Jays this year.

CorporateThe decrease in corporate capital expenditures this quarter was a result of lower investments in our real estate facilities. Corporate capital expenditures year to date were in line with 2019.

Capital intensityCapital intensity decreased this quarter and year to date as a result of lower capital expenditures partially offset by lower revenue, as discussed above.

Regulatory Developments

See our 2019 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 5, 2020. The following are the significant regulatory developments since that date.

CRTC review of mobile wireless servicesOn February 28, 2019, through Telecom Notice of Consultation CRTC 2019-57, Review of mobile wireless services, the Canadian Radio-television and Telecommunications Commission (CRTC) initiated its five-year review to examine the state of the mobile wireless market and to determine whether further action is required to improve choice and affordability for Canadians. After extensive written submissions were filed in 2019, a two-week oral hearing began on February 18, 2020. Final written submissions were filed on July 15, 2020; a final decision from the CRTC will follow. Any adverse decision regarding the items being reviewed in the proceeding could have a material, adverse effect on our financial results and future investments.

Wholesale Internet costing and pricingOn August 15, 2019, in Telecom Order CRTC 2019-288, Follow-up to Telecom Orders 2016-396 and 2016-448 - Final rates for aggregated wholesale high-speed access services (Order), the CRTC set final rates for facilities-based carriers' wholesale HSA, including Rogers' third-party Internet access (TPIA) service. On September 13, 2019, Rogers, in conjunction with the other large Canadian cable companies, filed a motion for Leave to Appeal pursuant to Section 64(1) of the Telecommunications Act with the Federal Court of Appeal (Court) and an associated motion for an interlocutory Stay of the CRTC Order. On November 22, 2019, the Court granted Leave to Appeal and an interlocutory Stay of the CRTC Order. The hearing was held on June 25 and 26, 2020. On September 10, 2020, the Court dismissed the appeal and on September 28, 2020, the CRTC issued a Stay of Order 2019-288 pending review of the appropriateness of the rates established in the Order. See "Updates to Risks and Uncertainties" for more information.

CRTC review of wholesale wireline telecommunications servicesOn September 20, 2016, the CRTC released Telecom Decision CRTC 2016-379, Follow-up to Telecom Regulatory Policy 2015-326 - Implementation of a disaggregated wholesale high-speed access service, including over fibre-to-the-premises access facilities, addressing the technical implementation of new, disaggregated, high-speed access TPIA, a service that will provide access to fibre-to-the-premises (FTTP) facilities as ordered in the CRTC's July 22, 2015 ruling. The decision is consistent with the positions submitted by Rogers in our filings. A decision on final rates was anticipated in 2020 but was temporarily suspended on June 11, 2020 by CRTC Telecom Notice of Consultation 2020-187, Call for comments - Appropriate network configuration for disaggregated wholesale high-speed access services.

3500 MHz spectrum licence bandOn June 6, 2019, Innovation, Science and Economic Development Canada (ISED Canada) released its Decision on its Consultation on Revisions to the 3500 MHz Band to Accommodate Flexible Use and Preliminary Consultation on Changes to the 3800 MHz Band. The Decision determined that ISED Canada will issue flexible use licences in a 200 MHz frequency range from 3450-3650 MHz. ISED Canada had anticipated that an auction of the 3500 MHz spectrum not retained by existing licensees would occur in the second half of 2020. On June 5, 2020, the auction was postponed until June 15, 2021.

3800 MHz spectrum licence bandOn August 27, 2020, ISED Canada launched a consultation, the Consultation on the Technical and Policy Framework for the 3650-4200 MHz Band and Changes to the Frequency Allocation of the 3500-3650 MHz Band, proposing changes to the spectrum utilization of the 3800 MHz band. The proposed changes would make 250 MHz of the spectrum available for 5G. Comments on the consultation are due October 26, 2020 and a reply period is open until November 30, 2020.

Updates to Risks and Uncertainties

See our 2019 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 5, 2020, which should be reviewed in conjunction with this MD&A. The following factors may contribute to those risks and uncertainties.

Outbreak of COVID-19 and related pandemicOn March 11, 2020, the World Health Organization recognized the outbreak of COVID-19 as a pandemic and we have been closely monitoring related developments. As COVID-19 continues to significantly impact the well-being of individuals and the Canadian and global economies, we have invoked our business continuity plans and implemented a specific response plan to continue providing our essential services and support to our customers and communities while safeguarding the health and safety of the public and our employees.

We are focused on operating and maintaining our wireless and cable networks, including adding capacity and managing traffic where needed, our media operations, and the key business operations required to ensure service continuity for customers. We have implemented alternative working arrangements for employees while we review and follow directions from the government to ensure the safety of our team and implement necessary safeguards to accommodate a gradual approach in reopening our sites to employees. On March 16, 2020, and until June 30, 2020, we announced a series of measures to help our customers, including the temporary waiving of certain fees and providing access to a rotating selection of television channels and content, as we continually seek new ways to support our customers.

Public and private sector regulations, policies, and other measures aimed at reducing the transmission of COVID-19 include the imposition of business closures, travel restrictions, the promotion of social distancing, and the adoption of work-from-home and online education by companies, schools, and institutions. These measures are impacting how customers use our networks, products, and services, the manner or extent to which we can offer certain products and services (including the suspension of major sports leagues and live events), and the ability of certain suppliers and vendors to provide products and services to us.

This quarter, we maintained our programs to help employees manage through the COVID-19 public health crisis and provide support and services to our customers and audiences. After temporarily closing most of our retail locations nationally in March, we continued a steady and phased approach to reopening our retail locations across Canada, following the public health guidelines of their respective provinces, and had reopened substantially all of our retail stores as at September 30, 2020.

In late September, several Canadian provinces declared a "second wave" of COVID-19 has commenced and provinces are adjusting various restrictions, including mandatory closures of certain types of businesses and reduced limits on social gatherings. In response to the second wave, we formed a regional hotspot assessment team to monitor COVID-19 infection rates across Canada and alert management to allow appropriate responses across our businesses as required. While these restrictions have not yet had a significant impact on our operations, we cannot predict the extent to which they may affect us.

We remain in close contact with government officials at all levels, suppliers, partners, and key business customers, and our pandemic response plans are continually evolving.

The full extent and impact of the COVID-19 pandemic is unknown. Potential adverse impacts of the pandemic include, but are not limited to:

-- the risk of a material reduction in demand for our products and services due to businesses closing or downsizing, job losses and associated financial hardship, or, more generally, a declining level of retail activity, which may lead to a decline in revenue as a result of: lower Wireless subscriber activity, including lower equipment revenue;the restriction of fan attendance at major sports league games, the potential suspension or shortening of future major sports league seasons due to a second wave of COVID-19, and the associated television programming;services provided to our customers at no cost, such as long distance calling, roaming, and free television channels;lower roaming and overage revenue as customers are unable or unwilling to travel and continue to stay home; andcustomers downgrading or cancelling their services; -- an increase in delinquent or unpaid bills, which could lead to increased bad debt expense; -- issues delivering certain products and services, or maintaining or upgrading our networks, due to store closures and supply chain disruptions; -- additional capital expenditures to maintain or expand our networks in order to accommodate substantially increased network usage; and -- higher costs for new capital.

While we expect certain cost savings to offset some of the lower revenue, such as lower equipment costs, we also cannot predict the extent to which they would be offset or the extent to which they would materialize.

Due to the uncertainty surrounding the duration and potential outcomes of the COVID-19 pandemic, including the results of measures taken to slow the spread and the broader impact COVID-19 may have on the Canadian and global economies or financial markets, we are unable at this time to predict the overall impact on our operations, liquidity, financial condition, or results; however, it has had, and may continue to have, a material, adverse impact on our results. Any future epidemic, pandemic, or other public health crisis that occurs in the future may pose similar risks to us.

Wholesale Internet costing and pricingIn August 2019, in Telecom Order CRTC 2019-288, Follow-up to Telecom Orders 2016-396 and 2016-448 - Final rates for aggregated wholesale high-speed access services (Order), the CRTC set final rates for facilities-based carriers' wholesale high-speed access services, including Rogers' TPIA service. The Order set final rates for Rogers that are significantly lower than the interim rates that were previously billed and it further determined that these final rates will apply retroactively to March 31, 2016.

We do not believe the final rates set by the CRTC are just and reasonable as required by the Telecommunications Act as we believe they are below cost. On September 13, 2019, Rogers, in conjunction with the other large Canadian cable companies (Cable Carriers), filed a motion for Leave to Appeal pursuant to Section 64(1) of the Telecommunications Act with the Federal Court of Appeal (Court) and an associated motion for an interlocutory Stay of the CRTC Order. The Cable Carriers also filed an appeal to Cabinet and a review and vary application back to the CRTC. On September 27, 2019, the Court granted an Interim Stay suspending the Order until the Court rules on the Cable Carriers motion for an interlocutory Stay of the CRTCs Order pending the Courts determination of the Cable Carriers motion for Leave to Appeal. On November 22, 2019, the Court granted Leave to Appeal and an interlocutory Stay of the CRTC Order. The appeal was heard in June 2020. On September 10, 2020, the Court dismissed the Cable Carriers' appeal and simultaneously vacated the interlocutory Stay previously granted. On September 28, 2020, the CRTC issued a Stay of Order 2019-288 pending review of the appropriateness of the rates established in the Order.

Due to the CRTC's issuance of the Stay, and the significant uncertainty surrounding both the outcome and the amount, if any, we could ultimately have to repay to the resellers, we have not recorded a liability for this contingency at this time. The CRTCs order as drafted would have resulted in a refund of amounts previously billed to the resellers of approximately $195 million, representing the impact on a retroactive basis from March 31, 2016 to September 30, 2020. We estimate the ongoing impact would be between $10 and $15 million per quarter.

Outcome of proceedingsThe outcome of all the proceedings and claims against us, including the matter described above, is subject to future resolution that includes the uncertainties of litigation. It is not possible for us to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of these proceedings and claims, individually or in total, will have a material adverse effect on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2019 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators are not measurements in accordance with IFRS and should not be considered alternatives to net income or any other measure of performance under IFRS. They include:

-- subscriber counts; Wireless;Cable; andhomes passed (Cable); -- Wireless subscriber churn (churn); -- Wireless blended average billings per user (ABPU); -- Wireless blended average revenue per user (ARPU); -- Cable average revenue per account (ARPA); -- Cable customer relationships; -- Cable market penetration (penetration); -- capital intensity; and -- total service revenue.

Effective January 1, 2020, we updated the key performance indicators we present for our Cable segment to align our external reporting with the focus of our internal business strategy as a result of the convergence of technologies used to deliver Internet and television services, including the continued adoption of Ignite TV. We have begun disclosing Cable average revenue per account (ARPA), customer relationships, and market penetration as defined below. Additionally, we have amended the definition of our subscriber counts for Television to include only Ignite TV and renamed the metric accordingly as a result of shifting our product offering to focus on IPTV. Finally, we have ceased reporting Phone subscribers and total service units as our Phone product is increasingly being bundled with our Internet and Television products for a very low incremental cost. These changes have been made to align our external disclosure with the focus of the business and our strategy. Our updated definitions are as follows:

SUBSCRIBER COUNTSSubscriber count (Cable)

-- Cable Ignite TV and Internet subscribers are represented by a dwelling unit. -- 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's rent. Institutional units, such as hospitals or hotels, are each considered one subscriber. -- Cable Ignite TV and Internet subscribers include only those subscribers who have service installed and operating, and who are being billed accordingly. -- Subscriber counts exclude certain business services delivered over our fibre network and data centre infrastructure, and circuit-switched local and long distance voice services and legacy data services where access is delivered using leased third-party network elements and tariffed ILEC services.

CUSTOMER RELATIONSHIPSCustomer relationships are represented by dwelling units where at least one of our Cable services (i.e. Internet, legacy television or Ignite TV, and/or home phone) are installed and operating, and the service or services are billed accordingly. When there is more than one unit in one dwelling, such as an apartment building, each tenant with at least one of our Cable services is counted as an individual customer relationship, whether the service is invoiced separately or included in the tenant's rent. Institutional units, like hospitals or hotels, are each considered one customer relationship.

AVERAGE REVENUE PER ACCOUNT (CABLE)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. We calculate ARPA by dividing Cable service revenue by the average total number of customer relationships for the same period.

MARKET PENETRATIONMarket 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.

Non-GAAP Measures and Related Performance Measures

We use the following non-GAAP measures and related performance measures. 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 recognized measures under GAAP and do not have standard meanings under IFRS, so may not be reliable ways to compare us to other companies.

Non-GAAP Mostmeasure or comparablerelated Why we use it How we calculate it IFRSfinancial performance measuremeasure To evaluate the performance of our Adjusted EBITDA: businesses, and Net income when making add (deduct) decisions about income tax expense ? the ongoing (recovery); finance operations of the costs; depreciation business and our and amortization; ability to other expenseAdjusted generate cash (income);EBITDA flows. restructuring, We believe that acquisition andAdjusted certain investors other; and loss Net incomeEBITDA and analysts use (gain) on dispositionmargin adjusted EBITDA to of property, plant ? measure our and equipment. ability to service debt and to meet Adjusted EBITDA other payment margin: obligations. Adjusted EBITDA We also use it as divided by one component in revenue (or service determining revenue for ? short-term Wireless). incentive compensation for all management employees. Adjusted net income: Net income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition To assess the of property, plant performance of our and equipment; (gain) businesses before on acquisitions; loss the effects of the on non-controlling noted items, interest purchaseAdjusted because they obligations; loss onnet affect the repayment ofincome comparability of long-term debt; loss Net income our financial on bond forward Adjusted ? results and could derivatives; and Basic and basic potentially income tax dilutedand diluted distort the adjustments on these earnings perearnings analysis of trends items, including shareper in business adjustments as ashare performance. result of legislative Excluding these changes. items does not imply that they Adjusted basic and are non-recurring. diluted earnings per share: Adjusted net income and adjusted net income including the dilutive effect of stock-based compensation divided by basic and diluted weighted average shares outstanding. To show how much cash we have available to repay debt and reinvest Adjusted EBITDA ? in our company, deduct which is an capital expenditures;Free cash important interest on Cash providedflow indicator of our borrowings net of by operating financial strength capitalized interest; activities and performance. and cash income We believe that taxes. some investors and ? analysts use free cash flow to value a business and its underlying assets. Total long-term debt add (deduct) To conduct current portion of valuation-related long-term debt; ? analysis and make deferred transaction decisions about costs and discounts; capital structure. net debt derivative (assets) liabilities;Adjusted credit risknet adjustment related to Long-termdebt net debt derivatives; debt We believe this current portion of helps investors lease liabilities; and analysts lease liabilities; ? analyze our bank advances (cash enterprise and and cash equity value and equivalents); and assess our short-term leverage. borrowings.

To conduct valuation-related ? analysis and make decisions about Adjusted net debtDebt capital structure. (defined above) Long-term debtleverage We believe this divided by divided by netratio helps investors 12-month trailing income and analysts adjusted EBITDA ? analyze our (defined above). enterprise and equity value and assess our leverage.

Reconciliation of adjusted EBITDA

Three months ended Nine months ended September 30 September 30(In millions of dollars) 2020 2019 2020 2019 Net income 512 593 1,143 1,575 Add: Income tax expense 189 219 408 544 Finance costs 219 215 653 610 Depreciation and 663 627 1,952 1,850 amortization EBITDA 1,583 1,654 4,156 4,579 Add (deduct): Other expense (income) 6 16 (1 ) 2 Restructuring, acquisition 49 42 112 101 and other Adjusted EBITDA 1,638 1,712 4,267 4,682

Reconciliation of adjusted EBITDA margin

Three months ended Nine months ended September 30 September 30(In millions of dollars, 2020 2019 2020 2019except margins) Adjusted EBITDA 1,638 1,712 4,267 4,682 Divided by: total revenue 3,665 3,754 10,236 11,121 Adjusted EBITDA margin 44.7 % 45.6 % 41.7 % 42.1 %

Reconciliation of adjusted net income

Three months ended Nine months ended September 30 September 30(In millions of dollars) 2020 2019 2020 2019 Net income 512 593 1,143 1,575 Add (deduct): Restructuring, acquisition and 49 42 112 101 otherIncome tax impact of above (13 ) (13 ) (30 ) (29 )itemsIncome tax adjustment, ? ? ? (23 )legislative tax change Adjusted net income 548 622 1,225 1,624

Reconciliation of adjusted earnings per share

Three months ended Nine months ended September 30 September 30(In millions of dollars,except per share amounts; 2020 2019 2020 2019number of shares outstandingin millions) Adjusted basic earnings per share:Adjusted net income 548 622 1,225 1,624 Divided by: Weighted average number of 505 511 505 513 shares outstanding Adjusted basic earnings per $ 1.09 $ 1.22 $ 2.43 $ 3.17 share Adjusted diluted earnings per share:Diluted adjusted net income 545 613 1,208 1,618 Divided by: Diluted weighted average 506 513 506 514 number of shares outstanding Adjusted diluted earnings per $ 1.08 $ 1.19 $ 2.39 $ 3.15 share

Reconciliation of free cash flow

Three months ended Nine months ended September 30 September 30(In millions of dollars) 2020 2019 2020 2019 Cash provided by operating 986 1,305 3,374 3,360 activitiesAdd (deduct): Capital expenditures (504 ) (657 ) (1,656 ) (2,016 )Interest on borrowings, net of (191 ) (189 ) (570 ) (540 )capitalized interestInterest paid 216 222 614 581 Restructuring, acquisition and 49 42 112 101 otherProgram rights amortization (16 ) (17 ) (54 ) (58 )Net change in contract asset (363 ) 26 (1,079 ) 55 balancesNet change in financing 521 24 1,071 24 receivable balancesChange in non-cash operating 198 45 29 267 working capital itemsOther adjustments (28 ) (34 ) (43 ) 7 Free cash flow 868 767 1,798 1,781

Reconciliation of adjusted net debt and debt leverage ratio

As at Asat September December31 30(In millions of dollars) 2020 2019 Current portion of long-term debt 1,450 ? Long-term debt 17,297 15,967 Deferred transaction costs and discounts 175 163 18,922 16,130 Add (deduct): Net debt derivative assets (2,155 ) (1,383 )Credit risk adjustment related to net debt (86 ) (31 )derivative assetsShort-term borrowings 982 2,238 Current portion of lease liabilities 268 230 Lease liabilities 1,560 1,495 Cash and cash equivalents (2,248 ) (494 ) Adjusted net debt 17,243 18,185

As at As at September 30 December31(In millions of dollars, except ratios) 2020 2019 Adjusted net debt 17,243 18,185 Divided by: trailing 12-month adjusted EBITDA 5,797 6,212 Debt leverage ratio 3.0 2.9

Rogers Communications Inc.Interim Condensed Consolidated Statements of Income(In millions of dollars, except per share amounts, unaudited)

Three months ended Nine months ended September 30 September 30 2020 2019 2020 2019 Revenue 3,665 3,754 10,236 11,121 Operating expenses: Operating costs 2,027 2,042 5,969 6,439 Depreciation and 663 627 1,952 1,850 amortizationRestructuring, 49 42 112 101 acquisition and otherFinance costs 219 215 653 610 Other expense (income) 6 16 (1 ) 2 Income before income 701 812 1,551 2,119 tax expenseIncome tax expense 189 219 408 544 Net income for the 512 593 1,143 1,575 period Earnings per share: Basic $ 1.01 $ 1.16 $ 2.26 $ 3.07 Diluted $ 1.01 $ 1.14 $ 2.23 $ 3.05

Rogers Communications Inc.Interim Condensed Consolidated Statements of Financial Position(In millions of dollars, unaudited)

As at As at September 30 December 31 2020 2019 Assets Current assets: Cash and cash equivalents 2,248 494 Accounts receivable 1,804 2,304 Inventories 460 460 Current portion of contract assets 736 1,234 Other current assets 1,144 524 Current portion of derivative instruments 64 101 Total current assets 6,456 5,117 Property, plant and equipment 13,940 13,934 Intangible assets 8,891 8,905 Investments 2,711 2,830 Derivative instruments 2,143 1,478 Contract assets 140 557 Other long-term assets 789 275 Goodwill 3,940 3,923 Total assets 39,010 37,019 Liabilities and shareholders' equity Current liabilities: Short-term borrowings 982 2,238 Accounts payable and accrued liabilities 2,494 3,033 Income tax payable 374 48 Other current liabilities 115 141 Contract liabilities 302 224 Current portion of long-term debt 1,450 ? Current portion of lease liabilities 268 230 Current portion of derivative instruments 33 50 Total current liabilities 6,018 5,964 Provisions 37 36 Long-term debt 17,297 15,967 Derivative instruments 37 90 Lease liabilities 1,560 1,495 Other long-term liabilities 660 614 Deferred tax liabilities 3,365 3,437 Total liabilities 28,974 27,603 Shareholders' equity 10,036 9,416 Total liabilities and shareholders' equity 39,010 37,019

Rogers Communications Inc.Interim Condensed Consolidated Statements of Cash Flows(In millions of dollars, unaudited)

Three months Nine months ended ended September September 30 30 2020 2019 2020 2019 Operating activities: Net income for the period 512 593 1,143 1,575 Adjustments to reconcile net income to cash provided by operating activities:Depreciation and amortization 663 627 1,952 1,850 Program rights amortization 16 17 54 58 Finance costs 219 215 653 610 Income tax expense 189 219 408 544 Post-employment benefits contributions, net 42 33 (26 ) (82 )of expenseNet change in contract asset balances 363 (26 ) 1,079 (55 )Net change in financing receivable balances (521 ) (24 ) (1,071 ) (24 )Other (8 ) 17 68 77 Cash provided by operating activitiesbefore changes in non-cash working capital 1,475 1,671 4,260 4,553 items, income taxes paid, and interest paidChange in non-cash operating working (198 ) (45 ) (29 ) (267 )capital itemsCash provided by operating activities 1,277 1,626 4,231 4,286 before income taxes paid and interest paidIncome taxes paid (75 ) (99 ) (243 ) (345 )Interest paid (216 ) (222 ) (614 ) (581 ) Cash provided by operating activities 986 1,305 3,374 3,360 Investing activities: Capital expenditures (504 ) (657 ) (1,656 ) (2,016 )Additions to program rights (23 ) (15 ) (45 ) (29 )Changes in non-cash working capital relatedto capital expenditures and intangible 20 (63 ) (134 ) (144 )assetsAcquisitions and other strategic (8 ) ? (8 ) (1,731 )transactions, net of cash acquiredOther (32 ) 11 (60 ) 1 Cash used in investing activities (547 ) (724 ) (1,903 ) (3,919 ) Financing activities: Net proceeds received from (repayments of) 325 (311 ) (1,402 ) (523 )short-term borrowingsNet issuance of long-term debt ? ? 2,540 2,276 Net (payments) proceeds on settlement of ? (22 ) 80 (126 )debt derivatives and forward contractsPrincipal payments of lease liabilities (57 ) (45 ) (155 ) (124 )Transaction costs incurred (1 ) ? (22 ) (33 )Repurchase of Class B Non-Voting Shares ? (89 ) ? (294 )Dividends paid (253 ) (256 ) (758 ) (760 ) Cash provided by (used in) financing 14 (723 ) 283 416 activities Change in cash and cash equivalents 453 (142 ) 1,754 (143 )Cash and cash equivalents, beginning of 1,795 404 494 405 period Cash and cash equivalents, end of period 2,248 262 2,248 262

About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. 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, or intentions.

Forward-looking information

-- typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions, although not all forward-looking information includes them; -- includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors, most of which are confidential and proprietary and that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and -- was approved by our management on the date of this earnings release.

Our forward-looking information includes forecasts and projections related to the following items, some of which are non-GAAP measures (see "Non-GAAP Measures and Related Performance Measures"), among others:

-- revenue; -- total service revenue; -- adjusted EBITDA; -- capital expenditures; -- cash income tax payments; -- free cash flow; -- dividend payments; -- the growth of new products and services; -- expected growth in subscribers and the services to which they subscribe; -- the cost of acquiring and retaining subscribers and deployment of new services; -- continued cost reductions and efficiency improvements; -- traction against our debt leverage ratio; -- statements relating to plans we have implemented in response to COVID-19 and its impact on us; and -- all other statements that are not historical facts.

Our conclusions, forecasts, and projections are based on the following factors, among others:

-- general economic and industry growth rates; -- currency exchange rates and interest rates; -- product pricing levels and competitive intensity; -- subscriber growth; -- pricing, usage, and churn rates; -- changes in government regulation; -- technology deployment; -- availability of devices; -- timing of new product launches; -- content and equipment costs; -- the integration of acquisitions; -- industry structure and stability; and -- the impact of COVID-19 on our operations, liquidity, financial condition, or results.

Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, 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.

Risks and uncertaintiesActual 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:

-- regulatory changes; -- technological changes; -- economic, geopolitical, and other conditions affecting commercial activity; -- unanticipated changes in content or equipment costs; -- changing conditions in the entertainment, information, and communications industries; -- the integration of acquisitions; -- litigation and tax matters; -- the level of competitive intensity; -- the emergence of new opportunities; -- external threats, such as epidemics, pandemics, and other public health crises, natural disasters, or cyberattacks, among others; and -- new interpretations and new accounting standards from accounting standards bodies.

These factors can also affect our objectives, strategies, and intentions. Many of these factors are beyond our control or our current expectations or knowledge. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee.

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 earnings release is qualified by the cautionary statements herein.

Before making an investment decisionBefore 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 of this earnings release entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2019 Annual MD&A entitled "Regulation in Our Industry" and "Governance and Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedar.com and sec.gov, respectively. Information on or connected to sedar.com, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.