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Management's Discussion of Results of Operations (Excerpts)

For purposes of readability, Zenith attempts to strip out all tables in excerpts from the Management Discussion. That information is contained elsewhere in our articles. The idea of this summary is simply to review how well we believe Management does its reporting. Also, this highlights what Management believes is important.

In our Decision Matrix at the end of each article, a company with 0 to 2 gets a "-1", and 3 to 5 gets a "+1."

On a scale of 0 to 5, 5 being best, Zenith rates this company's Management's Discussion as a 1. Canada's reporting requirements are abysmal, and the reader is invited to make what he can out of the non-standard hard-to-read presentation below.


Executive Summary
ABOUT ROGERS

Rogers is a 
leading diversified Canadian communications and media company that is working 
to deliver a great experience to our customers every day. We are Canada’s 
largest provider of wireless communications services and one of Canada’s 
leading providers of cable television, high-speed Internet, information 
technology, and telephony services to consumers and businesses. Through Rogers 
Media, we are engaged in radio and television broadcasting, sports, televised 
and online shopping, magazines, and digital media. Almost all of our operations 
and sales are in Canada. We have a highly skilled and diversified workforce of 
approximately 25,200 employees. Our head office is in Toronto, Ontario and we 
have numerous offices across Canada. FOUR REPORTING SEGMENTS We report our 
results of operations in four reporting segments. Each segment and the nature 
of its business are as follows: Segment Principal activities Wireless Wireless 
telecommunications operations for Canadian consumers and businesses. Cable 
Cable telecommunications operations, including Internet, television, and 
telephony (phone) services for Canadian consumers and businesses. Business 
Solutions 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 enterprise, public sector, and carrier wholesale markets. 
Media A diversified portfolio of media properties, including sportsmedia and 
entertainment, television and radio broadcasting, specialty channels, 
multi-platform shopping, digitalmedia, and publishing.

2016 REVENUE BY SEGMENT WIRELESS 57% CABLE 25% MEDIA 15% BUSINESS SOLUTIONS 3% 
(%) 2016 ADJUSTED OPERATING PROFIT BY SEGMENT WIRELESS 63% CABLE 32% MEDIA 3% 
BUSINESS SOLUTIONS 2% $5.1 Billion

2016 HIGHLIGHTS REVENUE AND ADJUSTED OPERATING PROFIT • Revenue increased by 2% 
this year, primarily driven by Wireless service revenue growth of 5%. • 
Wireless service revenue increased largely as a result of a larger subscriber 
base and the continued adoption of higher-postpaid- ARPA-generating Rogers 
Share Everything plans and the increase in data usage on these plans. • Cable 
revenue decreased marginally as the 11% increase in Internet revenue from the 
larger subscriber base and movement of customers to higher-end speed and usage 
tiers was offset by lower Television and Phone revenue, primarily due to 
Television subscriber losses over the past year and the impact of Phone pricing 
packages. We reported positive Cable total service unit net additions in 2016, 
driven by Internet net additions of 97,000, up 60,000 year on year, and 
improved Television net losses. We continue to see an ongoing shift in product 
mix to highermargin Internet services, with 46% of our residential Internet 
base now on plans with download speeds of 100 megabits per second or higher. • 
Business Solutions revenue increased this year primarily as a result of the 
growth in on-net next generation services (including our data centre 
businesses), which more than offset the continued planned reduction in lower 
margin, off-net legacy revenue. • Media revenue increased as a result of higher 
sports-related revenue, driven by the strength of Sportsnet and the success of 
the Toronto Blue Jays, partially offset by continued softness in publishing and 
radio advertising. • Adjusted operating profit increased 1% this year, with a 
consolidated adjusted operating profit margin of 37.2%, resulting from higher 
adjusted operating profit in Wireless, Cable, and Business Solutions, partially 
offset by lower adjusted operating profit inMedia. NET INCOME • Net income 
decreased 38% to $835 million, primarily as a result of the impairment and 
related charges we recognized on our Internet Protocol television (IPTV) 
product because of our decision to discontinue developing this product and 
develop a long-term relationship with Comcast Corporation (Comcast) and deploy 
their X1 IP-based video platform, along with higher restructuring, acquisition 
and other costs and higher equity losses associated with the wind down of 
shomi. See “Review of Consolidated Performance” formore information. CASH FLOW 
• Our substantial cash flow generation enabled us to reduce outstanding debt, 
continue to make investments in our network, and return substantial dividends 
to shareholders. We paid $988 million in dividends in 2016. • Our cash provided 
by operating activities increased 6% this year to $3,957 million as a result of 
higher net funding provided by non-cash working capital and lower interest 
paid. Free cash flow increased 2% this year to $1,705 million as a result of 
higher adjusted operating profit and lower additions to property, plant and 
equipment, partially offset by higher cash income taxes. LIQUIDITY POSITION • 
Ended the year with approximately $2.7 billion of available liquidity (2015 – 
$3.3 billion), comprised of nil cash on hand (2015 – $0.01 billion), $2.4 
billion available under our bank credit facilities (2015 – $3.0 billion), and 
$0.25 billion available under our $1.05 billion accounts receivable 
securitization program (2015 – $0.25 billion available under our $1.05 billion 
accounts receivable securitization program). • Our adjusted net debt / adjusted 
operating profit ratio improved to 3.0 as at December 31, 2016 from 3.1 as at 
December 31, 2015. • Issued US$500 million ($671 million) of 2.9% senior notes 
due 2026. • Our overall weighted average cost of borrowings was 4.72% as at 
December 31, 2016 (2015 – 4.82%) and our overall weighted average term to 
maturity on our debt was 10.6 years as at December 31, 2016 (2015 – 10.8 
years). • Late in 2016, we announced a long-term agreement with Comcast to 
bring their X1 IP-based video platform to our customers in early 2018. 
Customers will benefit from Comcast’s substantial research and development 
investments and their continuing commitment to innovation. Understanding Our 
Business Rogers is a leading diversified Canadian communications and media 
company. We report our results based on four reporting segments, as follows: 
Wireless provides wireless voice and data communication services to individual 
consumers, businesses, governments, and other telecommunications service 
providers. Our wireless network is one of the most extensive and advanced 
independent high-speed wireless data networks in Canada, capable of supporting 
wireless services on smartphones, tablets, computers, and a broad variety of 
machine-to-machine and specialized devices. See “Capability to Deliver Results” 
for more information about our extensive wireless network and significant 
spectrum position. Cable provides high-speed Internet, television, and voice 
communication services to consumers, businesses, governments, and wholesale 
resellers, leveraging our expansive fibre and hybrid fibre-coaxial network 
infrastructure in Ontario, New Brunswick, and Newfoundland and Labrador. See 
“Capability to Deliver Results” formore information about our expansive cable 
networks. Business Solutions provides voice and data communications and 
advanced services, including data centres and cloud computing, to the 
enterprise, public sector, and carrier wholesale markets over our fibre network 
facilities. Media provides services in sports media and entertainment 
(including both the Toronto Blue Jays and our 12-year, exclusive national 
licensing agreement (NHL Agreement) with the National Hockey League (NHL) to 
broadcast all nationally televised live NHL hockey games within Canada on 
multiple platforms), television and radio broadcasting, multi-platform shopping 
experiences, digital media, and publishing. During the year, our Wireless, 
Cable, and Business Solutions reporting segments were operated by our 
wholly-owned subsidiary, Rogers Communications Canada Inc. (RCCI). In 2015, 
those segments were operated by Rogers Communications Partnership (RCP), and 
certain other wholly-owned subsidiaries. Our Media reporting segment is 
operated by our wholly-owned subsidiary, RogersMedia Inc., and its 
subsidiaries. On January 1, 2016, Fido Solutions Inc., a subsidiary of RCI, 
transferred its partnership interest in RCP to Rogers Cable and Data Centres 
Inc. (RCDCI), a subsidiary of RCI, leaving RCDCI as the sole partner of RCP, 
thereby causing RCP to cease to exist. RCDCI became the owner of all the assets 
and assumed all the liabilities previously held by RCP. Subsequent to the 
reorganization, RCDCI changed its name to Rogers Communications Canada Inc. 
PRODUCTS AND SERVICES WIRELESS Rogers is a Canadian leader in innovative 
wireless network technologies and services. We provide postpaid and prepaid 
wireless services under the Rogers, Fido, and chatr brands, and provide 
consumers and businesses with the latest wireless devices, services, and 
applications including: • mobile and fixed high-speed Internet access; • 
wireless voice and enhanced voice features; • wireless home phone; • device 
protection; • text messaging; • e-mail; • global voice and data roaming, 
including Roam Like Home and Fido Roam; • bridging landline phones with 
wireless phones; • machine-to-machine solutions; and • advanced wireless 
solutions for businesses. CABLE Our cable network provides an innovative and 
leading selection of high-speed broadband Internet access, digital television 
and online viewing, phone, and advanced home Wi-Fi services to consumers and 
businesses in Ontario, New Brunswick, and Newfoundland and Labrador. Internet 
services include: • Internet access (including basic and unlimited usage 
packages), security solutions, and e-mail; • access speeds of up to one gigabit 
per second (Gbps), covering our entire Cable footprint; • Rogers Ignite 
unlimited packages, combining fast and reliable speeds with the freedom of 
unlimited usage; and • plans available under both the Rogers and Fido brands. 
Television services include: • local and network TV, including starter and 
premium channel packages along with à la carte channels; • on-demand 
television; • personal video recorders (PVRs), including Whole Home PVRs and a 
4K PVR; • linear and time-shifted programming; • digital specialty channels; • 
4K television programming, including all 2016 and 2017 regular season Toronto 
Blue Jays home games and select marquee NHL and National Basketball Association 
(NBA) games; and • Rogers Anyplace TV, televised content delivered on 
smartphones, tablets, and personal computers. Phone services include: • 
residential and small business local telephony service; and • calling features 
such as voicemail, call waiting, and long distance. 30 ROGERS COMMUNICATIONS 
INC. 2016 ANNUAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS BUSINESS SOLUTIONS 
Our services aim to meet the increasing demands of today’s critical business 
applications. These services include: • voice, data networking, Internet 
protocol (IP), and Ethernet services over multiservice 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; • 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; • 
simplified “leapfrog” information technology (IT) and network technologies with 
security-embedded, cloud-based, professionally-managed solutions, including: • 
Managed Wi-Fi, which allows customers to remotely monitor their networks at any 
site and view network performance analytics via a web portal; this allows 
customers to better understand how their network is being used, from almost 
anywhere; and • Rogers Public Cloud, which enables businesses to manage their 
IT infrastructure in the cloud securely and cost effectively; and • extensive 
wireless and cable access networks services for primary, bridging, and back-up 
connectivity. MEDIA Our portfolio of Media assets reaches Canadians from coast 
to coast. In Television, we operate several conventional and specialty 
television networks: • Sportsnet’s four regional stations, Sportsnet ONE, 
Sportsnet 360, and Sportsnet World; • City network, which, together with 
affiliated stations, has broadcast distribution to approximately 86% of 
Canadian households; • OMNImulticultural broadcast television stations; • 
specialty channels that include FX (Canada), FXX (Canada), Outdoor Life 
Network, VICELAND, and G4 Canada; and • The Shopping Channel (TSC), Canada’s 
only nationally televised shopping channel, which generates a significant and 
growing portion of its revenue from online sales. In Radio, we operate more 
than 50 AM and FM radio stations in markets across Canada, including popular 
radio brands such as 98.1 CHFI, 680 NEWS, Sportsnet The FAN, KiSS, JACK FM, and 
SONiC. As part of our strategic change to focus on digital media, our services 
and products include: • our digital sports-related assets, including Rogers NHL 
GameCentre LIVE and Sportsnet NOW; • many well-known consumer brands, such as 
Maclean’s, Chatelaine, Today’s Parent, Flare, and Hello! Canada; • Texture by 
Next Issue, our digital magazine service, which offers unlimited access to a 
catalogue of over 230 premium Canadian and US magazine titles; and • a broad 
digital presence that continues the extension of content across new and 
existing platforms. In Sports Media and Entertainment, we own the Toronto Blue 
Jays, Canada’s only Major League Baseball (MLB) team, and the Rogers Centre 
event venue, which hosts the Toronto Blue Jays’ home games, concerts, trade 
shows, and special events. Our NHL Agreement, which began with the 2014-2015 
NHL season, allows us to deliver unprecedented coverage of professional hockey, 
with more than 1,200 regular season games per season streamed across 
television, smartphones, tablets, and the Internet, both through traditional 
streaming services as well as Rogers NHL GameCentre Live. Our NHL Agreement 
also grants Rogers national rights on those platforms to the NHL playoffs and 
Stanley Cup Final, all NHL-related special events and non-game events (such as 
the NHL All-Star Game and the NHL Draft), and rights to sublicense broadcasting 
rights to TVA and the Canadian Broadcasting Corporation (CBC) and to use the 
Hockey Night In Canada brand through a sublicense agreement. OTHER Other 
services we offer to consumers and businesses include: • Rogers Smart Home 
Monitoring and Smart Business Monitoring, an innovative home or business 
monitoring, security, and automation system; and • Rogers Platinum MasterCard 
and Fido MasterCard, credit cards that allow customers to earn cashback rewards 
points on credit card spending. OTHER INVESTMENTS We hold interests in a number 
of associates and joint arrangements, some of which include: • our 37.5% 
ownership interest in Maple Leaf Sports & Entertainment Ltd. (MLSE), which owns 
the Toronto Maple Leafs, the Toronto Raptors, Toronto FC, and the Toronto 
Marlies, as well as various associated real estate holdings; and • 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. COMPETITION Competition in the wireless industry 
from national and regional operators and resellers has led to a highly 
competitive environment, as consumers have considerable choice in service 
providers and plan offerings across a wide array of pricing and service points. 
This puts downward pressure on pricing, potentially reducing profit margins, 
and could also affect our customer churn. Traditional wireline telephone and 
television services are now offered over the Internet. This has allowed more 
non-traditional providers to enter the market and has changed how traditional 
providers compete. This is changing the mix of packages and pricing that 
service providers offer and could affect customer churn levels. In the media 
industry, there continues to be a shift towards digital and online media 
consumption by consumers, which in turn drives advertisers to direct more 
advertising dollars to digital and online versus traditional media. In 
addition, the number of competitors has increased as more digital and online 
media companies, including large global companies, enter the market. WIRELESS 
We compete on customer experience, quality of service, scope of services, 
network coverage, sophistication of wireless technology, breadth of 
distribution, selection of devices, branding and positioning, and price. • 
Wireless technology — our extensive long-term evolution (LTE) network caters to 
customers seeking the increased capacity and speed it provides. We compete with 
Bell, Telus, Shaw, MTS, Videotron, SaskTel, and Eastlink, all of whom operate 
LTE networks. We also compete with these providers on high-speed packet access 
(HSPA) and global system for mobile communications (GSM) networks and with 
providers that use alternative wireless technologies, like Wi-Fi “hotspots” and 
mobile virtual network operators (MVNO), such as President’s Choice Mobile and 
Primus. • Product, branding, and pricing — we compete nationally with Bell, 
Telus, and Shaw, including their discount brands Virgin Mobile (Bell), Koodo 
(Telus), and Freedom Mobile (Shaw). We also compete with various regional 
players and resellers. • Distribution of services and devices — we compete with 
other service providers for dealers, prime locations for our own stores, and 
third-party retail distribution shelf space. • Wireless networks — 
consolidation amongst regional players, or with incumbent carriers, could alter 
the regional or national competitive landscapes for Wireless. • Inbound roaming 
— we compete with other major national carriers to provide service to 
international operators who have customers who roam while in Canada. • Spectrum 
— Innovation, Science and Economic Development Canada (ISED Canada), formerly 
known as Industry Canada, has announced a future 600 MHz spectrum auction, 
expected to take place in the next two to three years. The outcome of this 
auction may increase competition. CABLE Internet We compete with other Internet 
Service Providers (ISPs) that offer residential and commercial high-speed 
Internet access services. Rogers and Fido high-speed Internet services compete 
directly with: • Bell and Cogeco’s Internet service in Ontario; • Bell Aliant’s 
Internet services in New Brunswick and Newfoundland and Labrador; and • various 
resellers using wholesale telecommunication company digital subscriber line 
(DSL) and cable Third-Party Internet Access (TPIA) services in localmarkets. 
Television We compete with: • other Canadian multi-channel Broadcast 
Distribution Undertakings (BDUs) including Bell, Shaw, other alternative 
satellite TV services, and IPTV; • over-the-top (OTT) video offerings through 
providers like Netflix, YouTube, Apple, Amazon Prime Video, Google, and other 
channels streaming their own content; and • over-the-air local and regional 
broadcast television signals received directly through antennas, and the 
illegal reception of US direct broadcast satellite services. Phone We compete 
with: • Bell and Bell Aliant’s wireline phone service in Ontario, New 
Brunswick, and Newfoundland and Labrador; • Incumbent Local Exchange Carrier 
(ILEC) local loop resellers and Voice over IP (VoIP) service providers (such as 
Primus and Comwave), other VoIP-only service providers (such as Vonage and 
Skype), and other voice applications riding over the Internet access services 
of ISPs; and • substitution of wireline for wireless products, including mobile 
phones and wireless home phone products. BUSINESS SOLUTIONS A number of 
different players in the Canadian market 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 markets 
where they have the most extensive networks. In the wireline voice and data 
market, we compete with facilitiesand non-facilities-based telecommunications 
service providers. In markets where we own network infrastructure, we compete 
with incumbent fibre-based providers. Our main competitors are as follows, but 
there are also regional competitors: • Ontario – Bell, Cogeco Data Services, 
and Zayo; • Quebec – Bell, Telus, and Videotron; • Atlantic Canada – Bell 
Aliant and Eastlink; and • Western Canada – Shaw and Telus. 32 ROGERS 
COMMUNICATIONS INC. 2016 ANNUAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS 
MEDIA Television and specialty services compete for viewers and advertisers 
with: • other Canadian television stations that broadcast in their local 
markets, including those owned and operated by the CBC, Bell Media, and Corus 
Entertainment, some of which have greater national coverage; • other specialty 
channels; • distant Canadian signals and US border stations, given the 
timeshifting capability available to subscribers; • other media, including 
newspapers, magazines, radio, and outdoor advertising; and • content available 
on the Internet, such as web-based streaming services. Our radio stations 
compete mainly with individual stations in local markets, but they also 
compete: • nationally with other large radio operators, including the CBC, Bell 
Media, Corus Entertainment, and satellite radio operator SiriusXM; • with other 
media, including newspapers, magazines, television, and outdoor advertising; 
and • with new technologies, such as online web information services, music 
downloading, portable media players, and online music streaming services. TSC 
competes with: • retailstores; • catalogue, Internet, and direct mail 
retailers; • infomercials that sell products on television; and • other 
television channels, for channel placement, viewer attention, and loyalty. Our 
publishing products compete for readership and advertisers with: • other 
Canadian magazines, both digital and printed; • foreign, mostly US, titles that 
sell directly into Canada, both digital and printed; and • online information 
and entertainment websites. Competition in SportsMedia and Entertainment 
includes other: • televised and online sports programming; • Toronto 
professional teams, for attendance at Toronto Blue Jays games; • MLB teams, for 
Toronto Blue Jays players and fans; • local sporting and special event venues; 
and • professional sports teams, formerchandise sales revenue. Our digital 
media assets compete with: • other content available on the Internet, including 
news services, streaming services, and portals; and • traditional media, 
including TV, radio, and publishing. INDUSTRY TRENDS The telecommunications 
industry in Canada and our reporting segments are affected by various 
overarching trends relating to changing technologies, consumer demands, 
economic conditions, and regulatory developments. See “Risks and Uncertainties 
Affecting Our Business” and “Regulation in Our Industry” for more information. 
Outlined in the table below are industry trends affecting our specific 
reporting segments. WIRELESS TRENDS CABLE TRENDS More sophisticated wireless 
networks and devices and the rise of multimedia and Internet-based applications 
are making it easier and faster to receive data, driving growth in wireless 
data services. Consumer demand for mobile devices, digital media, and on-demand 
content is pushing providers to build networks that can support the expanded 
use of applications,mobile video, messaging, and other wireless data. Wireless 
providers are investing in the next generation of broadband wireless data 
networks, such as LTE and future 5G technologies, to support the growing data 
demand. Wireless market penetration in Canada is approximately 83% of the 
population and is expected to grow at an estimated 0.9% annually over the next 
four years, per International Data Corporation. The Canadian Radio-television 
and Telecommunications Commission (CRTC) Wireless Code has limited consumer 
wireless term contracts to two years from three years, which has resulted in a 
greater number of customers completing and renewing contracts at any given 
time. Shorterterm contracts allow less time for carriers to recover subsidies. 
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 our subscriber churn, but may 
create gross addition subscriber opportunities as a result of increased churn 
from other carriers. This also may negatively impact the monthly service fees 
charged to subscribers. Wireless providers are collaborating with OTT services 
to offer their customers unique, value-added benefits and service options. 
Mobile commerce continues to increase as more devices and platforms adopt 
secure technology to facilitate wireless transactions. The Internet and social 
media 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) appear to be on the rise with increased 
adoption of OTT services, such as Apple TV, Netflix, and Android-based TV 
boxes. The CRTC’s decision to lower wholesale Internet access rates may also 
adversely affect companies that wholesale Internet services. Broadcast 
television technology continues to improve with 4K TV broadcasts and high 
dynamic range (HDR) for higher resolution and improved motion video. The CRTC 
Let’s Talk TV guidance requires service providers to offer customers with 
pick-and-pay choices, small reasonably priced packages, and affordable 
entry-level TV channel options that may negatively impact the industry. In 
2016, the CRTC established several criteria to increase Internet access for 
Canadian residents and businesses. As a result, subscribers should have access 
to speeds of at least 50 Mbps and a service with unlimited data allowance. Our 
digital cable and VoIP telephony services compete with competitor IPTV 
deployments and non-facilities-based service providers, respectively, which 
continue to increase competitive intensity that have and may continue to 
negatively impact the industry. Cable and wireline companies are expanding 
their service offerings to include faster broadband Internet. Canadian 
companies, including Rogers, are increasingly offering download speeds of 1 
Gbps and Internet offerings with unlimited bandwidth in response to the 
perceived “need for speed”. Consumers are demanding ever-faster speeds for 
streaming online media, playing online video games, and for their evergrowing 
number of Internet-capable 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) 3.0/3.1 
and fibre-to-the-home (FTTH) technologies. These technologies provide faster 
potential data communication speeds, 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. BUSINESS SOLUTIONS 
TRENDS MEDIA TRENDS Companies are using fibre-based access and cloud computing 
to capture and share information in more secure and accessible environments. 
This, combined with the rise of multimedia and Internet-based business 
applications, is driving exponential growth in data demand. Enterprises 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. Carriers are dismantling legacy networks and 
investing in next generation platforms and data centres 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 andmanufacturers. Companies are using third parties 
to increase security for their data and information to address cyber threats 
and other information security risks. Devices and machines are becoming more 
interconnected and there is more reliance on the Internet and other networks to 
facilitate updates and track usage. Consumer demand for digital media, mobile 
devices, and on-demand content is increasing and media products, such as 
magazines, have experienced significant digital uptake, requiring industry 
players to increase their efforts in digital content and capabilities in order 
to compete. This trend is also causing advertisers to shift their spending from 
conventional TV and print publishing to digital platforms. 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. Some players 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. 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, and networks are also experimenting with the 
delivery of live sports content through online, social, and virtual platforms, 
while non-traditional sports are also growing in mindshare. Our Strategy, Key 
Performance Drivers, and Strategic Highlights As part of our overall strategy 
and related priorities, we set new corporate objectives each year to progress 
on our long-term strategic priorities and address short-term opportunities and 
risks. OUR STRATEGIC PRIORITIES We announced our new set of strategic 
priorities in May 2014. This strategy builds on our many strengths, including a 
unique mix of network and media assets, and focuses on how we can reaccelerate 
our growth relative to our industry peers, increase the focus around the 
customer, reinvigorate our brands, continue our network and innovation 
leadership, and create an enhanced working environment for our employees. To 
achieve these goals, we established strategic priorities as follows: • Be a 
Strong Canadian Growth Company • Overhaul the Customer Experience • Drive 
Growth in the BusinessMarket • Invest in and Develop our People • Deliver 
Compelling Content Everywhere • Focus on Innovation and Network Leadership • Go 
toMarket as One Rogers BE A STRONG CANADIAN GROWTH COMPANY The overarching goal 
of our strategy is to accelerate revenue growth in a sustainable way and 
translate this revenue growth into strong margins, adjusted operating profit, 
free cash flow, an increasing return on assets, and returns to shareholders. 
OVERHAUL THE CUSTOMER EXPERIENCE Improving customer experience is core to our 
strategy. We believe that we can improve significantly in this area and have 
started on that journey. Our goal is to make it easy for customers to interact 
with Rogers when, how, and where they want, with a focus on becoming a leader 
in self-serve options. This means simplifying our processes and policies and 
integrating them into our IT systems and front-line employee training. DRIVE 
GROWTH IN THE BUSINESS MARKET The Canadian business market for communications 
services was valued in September 2016 by International Data Corporation Canada 
at an estimated $22 billion for 2017. We believe Rogers is currently 
under-indexed in this market. Currently, we provide our business customers with 
core telecommunication services such as wireless, broadband, next generation 
IP, and data centre services, and have begun offering emerging services, such 
as unified communications and collaboration, security, cloud, and Internet of 
Things (IoT). We believe our strategy of being first-to-market with business 
service innovation, supported by an aligned and execution-focused organization, 
will deliver new opportunities for Rogers in the business market. These 
opportunities will be a key focus of ours as we strive to attract and serve 
more business customers. INVEST IN AND DEVELOP OUR PEOPLE Our employees are the 
heart and soul of Rogers and their passion for our company and our customers is 
world-class. Our strategy is to invest more in our people by updating our 
onboarding, training, and development programs and establishing clear 
accountabilities for all employees. We strive to provide our people, 
particularly our front-line employees, with the training, tools, and support 
they need. We believe that providing better training and tools to empower our 
employees will lead to increasingly positive experiences for our customers. 
DELIVER COMPELLING CONTENT EVERYWHERE The ways in which Canadians consume 
content continue to evolve. The new expectation is that content will be 
available “on demand”. Whether it is watching the latest episode of their 
favourite TV program at home or streaming a live sporting event on their mobile 
device, Canadians now expect to be able to consume any content they want, when 
and where they want, and on the device that they want. Rogers has some of the 
most sought-after media assets in Canada, with a deep roster of leading sports 
assets, top radio stations, iconic periodicals, and award-winning television 
programming. We will continue to invest in compelling content for our customers 
and focus on enhancing the cooperation between our Wireless, Cable, Business 
Solutions, and Media teams so we can fully leverage our highly popular content 
and make it available wherever our customers want to consume it. FOCUS ON 
INNOVATION AND NETWORK LEADERSHIP Innovation has always been a part of our 
identity. Whether it is bringing to market new products or the latest network 
technologies, Rogers has led the way with many “firsts”. We will continue to 
invest in our wireless and cable networks and innovative new products that run 
across them. We will aim to meet the growing demand for data with the highest 
quality of service while maintaining our network speed advantage. We will 
continue to generate and develop technologies and services that support our 
core product offerings. GO TO MARKET AS ONE ROGERS One Rogers is our plan for 
all of our employees, network, content, and brand assets to work much more 
closely together. To operate as One Rogers, we must remove barriers to 
collaboration, cooperation, and agility across the organization. This allows 
for assets and expertise in one part of the company to be easily shared with 
other parts of the company to the benefit of our customers. We will work as One 
Rogers across our business segments to deliver enriched experiences across our 
product sets and customer base. 2016 OBJECTIVES For 2016, we set forth the 
following objectives related to our strategic priorities. Following these 
objectives are our strategic highlights for the year, showing our achievements 
against these objectives. Strategic Priority 2016 Objectives Be a strong 
Canadian growth company Achieve our 2016 financial targets while investing to 
support future growth Overhaul the customer experience Save our customers time 
by making it easier for them to do business with us online and in-person Drive 
growth in the business market Expand our sales reach and introduce “leapfrog” 
technologies using our enterprise-grade networks Invest in and develop our 
people Build a high-performing culture by investing in employee development, 
new technology, and the workplace Deliver compelling content everywhere Deliver 
our content where our audiences want it and leverage it to differentiate our 
businesses Focus on innovation and network leadership Reclaim our leadership in 
Cable, maintain it in Wireless, and grow it in our businessmarkets Go to market 
as one Rogers Work together, using all our assets and resources, to set Rogers 
apart from competitors KEY PERFORMANCE DRIVERS AND 2016 STRATEGIC HIGHLIGHTS 
The following achievements display the progress we made towardsmeeting our 2016 
objectives we set last year. BE A STRONG CANADIAN GROWTH COMPANY • 100% 
achievement of our 2016 guidance on selected full-year metrics and achieved our 
best subscriber metrics in recent years. See “Financial and Operating Guidance” 
formore information. OVERHAUL THE CUSTOMER EXPERIENCE • Launched a number of 
tools and offerings with a focus on becoming a leader in self-serve options. We 
saw a 56% increase in self-serve transactions on the Rogers brand and a 9% 
increase on the Fido brand this year. • Expanded Roam Like Home to over 100 
destinations in Europe, Asia, Mexico, South America, and Latin America, further 
simplifying how Wireless consumers use the Internet, make calls, and send texts 
and e-mails. Customers have access to their Canadian plan features while 
traveling, all at a relatively low cost. Furthermore, we broadened the 
availability of Roam Like Home by making it available on most consumerWireless 
plans. • Introduced Fido Roam, allowing customers to use existing data, talk, 
and text from their Fido Pulse plans while traveling, for a low daily price. 
Fido Roam covers all of the US along with destinations in Europe, the 
Caribbean, South and Central America, theMiddle East, Oceania, South Africa, 
and Asia. • Launched Data Manager, a new tool that gives families the ability 
to manage their wireless data in real-time and provide worry-free control. • 
Launched Rogers EnRoute and Fido EnRoute, tools that save our customers time by 
giving them the ability to track, in real-time, when a technician will arrive 
for an installation or service call. • Launched DeviceAdvice and Message Me for 
our Fido customers. DeviceAdvice is a tool allowing customers to selfdiagnose 
device issues and receive quick, personalized advice so they can maximize the 
performance of their device. Message Me allows customers to contact Fido 
customer representatives via Facebook Messenger on their mobile or desktop 
device. • Launched Rogers Assist, an app that allows all Rogers employees to 
submit an issue to customer care on behalf of their friends, family, and 
acquaintances. • Collaborated with a Canadian app creator that helps people 
with cognitive special needs, to create how-to videos for using a wireless 
device. Rogers.com now features five videos with easy-to-follow instructions 
and closed-captioning that explain how to perform key functions related to your 
Rogers wireless device like sending a text or picture, connecting to a Wi-Fi 
network, andmaking a phone call. • Expanded our Connected for Success program 
to more communities across Ontario, New Brunswick, and Newfoundland and 
Labrador. This program provides affordable Internet services to people that 
live in non-profit housing. This expansion more than doubled the number of 
eligible households across the country to up to 150,000. • Released Rogers’ 
2016 Transparency Report, our annual report on how we share customer 
information in response to requests from legal authorities. We are committed to 
protecting our customers’ privacy and fulfilling our obligation as a good 
corporate citizen to follow the law and contribute to public safety. DRIVE 
GROWTH IN THE BUSINESS MARKET • Launched Rogers Unison, a new mobile solution 
that brings the features of a traditional landline office phone to one’s mobile 
phone. We were the first telecommunications provider in North America to launch 
such a solution. This solution allows our customers to stay connected across 
multiple devices regardless of their location, allowing them to better serve 
their customers. • Launched Rogers Public Cloud, a new data sovereign, cloud 
infrastructure as-a-service solution that lets businesses securely manage 
critical data, applications, servers, systems software, and network resources 
over the Internet. • Launched Rogers Ignite Gigabit Internet to small business 
customers in Ontario, enabling them to leverage blazing-fast Internet speeds 
and unlimited data usage to improve productivity with faster file transfers, 
real-time data backup for business continuity, and high-quality video 
conferencing. The increased bandwidth also means businesses can connect more 
users online simultaneously, without compromising Internet performance. • 
Announced certain IoT as-a-service offerings to simplify the process of 
managing complex IoT solutions. Two of the first solutions being offered as a 
service include Farm & Food Monitoring and Level Monitoring. • Launched 
Business App Market, a new platform for small businesses tomanage multiple 
cloud-based applications. INVEST IN AND DEVELOP OUR PEOPLE • Recognized again 
as a Top Employer for 2017 in November 2016 and as a Top Employer for Young 
People in January 2017 by the editors of Canada’s Top 100 Employers. • Selected 
as one of Canada’s Best Diversity Employers for 2016 in a report released by 
Mediacorp Inc. in March 2016 for recognition of our efforts to promote 
diversity and inclusion in the workplace. • Named one of Canada’s Greenest 
Employers for 2016 by the editors of Canada’s Top 100 Employers in April 2016, 
an award that recognizes employers with innovative environmental programs and 
earth-friendly policies that actively involve their employees. • Named one of 
the 50 Best Corporate Citizens in Canada by Corporate Knights in June 2016, an 
award that recognizes employers that incorporate social, economic, and 
ecological benefits and costs in their normal course of business. • Launched an 
intensive leadership program for more than 160 executives. • Expanded our 
national onboarding program to include 1,400 call centre employees and launched 
a mobile onboarding solution for part-time employees. • Continued to modernize 
our workplace to help us be more productive to better serve our customers. 
DRIVE COMPELLING CONTENT EVERYWHERE • For the second consecutive year, 
Sportsnet solidified its position as the destination for Canadian sports fans 
by closing out 2016 as Canada’s number-one sports media brand. Sportsnet won 
eight months in 2016 and has widened the gap from its closest competitor with a 
42% lead in average minute audience and a 39% lead in audience share. 
Sportsnet.ca reached an all-time high with 4.25 million unique visitors in 
October 2016, which beats our closest English-language competitor, and marks a 
7% increase year on year. The 2016 Blue Jays regular season was the 
most-watched Blue Jays season in network history, reaching 20 million 
Canadians. In November 2016, Sportsnet delivered its largest World Series 
audience ever, with an average audience of 2.66 million viewers, which more 
than doubled Sportsnet’s previous all-time most-watched World Series game. 
Furthermore, Sportsnet achieved great success with the World Cup of Hockey, 
with an average audience of 1.1 million viewers for the entire tournament, and 
reached 15.5 million Canadians throughout the tournament. • Launched Sportsnet 
NOW, one of the first mainstream sports TV channels in North America to be 
available direct to consumers, as well as Sportsnet 4K, which delivered all 
regular season Toronto Blue Jays home games in 4K. This will continue in 2017, 
during which we plan to bring sports fans more than 100 Blue Jays, NHL, 
andNBAgames in 4K. • Broadcast the first live NBA, NHL, andMLB games in 4K. • 
Introduced the new NextBox 4K PVR, giving customers the ability to record up to 
eight 4K programs at one time and store up to 90 hours of 4K entertainment. • 
Added six new programs to the 2016/2017 schedule for Canadian specialty channel 
VICELAND, including the network’s first-ever scripted series, Nirvana The Band 
The Show. This new original programming series is produced by VICE Media Canada 
Inc. (VICE) through VICE Studio Canada. • Successfully completed the second 
year of our exclusive 12-year national NHL Agreement while bringing the NHL to 
more Canadians than ever before. Rogers Hometown Hockey returned for a third 
season during the 2016-2017 NHL season with hockey festivities and 
entertainment. • Continued our commitment to deliver world-class Canadian 
content by adding two new original scripted series to our City lineup, with the 
millennial-focused comedy Second Jen and drama Bad Blood: The Vito Rizzuto 
Story. FOCUS ON INNOVATION AND NETWORK LEADERSHIP • Extended our Ignite Gigabit 
Internet coverage to cover Rogers’ entire cable footprint, such that we offer 
the fastest widely available Internet speeds in our marketplace. • Announced 
the long-term strategic partnership with Comcast Corporation to bring our 
customers a world-class IPTV service with the most advanced features available 
in the market today by deploying Comcast’s X1 IP-based video platform. • 
Extended our 700 MHz LTE network reach to 91% of Canada’s population in 2016, 
compared to 78% in 2015. Extended our overall LTE network reach to 95% of 
Canada’s population in 2016, compared to 93% in 2015. • Installed a new suite 
of technology and enterprise solutions to enable the most connected arena in 
Canada, the Rogers Place in Edmonton. GO TO MARKET AS ONE ROGERS • Successfully 
worked as one company, showing we can bring our entire team together to achieve 
our goals. We demonstrated this by bringing Rogers Hometown Hockey to 150,000 
Canadians, introducing low-cost Internet for more community housing residents, 
and bringing viewers our strongest primetime lineup ever, while delivering a 
strong year of NHL and Sportsnet. 2017 OBJECTIVES Strategic Priority 2017 
Objectives Be a strong Canadian growth company Achieve our 2017 financial 
targets while at the same time investing to support future growth Overhaul the 
customer experience Foster good relationships and obtain positive feedback from 
our customers through continual improvements to our customer service with a 
focus on self-serve Drive growth in the business market Utilize our 
enterprise-grade networks and introduce new products to gain market share in 
the business market Invest in and develop our people Invest in our employees’ 
futures, in part so they say they are proud to work for us, and to enhance 
employee engagement Deliver compelling content everywhere Maintain our status 
as the number-one sports media brand in Canada and leverage that status across 
our different platforms Focus on innovation and network leadership Continue to 
grow our leadership in Wireless and Internet, and set forth developments to 
reclaim a sound position in video Go to market as one Rogers Introduce the best 
customer offerings possible through leveraging the skills and capabilities of 
all our internal teams Be a strong Canadian growth company Overhaul the 
customer experience Drive growth in the business market Go to market as one 
Rogers Invest in and develop our people Deliver compelling content everywhere 
Focus on innovation & network leadership Capability to Deliver Results LEADING 
NETWORKS WIRELESS Rogers has one of the most extensive and advanced wireless 
networks in Canada, which: • was the first LTE high-speed network in Canada; • 
reached approximately 95% of the Canadian population as at December 31, 2016 on 
our LTE network alone; • is supported by voice and data roaming agreements with 
international carriers in more than 200 destinations, including a growing 
number of LTE roaming operators; and • includes network sharing arrangements 
with three regional wireless operators that operate in urban and rural parts of 
Canada. We are continuously enhancing our IP service infrastructure for all of 
our wireless services. Advances in technology have transformed how our 
customers interact and how they use the variety of tools that are available to 
them in their personal and professional lives. Technology has also changed the 
way businesses operate. Significant spectrum position Our wireless services are 
supported by our significant wireless spectrum holdings in both high-band and 
low-band frequency ranges. As part of our network strategy, we expect to 
continue making significant capital investments in spectrum to: • support the 
rapidly growing usage of wireless data services; and • introduce new innovative 
network-enabled features and functionality. Our spectrum holdings as at 
December 31, 2016 include: Type of spectrum Rogers licence Who it supports 700 
MHz 24 MHz in Canada’s major geographic markets, covering 91.1% of the Canadian 
population. 4G LTE subscribers. 850 MHz 25 MHz across Canada. 2G GSM and 3.5G 
HSPA+ subscribers (4G LTE in the future). 1900 MHz 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. 2G GSM and 3.5G HSPA+ 
subscribers (4G LTE in the future). AWS 1700/2100 MHz 40 MHz in British 
Columbia, Alberta, 30 MHz in southern Ontario and 20 MHz in the rest of Canada. 
4G LTE subscribers. 2500 MHz 40 MHz FDD across Canada and an additional 20 MHz 
TDD in key population areas in Quebec, Ontario, and British Columbia. 4G LTE 
subscribers. We also have access to additional spectrum through the following 
network sharing agreements: Type of spectrum Kind of venture Who it supports 
2.3 GHz/3.5 GHz range Inukshuk Wireless Partnership is a joint operation with 
BCE Inc. in which Rogers holds a 50% interest. Inukshuk holds 30 MHz (of which 
20 MHz is usable) of FDD 2.3 GHz spectrum 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. Inukshuk also holds 3.5 GHz TDD licences (between 50-175 MHz) in most 
of the major population centres across Canada. The current fixed wireless LTE 
national network utilizes the jointly held 2.3 GHz and 3.5 GHz spectrum bands. 
Mobile and fixed wireless subscribers. 850 MHz, 1900 MHz AWS spectrum Three 
network-sharing arrangements to enhance coverage and network capabilities: • 
with Manitoba Telecom Services, which covers 96% of the population across 
Manitoba; 3.5G / 4G HSPA+, 4G LTE subscribers. • with TBayTel, that covers the 
combined base of customers in northwestern Ontario; and 3.5G / 4G HSPA+ 
subscribers. • with Quebecor (Videotron) to provide LTE services across the 
province of Quebec. 3.5G / 4G LTE subscribers. We have an option arrangement to 
buy additional spectrum, subject to commercial terms and regulatory approvals, 
as follows: Type of spectrum Transaction Who it will support AWS-1 spectrum 
Part of a larger strategic transaction with Videotron, which could lead to the 
acquisition of Videotron’s Tier 3 Toronto AWS-1 spectrum. 4G LTE subscribers. 
CABLE Our expansive fibre and hybrid fibre-coaxial infrastructure delivers 
services to consumers and businesses in Ontario, New Brunswick, and 
Newfoundland and Labrador. We also operate a transcontinental fibre-optic 
network that extends over 46,000 route kilometres and is used to service 
enterprise customers, including government and other telecommunications service 
providers. We also use our extensive fibre network for backhaul for wireless 
cell site traffic. In Canada, the network extends coast-to-coast and includes 
local and regional fibre, transmission electronics and systems, hubs, points of 
presence, and IP routing and switching infrastructure. The network also extends 
to the US from Vancouver south to Seattle; from the Manitoba-Minnesota border 
through Minneapolis, Milwaukee, and Chicago; from Toronto through Buffalo; and 
from Montreal through Albany to New York City and Ashburn, allowing us to 
connect Canada’s largest markets, while also reaching key US markets for the 
exchange of data and voice traffic. The network is structured to optimize 
performance and reliability and to allow for the simultaneous delivery of 
video, voice, and Internet over a single platform. It is generally constructed 
in rings that interconnect with distribution hubs, minimizing disruptions that 
can result from fibre cuts and other events. Homes and commercial buildings are 
connected to our network through hybrid fibre-coaxial nodes. We connect the 
node to the network using fibre optic cable and the home to the node using 
coaxial cable. Using 860 MHz and 750 MHz of shared cable spectrum in Ontario 
and Atlantic Canada, respectively, we deliver video, voice, and broadband 
services to our customers. Hybrid fibrecoaxial node segmentation increases 
bandwidth per home passed by reducing the number of customers that share the 
cable spectrum. We continually upgrade the network to improve capacity, enhance 
performance and reliability, reduce operating costs, and introduce new features 
and functionality. For example, we invest in: • further segmenting our network 
nodes to reduce the number of homes sharing spectrum in each node; • improving 
video signal compression by moving to more advanced video protocols; • 
improving channel and on-demand capacity through switched digital video; and • 
increasing the FTTH footprint by connecting more homes directly to fibre. In 
early 2016, we completed the transitioning of customers receiving television 
signals over our analog broadcast channels to all-digital services, freeing up 
significant cable network capacity for additional features and services. The 
analog-to-digital subscriber migration strengthened the customer experience 
and, in addition to allowing us to reclaim significant amounts of network 
capacity, enabled us to reduce future network operating and maintenance costs. 
The migration from analog to digital required additional spending as it 
involved fitting analog homes with digital converters and removing existing 
analog filtering equipment. Broadband Internet service is provided using a 
DOCSIS CCAP 3.0/3.1 platform, which combines multiple radio frequency channels 
onto one access point at the customer premise, delivering exceptional 
performance. The bandwidth of our Internet service offerings has increased 
55-fold in the last 10 years as we bring new technologies to market when they 
become available. This track record of investing in our networks and 
demonstrating the capability to deploy best-in-class service is one of our key 
strategies for ensuring that we stay competitive with other service providers 
that provide Internet service into homes and businesses over copper facilities. 
As at December 31, 2016, 100% of our cable network has been upgraded to DOCSIS 
CCAP technology supporting DOCSIS 3.1 and Ignite Gigabit Internet. We continue 
to invest in and improve our cable network; for example, with technology to 
support gigabit Internet speeds, Rogers 4K TV, our 4K PVR set-top box, and a 
significant commitment to live broadcasting in 4K, including all regular season 
Toronto Blue Jays home games in 2017 and numerous NHL and NBA games. 
Voice-over-cable telephony services are provided over a dedicated DOCSIS 
network. Our offerings ensure a high quality of service by including network 
redundancy as well as network and customer premise backup powering. Our phone 
service includes a rich set of features, such as TV Call Display, three-way 
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. BUSINESS SOLUTIONS We own and operate some of the most advanced 
networks and data centres in Canada. 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. We operate our own robust, facilities-based, transcontinental 
network with 100% digital fibre optic backbone and strategic interconnect 
points to the US and overseas for cross-border and international coverage. Our 
primary and secondary Network Operation Centres proactively monitor Rogers’ 
networks to mitigate the risk of service interruptions and allow for rapid 
responses to any outages. Our data centres provide guaranteed uptime and 
expertise in collocation, cloud, and managed services solutions. We own and 
operate 16 state-of-the-art, highly reliable, certified data centres across 
Canada, including: • Canada’s first Tier III Design and Construction certified 
multitenant facility, opened in 2012 in Toronto; • Alberta’s first Tier III 
certified data centre, opened in 2014; and • a third Tier III certified data 
centre in Ottawa, opened in 2015. POWERFUL BRANDS The Rogers brand has strong 
national recognition through our: • established networks; • extensive 
distribution; • recognizable media content and programming; • advertising; • 
event sponsorships, including the Rogers Cup; • community investment, including 
Rogers Youth Fund; and • naming rights to some of Canada’s landmark buildings. 
We also own or utilize some of Canada’s most recognized brands including: • the 
wireless brands of Rogers, Fido, and chatr; • over 20 TV stations and specialty 
channels, including Sportsnet, FX (Canada) and FXX (Canada), OMNI, VICELAND, 
and City; • publications, including Maclean’s, Chatelaine, Today’s Parent, 
Flare, and Hello! Canada; • Texture by Next Issue, with a catalogue of over 230 
premium Canadian and US magazine titles; • over 50 radio stations, including 
98.1 CHFI, 680 NEWS, Sportsnet The FAN, KiSS, JACK FM, and SONiC; • major 
league sports teams, including the Toronto Blue Jays, and teams owned by MLSE, 
such as the Toronto Maple Leafs, the Toronto Raptors, and Toronto FC; • an 
exclusive 12-year agreement with the NHL that allows us to deliver 
unprecedented coverage of professional hockey; • TSC, the leading nationally 
broadcast, interactive, multi-channel Canadian retailer; and • VICE, a global 
youth media company that produces and distributes global online video and text 
content. WIDESPREAD PRODUCT DISTRIBUTION WIRELESS We distribute our wireless 
products nationally using various channels, including: • an extensive 
independent dealer network; • company-owned Rogers, Fido, and chatr retail 
stores; • major retail chains and convenience stores; • other distribution 
channels, such as WOW! mobile boutique, as well as Wireless Wave and TBooth 
Wireless through our ownership interest in Glentel; • customer self-serve using 
rogers.com, fido.ca, chatrwireless.com, and e-commerce sites; • our call 
centres; and • outbound telemarketing. CABLE We distribute our cable products 
using various channels, including: • company-owned Rogers and Fido retail 
stores; • customer self-serve using rogers.com and fido.ca; • our call centres, 
outbound telemarketing, and door-to-door agents; • major retail chains; and • 
an extensive network of third-party retail locations. BUSINESS SOLUTIONS Our 
sales team and third-party retailers sell Business Solutions services to the 
enterprise, public sector, and carrier wholesale markets. An extensive network 
of third-party channel distributors deals with IT integrators, consultants, 
local service providers, and other indirect sales relationships. This diverse 
approach gives greater breadth of coverage and allows for strong sales growth 
for next generation services. FIRST CLASS MEDIA CONTENT We deliver highly 
sought-after sports content enhanced by the following initiatives: • an 
exclusive national 12-year agreement with the NHL, which began with the 
2014-2015 NHL season and allows us to deliver unprecedented coverage of North 
American professional hockey across television, smartphones, tablets, and the 
Internet; • Rogers NHL GameCentre LIVE, an upgraded online destination for 
enhancing NHL action on any screen; • GamePlus, an innovative and interactive 
experience within Rogers NHL GameCentre LIVE that includes revolutionary camera 
angles, exclusive interviews and analysis, and original video-on-demand 
content; • Rogers Hometown Hockey Tour, which brings hockey-themed festivities 
and outdoor viewing parties to 24 communities across Canada over the 2016-2017 
NHL season; • the MLB Network, a 24-hour network dedicated to baseball, brought 
to Canada for the first time on Rogers digital cable; • an 8-year, 
multi-platform broadcast rights agreement with MLB Properties and MLB Advanced 
Media to show live and in-progress games and highlights within Canada through 
2021; • a 10-year multi-platform agreement that commenced in August 2014, which 
makes Rogers the exclusive wholesaler and a distributor of World Wrestling 
Entertainment’s (WWE) flagship programming in Canada; • exclusive broadcasting 
and distribution rights of the Toronto Blue Jays through our ownership of the 
team; and • delivery of our exclusive Canadian English language broadcast 
andmobile rights for the 2016 World Cup of Hockey. CUSTOMER EXPERIENCE We are 
committed to providing our customers with the best experience possible. To do 
this, we have invested in several different methods, such as: • contact centres 
located throughout Canada; • an innovative Integrated Voice Response (IVR) 
system that can take calls in four languages, including English, French, 
Mandarin, and Cantonese; • self-serve options, including: • the ability for 
Fido and Rogers consumer customers to complete price plan changes and hardware 
upgrades online; • simplified login, allowing Fido customers to log in to their 
accounts online or through the Fido MyAccount app using their Facebook login 
credentials, eliminating the need to remember multiple login credentials and 
making self-service easier to access; • the ability for customers to install 
their Internet and TV products without the need for a technician visiting their 
residence; and • Rogers EnRoute, a new tool that saves customers time by giving 
them the ability to track on their phone when a technician will arrive for an 
installation or service call; • customer care available over Facebook Messenger 
(a global first for a telecommunications company) and Twitter (among the first 
globally); • Family Data Manager, a data manager tool that allows Wireless 
customers to manage and customize their data usage in realtime through 
MyRogers; • a simplified mobile bill, making it easier for customers to read 
and understand their monthly charges; • Roam Like Home and Fido Roam, 
worry-free wireless roaming allowing Canadians to use their wireless plan like 
they do at home when traveling to included destinations; and • Rogers Assist, 
an app that allows all Rogers employees to submit an issue to customer care on 
behalf of their friends, family, and acquaintances. ENGAGED PEOPLE For our team 
of approximately 25,200 employees, we strive to create a great workplace, 
focusing on all aspects of the employee experience, which include: • engaging 
employees and building high-performing teams through initiatives including 
engagement surveys and leadership development programs; • 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; • maintaining our commitment to diversity 
and inclusion; and • providing a safe, collaborative, and agile workplace that 
provides employees the tools and training to be successful. FINANCIAL STRENGTH 
AND FLEXIBILITY We have an investment-grade balance sheet, conservative debt 
leverage, and substantial available liquidity of $2.7 billion as at December 
31, 2016. Our capital resources consist primarily of cash provided by operating 
activities, cash and cash equivalents, available lines of credit, funds 
available under our accounts receivable securitization program, and issuances 
of long-term debt. We also own approximately $1,047 million of marketable 
equity securities in publicly-traded companies as at December 31, 2016. The 
following information is forward-looking and should be read in conjunction with 
“About Forward-Looking Information”, “Financial and Operating Guidance”, “Risks 
and Uncertainties Affecting Our Business”, 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. Similar to 2016, we anticipate generating a net 
cash surplus in 2017 from our cash provided by operating activities. We expect 
that we will have sufficient capital resources to satisfy our cash funding 
requirements in 2017, including the funding of dividends on our common shares, 
repayment of maturing long-term debt, and other financing activities, investing 
activities, and other requirements. This takes into account our opening bank 
advance balance, cash provided by operating activities, the amount available 
under our $2.8 billion bank credit facilities, our accounts receivable 
securitization program, and funds available to us from the issuance of other 
bank, publicly issued, or private placement debt from time to time. As at 
December 31, 2016, there were no significant restrictions on the flow of funds 
between Rogers and its subsidiary companies. We believe we can satisfy 
foreseeable additional funding requirements by issuing additional debt 
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 public or private debt, amending the terms of 
our accounts receivable securitization program, 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. HEALTHY 
TRADING VOLUMES AND DIVIDENDS Our Class B Non-Voting common shares actively 
trade on the TSX and NYSE with a combined average daily trading volume of 
approximately 1.1 million shares in 2016. In addition, our Class A Voting 
common shares trade on the TSX. Dividends are the same on both classes of 
shares. In 2016, each share paid an annualized dividend of $1.92. 2016 
Financial Results See “Accounting Policies” in this MD&A and the notes to our 
2016 Audited Consolidated Financial Statements for important accounting 
policies and estimates as they relate to the following discussion. We use 
several key performance indicators to measure our performance against our 
strategy and the results of our peers and 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 “Key 
Performance Indicators” and “Non-GAAP Measures” for more information. SUMMARY 
OF CONSOLIDATED RESULTS Years ended December 31 KEY CHANGES IN FINANCIAL 
RESULTS THIS YEAR COMPARED TO 2015 REVENUE Wireless service revenue increased 
this year primarily as a result of a larger subscriber base and the continued 
adoption of higherpostpaid- ARPA-generating Rogers Share Everything plans. 
Cable revenue decreased marginally this year as the impacts of a higher 
subscriber base for our Internet products and the movement of customers to 
higher-end speed and usage tiers were more than offset by Television subscriber 
losses and the impact of Phone pricing packages. Business Solutions revenue 
increased this year primarily as a result of the growth in on-net next 
generation services, including our data centre businesses, which more than 
offset the continued reduction in lowermargin, off-net legacy revenue. Media 
revenue increased this year primarily as a result of higher sports-related 
revenue, driven by the success of Sportsnet and the Toronto Blue Jays, 
partially offset by continued softness in publishing and radio advertising. 
ADJUSTED OPERATING PROFIT Wireless adjusted operating profit increased this 
year primarily as a result of service revenue growth as described above, 
partially offset by higher costs associated with increased volumes and costs of 
devices. Cable adjusted operating profit increased this year as a result of 
lower operating expenses. Business Solutions adjusted operating profit 
increased this year as a result of the increase in revenues described above. 
Media adjusted operating profit decreased this year primarily as a result of 
higher sports-related costs, partially offset by lower conventional broadcast 
TV, publishing, and radio costs and the higher revenue described above. NET 
INCOME AND ADJUSTED NET INCOME Net income decreased this year primarily as a 
result of a $484 million charge recognized on our IPTV product, a $140 million 
loss associated with the writedown of our shomi joint venture, and higher 
restructuring, acquisition and other costs. Adjusted net income increased 
marginally this year as a result of higher adjusted operating profit, partially 
offset by higher other expense and higher income tax expense. WIRELESS ROGERS 
IS CANADA’S LARGEST PROVIDER OF WIRELESS COMMUNICATIONS SERVICES As at December 
31, 2016, we had: • approximately 10.3million subscribers; and • approximately 
34% subscriber share and 33% revenue share of the Canadian wireless market. 
REVENUE Our revenue depends on the size of our subscriber base, the revenue per 
account, the revenue from the sale of wireless devices, and other equipment 
revenue. Service revenue Service revenue includes revenue derived from voice 
and data services from: • postpaid and prepaidmonthly fees; • datausage; • 
airtime; • longdistancecharges; • essential services charges; • inbound and 
outbound roaming charges; and • certain fees. The 5% increase in service 
revenue this year was a result of: • larger postpaid and prepaid subscriber 
bases. The overall increase in service revenue pertaining to the increased 
prepaid subscriber base was partially a result of our mid-2015 acquisition of 
Mobilicity; and • the continued adoption of customer-friendly Rogers Share 
Everything plans and the general increase in data usage noted on these types of 
plans. These plans generate higher postpaid ARPA, bundle in various calling 
features and long distance, provide the ability to pool and manage data usage 
across multiple devices, and grant access to our other offerings, such as Roam 
Like Home, Rogers NHL GameCentre LIVE, Spotify, and Texture by Next Issue. The 
6% increase in postpaid ARPA was a result of the continued adoption of Rogers 
Share Everything plans relative to the number of subscriber accounts as 
customers have increasingly utilized the advantages of premium offerings and 
access their shareable plans with multiple devices on the same account. The 1% 
increase in blended ARPU this year was a result of: • increased service revenue 
as discussed above; partially offset by • the impact of expanding our 
lower-blended-ARPU-generating prepaid subscriber base relative to our total 
subscriber base as a result of our acquisition of Mobilicity and the general 
increase in prepaid net additions over the past year. We believe the increases 
in gross and net additions to our postpaid subscriber base and the lower 
postpaid churn this year were results of our strategic focus on enhancing the 
customer experience by providing higher-value offerings, such as our Share 
Everything plans, improving our customer service, and continually increasing 
the quality of our network. We believe the increases in gross and net additions 
to our prepaid subscriber base and the lower prepaid churn were a result of our 
continued focus on the promotion of our chatr offerings. Equipment revenue 
Equipment revenue (net of subsidies) includes revenue from sales to: • 
independent dealers, agents, and retailers; and • subscribers through 
fulfillment by Wireless’ customer service groups, websites, telesales, and 
corporate stores. The 12% decrease in revenue from equipment revenue this year 
was a result of: • larger average subsidies given to customers who purchased 
devices; and • a 4% decrease in device upgrades by existing subscribers; 
partially offset by • higher gross additions. OPERATING EXPENSES We assess 
operating expenses in two categories: • the cost of wireless handsets and 
equipment; and • all other expenses involved in day-to-day operations, to 
service existing subscriber relationships, and to attract new subscribers. The 
6% increase in the cost of equipment this year was a result of: • a shift in 
the product mix of device sales towards higher-cost smartphones; and • higher 
gross additions; partially offset by • the decrease in device upgrades by 
existing subscribers, as discussed above. The 5% increase in other operating 
expenses this year was a result of: • higher service costs to support the 
higher service revenue discussed above; and • higher advertising costs; 
partially offset by • lower commissions. ADJUSTED OPERATING PROFIT ONE OF 
CANADA’S LEADING PROVIDERS OF HIGHSPEED INTERNET, CABLE TELEVISION, AND PHONE 
SERVICES As at December 31, 2016, we had: • approximately 2.1 million 
high-speed Internet subscribers; • approximately 1.8 million Television 
subscribers – approximately 31% of Canadian cable television subscribers; • 
approximately 1.1 million Phone subscribers; and • a network passing 
approximately 4.2 million homes in Ontario, New Brunswick, and Newfoundland and 
Labrador. CABLE FINANCIAL RESULTS REVENUE Internet revenue includes: • monthly 
subscription and additional use service revenue from residential, small 
business, and wholesale Internet access subscribers; and • modem rental fees. 
Television revenue includes: • digital and analog cable services – comprised 
of: • basic cable service fees; • tier service fees; • access fees for use of 
channel capacity by third parties; and • premium and specialty service 
subscription fees, including pay-per-view service fees and video-on-demand 
service fees; and • rentals of digital cable set-top boxes. Phone revenue 
includes revenue from residential and small business local telephony service 
from: • monthly service fees; • calling features such as voicemail, call 
waiting, and caller ID; and • long distance calling. The marginal decrease in 
revenue this year was a result of: • Television subscriber losses over the past 
year; partially offset by • the impact and timing of general pricing increases 
implemented over the past year, net of promotional pricing; • a higher 
subscriber base for our Internet products; and • the movement of Internet 
customers to higher speed and usage tiers. Internet revenue The 11% increase in 
Internet revenue this year was a result of: • a larger Internet subscriber 
base; • general movement of customers to higher speed and usage tiers of our 
Ignite broadband Internet offerings; and • the net impact of changes in 
Internet service pricing; partially offset by • a decline in additional 
usage-based revenue as portions of the subscriber base move to higher-value, 
unlimited usage plans; and • lower wholesale revenue as a result of a CRTC 
decision that reduced access service rates. Television revenue The 6% decrease 
in Television revenue this year was a result of: • the decline in Television 
subscribers over the past year primarily associated with the changing 
television consumption environment; partially offset by • the impact and timing 
of general pricing increases implemented over the past year, net of promotional 
pricing. Phone revenue The 13% decrease in Phone revenue this year was a result 
of: • the impact of pricing packages; partially offset by • less promotional 
pricing provided to subscribers as a result of the pricing packages described 
above. Equipment revenue Equipment revenue includes revenue generated from the 
sale of digital cable set-top boxes and Internet modems. • The decrease in 
equipment revenue this year was a result of a decrease in cable set-top box 
sales compared to the prior year. OPERATING EXPENSES We assess Cable operating 
expenses in three categories: • the cost of programming; • the cost of 
equipment revenue (cable digital set-top boxes and Internet modem equipment); 
and • all other expenses involved in day-to-day operations, to service and 
retain existing subscriber relationships, and to attract new subscribers. The 
2% decrease in operating expenses this year was a result of: • lower service 
and programming costs, partially due to a vendor credit received this year; • 
relative shifts in product mix to higher-margin Internet from conventional 
Television broadcasting; and • various cost efficiency and productivity 
initiatives; partially offset by • increased advertising, partially related to 
our Ignite Internet and 4K TV offerings. ADJUSTED OPERATING PROFIT The 1% 
increase in adjusted operating profit this year was a result of the revenue and 
expense changes described above. BUSINESS SOLUTIONS LEADING-EDGE WIRELINE 
TELECOM AND DATA COMMUNICATIONS SERVICES TO CANADIAN BUSINESSES As at December 
31, 2016, Business Solutions: • sold to enterprises and public sector; • sold 
to other carriers on a wholesale basis; • had 9,300 on-net fibre connected 
buildings; and • had fibre passing close to an additional 24,500 near-net 
buildings. BUSINESS SOLUTIONS FINANCIAL RESULTS Years ended December 31 
Business Solutions generates revenue from the provision of wireline 
communications services and the sale of related equipment to enterprises and 
public sector at retail rates and to other telecommunications carriers on a 
wholesale basis. Next generation revenue is generated by the provision of 
highspeed, high-reliability data and voice communications, provided on Rogers’ 
advanced IP, Ethernet, and cloud platforms, and mainly through Rogers’ 
extensive communications network and data centre infrastructure. Legacy revenue 
is generated mainly by circuit-switched local and long distance voice services 
and legacy data services, provided over time-division multiplexing (TDM) and 
prior generation data platforms, with client access often delivered using 
leased thirdparty network elements and tariffed ILEC services. Business 
Solutions continues to focus primarily on next generation IP-based services, 
leveraging higher margin on-net and near-net service revenue opportunities, and 
using existing network facilities to expand offerings to the enterprise, public 
sector, and carrier wholesale markets. Business Solutions also provides voice 
and data communications and advanced services, including data centres, cloud 
computing, fibre networking, and professional services. REVENUE The 1% increase 
in service revenue this year was a result of: • the continuing execution of our 
plan to grow higher margin, next generation on-net and near-net IP-based 
services revenue; partially offset by • the continued decline in the legacy and 
off-net voice business, a trend we expect to continue as we focus the business 
on next generation on-net and near-net opportunities and customers move to more 
advanced and cost-effective IP-based services and solutions. Next generation 
services, which include our data centre operations, represented 81% (2015 – 
77%) of total service revenue during the year. OPERATING EXPENSES Operating 
expenses this year were in line with 2015. MEDIA DIVERSIFIED CANADIANMEDIA 
COMPANY We have a broad portfolio ofmedia properties, which most significantly 
includes: • sports media and entertainment, such as the Toronto Blue Jays; • 
our exclusive national 12-year NHL Agreement; • category-leading television and 
radio broadcasting properties; • multi-platform televised and online shopping; 
• digital media; and • publishing. The 3% increase in revenue this year was a 
result of: • higher sports-related revenue driven by the strength of Sportsnet 
and the success of the Toronto Blue Jays; and • higher digital advertising 
revenue; partially offset by • lower advertising revenues across publishing and 
radio. OPERATING EXPENSES We assess Media operating expenses by: • the cost of 
broadcast content, including sports programming and production; • the cost of 
retail products sold by TSC and Sports Media and Entertainment; • Toronto Blue 
Jays player payroll; and • all other expenses involved in day-to-day 
operations. The 4% increase in operating expenses this year was a result of: • 
higher sports-related costs; and • higher digital media costs; partially offset 
by • lower conventional broadcast TV and radio costs, partially due to cost 
savings from operating efficiencies and job cuts during the first half of 2016; 
and • lower publishing costs due to the strategic shift related to magazine 
content announced earlier this year. ADJUSTED OPERATING PROFIT The 2% decrease 
in adjusted operating profit this year was a result of the revenue and expense 
changes described above. (IN MILLIONS OF DOLLARS) ADDITIONS TO PROPERTY, PLANT 
AND EQUIPMENT Additions to property, plant and equipment 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. The expenditures related to the acquisition of 
spectrum licences are not included in additions to property, plant and 
equipment and do not factor into the calculation of free cash flow or capital 
intensity. Additions to property, plant and equipment are significant and have 
a material impact on our cash flows, therefore our management teams focus on 
planning, funding, and managing them. Additions to property, plant and 
equipment before related changes to non-cash working capital represent capital 
assets to which we took title. 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. WIRELESS The decrease in additions to property, 
plant and equipment in Wireless this year was a result of lower expenditures on 
our wireless network, along with lower software and information technology 
costs. Deployment of our 700 MHz LTE network has reached 91% of Canada’s 
population as at December 31, 2016 (2015 – 78%). The 700 MHz LTE network offers 
improved signal quality in basements, elevators, and buildings with thick 
concrete walls. Deployment of our overall LTE network has reached approximately 
95% of Canada’s population as at December 31, 2016 CABLE The increase in 
additions to property, plant and equipment in Cable this year was a result of 
greater investment in network infrastructure to further improve the reliability 
and quality of the network and to improve the capacity of our Internet platform 
to deliver gigabit Internet speeds, partially offset by lower purchases of our 
next generation NextBox digital set-top box along with lower investment in 
information technology compared to last year. BUSINESS SOLUTIONS The decrease 
in additions to property, plant and equipment in Business Solutions this year 
was a result of greater investments to our network and data centre last year. 
MEDIA The increase in additions to property, plant and equipment in Media this 
year was a result of higher investments made to our broadcast facilities and IT 
infrastructure. CORPORATE The increase in additions to property, plant and 
equipment in Corporate this year was a result of higher information technology 
costs as well as higher spending on premise improvements at our various 
offices. CAPITAL INTENSITY Capital intensity decreased this year as a result of 
the decrease in additions to property, plant and equipment as described above, 
combined with the increase in revenue described previously in this MD&A. REVIEW 
OF CONSOLIDATED PERFORMANCE Interest on borrowings Interest on borrowings 
decreased this year as a result of a lower amount of debt outstanding compared 
to 2015. See “Managing Our Liquidity and Financial Resources” for more 
information about our debt and related finance costs. Loss on repayment of 
long-term debt We recognized a $7 million loss on repayment of long-term debt 
in 2015 related to debt derivatives associated with the repayment or repurchase 
of certain senior notes in March 2015. These losses were deferred in the 
hedging reserve until maturity of the notes and were then recognized in net 
income. The loss relates to transactions in 2013 wherein foreign exchange rates 
on the related debt derivatives were updated to then-current rates. Loss on 
foreign exchange During 2016, all of our US dollar-denominated senior notes and 
debentures were hedged for accounting purposes. Foreign exchange losses 
recognized in 2016 were primarily related to our US dollar-denominated credit 
facility borrowings, which were not designated as hedges for accounting 
purposes due to the shortterm nature of the borrowings. Foreign exchange losses 
recognized in 2015 were primarily related to the impact of fluctuations in the 
value of the Canadian dollar relative to the US dollar on working capital, 
consisting mainly of the unhedged portion of our US dollar-denominated accounts 
payable. OTHER EXPENSE (INCOME) The increase in other expense this year was 
primarily a result of equity losses recognized on certain of our joint 
ventures. During the year, we announced the decision to wind down our shomi 
joint venture and recognized a loss of $140 million associated with the 
writedown of the investment and our share of the estimated cost of the 
remaining obligations of shomi. Additionally, we recognized a net loss of $11 
million this year on divestitures pertaining to investments. In 2015, we 
recognized a $74 million gain on our acquisition of Mobilicity, partially 
offset by a $72 million loss related to our share of an obligation to purchase 
at fair value the non-controlling interest in one of our joint ventures. INCOME 
TAX EXPENSE Our effective income tax rate this year was 28.0% compared to 26.2% 
for 2015. The effective income tax rate for 2016 was higher than the statutory 
tax rate primarily as a result of non-deductible equity losses recognized on 
certain of our investments, partially offset by the non-taxable portion of 
capital gains on the sale of investments. Cash income taxes paid increased this 
year as a result of applying non-capital losses from the Mobilicity transaction 
to offset our 2015 liability. NET INCOME Net income was 38% lower than last 
year. Adjusted net income was marginally higher compared to 2015, primarily as 
a result of higher adjusted operating profit and lower finance costs, partially 
offset by higher other expense (income) and higher income tax expense. Adjusted 
operating profit, adjusted net income, and adjusted basic and diluted earnings 
per share are non-GAAP measures and should not be considered as 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” for information about these measures, 
including how we calculate them. Finance costs exclude the $7 million loss on 
repayment of long-term debt for the year ended December 31, 2015. Other expense 
for 2016 excludes an $11 million net loss on divestitures pertaining to 
investments and a $140 million loss on the wind down of our shomi joint 
venture. For 2015, other income excludes a $74 million gain on acquisition of 
Mobilicity and a $72 million loss related to our share of an obligation to 
purchase at fair value the non-controlling interest in one of our joint 
ventures. Income tax expense excludes the $213 million recovery (2015 – $40 
million recovery) for the year ended December 31, 2016 related to the income 
tax impact for adjusted items. For 2016, income tax expense also excludes the 
$3 million expense (2015 – $6 million expense) for the revaluation of deferred 
tax balances as a result of legislative income tax rate changes. EMPLOYEES 
Employee salaries and benefits represent a material portion of our expenses. As 
at December 31, 2016, we had approximately 25,200 employees (2015 – 26,200) 
across all of our operating groups, including shared services and the corporate 
office. Total salaries and benefits for full-time employees and part-time 
employees in 2016 were approximately $2,073 million (2015 – $1,975 million). 
The increase was mainly a result of higher Toronto Blue Jays player salaries 
and higher pension expenses. 2015 FULL YEAR RESULTS COMPARED TO 2014 Revenue 
Consolidated revenue increased by 4% in 2015, reflecting revenue growth of 5% 
in Wireless and 14% in Media, while Cable revenue was stable. Wireless revenue 
increased as a result of the continued adoption of 
higher-postpaid-ARPA-generating Rogers Share Everything plans, partially offset 
by the introduction of lower-priced roaming plans. Cable revenue was stable as 
the increase in Internet revenue was offset by decreases in Television and 
Phone revenue. Media revenue increased as a result of the NHL Agreement, growth 
at Sportsnet, and higher revenue at the Toronto Blue Jays, partially offset by 
continued softness in conventional TV and print advertising, as well as lower 
consumer retail sales at TSC. Adjusted operating profit Consolidated adjusted 
operating profit increased in 2015 to $5,032 million, reflecting increases in 
Media of $41 million, partially offset by decreases in Business Solutions of $6 
million. Wireless adjusted operating profit decreased marginally as a result of 
higher net unit costs for equipment and a greater number of upgrades, partially 
offset by the continued adoption of higher-postpaid- ARPA-generating service 
plans and higher equipment revenue. Cable adjusted operating profit was stable 
in 2015 as a result of higher investments in customer care, network, and 
customer value enhancement-related costs, offset by various efficiency and 
productivity initiatives. The decrease in Business Solutions was a result of 
continued declines in the legacy, off-net business, partially offset by 
continued growth in the higher-margin on-net, next generation business 
improvements. Media adjusted operating profit increased primarily as a result 
of the success of the Toronto Blue Jays. Net income and adjusted net income Net 
income increased to $1,342 million in 2015 from $1,341 million in 2014 
primarily as a result of lower restructuring, acquisition and other costs, 
lower finance costs, lower income tax expense, and higher other income, 
partially offset by higher depreciation and amortization. Net income has been 
retrospectively amended as a result of the IFRS Interpretations Committee’s 
agenda decision relating to IAS 12 Income Taxes. See “Accounting Policies” 
formore information. Adjusted net income decreased to $1,479 million in 2015 
from $1,532 million in 2014 as a result of higher depreciation and amortization 
and higher other expense, partially offset by higher adjusted operating profit 
and lower income tax expense. Adjusted net income has been retrospectively 
amended as a result of the IFRS Interpretations Committee’s agenda decision 
relating to IAS 12 Income Taxes.


QUARTERLY TRENDS AND SEASONALITY 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 reporting segments. 
This means our results in one quarter are not necessarily a good indication 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. 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, impairment of assets, and changes in income tax expense. Wireless The 
trends in Wireless revenue and adjusted operating profit reflect: • the growing 
number of wireless voice and data subscribers; • higher usage of wireless data; 
• higher handset sales as more consumers shift to smartphones; and • stable 
postpaid churn, which we believe is beginning to reflect the realization of our 
enhanced customer service efforts; partially offset by • decreasing voice 
revenue as rate plans increasingly incorporate more monthly minutes and calling 
features, such as long distance; and • lower roaming revenue as more 
subscribers are taking advantage of value-added roaming plans, such as Roam 
Like Home and Fido Roam. Peak travel seasons typically impact roaming usage and 
vary over the course of a calendar year. The trends inWireless adjusted 
operating profit reflect: • higher handset subsidies that offset the higher 
handset sales as more consumers shift to smartphones; and • higher voice and 
data costs related to the increasing number of subscribers. We continue to 
target organic growth in higher-value postpaid subscribers. We have maintained 
a stable mix of postpaid and prepaid subscribers. Prepaid plans are evolving to 
have properties similar to those of traditional postpaid plans. We believe this 
evolution provides Canadians 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. 
Wireless operating results are influenced by the timing of our marketing and 
promotional expenditures and higher levels of subscriber additions and related 
subsidies, resulting in higher subscriber acquisition- and activation-related 
expenses, typically in the third and fourth quarters. The third and fourth 
quarters typically experience this activity as a result of “back to school” and 
holiday season-related consumer behaviour. The launch of popular new wireless 
handset models can also affect the level of subscriber additions. 
Highly-anticipated device launches typically occur in the fall season of each 
year.We typically see lower subscriber additions in the first quarter of the 
year, which is a direct impact of the higher additions around the fourth 
quarter holiday season. Wireless roaming revenue is dependent on customer 
travel volumes, which is impacted by the value of the foreign exchange rate of 
the Canadian dollar and general economic conditions. Cable The trends in Cable 
service revenue primarily reflect: • higher Internet subscription fees as 
customers increasingly upgrade to higher-tier speed plans, including those with 
unlimited usage; and • general pricing increases; offset by • competitive 
losses of Television subscribers; • Television subscribers downgrading their 
service plans; and • lower additional usage of Internet, Television, and Phone 
products and services as service plans are increasingly bundling more features, 
such as unlimited bandwidth or a greater number of TV channels.

The trends in Cable adjusted operating profit primarily reflect: • higher 
Internet operating expenses, in line with the increased Internet subscription 
fees; and • higher premium supplier fees in Television as a result of bundling 
more value-added offerings into our Cable products; offset by • lower general 
Television and Phone operating expenses. Cable’s operating results are affected 
by modest seasonal fluctuations in subscriber additions and disconnections, 
typically caused by: • university and college students who live in residences 
moving out early in the second quarter and canceling their service as well as 
students moving in late in the third quarter and signing up for cable service; 
• individuals temporarily suspending service for extended vacations or seasonal 
relocations; and • the concentrated marketing we generally conduct in our 
fourth quarter. 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 to substitute for traditional home phone products have resulted 
in fewer Phone subscribers. Business Solutions The trends in Business Solutions 
operating profit margin primarily reflect the ongoing shift from lower-margin, 
off-net legacy long distance and data services to higher-margin, next 
generation services and data centre businesses. Business Solutions does not 
generally have any unique seasonal aspects to its business. Media The trends 
inMedia’s results are generally the result of: • fluctuations in advertising 
and consumermarket conditions; • subscriber rate increases; • higher sports and 
rights costs, including increases as we move further along in our NHL 
Agreement; and • continual investment in primetime and specialty programming 
relating to both our broadcast networks (such as City) and our specialty 
channels (such as FX (Canada)). Seasonal fluctuations relate to: • 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; • the MLB season, where: • games 
played are concentrated in the spring, summer, and fall months (generally the 
second and third quarters of the year); • 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; and • programming and 
production costs and player payroll are expensed based on the number of games 
aired; and • the NHL season, where: • 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’ presence during the 
playoffs; • programming and production costs are expensed based on the timing 
of when the rights are aired or are expected to be consumed; and • advertising 
revenue and programming expenses are concentrated in the fall, winter, and 
spring months, with playoff games commanding a premium in advertising revenue. 
Other expenses Depreciation and amortization has been trending upward over the 
past several years as a result of an increase in our general depreciable asset 
base, related significantly to our recent rollout and expansion of our wireless 
network. This is a direct result of increasing additions to property, plant and 
equipment in previous and current years as we worked to upgrade our wireless 
network, purchase NextBox set-top boxes, and roll out Ignite Gigabit Internet 
and 4K TV to our Cable footprint. We expect depreciation and amortization to be 
relatively stable for the next several years as our additions to property, 
plant and equipment moderate and certain intangible assets become fully 
amortized. OVERVIEW OF FINANCIAL POSITION As at December 31, 2016, our total 
funding under the securitization program was $800 million (2015 – $800 million) 
and the program was committed to fund up to a maximum of $1,050 million (2015 – 
$1,050 million). In July 2016, we amended the terms of the accounts receivable 
securitization program to, among other things, extend the expiry date from 
January 1, 2018 to January 1, 2019. We continue to service and retain 
substantially all of the risks and rewards relating to the accounts receivables 
we sell, and therefore, the receivables remain recognized on our consolidated 
statements of financial position and the funding received is recorded as 
short-term borrowings. The buyer’s interest in these trade receivables ranks 
ahead of our interest. The program restricts us from using the receivables as 
collateral for any other purpose. The buyer of our trade receivables has no 
claim on any of our other assets. Bank and letter of credit facilities In April 
2015, we borrowed the full amount of a new $1.0 billion bank credit facility 
(non-revolving credit facility) that was established in addition to our 
existing $2.5 billion revolving credit facility. The non-revolving credit 
facility is available on a non-revolving basis and matures in April 2018 with 
no scheduled principal repayments prior to maturity. In December 2015, we 
amended our non-revolving bank credit facility to allow partial, temporary 
repayment from December 2015 through May 2016; the maximum credit limit 
remained $1.0 billion. As a result of repayments made during the year, we 
reduced the amount of borrowings available under our non-revolving credit 
facility from $1.0 billion to $301 million. The interest rate charged on 
borrowings under the non-revolving credit facility falls within the range of 
pricing indicated for our revolving credit facility. Effective April 1, 2016, 
we amended our $2.5 billion revolving credit facility to, among other things, 
extend the maturity date from July 2019 to September 2020. At the same time, we 
also amended the $1.0 billion non-revolving credit facility to, among other 
things, extend the maturity date from April 2017 to April 2018. Issuance of 
senior notes and related debt derivatives The 2016 and 2015 senior notes were 
issued pursuant to public offerings in the US. Concurrent with the 2016 and 
2015 issuances, we entered into debt derivatives to convert all interest and 
principal payment obligations to Canadian dollars. See “Financial Risk 
Management” formore information. All the notes issued 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. 
Repayment of senior notes and related derivative settlements The table below 
provides a summary of the repayment of our senior notes during 2016 and 2015. 
There were no debt derivatives associated with the 2016 repayment. The 
associated debt derivatives for the 2015 repayments were settled at maturity. 
Dividends In 2016, we declared and paid dividends on each of our outstanding 
Class A Voting and Class B Non-Voting shares. We paid $988 million in cash 
dividends, an increase of $11 million from 2015. Shelf prospectuses We have two 
shelf prospectuses that qualify the offering of debt securities from time to 
time. One shelf prospectus qualifies the public offering of up to $4 billion of 
our debt securities in each of the provinces of Canada (Canadian Shelf) and the 
other shelf prospectus (together with a corresponding registration statement 
filed with the US Securities and Exchange Commission) qualifies the public 
offering of up to US$4 billion of our debt securities in the United States and 
Ontario (US Shelf). Both the Canadian Shelf and the US Shelf will expire in 
April 2018. In November 2016, we issued US$500 million ($671 million) of debt 
securities under the US Shelf. Dissolution of RCP As a result of the 
dissolution of RCP on January 1, 2016, RCP is no longer a guarantor, or 
co-obligor, as applicable, for the Company’s bank credit and letter of credit 
facilities, senior notes and debentures, and derivative instruments. Effective 
January 1, 2016, RCI continues to be the obligor in respect of each of these, 
while RCCI remains either a co-obligor or guarantor for the senior notes and 
debentures and a guarantor, as applicable, for the bank credit and letter of 
credit facilities and derivative instruments. See “Understanding Our Business” 
and “Summary of Financial Results of Long-Term Debt Guarantor” formore 
information. FINANCIAL CONDITION LIQUIDITY As at December 31 Our borrowings had 
a weighted average cost of 4.72% as at December 31, 2016 (2015 – 4.82%) and a 
weighted average term to maturity of 10.6 years (2015 – 10.8 years). This 
comparatively favourable decline in our 2016 weighted average interest rate 
reflects the combined effects of: • greater utilization of our bank credit 
facilities; • our issuance of senior notes in November 2016 at comparatively 
lower interest rates; and • the scheduled repayments and repurchases of 
comparatively more expensive senior notes made in March 2015 and May 2016. 
COVENANTS The provisions of our $2.5 billion revolving and $301 million 
non-revolving bank credit facilities described above impose certain 
restrictions on our operations and activities, the most significant of which 
are leverage-related maintenance tests. As at December 31, 2016 and 2015, we 
were in compliance with all financial covenants, financial ratios, and all of 
the terms and conditions of our debt agreements. Throughout 2016, these 
covenants did not impose restrictions of any material consequence on our 
operations. CREDIT RATINGS 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. We have engaged each of Standard & Poor’s Ratings 
Services (Standard & Poor’s), Fitch Ratings (Fitch), and Moody’s Investors 
Service (Moody’s) to rate our public debt issues. As at December 31, 2016, the 
credit ratings on RCI’s outstanding senior notes and debentures were as 
follows: • Standard & Poor’s affirmed RCI’s senior unsecured debt at BBB+ with 
a stable outlook; • Fitch affirmed its BBB+ rating with a stable outlook; and • 
Moody’s affirmed its comparably equivalent rating of Baa1 with a stable 
outlook. The table below shows the credit ratings on our borrowings received 
from the rating agencies as at December 31, 2016: Issuance Standard & Poor’s 
Fitch Moody’s Corporate credit issuer default rating BBB+ with a stable outlook 
BBB+ with a stable outlook Baa1 with a stable outlook Senior unsecured debt 
BBB+ with a stable outlook BBB+ with a stable outlook Baa1 with a stable 
outlook Ratings for debt instruments across the universe of composite rates 
range from AAA (Standard & Poor’s and Fitch) or Aaa (Moody’s) representing the 
highest quality of securities rated, to D (Standard & Poor’s), Substantial Risk 
(Fitch), and C (Moody’s) for the lowest quality of securities rated. 
Investment-grade credit ratings are generally considered to range from BBB- 
(Standard & Poor’s and Fitch) or Baa3 (Moody’s) to AAA (Standard & Poor’s and 
Fitch) or Aaa (Moody’s). Credit ratings are not recommendations for investors 
to purchase, hold, or sell the rated 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 Standard & Poor’s, Fitch, and 
Moody’s are investment-grade ratings. PENSION OBLIGATIONS Our retiree pension 
plans had a funding deficit of approximately $387 million as at December 31, 
2016 (2015 – $281 million). During 2016, our funding deficit increased by $106 
million primarily as a result of a decrease in the discount rate we used to 
measure these obligations and increased participation in our defined benefit 
pension plan prior to its closure to new members in 2016. We made a total of 
$125 million (2015 – $118 million) of contributions to our pension plans. We 
expect our total estimated funding requirements to be $144 million in 2017 and 
to be adjusted annually thereafter based on various market factors, such as 
interest rates, expected returns, and staffing assumptions. 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 “Accounting Policies” for more information. In order to manage 
the rising cost of our pension plans, effective June 30, 2016, the Rogers 
Defined Benefit Pension Plan was closed to new enrolment. Beginning July 1, 
2016, employees not participating in the Rogers Defined Benefit Pension Plan 
became eligible for enrolment into a new Defined Contribution Pension Plan. 
Purchase of annuities From time to time, we have made additional lump-sum 
contributions to our pension plans, and the pension plans have purchased 
annuities from insurance companies to fund the pension benefit obligations for 
certain groups of retired employees in the plans. Purchasing the annuities 
relieves us of our primary responsibility for that portion of the accrued 
benefit obligations for the retired employees and eliminates the significant 
risk associated with the obligations. We did not make any additional lump-sum 
contributions to our pension plans in 2016 or 2015, and the pension plans did 
not purchase additional annuities. FINANCIAL RISKMANAGEMENT We use derivative 
instruments from time to time to manage risks related to our business 
activities, summarized as follows: Derivative The risk theymanage Types of 
derivative instruments Debt derivatives • Impact of fluctuations in foreign 
exchange rates on principal and interest payments for US dollardenominated 
long-term debt • Cross-currency interest rate exchange agreements • Forward 
foreign exchange agreements (from time to time as necessary) Bond forwards • 
Impact of fluctuations in market interest rates on forecasted interest payments 
for expected longterm debt • Forward interest rate agreements Expenditure 
derivatives • Impact of fluctuations in foreign exchange rates on forecasted US 
dollar-denominated expenditures • Forward foreign exchange agreements Equity 
derivatives • Impact of fluctuations in share price on stockbased compensation 
expense • Total return swap agreements We also manage our exposure to 
fluctuating interest rates and we have fixed the interest rate on 91.2% (2015 – 
90.3%) of our debt, including short-term borrowings, as at December 31, 2016. 
(%) FIXED AND FLOATING DEBT AS A PERCENTAGE OF TOTAL BORROWINGS FIXED 91.2% 
FLOATING 8.8% $15.4 Billion We designate the debt derivatives related to our 
senior notes and debentures as hedges for accounting purposes against the 
foreign exchange risk associated with specific debt instruments. We do not 
designate the debt derivatives related to our credit facility borrowings as 
hedges for accounting purposes. Our bond forwards and expenditure derivatives 
are also designated as hedges for accounting purposes. 66 ROGERS COMMUNICATIONS 
INC. 2016 ANNUAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS DEBT DERIVATIVES 
We use cross-currency interest rate exchange agreements (debt derivatives) to 
hedge the foreign exchange risk on all of the interest and principal payment 
obligations of our US dollar-denominated senior notes and debentures. During 
the year, we entered into debt derivatives related to our credit facility 
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 
borrowings. As a result of the short-term nature of these debt derivatives 
related to our credit facility borrowings, we have not designated them as 
hedges for accounting purposes. We did not enter into any debt derivatives 
related to our credit facility borrowings during 2015. As at December 31, 2016, 
we had US$6.7 billion of US dollardenominated senior notes and debentures, all 
of which were hedged using debt derivatives. BOND FORWARDS From time to time, 
we use extendible bond forward derivatives (bond forwards) to hedge interest 
rate risk on the debt instruments we expect to issue in the future. As at 
December 31, 2016, approximately $5.9 billion of our outstanding public debt 
matures over the next five years (2015 – $5.5 billion) and we anticipate that 
we will issue public debt over that time to fund at least a portion of those 
maturities together with other general corporate funding requirements. We use 
bond forwards for risk management purposes only. The bond forwards noted below 
have been designated as hedges for accounting purposes. During 2014, we entered 
into bond forwards to hedge the underlying Government of Canada (GoC) interest 
rate risk that will comprise a portion of the interest rate risk associated 
with our anticipated future debt issuances. As a result of these bond forwards, 
we hedged the underlying GoC 10-year rate on $1.5 billion notional amount for 
anticipated future debt issuances from 2015 to 2018 and the underlying GoC 
30-year rate on $0.4 billion notional amount for December 31, 2018. The bond 
forwards are effective from December 2014. On November 4, 2016, we exercised a 
$500 million notional bond forward due January 4, 2017 in relation to the 
issuance of the US$500 million senior notes due 2026 and paid $53 million to 
settle the derivative. The amount paid represents the fair value of the bond 
forward at the time of settlement and will be recycled into finance costs from 
the hedging reserve using the effective interest rate method over the life of 
the US$500 million senior notes due 2026. On December 8, 2015, we exercised a 
$500 million notional bond forward due December 31, 2015 in relation to the 
issuance of the US$700 million senior notes due 2025 and paid $25 million to 
settle the derivative. The amount paid represents the fair value of the bond 
forward at the time of settlement and will be recycled into finance costs from 
the hedging reserve using the effective interest rate method over the life of 
the US$700 million senior notes due 2025. EXPENDITURE DERIVATIVES We use 
foreign currency forward contracts (expenditure derivatives) to hedge the 
foreign exchange risk on the notional amount of certain forecasted US 
dollar-denominated expenditures. The table below shows the expenditure 
derivatives into which we entered to manage foreign exchange risk related to 
certain forecasted expenditures. As at December 31, 2016, we had US$1,290 
million of expenditure derivatives outstanding (2015 – US$1,140 million), at an 
average rate of $1.32/US$ (2015 – $1.24/US$), with terms to maturity ranging 
from January 2017 to December 2018 (2015 – January 2016 to December 2017). Our 
outstanding expenditure derivatives maturing in 2017 are hedged at an average 
exchange rate of $1.33/US$. EQUITY DERIVATIVES We use stock-based compensation 
derivatives (equity derivatives) to hedge the market price appreciation risk of 
the RCI Class B shares granted under our stock-based compensation programs. As 
at December 31, 2016, we had equity derivatives for 5.4 million RCI Class B 
shares with a weighted average price of $50.30. 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 
RCI Class B shares on the accrued value of the stock-based compensation 
liability for our stock-based compensation programs. In April 2016, we executed 
extension agreements for each of our equity derivative contracts under 
substantially the same terms and conditions with revised expiry dates to April 
2017 (from April 2016). In August 2016, we settled 0.3 million equity 
derivatives at a weighted average price of $58.16 as a result of a reduction in 
the number of share-based compensation units outstanding. MARK-TO-MARKET VALUE 
We record our derivatives using an estimated credit-adjusted, mark-to-market 
valuation, calculated in accordance with IFRS. ADJUSTED NET DEBT AND ADJUSTED 
NET DEBT / ADJUSTED OPERATING PROFIT We use adjusted net debt and adjusted net 
debt / adjusted operating profit 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, and cash and 
cash equivalents. As at December 31 (In millions of dollars, except ratios) 
2016 2015 DIVIDENDS AND SHARE INFORMATION DIVIDENDS Holders of our Class B 
Non-Voting 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 A Voting shares, there is no requirement under 
applicable law or our constating documents that an offer be made for the 
outstanding Class B Non-Voting 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 A Voting shares may 
be made on different terms than the offer to the holders of Class B Non-Voting 
shares. We use the weighted average number of shares outstanding to calculate 
earnings per share and adjusted earnings per share. Years ended December 31 
COMMITMENTS AND CONTRACTUAL OBLIGATIONS CONTRACTUAL OBLIGATIONS OFF-BALANCE 
SHEET ARRANGEMENTS GUARANTEES As a regular part of our business, we enter into 
agreements that provide for indemnification and guarantees to counterparties in 
transactions involving business sale and business combination agreements, sales 
of services, and purchases and development of assets. Due to the nature of 
these indemnifications, we are unable to make a reasonable estimate of the 
maximum potential amount we could be required to pay counterparties. 
Historically, we have not made any significant payment under these 
indemnifications or guarantees. See note 27 to our 2016 Audited Consolidated 
Financial Statements. OPERATING LEASES We have entered into operating leases 
for the rental of premises, distribution facilities, equipment and wireless 
towers, and other contracts. Terminating any of these lease agreements would 
not have a material adverse effect on us as a whole. See “Commitments and 
Contractual Obligations” and note 28 to our 2016 Audited Consolidated Financial 
Statements for quantification. Governance and RiskManagement GOVERNANCE AT 
ROGERS 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 instil the confidence of our shareholders. Voting 
control of Rogers Communications Inc. is held by a trust, the beneficiaries of 
which are members of the Rogers family. The trust holds voting control of 
Rogers Communications for the benefit of successive generations of the Rogers 
family via the trust’s ownership of 91% of the outstanding Class A Voting 
shares of the Company (2015 – 91%). The Rogers family are substantial 
stakeholders and owned approximately 27% of our equity as at December 31, 2016 
(2015 – 28%) through its ownership of a combined total of 141 million Class A 
Voting and Class B Non-Voting shares (2015 – 142 million). Our Board is made up 
of four members of the Rogers family and another 10 directors who bring a rich 
mix of experience as business leaders in North America. All of our directors 
are firmly committed to firm 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’ governance system is effective and that there are 
appropriate structures and procedures in place. GOVERNANCE BEST PRACTICES The 
majority of our directors are independent and we have adoptedmany best 
practices for effective governance, including: • independent lead director; • 
formal corporate governance policy and charters; • code of business conduct and 
whistleblower hotline; • director share ownership guidelines; • Board and 
committee in camera discussions; • annual reviews of Board and director 
performance; • Audit and Risk Committee meetings with internal and external 
auditors; • orientation programs for new directors; • regular Board education 
sessions; • committee authority to retain independent advisors; • 
directormaterial relationship standards; and • separation of CEO and chairman 
roles (except for the interim period where the Chairman acts as the interim CEO 
until a successor CEO is appointed). 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. BOARD 
OVERSIGHT The Board delegates certain responsibilities to its seven standing 
committees to ensure proper oversight and accountability: • Audit and Risk 
Committee - 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 tomanage major risk exposures. • Corporate 
Governance Committee - 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. 
• Nominating Committee - identifies prospective candidates to serve on our 
Board. Nominated directors are either elected by shareholders at a meeting or 
appointed by the Board. The committee also recommends nominees for each Board 
committee, including each committee chair. • Human Resources Committee - 
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. • Executive Committee - assists the Board in discharging its 
responsibilities between meetings, including acting in such areas as are 
specifically designated and authorized at a preceding Board meeting to consider 
matters that may arise from time to time. • Finance Committee - reviews our 
investment strategies, general debt, and equity structure and reports on them 
to the Board. • Pension Committee - oversees the administration of our retiree 
pension plans and reviews the investment performance and provisions of the 
plans. You can find more details about governance at Rogers in the Investor 
Relations section of our website (rogers.com/governance), including: • a 
complete statement of our corporate governance practices; • our codes of 
conduct and ethics; • full Board committee charters; • director biographies; 
and • a summary of the differences between the NYSE corporate governance rules 
that apply to US-based companies and our governance practices as a non-US-based 
issuer listed on the NYSE. Alan D. Horn, CPA, CA Charles Sirois C. William D. 
Birchall Bonnie R. Brooks Robert K. Burgess John H. Clappison, FCPA, FCA Philip 
B. Lind, CM John A. MacDonald Isabelle Marcoux The Hon. David R. Peterson, PC, 
QC Edward S. Rogers Loretta A. Rogers Martha L. Rogers Melinda M. Rogers Chair 
Member Board of Directors and its Committees As at February 9, 2017 Audit and 
Risk Corporate Governance Nominating Human Resources Executive Finance Pension 
72 ROGERS COMMUNICATIONS INC. 2016 ANNUAL REPORT MANAGEMENT’S DISCUSSION AND 
ANALYSIS SOCIAL RESPONSIBILITY CORPORATE SOCIAL RESPONSIBILITY Rogers prides 
itself on being a good corporate citizen. Our stakeholders want to deal with a 
company they feel is ethical and transparent, and that means putting programs 
in place that have societal, economic, and environmental benefits. Our material 
aspects, grouped into six Corporate Social Responsibility focus areas, are 
listed below along with our approaches in addressing them: Good governance • 
Governance and Ethics: We strive to uphold the highest standards of integrity, 
ethical behaviour, and good corporate citizenship, underpinned by guidelines 
and policies that govern the actions of our directors and employees and promote 
responsible conduct. Customer experience • Customer Service and Transparency: 
Customer service is a core pillar of our strategy. We are committed to an 
improved customer experience and have implemented programs to address customer 
issues. • Network Leadership and Innovation: Innovation has always been a part 
of our identity, whether it is bringing new products or the latest network 
technologies to market. Focusing on innovation and network leadership continues 
to be a key priority under our strategy. • Product Responsibility: We have 
programs and policies in place to manage a range of product responsibility 
issues. For instance, we comply with all relevant safety regulations and codes, 
have programs and teams to manage and advise on our accessibility offerings, 
and operate stewardship programs to manage the proper disposal and recycling of 
our used products, including Rogers Trade-Up and FidoTrade. • Customer Privacy: 
Rogers highly values the security, integrity, and sensitivity of our customers’ 
private information. Rogers’ Privacy Policy outlines our responsibilities and 
practices regarding the protection of the personal information of our employees 
and customers. Our Chief Privacy Officer oversees our compliance with this 
policy and all applicable laws, and responds to requests from law enforcement 
for customer data. Employee experience • Talent Management: With the launch of 
our strategy in 2014, we emphasized “Invest In and Develop Our People” as one 
of our key strategic priorities. We want to attract, develop, and engage the 
best talent in Canada. We have increased our investment in employee programs 
including an onboarding program, new training programs, a new development 
planning program, and a revised employee engagement survey. We are also 
changing the way our employees work in order to foster collaboration across the 
organization. Our Chief Human Resources Officer oversees talent management, 
while the Human Resources Committee assists the Board in monitoring, reviewing, 
and approving compensation and benefit policies and practices. • Inclusion and 
Diversity: At Rogers, we believe that an inclusive workplace reflective of the 
diverse communities we serve drives better performance – for our employees, our 
customers, and our company. Our Inclusion and Diversity Council, comprised of 
leaders from across the business, oversees the development of our inclusion and 
diversity strategy. • Health, Safety, and Wellness: We have a comprehensive 
integrated healthy workplace program. Our goal is always to protect people by 
preventing injuries and we invest millions of dollars as well as thousands of 
hours in safety training every year. We have robust programs and practices in 
place to identify and minimize potential hazards. We continually monitor those 
practices, our sites, and our work to ensure employees remain safe. 
Environmental responsibility • Energy Use and Climate Change: Rogers operates 
thousands of facilities, which include owned and leased buildings, cell 
transmission sites, power supply stations, and retail stores, as well as an 
extensive vehicle fleet. We are committed to reducing the associated greenhouse 
gas emissions and energy consumption by 2025, reflected in our company-wide 
reduction targets of 25% and 10%, respectively, based on 2011 levels. • Paper 
Reduction: We are committed to reducing the environmental impact of our paper 
use. Our Publishing Paper Procurement Practices promise guides our purchasing 
decisions for paper used for publishing. We also work with suppliers to ensure 
responsible paper sourcing, production, and recycling, and encourage our 
employees to reduce their paper consumption. We promote the benefits of 
e-billing to our customers, which help to reduce both paper and energy usage. 
In addition, our transition to digital media formats, such as Texture by Next 
Issue, will further reduce our paper consumption. • Waste and Recycling: 
Reducing the amount of waste we produce is another important way in which we 
are managing our environmental footprint. To reduce and responsibly manage the 
waste we produce, we look for opportunities to avoid waste generation, run 
programs to recycle and reuse materials, and work to increase employees’ 
recycling behaviours through our award-winning “Get Up and Get Green” program. 
Community investment • Community Giving: We stand by the principles of good 
corporate citizenship, targeting to commit at least 1% of our net earnings 
before taxes each year to charities and non-profit organizations. In 2016, 
Rogers provided approximately $60 million in cash and in-kind donations to 
support various organizations and causes. We also support our employees and 
their community activities through the Rogers Employee Volunteer Program, which 
gives employees the opportunity to volunteer in their communities for one paid 
day per year. The Jays Care Foundation also works to ensure children in need 
make positive life choices through programs that support physical activity, 
education, and life-skill development. • Digital Inclusion: Digital inclusion 
is a priority for Rogers and one of the best ways we can contribute to society. 
Our Connected for Success program provides broadband Internet to rent- 
subsidized tenants within partnered non-profit organizations and housing 
providers. Up to 150,000 Canadian households are eligible for Internet access 
through the Connected for Success program, giving them the tools and resources 
needed to experience the benefits of connectivity. Economy and society • 
Economic Performance:We strive to offer innovative solutions for customers, 
create diverse and well-paying jobs, support small businesses, pay our fair 
share of taxes, and deliver robust dividends to shareholders. Beyond these 
direct economic impacts, our performance produces indirect economic benefits as 
well, including significant charitable donations and locally procured goods and 
services. • Supply Chain Management: Suppliers play a huge role in our success, 
which is why we ensure that we have strong supplier selection processes and 
management, and that we conduct business with socially and environmentally 
responsible companies who share our values. Our Supplier Code of Conduct sets 
out high standards for supplier performance in the areas of ethics, labour 
rights, health and safety, environment, and management systems. In early 2016, 
we joined the Joint Audit Cooperation (JAC), a group of global telecom 
companies that share common suppliers. Through our participation in JAC, we 
share audit results among our peers to ensure that our suppliers adhere to 
internationally recognized supply chain and sustainability standards. Rogers 
was the first Canadian company to join JAC, and we began our first audits in 
2016. • Public Policy: We participate actively in public policy discussions 
that are relevant to our operations and are fully transparent about our 
positions and activities. We are heavily involved with governments and 
regulators at the federal level through our Regulatory and Government Relations 
offices and teams in both Toronto and Ottawa. The majority of our interactions 
take place with two groups that regulate our activities: the CRTC and ISED 
Canada. See our annual Corporate Social Responsibility report on our website 
(rogers.com/csr) for more information about our social and environmental 
performance. INCOME TAX AND OTHER GOVERNMENT PAYMENTS We proactively manage our 
tax affairs to enhance Rogers’ business decisions and optimize after-tax free 
cash flow available for investment in our business and shareholder returns. We 
have established comprehensive policies and procedures to ensure we are 
compliant with all tax laws and reporting requirements, including filing and 
making all requisite income and sales tax returns and payments on a timely 
basis. As a part of this process, we maintain open and cooperative 
relationships with revenue authorities to minimize audit effort and reduce tax 
uncertainty while engaging with government policy makers on taxation matters 
that affect Rogers and its shareholders, employees, customers, and other 
stakeholders. Income tax payments Rogers’ total income tax expense of $324 
million in 2016 is close to the expense computed on its accounting income at 
the statutory rate of 26.6%. Cash income tax payments totaled $295 million in 
2016. Cash income tax payments can differ from the tax expense shown on the 
financial statements for various reasons, including timing of payments. Our 
cash income tax is generally lower than our tax expense primarily as a result 
of the significant capital investment we continue to make in our wireless and 
broadband telecommunications networks throughout Canada. Similar to tax systems 
throughout the world, Canadian tax laws generally permit these additions to 
property, plant and equipment to be deducted for tax purposes more quickly than 
they are depreciated for financial statement recognition purposes. In 2015, our 
cash income taxes were further reduced by the utilization of loss carryforwards 
from the acquisition of Mobilicity. Other government payments In addition to 
paying income tax on the profits we earn, we contribute significantly to 
Canadians by paying taxes and fees to federal, provincial, and municipal 
governments as follows: • various taxes on the salaries and wages we pay 
(payroll taxes) to approximately 25,200 employees; • property and business 
taxes; • unrecoverable sales taxes and custom duties; and • broadcast, 
spectrum, and other regulatory fees. We also collected on behalf of the 
government approximately $1,809 million in sales taxes on our products and 
services and $545 million in employee payroll taxes. RISK MANAGEMENT We are 
committed to continually strengthening 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. RISK GOVERNANCE The Board has overall responsibility 
for risk governance and oversees management in identifying the principal risks 
we face in our business and implementing appropriate risk assessment processes 
to manage these risks. It delegates certain risk oversight andmanagement duties 
to the Audit and Risk Committee. 74 ROGERS COMMUNICATIONS INC. 2016 ANNUAL 
REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS 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. The Audit and 
Risk Committee also reviews: • 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; • 
the processes for identifying, assessing, andmanaging risks; • our exposure to 
major risks and trends and management’s implementation of risk policies and 
actions to monitor and control these exposures; • our business continuity and 
disaster recovery plans; • any special audit steps adopted due to material 
weaknesses or significant deficiencies that may be identified; and • other risk 
management matters from time to time as determined by the Audit and Risk 
Committee or directed by the Board. ENTERPRISE RISKMANAGEMENT Our Enterprise 
Risk Management (ERM) program uses the “3 Lines of Defence” 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. ERM is 
the second line of defence. ERM helps management identify the top risks to 
meeting our business objectives, our risk appetite, and emerging risks. 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. ERM works with Internal Audit to monitor the adequacy and 
effectiveness of the controls to reduce risks to an acceptable level. ERM 
carries out an annual strategic risk assessment to identify our principal risks 
to achieving our corporate objectives by identifying corporate-, business unit- 
and department-level risks and aligning business unit and department objectives 
to the corporate objectives. Using an aggregate approach, ERM identifies the 
top risks and their potential impact on our ability to achieve our corporate 
objectives. This assessment includes reviewing risk reports, audit reports, and 
industry benchmarks and interviewing senior management with business unit and 
department accountability. ERM reports the results of the annual strategic risk 
assessment to the Executive Leadership Team, the Audit and Risk Committee, and 
the Board. Internal Audit is the third line of defence. Internal Audit 
evaluates the design and operational effectiveness of the governance program, 
internal controls, and risk management. Risks, controls, and mitigation plans 
identified through this process are incorporated into the annual Internal Audit 
plan. Annually, Internal Audit also facilitates and monitors management’s 
completion of the financial statement fraud risk assessment to identify areas 
of potential fraud or misstatement in our financial statements and disclosures 
and to ensure these controls are designed and operating effectively. 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. RISKS AND 
UNCERTAINTIES AFFECTING OUR BUSINESS 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 “About Forward-Looking Information”. GENERAL RISKS ECONOMIC CONDITIONS Our 
businesses are affected by general economic conditions and consumer confidence 
and spending. Recessions, declines in economic activity, and economic 
uncertainty can erode consumer and business confidence and reduce discretionary 
spending. Any of these factors can negatively affect us through reduced 
advertising, lower demand for our products and services, decreased revenue and 
profitability, and higher churn and bad debt expense. A significant portion of 
our broadcasting, publishing, and digital revenue comes from the sale of 
advertising and is affected by the strength of the economy. Poor economic 
conditions can 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. 
Capital market volatility may result in changes in the discount rates and other 
variables used to calculate our pension obligations, requiring us to make 
contributions in the future that differ significantly from current 
contributions and assumptions being used in the actuarial valuation process. 
SUBSTANTIAL COMPETITION 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 we operate in, or introduce competing services. Any 
of these factors could reduce our business market share or revenue, or increase 
churn. We may have some ongoing re-pricing of products and services, as we may 
need to extend lower wireless pricing offers to attract new customers and 
retain existing subscribers. As wireless penetration of the population deepens, 
new wireless customers may generate lower average monthly revenue, which could 
slow revenue growth. Wireless could face increased competition due to recent 
changes to foreign ownership rules and control of wireless licences: • foreign 
telecommunication companies could enter the Canadian market by acquiring 
wireless licences or a holder of wireless licences. If companies with 
significantly greater capital resources enter the Canadian market, it could 
reduce our wireless market share. See “Foreign Ownership and Control” for more 
information. • ISED Canada’s policy regarding the transfer of spectrum 
licences, combined with 2012 legislation that allows foreign ownership of 
wireless providers with less than 10% market share, could make it harder for 
incumbent wireless carriers to acquire additional spectrum. The legislation 
regarding foreign ownership of wireless providers could make it less expensive 
for foreign wireless carriers to enter the Canadian wireless market. This could 
increase the intensity of competition in the Canadian wireless sector. 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. TECHNOLOGY RISKS 
INFORMATION SECURITY RISK Our industry is vulnerable to cyber risks that are 
growing in both frequency and complexity. Rogers, along with our suppliers, 
employs systems and network infrastructure that are subject to cyberattacks, 
which may include theft of assets, unauthorized access to sensitive 
information, or operational disruption. A significant cyberattack against our – 
or our suppliers’ – critical network infrastructure and supporting information 
systems could result in service disruptions, litigation, loss of customers, 
significant remediation costs, and reputational damage. Management has 
committed to an information and cybersecurity program designed to reinforce the 
importance of remaining a secure, vigilant, and resilient organization. Our 
ongoing success depends on protecting our sensitive data, including personal 
information about our customers and employees. We rely on security awareness 
training, policies, procedures, and information technology systems to protect 
this information. Rogers continues to monitor this risk, leveraging external 
threat intelligence, internal monitoring, reviewing best practices, and 
implementing controls as required to mitigate cybersecurity risks. We have 
insurance coverage against certain damages related to cybersecurity breaches, 
intrusions, and attacks, amongst other things. The Audit and Risk Committee is 
responsible for overseeing management’s policies and associated procedures 
related to cyber security risks. External threats to the network are constantly 
changing and there is no assurance we will be able to protect the network 
fromall future threats. The impact of such attacksmay affect service revenue. 
IMPACT OF NETWORK FAILURES ON REVENUE AND CUSTOMER SERVICE If our networks or 
key network components fail, it could, in some circumstances, result in a loss 
of service for our customers for certain periods and have an adverse effect on 
our results and financial position. We rely on business partners to carry some 
traffic for certain customers. If one of these carriers has a service failure, 
it might also cause a service interruption for those customers that would last 
until we could reroute the traffic to another carrier. We work to protect our 
service from the impact of natural disasters and major weather events such as 
ice storms, flooding, or landslides where it is necessary and feasible to do 
so. There are no assurances that a future event will not cause service outages. 
Such outagesmay affect service revenue. DEPENDENCE ON INFORMATION TECHNOLOGY 
SYSTEMS Our businesses depend on IT systems for day-to-day operations. If we 
are unable to operate our systems, make enhancements to accommodate customer 
growth and new products and services, or if our systems go down, it could have 
an adverse effect on our ability to acquire new subscribers, service customers, 
manage subscriber churn, produce accurate and timely subscriber invoices, 
generate revenue growth, and manage operating expenses. This could have an 
adverse impact on our results and financial position. Most of our employees and 
critical elements of our network infrastructure and IT systems are concentrated 
in various physical facilities. If we cannot access one or more of these 
facilities as a result of a natural or manmade disaster or otherwise, our 
operations may be significantly affected to the extent that it may be difficult 
for us to recover without a significant interruption in service or negative 
impact to our revenue or customer base. UNAUTHORIZED ACCESS TO DIGITAL BOXES OR 
INTERNET MODEMS 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. There is no assurance that we will be able to effectively prevent 
unauthorized decoding of television signals or Internet access in the future. 
If we are unable to control cable access with our encryption technology, 
subscriptions to digital programming, including premium video-on-demand and 
subscription video-on-demand, and Internet service revenue may both decrease, 
which could result in a decline in our Cable revenue. NEW TECHNOLOGY Our 
network plans assume the availability of new technology for both Wireless and 
Wireline networks. 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. COMPETING TECHNOLOGIES 
Several technologies have affected the way our services are delivered, 
including: • broadband; • IP-based voice, data, and video delivery services; • 
increased use of optical fibre technologies to businesses and/or residences; 
and • broadband wireless access and wireless services using a radio frequency 
spectrum to which we may have limited or no access. 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 the new 
technologies have allowed competitors to enter our markets with similar 
products or services at lower costs. These competitors may also be larger and 
have greater access to financial resources than Rogers. Improvements in the 
quality of streaming video over the Internet, coupled with the increasing 
availability of television shows and movies online through OTT content 
providers, which compete for viewership, are anticipated to increase 
competition for Canadian cable television service providers. If advances in 
technology are made to any alternative Canadian multi-channel broadcasting 
distribution system, our cable services may face increased competition. In 
addition, wireless Internet is, in some instances, replacing traditional 
wireline Internet as the technology for wireless Internet continues to develop. 
The use of PVRs has affected our ability to generate television advertising 
revenue as viewers can skip advertising aired on the television networks. 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. REGULATORY RISKS 
CHANGES IN GOVERNMENT REGULATIONS Substantially all of our business activities 
are regulated by ISED Canada and/or the CRTC, and any regulatory changes or 
decisions could adversely affect our consolidated results of operations. See 
“Regulation in Our Industry” for more information. Regulatory changes or 
decisions made by these regulators could adversely impact our results on a 
consolidated basis. This regulation relates to, among other things, licensing 
and related fees, competition, the cable television programming services that 
we must distribute, wireless and wireline interconnection agreements, the rates 
we may charge to provide access to our network by third parties, the resale of 
our networks and roaming on our networks, our operation and ownership of 
communications systems, and our ability to acquire an interest in other 
communications systems. In addition, the costs of providing services may be 
increased from time to time as a result of compliance with industry or 
legislative initiatives to address consumer protection concerns or such 
Internet-related issues as copyright infringement, unsolicited commercial 
e-mail, cybercrime, and lawful access. Generally, our licences are granted for 
a specified term and are subject to conditions on the maintenance of these 
licences. These licensing conditions and related fees may be modified at any 
time by the regulators. The regulators may decide not to renew a licence when 
it expires, and any failure by us to comply with the conditions on the 
maintenance of a licence could result in a revocation or forfeiture of any of 
our licences or the imposition of fines. Our cable, wireless, and broadcasting 
licences generally may not be transferred without regulatory approval. 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. However, if these 
requirements were violated, we would be subject to various penalties, possibly 
including, in the extreme case, the loss of a licence. SPECTRUM 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 both the ability to renew current spectrum 
licences and acquire new spectrum licences. If we cannot acquire and retain 
needed spectrum, 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 that 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 additions to property, plant and equipment. Changes to 
government spectrum fees could significantly increase our payments and 
therefore materially reduce our net income. HIGHER HANDSET SUBSIDIES Our 
wireless business model is based substantially on subsidizing the cost of 
subscriber handsets, similar to other Canadian wireless carriers. This model 
attracts customers and in exchange, they commit to a term contract with us. We 
also commit to a minimum subsidy per unit with the supplier of certain 
smartphone devices. If we are unable to recover the costs of the subsidies over 
the term of the customer contract, this could have an adverse effect on our 
business, results of operations and financial condition. THEWIRELESS CODE The 
CRTC’s decision to implement its Wireless Code, among other things, effectively 
required Canadian wireless carriers to move away from offering three-year 
service contracts and instead offer two-year contracts, and this affects our 
customer acquisition and retention costs and subscriber churn. The code was 
applied to all contracts (excluding enterprise plans) entered into or renewed 
after December 2, 2013 and applied to contracts (excluding enterprise plans) as 
of June 3, 2015, no matter when they were originally entered into. See 
“Regulation in Our Industry” for more information. Our Wireless business could 
be adversely affected if laws, regulation, or customer behaviour make it 
difficult for us to impose term commitments or early cancellation fees on 
customers or receive the service revenue we anticipate from the term 
commitments. NATIONAL WIRELESS TOWER POLICY The policy affects all parties that 
plan to install or modify an antenna system, including personal communications 
service (PCS), cellular, and broadcasting service providers. The policy 
requires, among other things, that antenna proponents consider using existing 
antenna structures before proposing new structures and those owners of existing 
systems respond to requests to share antenna systems. Antenna proponents must 
follow a defined process for notifying the public and addressing local 
requirements and concerns. Certain types of antenna installations are excluded 
from the consultation requirements with local authorities and the public. The 
policy could prevent us from installing certain new antenna systems and/or 
expanding our network, which would ultimately affect our ability to serve our 
customers. RADIO FREQUENCY EMISSIONS From time to time, the media and other 
reports have highlighted alleged links between radio frequency emissions from 
wireless handsets and various health concerns, including cancer, and 
interference with various medical devices, including hearing aids and 
pacemakers. This may discourage the use of wireless handsets 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 low-powered devices like wireless handsets. 
We cannot predict the nature or extent of any restrictions. OBTAINING ACCESS TO 
SUPPORT STRUCTURES AND MUNICIPAL RIGHTS OFWAY We must have access to support 
structures and municipal rights of way for our cable facilities. We can apply 
to the CRTC to obtain a right of access under the Telecommunications Act 
(Canada) (Telecommunications Act) in areas where we cannot secure access to 
municipal rights of way. Failure to obtain access could increase Cable costs 
and adversely affect our business. The Supreme Court of Canada ruled in 2003, 
however, that the CRTC does not have the jurisdiction to establish the terms 
and conditions of accessing the poles of hydroelectric companies. As a result, 
we normally obtain access under terms established by the provincial utility 
boards. DEPENDENCE ON FACILITIES AND SERVICES OF ILECS Certain business 
telephony operations outside of our cable territory depend significantly on the 
availability of facilities and services acquired from incumbent 
telecommunication operators, according to CRTC rules. Changes to these rules 
could significantly affect the cost of operating these businesses. COPYRIGHT 
TARIFFS Pressures on copyright tariffs continue to affect our services. Any 
increase in fees could negatively affect our results of operations. CRTC 
LICENCE RENEWALS In November 2016, the CRTC held hearings to consider the 
renewal of many of our CRTC licences that permit us to operate many of our 
Media television properties. These licences expire on August 31, 2017. The CRTC 
has not yet issued its decision to renew these licences. If any of these 
licences are not renewed, or are renewed on terms that are adverse to our 
business plans, it could have a significant negative impact on our results of 
operations. See “Regulation in Our Industry” for more information. BUSINESS 
RISKS REVENUE EXPECTATIONS FROM NEW AND ADVANCED SERVICES We expect that a 
substantial portion of our future revenue growth may come from new and advanced 
services, and we continue to invest significant capital resources to develop 
our networks so we can offer these services. 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 materially adverse effect on our business, 
results of operations, and financial condition. COMPLEXITY OF OUR BUSINESS Our 
businesses, technologies, processes, and systems are operationally complex and 
increasingly interconnected. If we do not execute properly, or if manmade or 
natural disasters affect them, customers may have a negative experience, 
resulting in increased churn and lower revenue. STRATEGY AND BUSINESS PLANS 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 materially adverse effect on our business, results of operations, and 
financial condition. 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 materially adverse effect on our business, 
results of operations, and financial condition. RELIANCE ON THIRD-PARTY SERVICE 
PROVIDERS We have outsourcing and managed service arrangements with third 
parties to provide certain essential components of our business operations to 
our employees and customers, including payroll, certain facilities or property 
management functions, call centre support, certain installation and service 
technicians, certain network and IT functions, and invoice printing. 
Interruptions in these services could adversely affect our ability to service 
our customers. ACQUISITIONS, DIVESTITURES, OR INVESTMENTS 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. 
It is possible that we may not effectively forecast the value of consumer 
demand or risk of competing technologies resulting in higher valuations for 
acquisitions or missed opportunities. 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. ORGANIZATIONAL STRUCTURE AND TALENT The industry is 
competitive in attracting and retaining a skilled workforce. Losing certain 
employees or changes in morale due to a restructuring or other event could 
affect our revenue and profitability in certain circumstances. DEPENDENCE ON 
CERTAIN KEY INFRASTRUCTURE AND HANDSET VENDORS Our wireless business has 
relationships with a relatively small number of essential network 
infrastructure and handset vendors. We do not have operational or financial 
control over them and only have limited influence on how they conduct their 
business with us. Handset vendor market share has recently shifted towards 
fewer top suppliers which will augment this dependency. If one of our network 
infrastructure suppliers fails, it could delay adding network capacity or new 
capabilities and services. Handsets and network infrastructure suppliers can 
extend delivery times, raise prices, and limit supply due to their own 
shortages and business requirements, among other things. If these suppliers do 
not develop handsets that satisfy customer demands, or deliver products and 
services on a timely basis, it could have a material adverse effect on our 
business, financial condition, and results of operations. Any interruption in 
the supply of equipment for our networks could also affect the quality of our 
service or impede network development and expansion. Apple has introduced soft 
Subscriber Identification Module (SIM) technology to its latest iPads launched 
in the US, allowing customers of certain carriers to switch between carriers 
without the use of a carrier-provided SIM card. If Apple or other major handset 
vendors introduce soft SIM to their mobile products in Canada, this could have 
an adverse effect on our business, churn, and results of operations as many 
customers without subsidized devices are under no contractual obligation to 
remain with Rogers. We expect that soft SIM will be coming to the Canadian 
market in the next few years. INCREASE IN BRING YOUR OWN DEVICE (BYOD) 
CUSTOMERS With the CRTC’s Wireless Code limiting wireless term contracts to two 
years from three years, the number of BYOD customers with no-term contracts has 
increased. These customers are under no contractual obligation to remain with 
Rogers, which could have a material adverse effect on our churn. INVENTORY 
OBSOLESCENCE Our inventory balance mainly consists of wireless handset devices, 
which generally have relatively short product lifecycles due to frequent 
wireless handset introductions. If we cannot effectively manage inventory 
levels based on product demand, this may increase the risk of inventory 
obsolescence. INCREASING PROGRAMMING COSTS Acquiring programming is the single 
most significant purchasing commitment in our Cable television business and is 
a material cost for Media television properties. Increased competition for 
programming rights to content and popular properties from both traditional 
linear television broadcasters and digital competitors continue to increase the 
cost of programming rights. Higher programming costs could adversely affect the 
operating results of our business if we are unable to recover programming 
investments through subscription fee increases that reflect the market. CHANNEL 
UNBUNDLING Recent CRTC regulatory decisions have been unfavourable to certain 
of our Media television properties and have resulted in a challenging operating 
environment. CRTC-mandated programming package unbundling and the required 
implementation of flexible channel packaging by BDUs could negatively affect 
the tier status, subscription levels, and results of certain of Media’s 
channels, including TSC, Sportsnet, Sportsnet 360, Sportsnet ONE, Sportsnet 
World, and our specialty channels, including Outdoor Life Network, FX (Canada), 
FXX (Canada), G4 Canada, and VICELAND. Certain channels are currently included 
in favourable channel packaging with many BDUs. This could adversely affect our 
results and some industry specialty networks may not survive in such an 
environment. See “Television Services Distribution” for more information. 
DECLINE OF PAY TELEVISION SUBSCRIBERS IN CANADA The number of pay television 
households in Canada continues to decline. Other video offerings available to 
consumers (for example, direct-to-consumer subscription and free services), as 
well as piracy, have contributed to this trend. If this decline continues, it 
could have amaterial adverse effect on our results of operations. MIGRATING 
FROM CONVENTIONAL TO DIGITAL MEDIA 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 to limit this risk. 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 over-the-air broadcast networks, such as City 
and OMNI, 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. OURMARKET 
POSITION IN RADIO, TELEVISION, OR MAGAZINE READERSHIP Advertising dollars 
typically migrate to media properties that are leaders in their respective 
markets and categories, particularly when advertising budgets are tight. Our 
radio, television, and magazine properties may not continue performing how they 
currently perform. Advertisers base a substantial part of their purchasing 
decisions on ratings and readership data generated by industry associations and 
agencies. If our radio and television ratings or magazine readership levels 
decrease substantially, our advertising sales volumes and the rates that we 
charge advertisers could be adversely affected. S COMMUNICATIONS INC. 79 
MANAGEMENT’S DISCUSSION AND ANALYSIS FINANCIAL RISKS CAPITAL COMMITMENTS, 
LIQUIDITY, DEBT, AND INTEREST PAYMENTS Our capital commitments and financing 
obligations could have important consequences including: • requiring us to 
dedicate a substantial portion of cash provided by operating activities to pay 
interest, principal, and dividends, which reduces funds available for other 
business purposes including other financial operations; • making us more 
vulnerable to adverse economic and industry conditions; • limiting our 
flexibility in planning for, and/or reacting to, changes in our business and/or 
industry; • putting us at a competitive disadvantage compared to competitors 
who may have more financial resources and/or less financial leverage; or • 
restricting our ability to obtain additional financing to fund working capital 
and additions to property, plant and equipment and for other general corporate 
purposes. Our ability to satisfy our financial obligations depends on our 
future operating performance and 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 these obligations or to successfully 
execute our business strategy. CREDIT RATINGS Credit ratings provide an 
independent measure of credit quality of an issuer of securities and can affect 
our ability to obtain short- 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. INCOME TAXES AND OTHER 
TAXES We collect, pay, and accrue significant amounts of income and other taxes 
such as federal and provincial sales, employment, and property taxes. We have 
recorded significant amounts of deferred income tax liabilities and current 
income tax 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. We provide for income and indirect 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 provisions, and could, in certain 
circumstances, result in the assessment of interest and penalties. 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. LITIGATION RISKS SYSTEM ACCESS FEE – 
SASKATCHEWAN In 2004, a class action was commenced against providers of 
wireless communications in Canada under the Class Actions Act (Saskatchewan). 
The class action relates to the system access fee wireless carriers charge to 
some of their customers. The plaintiffs are seeking unspecified damages and 
punitive damages, which would effectively be a reimbursement of all system 
access fees collected. In 2007, the Saskatchewan Court granted the plaintiffs’ 
application to have the proceeding certified as a national, “opt-in” 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. In 2009, counsel for the plaintiffs began a 
second proceeding under the Class Actions Act (Saskatchewan) asserting the same 
claims as the original proceeding. If successful, this second class action 
would be an “opt-out” class proceeding. This second proceeding was ordered 
conditionally stayed in 2009 on the basis that it was an abuse of process. In 
2013, the plaintiffs applied for an order to be allowed to proceed with the 
second system access fee class action. However, the court denied this 
application and the second action remains conditionally stayed. At the time the 
Saskatchewan class action was commenced in 2004, corresponding claims were 
filed in multiple jurisdictions across Canada, although the plaintiffs took no 
active steps. The appeal courts in several provinces dismissed the 
corresponding claims as an abuse of process. The claims in all provinces other 
than Saskatchewan have now been dismissed or discontinued. We have not 
recognized a liability for this contingency. 911 FEE 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. CELLULAR DEVICES In July 2013, a class action 
was launched in British Columbia against providers of wireless communications 
in Canada and manufacturers of wireless devices. The class action relates to 
the alleged adverse health effects incurred by long-term users of cellular 
devices. The plaintiffs are seeking unspecified damages and punitive damages, 
effectively equal to the reimbursement of the portion of revenue the defendants 
have received that can reasonably be attributed to the sale of cellular phones 
in Canada. We have not recognized a liability for this contingency. OTHER 
CLAIMS There are certain other claims and potential claims against us. We do 
not expect any of these to have a material adverse effect on our financial 
results. OUTCOME OF PROCEEDINGS The outcome of all the proceedings and claims 
against us, including the matters described above, is subject to future 
resolution that includes the uncertainties of litigation. It is not possible 
for us to predict the result or magnitude of the claims due to the various 
factors and uncertainties involved in the legal process. Based on information 
currently known to us, we believe it is not probable that the ultimate 
resolution of any of these proceedings and claims, individually or in total, 
will have a material adverse effect on our business, financial results, or 
financial condition. If 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. 
OWNERSHIP RISK CONTROLLING SHAREHOLDER Rogers is a family-founded, 
family-controlled company. Voting control of Rogers Communications is held by 
Rogers Control Trust, whose beneficiaries are a small group of individuals that 
are members of the Rogers family, several of whom are also directors of our 
Board. The trust holds voting control of Rogers Communications Inc. and its 
subsidiaries for the benefit of successive generations of the Rogers family. 
The trustee is the trust company subsidiary of a Canadian chartered bank. As at 
December 31, 2016, private, Rogers family holding companies controlled by the 
trust owned approximately 91% of our outstanding Class A Voting shares (2015 – 
91%) and approximately 10% of our Class B Non-Voting shares (2015 – 10%), or in 
total approximately 27% of the total shares outstanding (2015 – 28%). Only 
Class A Voting shares carry the right to vote in most circumstances. As a 
result, the trust is able to elect all members of our Board and to control the 
vote on most matters submitted to a shareholder vote. CONTROLS AND PROCEDURES 
DISCLOSURE CONTROLS AND PROCEDURES We conducted an evaluation of the 
effectiveness of the design and operation of our disclosure controls and 
procedures as at December 31, 2016, under the supervision and with the 
participation of our management, including the Chief Executive Officer and 
Chief Financial Officer, pursuant to Rule 13a-15 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. MANAGEMENT’S 
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management is responsible 
for establishing and maintaining adequate internal controls over financial 
reporting. 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. Management 
assessed the effectiveness of our internal control over financial reporting as 
at December 31, 2016, based on the criteria set out in the Internal Control – 
Integrated Framework (2013) 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 audit report on 
management’s assessment of internal control over financial reporting as at 
December 31, 2016, and provided an unqualified opinion on the effectiveness of 
the Company’s internal control over financial reporting as of that date. This 
report is included in our 2016 Audited Consolidated Financial Statements filed 
on SEDAR (sedar.com). 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. CHANGES IN INTERNAL CONTROL OVER 
FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES There were no 
changes in 2016 that materially affected, or are reasonably likely to 
materially affect, our internal controls over financial reporting. Regulation 
In Our Industry Our business, except for the non-broadcasting operations of 
Media, is regulated by two groups: • Innovation, Science and Economic 
Development Canada (ISED Canada) on behalf of the Minister of Innovation, 
Science and Economic Development; and • the CRTC, under the Telecommunications 
Act and the Broadcasting Act (Canada) (Broadcasting Act). Regulation relates to 
the following, among other things: • wireless spectrum and broadcasting 
licensing; • competition; • the cable television programming services we must, 
and can, distribute; • wireless and wireline interconnection agreements; • 
rates we can charge third parties for access to our network; • the resale of 
our networks; • roaming on our networks and the networks of others; • ownership 
and operation of our communications systems; and • our ability to acquire an 
interest in other communications systems. Regulatory changes or decisions can 
adversely affect our consolidated results of operations. Our costs of providing 
services may increase from time to time as we comply with industry or 
legislative initiatives to address consumer protection concerns or 
Internet-related issues like copyright infringement, unsolicited commercial 
e-mail, cybercrime, and lawful access. Generally, our spectrum and broadcast 
licences are granted for a specified term and are subject to conditions for 
maintaining these licences. Regulators can modify these licensing conditions at 
any time, and they can decide not to renew a licence when it expires. If we do 
not comply with the conditions, a licence may be forfeited or revoked, or we 
may be fined. The licences have conditions that require us, amongst other 
things, to comply with Canadian ownership restrictions of the applicable 
legislation. We are currently in compliance with these conditions. If we 
violate the requirements, we would be subject to various penalties and it could 
include losing a licence in extreme cases. Cable, wireless, and broadcasting 
licences generally cannot be transferred without regulatory approval. CANADIAN 
BROADCASTING AND TELECOMMUNICATIONS OPERATIONS Our Canadian broadcasting and 
telecommunications operations – including our cable television systems, radio 
and television stations, and specialty services – are licensed (or operated 
under an exemption order) and regulated by the CRTC under the Broadcasting Act. 
The CRTC is responsible for regulating and supervising all aspects of the 
Canadian broadcasting and telecommunications system. It is also responsible 
under the Telecommunications Act for the regulation of telecommunications 
carriers, including: • Wireless’ mobile voice and data operations; and • 
Cable’s Internet and telephone services. Our cable and telecommunications 
retail services are not subject to price regulation, other than our affordable 
entry-level basic cable television service ordered by the CRTC and introduced 
in 2016, as the CRTC believes there is enough competition for these services 
provided by other carriers to protect the interests of users and has forborne 
from regulating them. Regulations can and do, however, affect the terms and 
conditions under which we offer these services. SPECTRUM LICENCES ISED Canada 
sets technical standards for telecommunications under the Radiocommunication 
Act (Canada) (Radiocommunication Act) and the Telecommunications Act. It 
licences and oversees: • the technical aspects of the operation of radio and 
television stations; • the frequency-related operations of cable television 
networks; and • awarding and supervising spectrum for wireless communications 
systems in Canada. ROYALTIES The Copyright Board of Canada (Copyright Board) 
oversees the administration of copyright royalties in Canada and establishes 
the royalties to be paid for the use of certain copyrighted works. It sets the 
copyright tariff royalties that Canadian broadcasting undertakings, including 
cable, radio, television, and specialty services, pay to copyright collectives. 
BILLING AND CONTRACTS Manitoba, Newfoundland and Labrador, Ontario, and Quebec 
have enacted consumer protection legislation for wireless, wireline, and 
Internet service contracts. This legislation addresses the content of such 
contracts, the determination of the early cancellation fees that can be charged 
to customers, the use of security deposits, the cancellation and renewal rights 
of customers, the sale of prepaid cards, and the disclosure of related costs. 
Rogers is also currently subject to the CRTC Wireless Code and will come under 
the forthcoming CRTC Television Service Provider Code of Conduct that will 
become effective on September 1, 2017. FOREIGN OWNERSHIP AND CONTROL 
Non-Canadians can own and control, directly or indirectly: • up to 33.3% of the 
voting shares and the related votes of a holding company that has a subsidiary 
operating company licenced under the Broadcasting Act, and • up to 20% of the 
voting shares and the related votes of the operating licensee company may be 
owned and controlled directly or indirectly by non-Canadians. Combined, these 
limits can enable effective foreign control of up to 46.7%. 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 
non-voting shares that may be held by non-Canadians at either the holding 
company or the licensee company level. Neither the Canadian carrier nor its 
parent may be otherwise controlled in fact by non-Canadians. Subject to appeal 
to the federal Cabinet, the CRTC has the jurisdiction to determine as a 
question of fact whether a given licensee is controlled by non-Canadians. 
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. On June 29, 2012, Bill C-38 amending the 
Telecommunications Act passed into law. The amendments exempt 
telecommunications companies with less than 10% of total Canadian 
telecommunications market measured by revenue from foreign investment 
restrictions. Companies that are successful in growing their market shares in 
excess of 10% of total Canadian telecommunications market revenue other than by 
way of merger or acquisitions will continue to be exempt from the restrictions. 
CRTC REVIEW OF BASIC TELECOMMUNICATIONS SERVICES On April 9, 2015, the CRTC 
issued Telecom Notice of Consultation 2015-134. Through an extensive proceeding 
culminating with a three-week public hearing in April 2016, the CRTC examined 
which telecommunications services Canadians require to participate meaningfully 
in the digital economy and the CRTC’s role in ensuring the availability of 
affordable basic telecommunications services to all Canadians. The CRTC 
released its decisions in the proceeding on December 21, 2016 in Telecom 
Regulatory Policy CRTC 2016-496. The CRTC set as its universal service 
objective that Canadians, in urban areas as well as in rural and remote areas, 
have access to voice services and broadband Internet access services, on both 
fixed and mobile wireless networks. To measure the successful achievement of 
this objective, the CRTC has established several criteria, including: • 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 • 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. To help attain the universal 
service objective, the CRTC will begin to shift the focus of its regulatory 
frameworks from wireline voice services to broadband Internet access services. 
As such, the following services which form part of the universal service 
objective are hereby basic telecommunications services within the meaning of 
subsection 46.5(1) of the Telecommunications Act: • fixed and mobile wireless 
broadband Internet access services; and • fixed andmobile wireless voice 
services. Designated high cost local voice serving areas received approximately 
$100 million in subsidies in 2016 collected by a 0.53% levy on wireline and 
wireless voice services revenue. In its decision, the CRTC determined that the 
current local voice subsidy will be phased out except where reliable broadband 
Internet access service is unavailable and a follow-up proceeding will occur in 
2017 to establish the specifics of the phase-out of the subsidy. To assist in 
extending broadband into under-served rural and remote locations, the CRTC will 
establish a new broadband funding mechanism with the specifics of the fund 
including guiding principles, fund design, and assessment criteria to be set in 
a follow-up proceeding to take place in 2017. Implementation will occur 
thereafter with a maximum funding level of $100 million in the first year of 
implementation, increasing by $25 million annually over the following four 
years to reach an annual cap of $200 million, with the incremental increases in 
years four and five contingent on a review of the fund in the third year to 
ensure it is being managed efficiently and is achieving its intended purpose. 
Funds will be generated by extending a percent of revenue levy on wireline and 
wireless Internet and texting revenue. The CRTC noted that the revenue percent 
charge at the $200 million annual cap in year five would be approximately the 
same as the current revenue percent charge. The CRTC also established 
regulatory measures to address: • issues related to wireless services 
accessibility for persons with disabilities; and • online tools for consumers 
to easily manage their data usage. CANADIAN ANTI-SPAM LEGISLATION Canada’s 
anti-spam legislation was passed into law on December 15, 2010 and came into 
force on July 1, 2014, with the exception of those sections of the Act related 
to the unsolicited installation of computer programs or software, which came 
into force on January 15, 2015. A private right of action comes into place 
under the legislation effective July 1, 2017. We believe we are in compliance 
with this legislation. BILL C-43 On October 23, 2014, Bill C-43 was introduced 
by the federal government. Amongst other items, it makes amendments to the 
Broadcasting Act and the Telecommunications Act to prohibit charging 
subscribers for paper bills. Bill C-43 also provides the CRTC with the 
authority to assess Administrative Monetary Penalties for any contraventions of 
the Telecommunications Act, regulations, or CRTC decisions. The Bill was passed 
into law on December 16, 2014 and these amendments became effective 
immediately. We believe we are in compliance with this legislation. WIRELESS 
600 MHZ SPECTRUM LICENCE BAND On August 14, 2015, ISED Canada released a 
decision regarding the reallocation of spectrum licences in the 600 MHz band 
for mobile services. Canada will reallocate the same amount of spectrum 
licences as the US, following the US 600 MHz incentive auction that began in 
2016 and continues in progress. TV channels currently using the 600 MHz band 
spectrum that will be auctioned for mobile services will be given a new channel 
in the new allotment plan and will be provided with a minimum of 18 months to 
complete the transition. Certain Rogers over-the-air TV channels will need to 
be transitioned. No decision has been made regarding transition funding of 
affected TV channels or whether ISED Canada will use an incentive auction 
format. Additional consultations are expected before the Canadian auction of 
this spectrum, which is expected to occur in the next two to three years. 3.5 
GHZ BAND POLICY CHANGES In December 2014, ISED Canada released its policy 
changes to the 3.5 GHz spectrum band. Rogers has a 50% interest in the Inukshuk 
Wireless Partnership which holds (on average) between 100-175 MHz of 3.5 GHz 
spectrum in most major urban markets in Canada. The 3.5 GHz band will be 
reallocated for mobile services (it is currently only licensed for fixed 
wireless access in Canada). The establishment of a new band plan and licensing 
framework for mobile services will be the subject of a future consultation. The 
band will eventually be relicensed on a flexible-use basis whereby licensees 
will be permitted to determine the extent to which they will implement fixed 
and/or mobile services in the band in a given geographic area. Until the future 
consultation is completed and the related decisions are released, all existing 
licences that will be renewed will be limited to the provision of fixed 
services. Licences will be renewed where licensees have satisfied all of their 
conditions of licence and renewed licences will have a one-year term. On 
completion of the consultation process and release of related decisions, 
renewed licensees will have a high expectation of receiving new licences for 10 
or 20 years (depending on consultation outcome). Spectrum associated with 
existing licences that are not renewed by ISED Canada will be made available on 
a first-come, first-served basis using an application process. LEGISLATION 
REGARDING WHOLESALE DOMESTIC WIRELESS ROAMING RATES On June 19, 2014, the 
federal government enacted legislation to cap wholesale domestic wireless 
roaming rates carriers can charge to one another at amounts no higher than the 
average rates carriers charge their own retail customers. The legislation also 
provided the CRTC with the power to set domestic roaming rates between 
carriers, regardless of the formula. The CRTC conducted a review into wireless 
roaming rates and the state of wireless wholesale competition with a public 
hearing, which concluded in early October 2014. On May 5, 2015, the CRTC 
released its decision on the regulatory framework for wholesale mobile wireless 
services (Telecom Regulatory Policy 2015-177). The CRTC determined it is 
necessary to regulate the rates that Rogers Communications and two of its 
competitors (Bell Mobility and Telus Communications) charge other Canadian 
wireless carriers for domestic GSM-based wholesale roaming. The CRTC directed 
Rogers, Bell, and Telus to each file proposed cost-based tariffs for wholesale 
roaming on November 4, 2015. Pending its final determination on the proposed 
tariffs, the CRTC approved, on an interim basis, a maximum rate for each of 
GSM-based voice, text, and data wholesale roaming provided by Bell, Rogers, and 
Telus across their respective networks to other Canadian wireless carriers. 
This rate is equal to the highest rate charged by each of Rogers, Bell, and 
Telus to any other Canadian wireless carrier for each of GSM-based voice, text, 
and data wholesale roaming as of the date of the decision. These rates were 
replaced when the CRTC gave interim approval to the proposed cost-based tariffs 
filed by the carriers on December 3, 2015 and made these interim rates 
effective November 23, 2015. The CRTC process to establish final rates remains 
underway. The CRTC further determined that it is not appropriate to mandate 
wholesaleMVNO access. Finally, the CRTC determined that the regulatory measures 
established in the decisionwould remain in place for a minimumof five years, 
during which time the CRTC will monitor competitive conditions in the mobile 
wirelessmarket. TRANSFERS, DIVISIONS, AND SUBORDINATE LICENSING OF SPECTRUM 
LICENCES 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: • ISED Canada will review all spectrum 
transfer requests, and will not allow any that result in “undue spectrum 
concentration” and reduced competition. Decisions will be made on a 
case-by-case basis and will be issued publicly to increase transparency; and • 
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. This timing did not apply to agreements such as Rogers’ AWS agreements 
with Shaw and Quebecor made before the Framework was released. CRTC WIRELESS 
CODE In June 2013, the CRTC issued its Wireless Code. The Wireless Code imposes 
several obligations on wireless carriers, including maximum contract term 
length, roaming bill caps, device unlocking requirements, and contract 
summaries. It also lays out the rules for device subsidies and early 
cancellation fees. Under the code, if a customer cancels a contract early, 
carriers can only charge the outstanding balance of the device subsidy they 
received, which decreases by an equal amount every month over no more than 24 
months. This effectively makes the maximum contract length two years. The CRTC 
committed to a review of the Wireless Code’s effectiveness within three years 
of its implementation. In Telecom Notice of Consultation CRTC 2016-293, 
released on July 28, 2016, the CRTC called for comments on the effectiveness of 
the Wireless Code and howtheWireless Code should be updated to reflect the 
evolution of the wireless market since the Wireless Code’s implementation. An 
oral hearing began on February 6, 2017. TOWER SHARING POLICY 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: • all holders of spectrum licences, radio 
licences, and broadcasting certificates must share towers and antenna sites, 
where technically feasible, at commercial rates; and • the timeframe for 
negotiating agreements is 60 days, after which arbitration according to ISED 
Canada arbitration rules will begin. In Telecom Regulatory Policy 2015-177 
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 84 ROGERS 
COMMUNICATIONS INC. 2016 ANNUAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS 
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. CABLE DIFFERENTIAL PRICING RELATED TO 
INTERNET DATA PLANS On May 18, 2016, the CRTC initiated a proceeding (Telecom 
Notice of Consultation CRTC 2016-192) to examine the policy issues surrounding 
the use of differential pricing practices by Canadian ISPs related to the 
provision of Internet data plans. This proceeding stems from an application 
made by several parties concerning the pricing practices used by Videotron when 
offering its Unlimited Music service to its mobile wireless customers. The CRTC 
intends to establish a clear and transparent regulatory policy regarding 
differential pricing practices for Internet data plans. The oral hearing 
commenced the week of October 31, 2016 and concluded on November 4, 2016. A 
decision is expected in the first quarter of 2017. WHOLESALE INTERNET COSTING 
AND PRICING On March 31, 2016, the CRTC released its decision on the review of 
costing inputs and the application process for existing wholesale high-speed 
access services that provide for a single provincial point of interconnection, 
but which are not available over FTTH access facilities (Telecom Decision CRTC 
2016-117). The CRTC determined that wholesale telecom rates paid by competitive 
telecom providers were no longer appropriate, and required all wholesale 
high-speed access service providers to file new cost studies with proposed 
rates for final approval. The CRTC further determined that all wholesale 
Internet rates that were currently approved were to be made interim as of the 
date of the decision. The CRTC will assess the extent to which, if at all, 
retroactivity will apply when new cost studies are submitted in support of 
revised wholesale high-speed access service rates. On June 30, 2016, we filed 
our new cost studies with the CRTC, which detail our proposed rates. On October 
6, 2016, the CRTC issued Telecom Order 2016-396, significantly reducing 
existing interim rates for the capacity charge tariff component of wholesale 
high-speed access service pending approval of final rates. The interim rate 
reductions took effect immediately. The CRTC will assess the extent to which, 
if at all, retroactivity will apply when wholesale high-speed access service 
rates are set on a final basis. The process established by the CRTC to set 
final rates requires final written submissions by May 31, 2017, after which the 
CRTC willmake a determination. CRTC REVIEW OF WHOLESALEWIRELINE 
TELECOMMUNICATIONS SERVICES In October 2013, the CRTC initiated its planned 
review of the telecommunications essential services rulings it released in 
March 2008. The review determined which wireline services, and under what terms 
and conditions, facilities-based telecommunications carriers must make 
available to other telecommunications service providers, such as resellers. 
Extensive submissions were filed during 2014 leading to a two-week public 
hearing that concluded on December 4, 2014. On July 22, 2015, the CRTC released 
its decision on the regulatory framework for wholesale wireline services 
(Telecom Regulatory Policy 2015-326). The CRTC determined that wholesale 
high-speed access services, which are used to support retail competition for 
services, such as local phone, television, and Internet access, would continue 
to be mandated. The provision of provincially aggregated services, however, 
would no longer be mandated and would be phased out in conjunction with the 
implementation of a disaggregated service with connections at telephone company 
central offices and cable company head-ends. The requirement to implement 
disaggregated wholesale high-speed access services will include making them 
available over FTTH access facilities. Regulated rates will continue to be 
based on long-run increment cost studies. On September 20, 2016, the CRTC 
released a follow-up decision (Telecom Decision CRTC 2016-379) to Telecom 
Regulatory Policy 2015-326, addressing the technical implementation of new, 
disaggregated, high-speed access TPIA, a service that will provide access to 
FTTH facilities as ordered in the CRTC’s July 22, 2015 ruling. The decision is 
consistent with the positions submitted by Rogers in our filings. Proposed 
tariffs and supporting cost studies for the new service were filed on January 
9, 2017. CRTC REVIEW OF LOCAL AND COMMUNITY PROGRAMMING On September 14, 2015, 
the CRTC announced a proceeding to review the policy framework for local and 
community programming (Broadcasting Notice of Consultation 2015-421). Comments 
were due October 29, 2015 and an oral hearing concluded on February 3, 2016. On 
June 15, 2016, the CRTC released its decision regarding local and community 
television policy (Broadcasting Regulatory Policy CRTC 2016-224). The CRTC 
created a new model for BDU contributions to Canadian programming set to take 
effect on September 1, 2017. Annual contributions will remain at 5% of annual 
gross broadcasting revenues; however, of that amount, in all licensed cable 
systems, up to 1.5% (rather than the previous 2%) can be used to fund community 
channel programming. Of this revenue, 0.3% must now go to a newly-created 
Independent Local News Fund for independently-owned local TV stations, and the 
remaining funding will continue to go to the Canada Media Fund and independent 
production funds. This decision will provide the flexibility for BDUs that 
operate community channels in large markets (Montreal, Toronto, Edmonton, 
Calgary, and Vancouver) to now direct their community channel revenues from 
those markets to fund either community channel programming in smaller markets, 
or to fund local news on TV stations (such as City, in the case of Rogers), 
should they wish to do so. TELEVISION SERVICES DISTRIBUTION On October 24, 
2013, the CRTC launched a broad-based public consultation (Let’s Talk TV) on 
the subject of television. The consultation covered three broad themes, asking 
what consumers think about: • the television programming available to them; • 
the reception of television programming from service providers and other 
sources; and • whether they have enough information to make informed choices 
and seek solutions if they are not satisfied. In November 2014, the CRTC 
released its first decision arising from the Let’s Talk TV hearing ordering the 
elimination of the 30-day cancellation provision for cable, Internet, and phone 
services, effective January 23, 2015. On January 29, 2015, the CRTC released 
decisions requiring local stations to continue over-the-air transmission under 
the same regulatory regime currently in place and maintaining simultaneous 
substitution requirements, except for the NFL Super Bowl, beginning in 2017. In 
a related decision released the same day, the CRTC found that it would be an 
undue preference under the Telecommunications Act for a vertically integrated 
company that offers a Mobile TV service to exempt this service from standard 
monthly wireless data caps and usage charges generally applicable to its 
wireless service. On March 19, 2015, the CRTC released the third of its 
decisions related to its Let’s Talk TV proceeding. The CRTC ordered 
distributors to offer customers an option for a small basic service consisting 
only of Canadian local channels (local radio is optional), national mandatory 
services, community and provincial legislature channels, and, should they wish, 
US 4+1 networks beginning March 1, 2016. The retail rate for this entry-level 
service will be capped at $25 per month (excluding equipment). The CRTC adopted 
phased-in requirements for selling channels to customers “à la carte” and as 
part of “pick-packs”. All channels above the basic tier must be offered on an à 
la carte basis or in smaller, reasonably priced packages by March 1, 2016. By 
December 1, 2016, they must be offered in both forms. As a BDU, we will be 
permitted to continue to offer our existing basic service and programming 
packages. The CRTC will also revise its existing “preponderance” rule so that 
consumers will have to be offered, but will not have to receive, amajority of 
Canadian services. The CRTC also proposed several changes to the Wholesale Code 
(formerly the Vertical Integration (VI) Code) addressing, amongst other 
matters, penetration-based rate cards and minimum guarantees. All licensed 
programmers and BDUs will be required to comply with the Wholesale Code, which 
came into effect on January 22, 2016. The March 19 decision also addressed 
rules for distribution of foreign services authorized for distribution in 
Canada, including requirements that foreign services make their channels 
available “à la carte” and in “pick-packs” or in smaller pre-assembled packages 
and abide by the Wholesale Code. Access rules for VI-owned services and 
independent services, channel packaging, and buy-through rules for 
multicultural services were also addressed. On March 26, 2015, in the final 
decision related to Let’s Talk TV, the CRTC announced plans to establish a 
Television Service Provider (TVSP) Code of Conduct to govern certain aspects of 
the relationship between TVSPs and their customers as well as to allow 
consumers to complain to the CCTS about their providers. On January 8, 2016, 
the CRTC issued the final version of the TVSP Code, which will come into effect 
on September 1, 2017. This decision also introduced new requirements related to 
the provision of service to persons with disabilities for both BDUs and 
broadcasters. On March 1, 2016, the first phase of the CRTC’s small basic $25 
per month (excluding equipment) television service mandate came into effect. 
Effective March 1, 2016, we offer a small basic service consisting of Canadian 
local channels, national mandatory services, community and provincial 
legislature channels, and the US 4+1 networks. We also offer smaller, 
reasonably priced packages of specialty and premium channels. On December 1, 
2016, we began offering all specialty and premium channels on an “à la carte” 
basis as well. On May 24, 2016, the CRTC released a notice of consultation 
(Broadcasting Notice of Consultation CRTC 2016-197) stating that a hearing will 
be held in consideration of the license renewal applications of BDUs, including 
Rogers. The hearing, which commenced on September 7, 2016, reviewed the 
practices of all BDU licensees in regard to the small basic service and 
flexible packaging requirements described above that came into effect on March 
1, 2016. On November 21, 2016, the CRTC released Broadcasting Decision CRTC 
2016-458, renewing Rogers’ BDU licences from December 1, 2016 to November 30, 
2017. In the decision, the CRTCestablishedwhat it called a set of best 
practices for BDUs that serve to promote choice for Canadians and stated that 
it will monitor all of these practices, including how BDUs promote and offer 
the small basic service and pick-and-pay and small package options, and will 
take any necessary remedial action when it examines the renewal of the licenses 
for BDUs again in 2017 for a full renewal term. MEDIA COPYRIGHT RETRANSMISSION 
OF DISTANT SIGNALS Pursuant to section 31(2) of the Copyright Act, television 
service providers are permitted to retransmit programming within distant 
over-the-air television signals as part of a compulsory licensing regime. Rates 
for the distribution of the programming are established through negotiation or 
set by the Copyright Board. Distributors and content providers were unable to 
agree on a new rate for the distribution of distant signals after the 
expiration of the current agreement in 2013. A proceeding was initiated by the 
Copyright Board, which began on November 23, 2015. The proceeding continued 
into 2016 with a decision expected in 2017. The Collectives (content providers) 
have proposed a royalty rate that is approximately double the current rate, 
which, if certified, would have a significant financial impact on Rogers with 
additional costs of approximately $30 million per year. LICENCE RENEWALS In a 
proceeding initiated by Broadcasting Notice of Consultation CRTC 2016-225 
released June 15, 2016, Rogers sought renewal of our group-based licences (six 
City over-the-air English stations, Sportsnet 360, VICELAND, G4Tech, Outdoor 
Life, FX, and FXX), our five over-the-air ethnic OMNI television licences, and 
our mainstream sports Sportsnet and Sportsnet One licences. We also sought 
approval of an application seeking a new licence to operate a discretionary 
service called OMNI Regional, which would operate pursuant to a section 9(1)(h) 
order granting it mandatory carriage on the basic service with a regulated 
affiliation fee. An oral hearing was held during the week of November 28, 2016, 
a final written reply was filed on January 9, 2017, and a decision is expected 
in the second quarter of 2017. STOCK-BASED COMPENSATION Stock Option Plans 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 B 
Non-Voting shares. We measure stock-based compensation to employees at fair 
value. We determine the fair value of options using our Class B Non-Voting 
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 B Non-Voting shares during the 
period. Restricted share unit and deferred share unit plans We recognize 
outstanding RSUs and DSUs as liabilities, measuring the liabilities and 
compensation costs based on the awards’ fair values, which are based on the 
market price of the Class B Non-Voting shares, and recognizing them as charges 
to operating costs over the vesting period of the awards. If an award’s fair 
value changes after it has been granted and before the exercise date, we 
recognize the resulting changes in the liability as a charge to operating costs 
in the year the change occurs. For RSUs, the payment amount is established on 
the vesting date. For DSUs, the payment amount is established on the exercise 
date. JUDGMENTS USEFUL LIVES AND DEPRECIATION AND AMORTIZATION METHODS 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. 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. We do not amortize intangible assets with indefinite lives 
(spectrum, 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 and broadcast licences. 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. IMPAIRMENT OF ASSETS 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. SEGMENTS We make significant judgments in 
determining our operating segments. These are components that engage in 
business activities from which they may earn revenue and incur expenses, for 
which operating results are regularly reviewed by our chief operating decision 
makers to make decisions about resources to be allocated and to assess 
component performance, and for which discrete financial information is 
available. HEDGE ACCOUNTING We make significant judgments in determining 
whether our financial instruments qualify for hedge accounting, including 
assumptions for effectiveness valuation models. INCOME TAXES AND OTHER TAXES 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. CONTINGENCIES 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. TRANSACTIONSWITH 
RELATED PARTIES We have entered into certain transactions in the normal course 
of business with related parties in which we have an equity interest. The 
amounts received from or paid to these parties were as follows: Years ended 
December 31 (In millions of dollars) 2016 2015 % Chg Revenue 177 115 54% 
Purchases 215 170 26% We have entered into business transactions with companies 
whose partners or senior officers are Directors of RCI, which include: • the 
non-executive chairman of a law firm that provides a portion of the Company’s 
legal services; • the chairman of a company that provides printing services to 
the Company; and • the chairman and chief executive officer of a firm to which 
the Company pays commissions for insurance coverage (ceased as a related party 
effective April 2015). Years ended December 31 (In millions of dollars) 2016 
2015 Printing, legal services, and commission paid on premiums for insurance 
coverage 27 31 In addition, during the year ended December 31, 2016, we 
announced a strategic change across our publishing business such that we will 
focus on digital content through the Internet and mobile applications. As a 
result, we have sold select publishing titles to the aforementioned printing 
services company for $5 million. We have also entered into certain transactions 
with our controlling shareholder and companies it controls. These transactions 
are subject to formal agreements approved by the Audit and Risk Committee. 
Total amounts paid to these related parties generally reflect the charges to 
Rogers for occasional business use of aircraft, net of other administrative 
services, and were less than $1 million for each of 2016 and 2015. These 
transactions are measured at the amount agreed to by the related parties, which 
are also reviewed by the Audit and Risk Committee. The amounts owing are 
unsecured, interest-free, and due for payment in cash within one month from the 
date of the transaction. ACCOUNTING CHANGES Change in accounting policy for 
measurement of deferred income taxes Following the November 2016 publication of 
the IFRS Interpretations Committee’s agenda decision addressing the expected 
manner of recovery of intangible assets with indefinite useful lives for the 
purposes of measuring deferred tax, we have retrospectively changed our related 
accounting policy. The IFRS Interpretations Committee observed that in applying 
International Accounting Standard 12, an entity determines its expected manner 
of recovery of the carrying amount of the intangible asset with an indefinite 
useful life, and reflects the tax consequences that follow from that expected 
manner of recovery. Previously, we measured deferred taxes on temporary 
differences arising from the portion of indefinite-life intangible assets with 
no initial associated underlying tax basis using a capital gains tax rate based 
upon the notion that recovery would result solely from sales of the assets. 
Consequently, we have adopted an accounting policy to measure deferred taxes on 
temporary differences arising from indefinite-life intangible assets based upon 
the tax consequences that follow from the expected manner of recovery of the 
assets. We adopted the following IFRS amendments in 2016. • Amendments to IAS 
16, Property, Plant and Equipment and IAS 38, Intangible Assets that introduced 
a rebuttable presumption that the use of revenue-based amortization methods for 
intangible assets is inappropriate. We adopted the amendment prospectively 
beginning on January 1, 2016. • Amendments to IFRS 11, Joint Arrangements 
requiring business combination accounting to be applied to acquisitions of 
interests in a joint operation that constitute a business. We adopted the 
amendment on a prospective basis for acquisitions on or after January 1, 2016, 
in accordance with the transitional provisions. The adoption of these 
amendments did not have a material effect on our financial statements. RECENT 
ACCOUNTING PRONOUNCEMENTS The IASB has issued the following new standards that 
will become effective in a future year and will or could have an impact on our 
consolidated financial statements in future periods: • IFRS 15, Revenue from 
Contracts with Customers (IFRS 15) – IFRS 15 will supersede all existing 
standards and interpretations in IFRS relating to revenue, including IAS 18, 
Revenue and IFRIC 13, Customer Loyalty Programmes. IFRS 15 introduces a single 
model for recognizing revenue from contracts with customers. This standard 
applies to all contracts with customers, with only some exceptions, including 
certain contracts accounted for under other IFRSs. The standard requires 
revenue to be recognized in a manner that depicts the transfer of promised 
goods or services to a customer and at an amount that reflects the 
consideration expected to be received in exchange for transferring those goods 
or services. This is achieved by applying the following five steps: 1. identify 
the contract with a customer; 2. identify the performance obligations in the 
contract; 3. determine the transaction price; 4. allocate the transaction price 
to the performance obligations in the contract; and 5. recognize revenue when 
(or as) the entity satisfies a performance obligation. IFRS 15 also provides 
guidance relating to the treatment of contract acquisition and contract 
fulfillment costs. We expect the application of this new standard will have 
significant impacts on our reported results, specifically with regards to the 
timing of recognition and classification of revenue, and the treatment of costs 
incurred in acquiring customer contracts. The timing of recognition and 
classification of revenue will be affected because IFRS 15 requires the 
estimation of total consideration over the contract term at contract inception 
and allocation of consideration to all performance obligations in the contract 
based on their relative stand-alone selling prices. We anticipate this will 
most significantly affect our Wireless arrangements that bundle equipment and 
service together into monthly service fees, which will result in an increase to 
equipment revenue recognized at contract inception and a decrease to service 
revenue recognized over the course of the contracts. The treatment of costs 
incurred in acquiring customer contracts will be impacted as IFRS 15 requires 
certain contract acquisition costs (such as sales commissions) to be recognized 
as an asset and amortized into operating expenses over time. Currently, such 
costs are expensed as incurred. In addition, certain new assets and liabilities 
will be recognized on our Consolidated Statements of Financial Position. 
Specifically, a contract asset or contract liability will be recognized to 
account for any timing differences between the revenue recognized and the 
amounts billed to the customer. We believe significant judgments will need to 
be made when defining the enforceable rights and obligations of a contract, in 
determining whether a promise to deliver goods or services is considered 
distinct, and to determine when the customer obtains control of the distinct 
good or service. The standard is effective for annual periods beginning on or 
after January 1, 2018. We are required to retrospectively apply IFRS 15 to all 
contracts that are not complete on the date of initial application. We intend 
to make a policy choice to restate each prior period presented and recognize 
the cumulative effect of initially applying IFRS 15 as an adjustment to the 
opening balance of equity at the beginning of the earliest period presented, 
subject to certain practical expedients we anticipate we will adopt. We have a 
team dedicated to ensuring our compliance with IFRS 15. This team has also been 
responsible for determining system requirements, ensuring our data collection 
is appropriate, and communicating the upcoming changes with various 
stakeholders. In addition, this team is assisting in the development of new 
internal controls that will help ensure the system runs as intended and the 
related results are accurate. We are implementing a new revenue recognition 
system to enable us to comply with the requirements of IFRS 15 on a 
contract-by-contract basis, including appropriately allocating revenue between 
different performance obligations within individual contracts for certain 
revenue streams. We expect to begin a parallel run under both IAS 18 and IFRS 
15 using this system in 2017. We will have detailed data validation processes 
that will continue throughout the course of 2017. As a result, we are 
continuing to assess the impact of this standard on our consolidated financial 
statements and it is not yet possible to make a reliable estimate of its 
impact. We expect to disclose the estimated financial effects of the adoption 
of IFRS 15 in our 2017 consolidated financial statements. • IFRS 9, Financial 
Instruments (IFRS 9) – In July 2014, the IASB issued the final publication of 
the IFRS 9 standard, which will supersede IAS 39, Financial Instruments: 
recognition and measurement (IAS 39). IFRS 9 includes revised guidance on the 
classification and measurement of financial instruments, a new expected credit 
loss model for calculating impairment on financial assets, and the new hedge 
accounting guidance. Under IFRS 9, financial assets will be classified and 
measured based on the business model in which they are held and the 
characteristics of their contractual cash flows. The new hedge accounting 
standard will align hedge accounting more closely with risk management. IFRS 9 
does not fundamentally change the types of hedging relationships or the 
requirement to measure and recognize ineffectiveness, however it will provide 
more hedging strategies used for risk management to qualify for hedge 
accounting and introduce more judgment to assess the effectiveness of a hedging 
relationship. It also carries forward the guidance on recognition and 
derecognition of financial instruments from IAS 39. The standard is effective 
for annual periods beginning on or after January 1, 2018, with early adoption 
permitted. We are assessing the impact of this standard on our consolidated 
financial statements. • IFRS 16, Leases (IFRS 16) – In January 2016, the IASB 
issued the final publication of the IFRS 16 standard, which will supersede the 
current IAS 17, Leases (IAS 17) standard. IFRS 16 introduces a single 
accounting model for lessees and for all leases with a term of more than 12 
months, unless the underlying asset is of low value. A lessee will be required 
to recognize a right-of-use asset, representing its right to use the underlying 
asset, and a lease liability, representing its obligation to make lease 
payments. The accounting treatment for lessors will remain largely the same as 
under IAS 17. The standard is effective for annual periods beginning on or 
after January 1, 2019, with early adoption permitted, but only if the entity is 
also applying IFRS 15. We have the option to either: • apply IFRS 16 with full 
retrospective effect; or • recognize the cumulative effect of initially 
applying IFRS 16 as an adjustment to opening equity at the date of initial 
application. We are assessing the impact of this standard on our consolidated 
financial statements; however, we believe that the result will be a significant 
increase to assets and liabilities, as we will be required to record a 
right-of-use asset and a corresponding lease liability on our Consolidated 
Statements of Financial Position, as well as a decrease to operating costs, an 
increase to finance costs (due to accretion of the lease liability) and an 
increase to depreciation and amortization (due to amortization of the 
right-of-use asset). KEY PERFORMANCE INDICATORS 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 as well as 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. 
SUBSCRIBER COUNT We determine the number of subscribers to our services based 
on active subscribers. When subscribers are deactivated, either voluntarily or 
involuntarily for non-payment, they are considered deactivations in the period 
the services are discontinued. Wireless • A wireless subscriber is represented 
by each identifiable telephone number. • We report wireless subscribers in two 
categories: postpaid and prepaid. Postpaid and prepaid include voice-only 
subscribers, data-only subscribers, and subscribers with service plans 
integrating both voice and data. • Wireless prepaid subscribers are considered 
active for a period of 180 days from the date of their last revenue-generating 
usage. Cable • Cable Television and Internet subscribers are represented by a 
dwelling unit; Cable Phone subscribers are represented by line counts. • When 
there is more than one unit in one 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, like hospitals or hotels, are each considered one 
subscriber. • Cable Television, Internet, and Phone subscribers include only 
those subscribers who have service installed and operating, and who are being 
billed accordingly. SUBSCRIBER CHURN Subscriber churn is a measure of the 
number of subscribers that deactivated during a period as a percentage of the 
total subscriber base, usually calculated on a monthly basis. Subscriber churn 
measures our success in retaining our subscribers. We calculate it by dividing 
the number of Wireless subscribers that deactivated (usually in a month) by the 
aggregate numbers of subscribers at the beginning of the period. When used or 
reported for a period greater than one month, subscriber churn represents the 
sum of the number of subscribers deactivating for each period incurred divided 
by the sum of the aggregate number of subscribers at the beginning of each 
period incurred. POSTPAID AVERAGE REVENUE PER ACCOUNT Postpaid average revenue 
per account (ARPA) helps us identify trends and measure our success in 
attracting and retaining multiple-device accounts. A single Wireless postpaid 
account typically provides subscribers with the advantage of allowing for the 
pooling of plan attributes across multiple devices and on a single bill. Each 
Wireless postpaid account is typically represented by an identifiable billing 
account number. A single Wireless postpaid account may include more than one 
identifiable telephone number and receive monthly Wireless services for a 
variety of connected devices including smartphones, basic phones, tablets, and 
other devices. Wireless postpaid accounts under our various brand names are 
considered separate accounts. We calculate Wireless postpaid ARPA by dividing 
total Wireless postpaid service revenue (monthly) by the average number of 
Wireless postpaid accounts for the same time period. BLENDED AVERAGE REVENUE 
PER USER Blended average revenue per user (ARPU) helps us identify trends and 
measure our success in attracting and retaining higher value subscribers. We 
calculate blended ARPU by dividing service revenue (monthly) by the average 
total number of Wireless subscribers for the same time period. CAPITAL 
INTENSITY Capital intensity allows us to compare the level of our additions to 
property, plant and equipment to that of other companies within the same 
industry. Our additions to property, plant and equipment do not include 
expenditures on spectrum licences. We calculate capital intensity by dividing 
additions to property, plant and equipment by revenue. For Wireless, capital 
intensity is calculated using total service revenue. We use it to evaluate the 
performance of our assets and when making decisions about additions to 
property, plant and equipment. We believe that certain investors and analysts 
use capital intensity to measure the performance of asset purchases and 
construction in relation to revenue. DIVIDEND PAYOUT RATIOS We calculate the 
dividend payout ratio by dividing dividends declared for the year by net income 
or free cash flow for the year. We use dividends as a percentage of net income 
and free cash flow to conduct analysis and assist with determining the 
dividends we should pay. RETURN ON ASSETS We use return on assets to measure
our efficiency in using our assets to generate net income. We calculate return 
on assets by dividing net income for the year by total assets as at year-end. 
TOTAL SERVICE REVENUE Commencing in the fourth quarter of 2016, we began 
disclosing total service revenue as one of our key performance indicators. We 
use total service revenue to measure our core business performance from the 
provision of services to our customers separate from revenue from the sale of 
equipment we have acquired from device manufacturers and resold. Included in 
this metric is our retail revenue from TSC and the Toronto Blue Jays, which are 
also core to our business. We calculate total service revenue by subtracting 
equipment revenue in Wireless, Cable, Business Solutions, and Corporate from 
total revenue 1. CREDIT RISK Credit risk represents the financial loss we could 
experience if a counterparty to a financial instrument, from whom we have an 
amount owing, failed to meet its obligations under the terms and conditions of 
its contracts with us. Our credit risk exposure is primarily attributable to 
our accounts receivable and to our debt and expenditure derivatives. Our broad 
customer base limits the concentration of this risk. Our accounts receivable on 
the Consolidated Statements of Financial Position are net of allowances for 
doubtful accounts, which management estimates based on prior experience and an 
assessment of the current economic environment. We believe that our allowance 
for doubtful accounts sufficiently reflects the related credit risk associated 
with our accounts receivable. As at December 31, 2016, $541 million (2015 – 
$461 million) of gross accounts receivable are considered past due, which is 
defined as amounts outstanding beyond normal credit terms and conditions for 
the respective customers. We use various controls and processes, such as credit 
checks, deposits on account, and billing in advance, to mitigate credit risk. 
We monitor and take appropriate action to suspend services when customers have 
fully used their approved credit limits or violated established payment terms. 
While our credit controls and processes have been effective in managing credit 
risk, they cannot eliminate credit risk and there can be no assurance that 
these controls will continue to be effective or that our current credit loss 
experience will continue. Credit risk related to our debt derivatives, bond 
forwards, expenditure derivatives, and equity derivatives arises from the 
possibility that the counterparties to the agreements may default on their 
obligations. We assess the creditworthiness of the counterparties to minimize 
the risk of counterparty default, and do not require collateral or other 
security to support the credit risk associated with these derivatives. 
Counterparties to the entire portfolio of our derivatives are financial 
institutions with a Standard & Poor’s rating (or the equivalent) ranging from 
A+ to AA-. LIQUIDITY RISK Liquidity risk is the risk that we will not be able 
to meet our financial obligations as they fall due. We manage liquidity risk by 
managing our commitments and maturities, capital structure, and financial 
leverage (see note 3). We also manage liquidity risk by continually monitoring 
actual and projected cash flows to ensure we will have sufficient liquidity to 
meet our liabilities when due, under both normal and stressed conditions, 
without incurring unacceptable losses or risking damage to our reputation. 
MARKET RISK Market risk is the risk that changes in market prices, such as 
fluctuations in the market prices of our available-for-sale investments, our 
share price, foreign exchange rates, and interest rates, will affect our 
income, cash flows, or the value of our financial instruments. The derivative 
instruments we use to manage this risk are described in this note. Market price 
risk – publicly-traded investments We manage risk related to fluctuations in 
the market prices of our investments in publicly-traded companies by regularly 
reviewing publicly available information related to these investments to ensure 
that any risks are within our established levels of risk tolerance. We do not 
engage in risk management practices such as hedging, derivatives, or short 
selling with respect to our publiclytraded investments. Market price risk – 
Rogers Class B shares Our liability related to stock-based compensation is 
marked to market each period. Stock-based compensation expense is affected by 
the change in the price of our Class B Non-Voting shares during the life of an 
award, including stock options, RSUs, and DSUs. We use equity derivatives from 
time to time to manage our exposure in our stock-based compensation liability. 
With respect to our stock-based compensation, as a result of our equity 
derivatives, a one dollar change in the price of a Rogers Class B Non-Voting 
share would not have a material effect on net income. Foreign exchange and 
interest rates We use debt derivatives to manage risks from fluctuations in 
foreign exchange rates associated with our US dollar-denominated debt 
instruments. We designate the debt derivatives related to our senior notes and 
senior debentures as hedges for accounting purposes against the foreign 
exchange risk associated with specific debt instruments. We use expenditure 
derivatives to manage the foreign exchange risk in our operations, designating 
them as hedges for certain of our forecasted operational and capital 
expenditures. As at December 31, 2016, all of our US dollardenominated 
long-term debt was hedged against fluctuations in foreign exchange rates using 
debt derivatives. With respect to our long-term debt, as a result of our debt 
derivatives, a one cent change in the Canadian dollar relative to the US dollar 
would have no effect on net income. A portion of our accounts receivable and 
accounts payable and accrued liabilities is denominated in US dollars. Due to 
the shortterm nature of these receivables and payables, they carry no 
significant market risk from fluctuations in foreign exchange rates as at 
December 31, 2016. We are exposed to risk of changes in market interest rates 
due to the impact this has on interest expense for our short-term borrowings, 
bank credit facilities, and our $250 million floating rate senior unsecured 
notes. As at December 31, 2016, 91.2% of our outstanding long-term debt and 
short-term borrowings was at fixed interest rates (2015 – 90.3%). The table 
below summarizes a sensitivity analysis for significant exposures with respect 
to our publicly-traded investments, equity derivatives, expenditure 
derivatives, and senior notes as at December 31, 2016 and 2015 with all other 
variables held constant. It shows how net income and other comprehensive income 
would have been affected by changes in the relevant risk variables. PROVISIONS 
ACCOUNTING POLICY Decommissioning and restoration costs We use network and 
other assets on leased premises in some of our business activities. We expect 
to exit these premises in the future and therefore make provisions for the 
costs associated with decommissioning the assets and restoring the locations to 
their original standards when we have a legal or constructive obligation to do 
so. We calculate these costs based on a current estimate of the costs that will 
be incurred, project those costs into the future based on management’s best 
estimates of future trends in prices, inflation, and other factors, and 
discount them to their present value. We revise our forecasts when business 
conditions or technological requirements change. When we recognize a 
decommissioning liability, we recognize a corresponding asset in property, 
plant and equipment and depreciate the asset based on the corresponding asset’s 
useful life following our depreciation policies for property, plant and 
equipment. We recognize the accretion of the liability as a charge to finance 
costs on the Consolidated Statements of Income. Restructuring We make 
provisions for restructuring when we have approved a detailed and formal 
restructuring plan and either the restructuring has started or management has 
announced the plan’s main features to the employees affected by it. 
Restructuring obligations that have uncertain timing or amounts are recognized 
as provisions; otherwise they are recognized as accrued liabilities. All 
charges are recognized in restructuring, acquisition and other on the 
Consolidated Statements of Income (see note 9). Onerous contracts We make 
provisions for onerous contracts when the unavoidable costs of meeting our 
obligation under a contract exceed the benefits we expect to realize from it 
and where significant judgment is required in determining the amount of 
unavoidable costs. We measure these provisions at the present value of the 
lower of the expected cost of terminating the contract or the expected cost of 
continuing with the contract. We recognize any impairment loss on the assets 
associated with the contract before we make the provision. Each of the above 
senior notes and debentures are unsecured and, as at December 31, 2016, were 
guaranteed by RCCI (2015 – RCP), ranking equally with all of RCI’s other senior 
notes, debentures, bank credit facilities, and letter of credit facilities. We 
use derivatives to hedge the foreign exchange risk associated with the 
principal and interest components of all of our US dollar-denominated senior 
notes and debentures. RCP is no longer a guarantor or co-obligor, as 
applicable, for the Company’s bank credit and letter of credit facilities, 
senior notes and debentures, and derivative instruments. RCI continues to be 
the obligor in respect of each of these, while RCCI is either a co-obligor or 
guarantor for the senior notes and debentures and a guarantor, as applicable, 
for the bank credit and letter of credit facilities and derivative instruments. 
In 2015, we entered into a new bank credit facility (non-revolving credit 
facility) that provides access to $1.0 billion of non-revolving borrowings, in 
addition to our existing $2.5 billion revolving credit facility (revolving 
credit facility). The non-revolving credit facility has no scheduled principal 
repayments prior to maturity. The interest rate charged on borrowings under the 
non-revolving credit facility falls within the range of pricing indicated for 
our revolving credit facility. Our $2.5 billion revolving credit facility is 
available on a fully revolving basis until maturity and there are no scheduled 
reductions prior to maturity. The interest rate charged on borrowings from the 
revolving credit facility ranges from nil to 1.25% per annum over the bank 
prime rate or base rate, or 0.85% to 2.25% (1.00% to 2.25% prior to April 2014) 
over the bankers’ acceptance rate or London Inter-Bank Offered Rate. Effective 
April 1, 2016, we amended our $2.5 billion revolving credit facility to, among 
other things, extend the maturity date from July 2019 to September 2020. At the 
same time, we also amended the $1.0 billion non-revolving credit facility to, 
among other things, extend the maturity date from April 2017 to April 2018. As 
a result of the repayments made during the year, we reduced the amount of 
borrowings available under our non-revolving credit facility from $1.0 billion 
to $301 million. As at December 31, 2016, we had $0.3 billion ($0.1 billion and 
US$0.2 billion) drawn under our revolving and non-revolving credit facilities 
(2015 – $0.5 billion). We have entered into debt derivatives related to the US 
dollar-denominated portion of these borrowings to convert all the interest and 
principal payment obligations to Canadian dollars (see note 16) as at December 
31, 2016. As at December 31, 2016, we had available liquidity of $2.4 billion 
(2015 – $3 billion) under our $2.9 billion of revolving and non-revolving 
credit and letter of credit facilities (2015 – $3.6 billion), of which we had 
utilized approximately $0.1 billion (2015 – $0.1 billion) related to 
outstanding letters of credit and $0.4 billion of borrowings (2015 – $0.5 
billion). SENIOR NOTES AND DEBENTURES Interest is paid on our senior notes as 
follows: • semi-annually on all of our fixed rate senior notes and debentures; 
and • quarterly on our floating rate senior notes. We have the option to redeem 
each of our fixed rate senior notes and debentures, in whole or in part, at any 
time, if we pay the premiums specified in the corresponding agreements. FOREIGN 
EXCHANGE We recognized $13 million in net foreign exchange losses in 2016 (2015 
– $11 million in net losses). These losses were primarily attributed to the US 
dollar-denominated borrowings under our bank credit facilities that were not 
hedged for accounting purposes. These losses were offset by the change in fair 
value of derivatives which were primarily a result of our debt derivatives that 
were used to offset the foreign exchange risk related to these US 
dollar-denominated borrowings. Both the foreign exchange loss and the 
offsetting gain in the change in fair value of derivatives are recognized in 
finance costs on the Consolidated Statements of Income. TERMS AND CONDITIONS As 
at December 31, 2016 and 2015, we were in compliance with all financial 
covenants, financial ratios, and all of the terms and conditions of our 
long-term debt agreements. There were no financial leverage covenants in effect 
other than those under our bank credit and letter of credit facilities. The 
8.75% debentures due in 2032 contain debt incurrence tests and restrictions on 
additional investments, sales of assets, and payment of dividends, all of which 
are suspended in the event the public debt securities are assigned 
investment-grade ratings by at least two of three specified credit rating 
agencies. As at December 31, 2016, these public debt securities were assigned 
an investment-grade rating by each of the three specified credit rating 
agencies and, accordingly, these restrictions have been suspended as long as 
the investment-grade ratings are maintained. Our other senior notes do not have 
any of these restrictions, regardless of the related credit ratings. The 
repayment dates of certain debt agreements can also be accelerated if there is 
a change in control of RCI. POST-EMPLOYMENT BENEFITS ACCOUNTING POLICY 
Post-employment benefits – Defined Benefit Pension Plan We offer contributory 
and non-contributory defined benefit pension plans that provide employees with 
a lifetime monthly pension on retirement. We separately calculate our net 
obligation for each defined benefit pension plan by estimating the amount of 
future benefits employees have earned in return for their service in the 
current and prior years and discounting those benefits to determine their 
present value. We accrue our pension plan obligations as employees provide the 
services necessary to earn the pension. We use a discount rate based on market 
yields on high quality corporate bonds at the measurement date to calculate the 
accrued pension benefit obligation. Remeasurements of the accrued pension 
benefit obligation are determined at the end of the year and include actuarial 
gains and losses, returns on plan assets, and any change in the effect of the 
asset ceiling. These are recognized in other comprehensive income and retained 
earnings. We also provide supplemental unfunded pension benefits to certain 
executives. We also have defined contribution plans with total pension expense 
of $3 million in 2016 (2015 – $3 million), which is included in employee 
salaries and benefits expense. ALLOCATION OF PLAN ASSETS Plan assets consist 
primarily of pooled funds that invest in common stocks and bonds. The pooled 
funds have investments in our equity securities and corporate bonds. As a 
result, approximately $2 million (2015 – $3 million) of plan assets are 
indirectly invested in our own securities under our defined benefit plan. We 
make contributions to the plans to secure the benefits of plan members and 
invest in permitted investments using the target ranges established by our 
Pension Committee, which reviews actuarial assumptions on an annual basis. We 
estimate our 2017 employer contributions to our funded plans to be $144 
million. The actual value will depend on the results of the 2017 actuarial 
funding valuations. The average duration of the defined benefit obligation as 
at December 31, 2016 is 19 years (2015 – 19 years). Actual net return on plan 
assets was $97 million in 2016 (2015 – $44 million). We have recognized a 
cumulative loss in other comprehensive income and retained earnings of $380 
million as at December 31, 2016 (2015 – $306 million). SHAREHOLDERS’ EQUITY 
CAPITAL STOCK Share class Number of shares authorized for issue Features Voting 
rights Preferred shares 400 million • Without par value • Issuable in series, 
with rights and terms of each series to be fixed by our Board of Directors 
prior to the issue of any series • None Class A Voting shares 112,474,388 • 
Without par value • Each share can be converted into one Class B Non-Voting 
share • Each share entitled to 50 votes Class B Non-Voting shares 1.4 billion • 
Without par value • None RCI’s Articles of Continuance under the Company Act 
(British Columbia) impose restrictions on the transfer, voting, and issue of 
the Class A Voting and Class B Non-Voting shares to ensure that we remain 
qualified to hold or obtain licences required to carry on certain of our 
business undertakings in Canada. We are authorized to refuse to register 
transfers of any of our shares to any person who is not a Canadian in order to 
ensure that Rogers remains qualified to hold the licences referred to above. 
DIVIDENDS The holders of Class A shares are entitled to receive dividends at 
the rate of up to five cents per share but only after dividends at the rate of 
five cents per share have been paid or set aside on the Class B shares. Class A 
Voting and Class B Non-Voting shares therefore participate equally in dividends 
above $0.05 cents per share. On January 26, 2017, the Board of Directors 
declared a quarterly dividend of $0.48 per Class A Voting share and Class B 
Non-Voting share, to be paid on April 3, 2017, to shareholders of record on 
March 13, 2017. STOCK-BASED COMPENSATION ACCOUNTING POLICY Stock option plans 
Cash-settled share appreciation rights (SARs) are attached to all stock options 
granted under our employee stock option plan. This feature allows the option 
holder to choose to receive a cash payment equal to the intrinsic value of the 
option (the amount by which the market price of the Class B Non-Voting share 
exceeds the exercise price of the option on the exercise date) instead of 
exercising the option to acquire Class B Non-Voting shares. We classify all 
outstanding stock options with cash settlement features as liabilities and 
carry them at their fair value, determined using the Black-Scholes option 
pricing model or trinomial option pricing models, depending on the nature of 
the share-based award. We remeasure the fair value of the liability each period 
and amortize it to operating costs using graded vesting, either over the 
vesting period or to the date an employee is eligible to retire (whichever is 
shorter). Restricted share unit (RSU) and deferred share unit (DSU) plans We 
recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities 
and compensation costs based on the awards’ fair values, which are based on the 
market price of the Class B Non-Voting shares, and recognizing them as charges 
to operating costs over the vesting period of the awards. If an award’s fair 
value changes after it has been granted and before the exercise date, we 
recognize the resulting changes in the liability as a charge to operating costs 
in the year the change occurs. For RSUs, the payment amount is established as 
of the vesting date. For DSUs, the payment amount is established as of the 
exercise date. Employee share accumulation plan Employees voluntarily 
participate in the share accumulation plan by contributing a specified 
percentage of their regular earnings. We match employee contributions up to a 
certain amount and recognize our contributions as a compensation expense in the 
year we make them. Expenses relating to the employee share accumulation plan 
are included in operating costs. USE OF ESTIMATES AND JUDGMENTS ESTIMATES 
Significant management estimates are used to determine the fair value of stock 
options, RSUs, and DSUs. The table below shows the weighted average fair value 
of stock options granted during 2016 and 2015, and the principal assumptions 
used in applying the Black-Scholes model for non-performance-based options and 
trinomial option pricing models for performance-based options to determine 
their fair value at grant date. Years ended December 31 2016 2015 Weighted 
average fair value $ 6.20 $ 4.65 Risk-free interest rate 0.5% 1.1% Dividend 
yield 3.7% 4.5% Volatility of Class B Non-Voting shares 21.3% 22.0% Weighted 
average expected life n/a n/a Weighted average time to vest 2.4 years 2.4 years 
Weighted average time to expiry 9.9 years 9.9 years Employee exit rate 3.9% 
3.9% Suboptimal exercise factor 1.5 1.5 Lattice steps 50 50 Volatility has been 
estimated based on the actual trading statistics of our Class B Non-Voting 
shares. EXPLANATORY INFORMATION As at December 31, 2016, we had a total 
liability recognized at its fair value of $189 million (2015 – $157 million) 
related to stockbased compensation, including stock options, RSUs, and DSUs. 
The current portion of this is $125 million (2015 – $107 million) and is 
included in accounts payable and accrued liabilities. The longterm portion of 
this is $64 million (2015 – $50 million) and is included in other long-term 
liabilities (see note 21). The total intrinsic value of vested liabilities, 
which is the difference between the strike price of the share-based awards and 
the trading price of the RCI Class B Non-Voting shares for all vested 
sharebased awards, as at December 31, 2016 was $61 million (2015 – $56 
million). We paid $69 million in 2016 (2015 – $73 million) to holders of stock 
options, RSUs, and DSUs upon exercise using the cash settlement feature, 
representing a weighted average share price on the date of exercise of $51.70 
(2015 – $46.63). STOCK OPTIONS Options to purchase our Class B Non-Voting 
shares on a one-for-one basis may be granted to our employees, directors, and 
officers by the Board of Directors or our Management Compensation Committee. 
There are 65 million options authorized under various plans, and each option 
has a term of seven to ten years. The vesting period is generally graded 
vesting over four years; however the Management Compensation Committee may 
adjust the vesting terms on the grant date. The exercise price is equal to the 
fair market value of the Class B Non-Voting shares, determined as the five-day 
average before the grant date as quoted on the TSX. Performance options We 
granted 420,035 performance-based options in 2016 (2015 – 496,200) to certain 
key executives. These options vest on a graded basis over four years provided 
that certain targeted stock prices are met on or after each anniversary date. 
As at December 31, 2016, we had 2,268,102 performance options (2015 – 
3,688,612) outstanding. Summary of stock options Unrecognized stock-based 
compensation expense as at December 31, 2016 related to stock-option plans was 
$3 million (2015 – $7 million), and will be recognized in net income over the 
next four years as the options vest. RESTRICTED SHARE UNITS The RSU plan allows 
employees, directors, and officers to participate in the growth and development 
of Rogers. Under the terms of the plan, RSUs are issued to the participant and 
the units issued vest over a period of up to three years from the grant date. 
On the vesting date, we will redeem all of the participants’ RSUs in cash or by 
issuing one Class B Non-Voting share for each RSU. We have reserved 4,000,000 
Class B Non-Voting shares for issue under this plan. Performance RSUs We 
granted 98,889 performance-based RSUs in 2016 (2015 – 114,979) to certain key 
executives. The number of units that vest and will be paid three years from the 
grant date will be within 50% to 150% of the initial number granted based upon 
the achievement of certain annual and cumulative three-year non-market targets. 
Summary of RSUs Unrecognized stock-based compensation expense as at December 
31, 2016 related to these RSUs was $35 million (2015 – $41 million) and will be 
recognized in net income over the next three years as the RSUs vest. DEFERRED 
SHARE UNITS The DSU plan allows directors, certain key executives, and other 
senior management to elect to receive certain types of compensation in DSUs. 
Under the terms of the plan, DSUs are issued to the participant and the units 
issued cliff vest over a period of up to three years from the grant date. 
Performance DSUs We granted 328,206 performance-based DSUs in 2016 (2015 – 
443,139) to certain key executives. The number of units that vest and will be 
paid three years from the grant date will be within 50% to 150% of the initial 
number granted based upon the achievement of certain annual and cumulative 
three-year non-market targets. Unrecognized stock-based compensation expense as 
at December 31, 2016 related to these DSUs was $30 million (2015 – $26 million) 
and will be recognized in net income over the next three years as the executive 
DSUs vest. All other DSUs are fully vested. EMPLOYEE SHARE ACCUMULATION PLAN 
Participation in the plan is voluntary. Employees can contribute up to 10% of 
their regular earnings through payroll deductions (up to an annual maximum of 
$25,000). The plan administrator purchases our Class B Non-Voting shares on a 
monthly basis on the open market on behalf of the employee. At the end of each 
month, we make a contribution of 25% to 50% of the employee’s contribution that 
month, and the plan administrator uses this amount to purchase additional 
shares on behalf of the employee. We recognize our contributions made as a 
compensation expense. Compensation expense related to the employee share 
accumulation plan was $41 million in 2016 (2015 – $38 million). EQUITY 
DERIVATIVES We have entered into equity derivatives to hedge a portion of our 
stock-based compensation expense (see note 16) and recognized a $33 million 
gain (2015 – $22 million gain) in stock-based compensation expense for these 
derivatives. BUSINESS COMBINATIONS ACCOUNTING POLICY We account for business 
combinations using the acquisition method of accounting. Only acquisitions that 
result in our gaining control over the acquired businesses are accounted for as 
business combinations. We calculate the fair value of the consideration paid as 
the sum of the fair value at the date of acquisition of the assets we 
transferred and the equity interests we issued, less the liabilities we assumed 
to acquire the subsidiary. We measure goodwill as the fair value of the 
consideration transferred less the net recognized amount of the identifiable 
assets acquired and liabilities assumed, which are generally measured at fair 
value as of the acquisition date. When the excess is negative, a gain on 
acquisition is recognized immediately in net income. We expense the transaction 
costs associated with acquisitions as we incur them. CHANGE IN ACCOUNTING 
POLICY In November 2016, the IFRS Interpretations Committee issued 
clarifications to IAS 12 Income Taxes that provide guidance on the application 
of tax rates related to the expected method of recovery of an indefinite-life 
intangible asset for the purposes of measuring deferred tax (see note 2(d)). As 
a result of the clarifications, we have retrospectively changed our related 
accounting policy, including the measurement of the gain on acquisition of 
Mobilicity in 2015. USE OF ESTIMATES AND JUDGMENTS ESTIMATES We use estimates 
to determine the fair values of assets acquired and liabilities assumed, using 
the best available information, including information from financial markets. 
These estimates include key assumptions such as discount rates, attrition 
rates, and terminal growth rates for performing discounted cash flow analyses. 
EXPLANATORY INFORMATION We did not make any acquisitions that resulted in 
business combinations in 2016. We made several acquisitions in 2015, which we 
describe below. Goodwill recognized in the 2015 dealer store acquisitions was 
deductible for tax purposes; goodwill recognized on all other acquisitions was 
not tax-deductible. Goodwill represents the expected operational synergies with 
the business acquired and/or intangible assets that do not qualify to be 
recognized separately. 2015 ACQUISITIONS Mobilicity In July 2015, we completed 
the acquisition of 100% of the outstanding common shares of Mobilicity for cash 
consideration of $443 million. Mobilicity provided wireless telecommunication 
services to Canadians in Toronto, Ottawa, Calgary, Edmonton, and Vancouver to 
its prepaid subscribers and owned AWS-1 spectrum licences. Subsequent to the 
acquisition of Mobilicity, Rogers and WIND undertook an AWS-1 spectrum licence 
asset exchange in Southern Ontario to create an additional 10 MHz of 
contiguous, paired AWS-1 spectrum for Rogers. In addition, Rogers transferred 
certain non-contiguous AWS-1 spectrum licences previously held by Mobilicity in 
British Columbia, Alberta, and various regions in Ontario toWIND for nominal 
cash proceeds. Prior to the date of acquisition, Mobilicity was protected under 
the Companies’ Creditors Arrangement Act and the acquisition date fair value of 
the net identifiable assets exceeded the consideration paid, resulting in a 
gain on acquisition of $74 million. This acquisition provided an enhanced 
spectrum licence position and tax losses to the Company. Other In 2015, we 
completed other individually immaterial acquisitions for total cash 
consideration of $33 million. Final fair values of assets acquired and 
liabilities assumed PRO FORMA DISCLOSURES If the Mobilicity acquisition had 
occurred on January 1, 2015, we estimate our incremental revenue from the 
acquisition would have been $59 million and income before income tax expense 
would have decreased by $17 million for the year ended December 31, 2015. The 
pro forma disclosures are based on estimates and assumptions we believe are 
reasonable. The information provided is not necessarily an indication of what 
our consolidated financial results will be in the future. NOTE 26: RELATED 
PARTY TRANSACTIONS CONTROLLING SHAREHOLDER Our ultimate controlling shareholder 
is the Rogers Control Trust (the Trust), which holds voting control of RCI. The 
beneficiaries of the Trust are members of the Rogers family. Certain directors 
of RCI represent the Rogers family. We entered into certain transactions with 
private Rogers family holding companies controlled by the Trust. These 
transactions were recognized at the amount agreed to by the related parties and 
are subject to the terms and conditions of formal agreements approved by the 
Audit and Risk Committee. The totals received or paid were less than $1 million 
for each of 2016 and 2015. TRANSACTIONS WITH KEYMANAGEMENT PERSONNEL Key 
management personnel include the directors and our most senior corporate 
officers, who are primarily responsible for planning, directing, and 
controlling our business activities. Compensation The compensation expense for 
key management for employee services was included in employee salaries and 
benefits as follows: Years ended December 31 (In millions of dollars) 2016 2015 
Salaries and other short-term employee benefits 12 13 Post-employment benefits 
5 3 Stock-based compensation 1 30 20 Total compensation 47 36 1 Stock-based 
compensation does not include the effect of changes in fair value of RCI Class 
B Non-Voting shares or equity derivatives. Transactions We have entered into 
business transactions with companies whose partners or senior officers are 
Directors of RCI, which include: • the non-executive chairman of a law firm 
that provides a portion of our legal services; • the chairman of a company that 
provides printing services to the Company; and • the chairman and chief 
executive officer of a firm to which the Company pays commissions for insurance 
coverage (ceased as a related party effective April 2015). 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 are unsecured, 
interest-free, and due for payment in cash within one month from the date of 
the transaction. In addition, during the year ended December 31, 2016, we 
announced a strategic change across our publishing business such that we will 
focus on digital content through the Internet and mobile applications. As a 
result, we have sold select publishing titles to the aforementioned printing 
services company for $5 million. SUBSIDIARIES, ASSOCIATES, AND JOINT 
ARRANGEMENTS We have the following material operating subsidiaries as at 
December 31, 2016 and 2015: • Rogers Communications Canada Inc. (see note 1); 
and • RogersMedia Inc. We have 100% ownership interest in these subsidiaries. 
Our subsidiaries are incorporated in Canada and have the same reporting period 
for annual financial statements reporting. When necessary, adjustments are made 
to conform the accounting policies of the subsidiaries to those of RCI. There 
are no significant restrictions on the ability of subsidiaries, joint 
arrangements, and associates to transfer funds to Rogers as cash dividends or 
to repay loans or advances, subject to the approval of other shareholders where 
applicable. We carried out the following business transactions with our 
associates and joint arrangements. Transactions between us and our subsidiaries 
have been eliminated on consolidation and are not disclosed in this note. 
GUARANTEES We had the following guarantees as at December 31, 2016 and 2015 as 
part of our normal course of business: BUSINESS SALE AND BUSINESS COMBINATION 
AGREEMENTS As part of transactions involving business dispositions, sales of 
assets, or other business combinations, we may be required to pay 
counterparties for costs and losses incurred as a result of breaches of 
representations and warranties, intellectual property right infringement, loss 
or damages to property, environmental liabilities, changes in laws and 
regulations (including tax legislation), litigation against the counterparties, 
contingent liabilities of a disposed business, or reassessments of previous tax 
filings of the corporation that carries on the business. SALES OF SERVICES As 
part of transactions involving sales of services, we may be required to make 
payments to counterparties as a result of breaches of representations and 
warranties, changes in laws and regulations (including tax legislation), or 
litigation against the counterparties. PURCHASES AND DEVELOPMENT OF ASSETS As 
part of transactions involving purchases and development of assets, we may be 
required to pay counterparties for costs and losses incurred as a result of 
breaches of representations and warranties, loss or damages to property, 
changes in laws and regulations (including tax legislation), or litigation 
against the counterparties. INDEMNIFICATIONS We indemnify our directors, 
officers, and employees against claims reasonably incurred and resulting from 
the performance of their services to Rogers. We have liability insurance for 
our directors and officers and those of our subsidiaries. No amount has been 
accrued in the Consolidated Statements of Financial Position relating to these 
types of indemnifications or guarantees as at December 31, 2016 or 2015. 
Historically, we have not made any significant payments under these 
indemnifications or guarantees. COMMITMENTS AND CONTINGENT LIABILITIES 
ACCOUNTING POLICY Contingent liabilities are liabilities of uncertain timing or 
amount and are not recognized until we have a present obligation as a result of 
a past event, it is probable that we will experience an outflow of resources 
embodying economic benefits to settle the obligation, and a reliable estimate 
can be made of the amount of the obligation. We disclose our contingent 
liabilities unless the possibility of an outflow of resources in settlement is 
remote. USE OF ESTIMATES AND JUDGMENTS JUDGMENTS We are exposed to possible 
losses related to various claims and lawsuits against us for which the outcome 
is not yet known. We therefore make significant judgments in determining the 
probability of loss when we assess contingent liabilities. Operating leases are 
for network sites, office premises, and retail outlets across the country. The 
majority of the lease terms range from five to fifteen years. Rent expense for 
2016 was $223 million (2015 – $219 million). In addition, as at December 31, 
2016, our contractual commitments were $241 million for the acquisition of 
property, plant and equipment and $233 million for the acquisition of 
intangible assets. In addition, as at December 31, 2016, our contractual 
commitments related to all of our associates and joint ventures were $524 
million, which are not included in the above table. CONTINGENT LIABILITIES We 
have the following contingent liabilities as at December 31, 2016: System 
Access Fee – Saskatchewan In 2004, a class action was commenced against 
providers of wireless communications in Canada under the Class Actions Act 
(Saskatchewan). The class action relates to the system access fee wireless 
carriers charge to some of their customers. The plaintiffs are seeking 
unspecified damages and punitive damages, which would effectively be a 
reimbursement of all system access fees collected. In 2007, the Saskatchewan 
Court granted the plaintiffs’ application to have the proceeding certified as a 
national, “opt-in” 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. In 2009, counsel 
for the plaintiffs began a second proceeding under the Class Actions Act 
(Saskatchewan) asserting the same claims as the original proceeding. If 
successful, this second class action would be an “opt-out” class proceeding. 
This second proceeding was ordered conditionally stayed in 2009 on the basis 
that it was an abuse of process. In 2013, the plaintiffs applied for an order 
to be allowed to proceed with the second system access fee class action. 
However, the court denied this application and the second action remains 
conditionally stayed. At the time the Saskatchewan class action was commenced 
in 2004, corresponding claims were filed in multiple jurisdictions across 
Canada, although the plaintiffs took no active steps. The appeal courts in 
several provinces dismissed the corresponding claims as an abuse of process. 
The claims in all provinces other than Saskatchewan have now been dismissed or 
discontinued. We have not recognized a liability for this contingency. 911 Fee 
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. Cellular Devices In July 2013, a class action 
was launched in British Columbia against providers of wireless communications 
in Canada and manufacturers of wireless devices. The class action relates to 
the alleged adverse health effects incurred by long-term users of cellular 
devices. The plaintiffs are seeking unspecified damages and punitive damages, 
effectively equal to the reimbursement of the portion of revenue the defendants 
have received that can reasonably be attributed to the sale of cellular phones 
in Canada. We have not recognized a liability for this contingency. Income 
Taxes We provide for income taxes based on all of the information that is 
currently available and believe that we have adequately provided these items. 
The calculation of applicable taxes in many cases, however, requires 
significant judgment (see note 12) 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 and liabilities and provisions, and 
could, in certain circumstances, result in the assessment of interest and 
penalties. Outcome of Proceedings The outcome of all the proceedings and claims 
against us, including the matters described above, is subject to future 
resolution that includes the uncertainties of litigation. It is not possible 
for us to predict the result or magnitude of the claims due to the various 
factors and uncertainties involved in the legal process. Based on information 
currently known to us, we believe it is not probable that the ultimate 
resolution of any of these proceedings and claims, individually or in total, 
will have a material adverse effect on our business, financial results, or 
financial condition. If 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.