FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1
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Name and Address of Company
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Rogers Communications Inc. (“RCI”)
The principal office of RCI is located at:
333 Bloor Street East
Toronto, Ontario
M4W 1G9
Item 2
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Date of Material Change
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April 23, 2019
A news release was issued through GlobeNewswire on April 23, 2019.
Item 4
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Summary of Material Change
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On April 23, 2019, Rogers Communications priced a Canadian offering of $1.0 billion aggregate principal amount of 3.25% senior notes due
2029 (the “Canadian Notes”).
Item 5.1
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Full Description of Material Change
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The net proceeds from the issuance of the Canadian Notes was approximately $991 million. RCI expects to use the net proceeds of this
Canadian offering, together with other debt funding, to fund the $1.725 billion cash investment required to acquire 52 of 64 of the twenty year 600 MHz spectrum licenses available to Rogers. The sale of the Canadian Notes closed on April 30, 2019.
The Canadian Notes were offered on a best efforts basis in each of the provinces of Canada through a syndicate of agents. This Canadian
offering was only made by prospectus. RCI filed a prospectus supplement relating to the Canadian offering with the securities regulatory authorities in each of the provinces of Canada.
This
material change report
includes
“forward-looking information” within the meaning of applicable securities laws relating to, among other things, our financing and completion of the acquisition of wireless spectrum as detailed above. We caution that all forward-looking information
is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and
events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change, including but not limited to the post auction distribution of the
aforementioned wireless spectrum by Industry Canada. Many of these factors are beyond our control and current expectation or knowledge. Should one or more of these risks, uncertainties or other factors materialize, our objectives, strategies or
intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee. Accordingly, we warn investors to exercise
caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly
disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All
of the forward-looking information in this material change report is qualified by the cautionary statements herein.
Item 5.2
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Disclosure of Restructuring Transactions
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Not applicable.
Item 6
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Reliance on subsection 7.1(2) of National Instrument 51-102
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Not applicable.
Item 7
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Omitted Information
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No significant facts remain confidential in, and no information has been omitted from, this report.
For further information, please contact Graeme McPhail, Chief Legal and Regulatory Officer and Secretary, at 416.935.2505.
May 1, 2019