Rogers Cable 6-K Rogers Communications Reports Fourth Quarter 2006 Results and Issues Full Year 2007

Exhibit 99.1

Rogers Communications Reports Fourth Quarter 2006 Results and Issues Full Year 2007

Financial and Operating Guidance

Consolidated Revenue Grows 14.4% to $2.4 Billion and Consolidated Operating Profit

Increases 46.3% to $752 Million in the Quarter;

Wireless Postpaid ARPU Grows 6.1% and Postpaid Churn Falls to 1.24% in the Quarter, Cable

and Telecom Residential and Business Local Telephony Lines Reach 920,500, and Solid

Growth in Cable and High-Speed Internet Subscribers Continues;

Two-For-One Stock Split and 113% Dividend Increase Implemented

TORONTO (February 15, 2007) - Rogers Communications Inc. today announced its consolidated financial and operating results for the three and twelve months ended December 31, 2006. 

Financial highlights are as follows:

	Three months ended December 31,							Twelve months ended December 31,
(In millions of dollars, except per share amounts)	2006		2005			% Chg		2006		2005			% Chg
Operating revenue (1)	$	2,370	$	2,071			14.4	$	8,838	$	7,334			20.5
Operating profit (2)		752		514			46.3		2,875		2,144			34.1
Net income (loss)		176		(67	)		n/m		622		(45	)		n/m
Net income (loss) per share (3) :
Basic	$	0.28	$	(0.11	)		n/m	$	0.99	$	(0.08	)		n/m
Diluted		0.27		(0.11	)		n/m		0.97		(0.08	)		n/m

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See the “Reclassification of Wireless Equipment Sales and Cost of Sales” section for further details.

(2) Operating profit should not be considered as a substitute or alternative for operating income or net income, in each case determined in accordance with generally accepted accounting principles (“GAAP”). See the “Reconciliation of Operating Profit to Net Income (Loss) for the Period” section for a reconciliation of operating profit to operating income and net income under GAAP and the “Key Performance Indicators and Non-GAAP Measures” section.

(3) Prior period per share amounts have been retroactively adjusted to reflect a two-for-one split of the Company’s Class A Voting and Class B Non-Voting shares on December 29, 2006.

Highlights of the fourth quarter of 2006 include the following:

• Operating revenue increased 14.4% for the quarter, with all of our operating units contributing to the growth, while quarterly operating profit grew 46.3% year-over-year, driven by growth in all operating units.

• Strong subscriber growth continued at Wireless, with quarterly net postpaid additions of 189,300 and net prepaid additions of 55,200.

• Wireless postpaid subscriber monthly churn was 1.24%, the lowest in Wireless’ history, versus 1.57% in the fourth quarter of 2005. Postpaid monthly ARPU (average revenue per user) increased 6.1% from the fourth quarter of 2005 to $69.04, helped by a 41.6% increase in wireless data revenue.

• Successfully launched our High-Speed Downlink Packet Access (“HSDPA”) network in the Golden Horseshoe markets of Ontario. This next generation broadband wireless technology, which Wireless continues to deploy across other major markets, is the fastest mobile wireless data service available in Canada.

• Added 95,100 cable telephony residential subscriber lines (of which 13,100 were migrations from the circuit-switched platform) to end the quarter with 365,900 residential voice-over-cable

Rogers Communications Inc. 1 Q4 2006 Earnings Press Release

telephony subscriber lines. The combined number of local telephony lines on both the cable telephony and circuit-switched platforms of Rogers Home Phone and Rogers Business Solutions reached 920,500.

• Drove basic cable subscriber gains of 10,700 versus an increase of approximately 8,000 in the fourth quarter of 2005. Digital cable households increased by 69,600 in the quarter to reach a total of 1,134,000, while residential high-speed Internet subscribers grew by 44,800 in the quarter to a total of 1,291,000. 

• Concluded the final phase of a multi-staged transaction to acquire certain of the CLEC assets of Group Telecom/360Networks from Bell Canada, including approximately 3,400 route kilometres of multi-stranded local and regional fibre; voice and data switching infrastructure; and co-location, point-of-presence and hub sites in Ontario, Quebec, Nova Scotia, New Brunswick and Newfoundland.

• Gained CRTC approval for Media to acquire five Alberta Radio stations. The acquisition closed January 1, 2007 and brought the total number of radio stations owned by Rogers to 51.

• Announced and implemented a two-for-one split of our Class A Voting and Class B Non-Voting shares during the quarter, with the additional shares having been distributed to shareholders beginning January 5, 2007.

• Cable made significant investments during the quarter on network enhancements, customer premise equipment, and scaleable infrastructure related to network capacity increases in order to accommodate future demand for cable, Internet and telephony products.

• Announced a 113% increase in our annual dividend from C$0.075 to C$0.16 per share (on a post-split basis) during the quarter, and also modified our dividend distribution policy from a semi-annual to a quarterly basis. The first quarterly dividend at the increased rate was paid on January 2, 2007 to shareholders of record on December 20, 2006.

“I am pleased with the solid financial and operating results Rogers generated in 2006 and thankful to our many dedicated employees for their hard work during the year,” said Ted Rogers, President and CEO of Rogers Communications Inc. “We are fortunate to see continued healthy demand in the markets we serve and excellent responses from customers for our innovative wireless, cable, high-speed Internet and telephony products. As 2007 unfolds, our focus remains steadfastly on delivering profitable growth through innovation and disciplined execution.”

This earnings release should be read in conjunction with our 2005 Annual MD&A and our 2005 Annual Audited Consolidated Financial Statements and Notes thereto, as well as our 2006 quarterly interim financial and other recent securities filings available on SEDAR at www.sedar.com. As this earnings release includes forward-looking statements and assumptions, readers should carefully review the sections of this release entitled ‘Caution Regarding Forward-Looking Statements, Risks and Assumptions’.

In this release, the terms “we”, “us”, “our”, and “the Company” refer to Rogers Communications Inc. and our subsidiaries, which are reported in the following three segments:

• “Wireless”, which refers to our wholly owned subsidiary Rogers Wireless Communications Inc. and its subsidiaries, including Rogers Wireless Inc. (“RWI”) and its subsidiaries;

Rogers Communications Inc. 2 Q4 2006 Earnings Press Release

• “Cable and Telecom”, which refers to our wholly owned subsidiary Rogers Cable Inc. and its subsidiaries; and

• “Media”, which refers to our wholly owned subsidiary Rogers Media Inc. and its subsidiaries including Rogers Broadcasting, which owns Rogers Sportsnet, 51 radio stations, OMNI television and The Shopping Channel, Rogers Publishing and Rogers Sports Entertainment, which owns the Toronto Blue Jays and the Rogers Centre. In addition, Media holds ownership interests in entities involved in specialty TV content, TV production and broadcast sales.

“RCI” refers to the legal entity Rogers Communications Inc. excluding our subsidiaries.

Throughout this release, all amounts appear in Canadian dollars unless otherwise indicated, and percentage changes are calculated using numbers rounded to the decimal to which they appear. Prior period share and per share amounts have been retroactively adjusted to reflect a two-for-one split of our common stock in December 2006.

Rogers Communications Inc. 3 Q4 2006 Earnings Press Release

SUMMARY CONSOLIDATED FINANCIAL RESULTS (Unaudited)

	Three months ended December 31,									Twelve months ended December 31,
(In millions of dollars, except per share amounts)	2006			2005			% Chg			2006			2005			% Chg
Operating revenue
Wireless (1)	$	1,257		$	1,050			19.7		$	4,580		$	3,860			18.7
Cable and Telecom
Cable and Internet		505			453			11.5			1,944			1,735			12.0
Rogers Home Phone		99			75			32.0			355			150			136.7
Rogers Business Solutions		155			143			8.4			596			284			109.9
Rogers Retail		84			91			(7.7	)		310			327			(5.2	)
Corporate items and eliminations		(1	)		(1	)		-			(4	)		(4	)		-
		842			761			10.6			3,201			2,492			28.5
Media		317			300			5 .7			1,210			1,097			10.3
Corporate items and eliminations		(46	)		(40	)		15.0			(153	)		(115	)		33.0
Total		2,370			2,071			14.4			8 ,838			7,334			20.5
Operating expenses, including integration and Rogers Retail store closure expenses
Wireless (1)		740			758			(2.4	)		2,611			2,523			3.5
Cable and Telecom
Cable and Internet		287			256			12.1			1,111			1,012			9.8
Rogers Home Phone		96			70			37.1			345			141			144.7
Rogers Business Solutions		143			128			11.7			547			264			107.2
Rogers Retail		83			88			(5.7	)		303			309			(1.9	)
Integration costs		3			3			-			9			5			80.0
Corporate items and eliminations		(1	)		(1	)		-			(4	)		(4	)		-
		611			544			12.3			2,311			1,727			33.8
Media		270			261			3.4			1,059			969			9.3
Corporate items and eliminations		(3	)		(6	)		(50.0	)		(18	)		(29	)		(37.9	)
Total		1,618			1,557			3.9			5,963			5,190			14.9
Operating profit, after integration and Rogers Retail store closure expenses (2)
Wireless (3)		517			292			77.1			1,969			1,337			47.3
Cable and Telecom
Cable and Internet		218			197			10.7			833			723			15.2
Rogers Home Phone		3			5			(40.0	)		10			9			11.1
Rogers Business Solutions		12			15			(20.0	)		49			20			145.0
Rogers Retail		1			3			(66.7	)		7			18			(61.1	)
Integration costs		(3	)		(3	)		-			(9	)		(5	)		80.0
		231			217			6 .5			890			765			16.3
Media		47			39			20.5			151			128			18.0
Corporate items and eliminations		(43	)		(34	)		26.5			(135	)		(86	)		57.0
Total		752			514			46.3			2 ,875			2 ,144			34.1
Other income and expense, net (4)		576			581			(0.9	)		2 ,253			2 ,189			2.9
Net income (loss)	$	176		$	(67	)		n/m		$	622		$	(45	)		n/m
Net income (loss) per share (5):													��
Basic	$	0.28		$	(0.11	)		n/m		$	0.99		$	(0.08	)		n/m
Diluted		0.27			(0.11	)		n/m			0.97			(0.08	)		n/m
Additions to PP&E (2)
Wireless	$	201		$	205			(2.0	)	$	684		$	585			16.9
Cable and Telecom
Cable and Internet		188			160			17.5			492			515			(4.5	)
Rogers Home Phone		71			33			115.2			193			121			59.5
Rogers Business Solutions		48			14			n/m			98			63			55.6
Rogers Retail		6			4			50.0			11			15			(26.7	)
		313			211			48.3			794			714			11.2
Media		16			12			33.3			48			40			20.0
Corporate (6)		24			3			n/m			1 86			16			n/m
Total	$	554		$	431			28.5		$	1 ,712		$	1,355			26.3

(1) Certain current and prior year amounts related to Wireless equipment sales and cost of equipment sales have been reclassified. See the “Reclassification of Wireless Equipment Sales and Cost of Sales” section for further details.

(2) As defined. See the “Key Performance Indicators and Non-GAAP Measures” section. Operating profit includes integration costs and Rogers Retail store closure expenses of $4 million and $18 million for the three and twelve months ended December 31, 2006, respectively, and $32 million and $66 million for the three and twelve months ended December 31, 2005, respectively.

(3) During the three months ended December 31, 2006, certain accrued liabilities in Wireless were updated for new information, resulting in an increase to operating profit of approximately $19 million. In the three months ended December 31, 2005, Wireless incurred costs of approximately $16 million that were not incurred in the same period of 2006.

(4) See the “Reconciliation of Operating Profit to Net Income (Loss) for the Period” section for details of these amounts.

(5) Prior period per share amounts have been retroactively adjusted to reflect a two-for-one split of the Company’s Class A Voting and Class B Non-voting shares in December 2006.

(6) Corporate additions to PP&E for the twelve months ended December 31, 2006 include $105 million for RCI’s purchase of real estate in Brampton, Ontario. In addition, during the three and twelve months ended December 31, 2006, RCI’s PP&E improvements related to the Brampton real estate totalled $12 million and $28 million, respectively.

Rogers Communications Inc. 4 Q4 2006 Earnings Press Release

For discussions of the results of operations of each of these segments, refer to the respective segment sections of this release.

Reconciliation of Operating Profit to Net Income (Loss) for the Period

The items listed below represent the consolidated income and expense amounts that are required to reconcile operating profit to the net income (loss) for the period as defined under Canadian GAAP. For details of these amounts on a segment-by-segment basis and for an understanding of intersegment eliminations on consolidation, the following section should be read in conjunction with tables in the Supplemental Information section entitled “Segmented Information”.

	Three months ended December 31,									Twelve months ended December 31,
(In millions of dollars)	2006			2005			% Chg			2006			2005			% Chg
Operating profit (1)	$	752		$	514			46.3		$	2,875		$	2,144			34.1
Depreciation and amortization		(395	)		(404	)		(2.2	)		(1,584	)		(1,489	)		6.4
Operating income		357			110			n/m			1,291			655			9 7.1
Interest expense on long-term debt		(151	)		(163	)		(7.4	)		(620	)		(699	)		(11.3	)
Foreign exchange gain (loss)		(39	)		(4	)		n/m			2			35			(94.3	)
Change in the fair value of derivative instruments		24			2			n/m			(4	)		(25	)		(84.0	)
Other income (expense), net		(2	)		(20	)		(90.0	)		9			(9	)		n/m
Income tax reduction (expense)		(13	)		8			n/m			(56	)		(2	)		n/m
Net income (loss)	$	176		$	(67	)		n/m		$	622		$	(45	)		n/m

(1) As defined. See the “Key Performance Indicators and Non-GAAP Measures” section.

Operating Income

The growth in our consolidated operating income for the three months ended December 31, 2006 as compared to the corresponding period in 2005 resulted from the higher operating profit across all of our operating units. See the section entitled “Operating Unit Review” for a detailed discussion of operating unit results.

Interest on Long-Term Debt

The reduction in interest expense for the three months ended December 31, 2006 compared to the corresponding period in 2005 is primarily due to the decrease in debt as at December 31, 2006, compared to December 31, 2005, of more than $750 million, including the impact of cross-currency interest rate exchange agreements. This decrease in debt was largely the result of the repayment at maturity in February 2006 of RCI’s $75 million 10.50% Senior Notes, the repayment in June 2006 of $160 million of the 10.5% Wireless Senior Secured Notes, Wireless’ July 2006 repayment of a mortgage in the amount of $22 million and aggregate net repayments under our various bank credit facilities.

Rogers Communications Inc. 5 Q4 2006 Earnings Press Release

Foreign Exchange Gain (Loss)

During the three months ended December 31, 2006, the Canadian dollar weakened by 5 cents versus the U.S. dollar. This resulted in a foreign exchange loss of $39 million during the three months ended December 31, 2006 primarily related to U.S. dollar-denominated long-term debt not hedged for accounting purposes. The corresponding period in 2005 reflected a foreign exchange loss of $4 million related to long-term debt not hedged for accounting purposes given a 0.48 cent weakening of the Canadian dollar in that period.

Change in Fair Value of Derivative Instruments

The change in fair value of derivative instruments in the three months ended December 31, 2006 and 2005 was primarily the result of the changes in the Canadian dollar relative to that of the U.S. dollar, as described above, and the resulting change in fair value of our cross-currency interest rate exchange agreements not accounted for as hedges.

Other Income (Expense)

Other expenses for the three months ended December 31, 2006 and 2005 were primarily associated with losses from investments, net of gains on the sale of investments, write-downs required to reflect other than temporary declines in the values of certain investments, and a loss on repayment of long-term debt.

Income Taxes

Current income tax expense has historically consisted primarily of the Canadian Federal Large Corporations Tax ("LCT"). Due to the elimination of LCT in 2006, no amount has been expensed in respect of LCT for the three month period ended December 31, 2006. We recorded a current income tax recovery of $7 million in the fourth quarter of 2006 related primarily to the reduction of certain amounts previously accrued for income taxes. We recorded net future income tax expense for the three month period ended December 31, 2006 of $20 million.

Net Income (Loss) and Net Income (Loss) Per Share

We recorded net income of $176 million for the three months ended December 31, 2006 or basic earnings per share of $0.28 (diluted - $0.27), compared to a net loss of $67 million or basic and diluted loss per share of $0.11 in the corresponding period in 2005.

Rogers Communications Inc. 6 Q4 2006 Earnings Press Release

2006 PERFORMANCE AGAINST TARGETS AND 2007 GUIDANCE

2006 Performance Against Targets

The following table sets forth the guidance ranges for selected full year financial and operating metrics that we provided for 2006, as revised during the year, versus the actual results we achieved for the year. As indicated in the table, we either met or exceeded our operating and financial targets in all categories.

	Original 2006 Range					Updated from					2006
(In millions of dollars, except subscribers)	(At February 9, 2006)					Original Guidance					Actual
Revenue
Wireless (network revenue)	$	4,125	to	$	4,175	$	4,125	to	$	4,300	$	4,313
Cable and Telecom		3,110	to		3,185		3,110	to		3,217		3,201
Media		1,165	to		1,205		1,165	to		1,205		1,210
Operating profit (1)
Wireless (2)	$	1,730	to	$	1,780	$	1,730	to	$	1,905	$	1,997
Cable and Telecom (3)		825	to		860		825	to		877		899
Media		115	to		120		115	to		130		151
PP&E expenditures (4)
Wireless	$	600	to	$	650	$	600	to	$	650	$	624
Cable and Telecom		640	to		695		640	to		751		751
Net subscriber additions (000's)
Retail wireless postpaid and prepaid		525	to		575		525	to		575		610
Basic cable		0	to		10		0	to		10		13
Digital households		175	to		225		175	to		225		221
High-speed Internet		125	to		175		125	to		175		155
Residential cable telephony		200	to		250		200	to		300		318
Rogers Telecom integration	$	50	to	$	65	$	50	to	$	65	$	52

(1) Before Rogers Communications Inc. (“RCI”) corporate expenses and management fees paid to RCI.

(2) Excludes operating losses related to the Inukshuk fixed wireless initiative and costs associated with the integration of Fido Solutions Inc. (“Fido”).

(3) Excludes costs associated with the integration of Call-Net Enterprises Inc. (“Call-Net”).

(4) Does not include Corporate, Inukshuk or Media PP&E expenditures or the PP&E expenditures related to the Call-Net integration.

Full Year 2007 Financial and Operating Guidance

The following table outlines our financial and operational guidance for the full year 2007. This information is forward-looking and should be read in conjunction with the sections below entitled ‘Caution Regarding Forward-Looking Statements, Risks and Assumptions’.

Rogers Communications Inc. 7 Q4 2006 Earnings Press Release

2007 Full Year Guidance Ranges

						2006
(Millions of dollars, except subscribers)	2007 Range					Actual
Consolidated
Revenue	$	9,700	to	$	10,000	$	8,838
Operating profit (1)		3,250	to		3,400		2,887
PP&E expenditures (1)		1,625	to		1,750		1,669
Free cash flow (2)		800	to		1,000		543
Revenue
Wireless (network revenue)	$	4,900	to	$	5,000	$	4,313
Cable and Telecom (A)		3,615	to		3,700		3,201
Media (B)		1,275	to		1,325		1,210
Operating profit (3)
Wireless (4)	$	2,250	to	$	2,350	$	1,997
Cable and Telecom (A)(1)		935	to		975		899
Media (B)		150	to		160		151
PP&E expenditures
Wireless (C)(5)	$	675	to	$	725	$	624
Cable and Telecom (A)(1)(6)		815	to		880		751
Media (7)		85	to		95		48
Net subscriber additions (000's)
Retail wireless postpaid and prepaid (8)		500	to		600		610
Residential cable revenue generating units (RGU's) (9)		625	to		725		666

(A) Supplementary Cable and Telecom detail:						2006
Millions of dollars	2007 Range					Actual
Revenue
Cable, Internet and Home Phone	$	2,570	to	$	2,600	$	2,299
Rogers Business Solutions		560	to		600		596
Rogers Retail		485	to		500		310
Operating profit (1)
Cable, Internet and Home Phone	$	925	to	$	950	$	843
Rogers Business Solutions		5	to		15		49
Rogers Retail		5	to		10		7
PP&E expenditures (1)
Cable, Internet and Home Phone	$	665	to	$	700	$	657
Rogers Business Solutions (6)		125	to		150		83
Rogers Retail		25	to		30		11

Rogers Communications Inc. 8 Q4 2006 Earnings Press Release

(B) Supplementary Media detail:								2006
Millions of dollars	2007 Range							Actual
Revenue
Core Media	$	1,095		to	$	1,135		$	1,034
Sports Entertainment		180		to		190			176
Operating profit
Core Media	$	175		to	$	190		$	167
Sports Entertainment		(25	)	to		(30	)		(16	)

(C) Supplementary Wireless PP&E expenditures detail:						2006
Millions of dollars	2007 Range					Actual
Wireless (excluding HSDPA) (5)	$	425	to	$	450	$	360
HSDPA		250	to		275		264

(1) Excludes integration related expenditures.

(2) Free cash flow is defined as operating profit less PP&E expenditures and interest expense and is not a term defined under Canadian GAAP.

(3) Before management fees paid to RCI in 2006.

(4) Excludes operating losses related to the Inukshuk fixed wireless initiative estimated to be $35 million in 2007.

(5) Excludes PP&E expenditures related to Inukshuk of approximately $25 million in 2007.

(6) Rogers Business Solutions PP&E excludes integration costs estimated to be $25 million to $30 million in 2007.

(7) The increase in Media PP&E primarily reflects the relocation and construction of new studio facilities for Rogers SportsNet.

(8) Wireless subscriber net additions exclude any potential subscriber adjustments associated with the planned TDMA/analog network turndown.

(9) Residential cable RGU's are comprised of basic cable subscribers, digital cable households, residential high-speed Internet subscribers and residential cable and circuit switched telephony subscribers. Includes approximately 75,000 migrations from the circuit-switched telephony platform to the cable telephony platform.

The 2007 guidance for Wireless, Cable and Telecom, and Media reflect the impact of the following intercompany changes and transactions, which have no impact on consolidated results:

Effective January 2007, the Rogers Video segment of Cable and Telecom acquired the approximately 170 Wireless-owned retail locations. This segment, now known as Rogers Retail, will provide our customers with a single direct retail channel featuring all of our wireless and cable products and services. The combined entity will continue to be a segment of Cable and Telecom. In 2007, this will have the impact of increasing revenue and expenses of Rogers Retail by approximately $175 million.

In late December 2006, Wireless transferred the Rogers Campus (land and buildings) at fair market value to RCI. The Rogers Campus is comprised of the properties at 333 Bloor Street East and One Mount Pleasant Road in Toronto, Ontario. In early January 2007, Wireless, Cable and Telecom, and Media transferred certain land and buildings at fair market value to RCI. As a result of these transfers, it is expected that net rent expense for each of Wireless, Cable and Telecom, and Media will increase in 2007 by approximately $16 million, $6 million, and $3 million, respectively.

Effective December 31, 2006, we terminated the management fee arrangements which had previously been in place between RCI and each of Wireless, Cable and Telecom, and Media. Management fees will no longer be paid by Wireless, Cable and Telecom, or Media to RCI. Such fees paid by the three segments to RCI totaled approximately $93 million in 2006.

Rogers Communications Inc. 9 Q4 2006 Earnings Press Release

BASIS OF PRO FORMA INFORMATION

Certain financial and operating data information in this release has been prepared on a pro forma basis as if the acquisition of Call-Net Enterprises Inc. (“Call-Net”), as described in our 2005 Annual MD&A, had occurred on January 1, 2004. Such information is based on our historical financial statements, the historical financial statements of Call-Net and the accounting for this business combination.

Although we believe this presentation provides certain relevant contextual and comparative information for existing operations, the unaudited pro forma consolidated financial and operating data presented in this document is for illustrative purposes only and does not purport to represent what the results of operations actually would have been if the acquisition of Call-Net had occurred on January 1, 2004, nor does it purport to project the results of operations for any future period.

This pro forma information reflects, among other things, adjustments to Call-Net’s historically reported financial information to conform to our accounting policies and the impacts of purchase accounting. The pro forma adjustments are based upon certain estimates and assumptions that we believe are reasonable. Accounting policies used in the preparation of these statements are those disclosed in our 2005 Annual Audited Consolidated Financial Statements and Notes thereto.

Certain tables in the “Cable and Telecom” section present selected unaudited pro forma information.

OPERATING UNIT REVIEW

WIRELESS

Reclassification of Wireless Equipment Sales and Cost of Sales

During 2006, the Company determined that certain transactions related to the sale of wireless equipment were historically recorded as cost of equipment sales rather than as a reduction of equipment revenue. The Company determined these should be reflected as a reduction of equipment revenue and has reclassified current and prior year figures to reflect this accounting, resulting in a $61 million and $206 million reduction in both equipment revenue and cost of equipment sales in the three and twelve months ended December 31, 2006, respectively. This also resulted in a $48 million and $147 million reduction in both equipment revenue and cost of equipment sales in the three and twelve months ended December 31, 2005, respectively. As a result of this reclassification, there was no change to previously reported net income (loss) or operating income. Also, there is no impact on reported cash flow, the balance sheet, or any Wireless key performance indicators, including network revenue, ARPU, cost of acquisition, average monthly operating expense per user or operating profit margin as a percentage of network revenue.

Included in the supplemental information section is a schedule which presents reclassified Wireless results for each quarter of 2005 and 2006 conformed to the current presentation. See “Wireless 2006 and 2005 Quarterly Summary.”

Rogers Communications Inc. 10 Q4 2006 Earnings Press Release

Wireless Financial Results

	Three Months Ended December 31,									Twelve Months Ended December 31,
(In millions of dollars, except margin)	2006			2005			% Chg			2006			2005			% Chg
Operating revenue
Postpaid	$	1,095		$	917			19.4		$	4,084		$	3,384			20.7
Prepaid		61			53			15.1			214			210			1.9
One-way messaging		4			5			(20.0	)		15			20			(25.0	)
Network revenue		1,160			975			19.0			4,313			3,614			19.3
Equipment sales (1)		97			75			29.3			267			246			8.5
Total operating revenue		1,257			1,050			19.7			4,580			3,860			18.7
Operating expenses
Cost of equipment sales (1)	$	189		$	195			(3.1	)	$	628		$	625			0.5
Sales and marketing expenses		186			194			(4.1	)		604			604			-
Operating, general and administrative expenses		365			344			6.1			1,376			1,240			11.0
Integration expenses (2)		-			25			n/m			3			54			(94.4	)
Total operating expenses		740			758			(2.4	)		2,611			2,523			3.5
Operating profit (3)(4)(5)	$	517		$	292			77.1		$	1,969		$	1,337			47.3
Operating profit margin as % of network revenue (5)		44.6	%		30.0	%					45.7	%		37.0	%
Additions to property, plant and equipment ("PP&E") (5)	$	201		$	205			(2.0	)	$	684		$	585			16.9

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See the “Reclassification of Wireless Equipment Sales and Cost of Sales” section.

(2) Expenses incurred relate to the integration of the operations of Fido.

(3)During the three months ended December 31, 2006, certain accrued liabilities in Wireless were updated for new information, resulting in an increase to operating profit of approximately $19 million. In the three months ended December 31, 2005, Wireless incurred costs of approximately $16 million that were not incurred in the same period of 2006.

(4) Operating profit includes a loss of $10 million and $25 million for the three and twelve months ended December 31, 2006, respectively and $1 million and $5 million for the three and twelve months ended December 31, 2005, respectively, related to the Inukshuk fixed wireless initiative.

(5)As defined. See the “Key Performance Indicators and Non-GAAP Measures” section.

	Three Months Ended December 31,												Twelve Months Ended December 31,
(Subscriber statistics in thousands, except ARPU, churn and usage)	2006			2005			Chg			% Chg			2006			2005			Chg			% Chg
Postpaid
Gross additions		384.5			422.3			(37.8	)		(8.9	)		1,375.2			1,453.5			(78.3	)		(5.4	)
Net additions		189.3			202.6			(13.3	)		(6.6	)		580.1			603.1			(23.0	)		(3.8	)
Total postpaid retail subscribers														5,398.3			4,818.2			580.1			12.0
Average monthly revenue per user ("ARPU")(1)	$	69.04		$	65.05		$	3.99			6.1		$	67.27		$	63.56		$	3.71			5.8
Average monthly usage (minutes)		556			536			20			3.7			545			503			42			8.3
Monthly churn		1.24	%		1.57	%		(0.33	%)		(21.0	)		1.32	%		1.61	%		(0.29	%)		(18.0	)
Prepaid
Gross additions		181.1			160.3			20.8			13.0			615.4			576.5			38.9			6.7
Net additions (2)		55.2			13.7			41.5			n/m			30.2			15.7			14.5			92.4
Total prepaid retail subscribers														1,380.0			1,349.8			30.2			2.2
ARPU(1)	$	15.15		$	13.30		$	1.85			13.9		$	13.49		$	13.20		$	0.29			2.2
Monthly churn(2)		3.14	%		3.68	%		(0.54	%)		(14.7	)		3.70	%		3.54	%		0.16	%		4.5

(1)As defined. See the “Key Performance Indicators and Non-GAAP Measures” section.

(2) Effective November 9, 2004, the deactivation of prepaid subscribers acquired from Fido is recognized after 180 days of no usage to conform to the Wireless prepaid churn definition. This had the impact of decreasing prepaid subscriber net losses by approximately 12,000 in the twelve months ended December 31, 2005 and reducing prepaid churn by 0.10% for the twelve months ended December 31, 2005. There was no impact in the three months ended December 31, 2005 or any period in 2006.

Wireless Network Revenue

The increase in network revenue for the three months ended December 31, 2006 compared to the prior year period was driven by the continued growth of Wireless’ postpaid subscriber base and improvements in postpaid average monthly revenue per user (“ARPU”). The year-over-year

Rogers Communications Inc. 11 Q4 2006 Earnings Press Release

increase in postpaid ARPU in the fourth quarter of 2006 reflects the combination of higher data revenues, as well as continued growth in optional voice services, long distance and roaming revenue.

Our success in the continued reduction in postpaid churn largely reflects proactive and targeted customer retention activities, including a continued trend towards having a greater portion of our subscriber base on longer term contracts, as well as the increased network density and coverage quality resulting from the completion of the integration of the Fido GSM network in mid-2005. We continue to have an opportunity for improvement in the area of prepaid churn. The decrease in prepaid churn in the fourth quarter of 2006 was largely due to increased retention efforts.

During the three months ended December 31, 2006, wireless data revenue increased by 41.6% over the corresponding period in 2005 and totalled $130 million. This increase in data revenue reflects the continued rapid growth of text and multimedia messaging services, wireless Internet access, BlackBerry devices, downloadable ring tones, music and games, and other wireless data services and applications. For the fourth quarter of 2006, data revenue represented 11.2% of total network revenue compared to 9.4% in the corresponding period last year.

Wireless Equipment Sales

The year-over-year increase in revenue from equipment sales, including activation fees and net of equipment subsidies, reflects the increased volume of handset upgrades associated with subscriber retention programs combined with the generally higher prices of handsets and devices.

Wireless Operating Expenses

	Three Months Ended December 31,							Twelve Months Ended December 31,
(In millions of dollars, except per subscriber statistics)	2006		2005		% Chg			2006		2005		% Chg
Operating expenses
Cost of equipment sales (1)	$	189	$	195		(3.1	)	$	628	$	6 25		0 .5
Sales and marketing expenses		186		194		(4.1	)		604		604		-
Operating, general and administrative expenses		365		344		6 .1			1,376		1,240		11.0
Integration expenses (2)		-		25		n/m			3		54		(94.4	)
Total operating expenses	$	740	$	758		(2.4	)	$	2,611	$	2,523		3.5
Average monthly operating expense per subscriber before sales and marketing expenses (3)	$	19.70	$	23.26		(15.3	)	$	19.69	$	20.78		(5.2	)
Sales and marketing costs per gross subscriber addition(3)	$	427	$	425		0 .5		$	399	$	388		2 .8

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See the “Reclassification of Wireless Equipment Sales and Cost of Sales” section.

(2)Expenses incurred related to the integration of the operations of Fido.

(3)As defined. See the “Key Performance Indicator and Non-GAAP Measures” section. As calculated in the “Supplementary Information” section.

Cost of equipment sales remained relatively unchanged for the three months ended December 31, 2006 compared to the corresponding period of the prior year.

Sales and marketing expenses in the three months ended December 31, 2006 were slightly lower than the corresponding period in 2005 as Wireless’ gross subscriber additions declined. Sales

Rogers Communications Inc. 12 Q4 2006 Earnings Press Release

and marketing costs per gross subscriber addition were relatively unchanged in the three months ended December 31, 2006 at $427 compared to $425 in 2005.

The increased operating, general and administrative expenses were primarily due to the increases in retention spending and costs to support data and roaming services, partially offset by savings related to operating and scale efficiencies across various functions.

Retention spending has increased due to higher volumes of handset upgrades compared to the fourth quarter of 2005. Retention spending, on both an absolute and a per subscriber basis, is expected to grow as wireless market penetration in Canada deepens and wireless number portability (“WNP”) becomes available in March 2007. (See the section entitled “Caution Regarding Forward-Looking Statements, Risks and Assumptions” below.)

The decrease in average monthly operating expense per subscriber, excluding sales and marketing expenses, is primarily due to operating and scale efficiencies across various functions.

Wireless Operating Profit

The strong year-over-year growth in operating profit was largely the result of the growth in network revenue and the impact of certain changes in estimates related to accrued liabilities made in the fourth quarter of 2006 as well as costs incurred in the fourth quarter of 2005 that were not incurred in the same period of 2006, as previously noted. As a result, Wireless’ operating profit margins, as a percentage of network revenue, increased to 44.6% for the three months ended December 31, 2006, compared to 30.0% in the corresponding period of the prior year.

The operating loss related to the fixed wireless initiative, which includes the Inukshuk joint venture and Wireless’ internal spending on the initiative, is included in Wireless’ operating profit. During the three months ended December 31, 2006, the fixed wireless initiative recorded an operating loss of $10 million, compared to an operating loss of $1 million for the three months ended December 31, 2005.

Wireless Additions to Property, Plant and Equipment

Wireless additions to property, plant and equipment (“PP&E”) are classified into the following categories:

	Three Months Ended December 31,							Twelve Months Ended December 31,
(In millions of dollars)	2006		2005		% Chg			2006		2005		% Chg
Additions to PP&E
Network - capacity	$	14	$	82		(82.9	)	$	159	$	286		(44.4	)
Network - other		42		54		(22.2	)		89		117		(23.9	)
HSDPA		82		-		n/m			264		-		n/m
Inukshuk		13		-		n/m			60		-		n/m
Information technology and other		50		38		31.6			112		90		24.4
Integration of Fido		-		31		n/m			-		92		n/m
Total additions to PP&E	$	201	$	205		(2.0	)	$	684	$	585		16.9

Rogers Communications Inc. 13 Q4 2006 Earnings Press Release

The $201 million of additions to PP&E for the three months ended December 31, 2006 reflects spending on non-capacity network and technology enhancements, as well as spending on the deployment of our next generation HSDPA network.

Recent Wireless Development

In January 2007, we announced that Wireless will turn down its TDMA and analog networks effective May 31, 2007. We are offering to migrate the remaining customers on these older networks to our more advanced GSM network to enable these customers to take advantage of the superior coverage and signal quality.

CABLE AND TELECOM

Cable and Telecom Financial and Operating Results

	Three Months Ended December 31,									Twelve Months Ended December 31,
				2005			% Chg						2005
	2006			Actual			Actual			2006			Actual			2005			% Chg
(In millions of dollars, except margin)	Actual			Reclassified (4)			Reclassified(4)			Actual			Reclassified (4)			Pro Forma (5)			Pro Forma (5)
Operating revenue
Cable	$	367		$	336			9.2		$	1,421		$	1,299		$	1,299			9.4
Internet		138			117			17.9			523			436			441			18.6
Rogers Home Phone		99			75			32.0			355			150			300			18.3
Rogers Business Solutions		155			143			8.4			596			284			562			6.0
Rogers Retail		84			91			(7.7	)		310			327			327			(5.2	)
Intercompany eliminations		(1	)		(1	)		-			(4	)		(4	)		(4	)		-
Total operating revenue		842			761			10.6			3,201			2 ,492			2,925			9.4
Operating expenses
Cable and Internet		287			256			12.1			1,111			1,012			1,015			9.5
Rogers Home Phone		96			70			37.1			345			141			263			31.2
Rogers Business Solutions		143			128			11.7			547			264			508			7.7
Rogers Retail (1)		83			88			(5.7	)		303			309			309			(1.9	)
Integration costs (2)		3			3			-			9			5			19			(52.6	)
Intercompany eliminations		(1	)		(1	)		-			(4	)		(4	)		(4	)		-
Total operating expense		611			544			12.3			2,311			1 ,727			2,110			9.5
Operating profit (loss) (3)
Cable and Internet		218			197			10.7			833			723			725			14.9
Rogers Home Phone		3			5			(40.0	)		10			9			37			(73.0	)
Rogers Business Solutions		12			15			(20.0	)		49			20			54			(9.3	)
Rogers Retail (1)		1			3			(66.7	)		7			18			18			(61.1	)
Integration costs (2)		(3	)		(3	)		-			(9	)		(5	)		(19	)		(52.6	)
Total operating profit	$	231		$	217			6.5		$	890		$	765		$	815			9.2
Operating profit margin (3)
Cable and Internet		43.2	%		43.5	%					42.8	%		41.7	%		41.7	%
Rogers Home Phone		3.0	%		6.7	%					2.8	%		6.0	%		12.3	%
Rogers Business Solutions		7.7	%		10.5	%					8.2	%		7.0	%		9.6	%
Rogers Retail		1.2	%		3.3	%					2.3	%		5.5	%		5.5	%
Additions to PP&E (3)
Cable and Internet	$	188		$	160			17.5		$	492		$	515		$	515			(4.5	)
Rogers Home Phone		71			33			115.2			193			121			127			52.0
Rogers Business Solutions		48			14			n/m			98			63			85			15.3
Rogers Retail		6			4			50.0			11			15			15			(26.7	)
Total additions to PP&E	$	313		$	211			48.3		$	794		$	714		$	742			7.0

(1) Rogers Retail operating expenses for the three and twelve months ended December 31, 2006 include a charge of $1 million and $6 million, respectively, related to the closure of 21 stores in the first quarter of 2006.

(2) Integration costs incurred relate to the integration of the operations of Call-Net.

(3) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(4) Certain prior year amounts have been reclassified to conform to the current year presentation.

(5) See the “Basis of Pro Forma Information” section for a discussion of considerations in the preparation of this pro forma information.

Rogers Communications Inc. 14 Q4 2006 Earnings Press Release

Total operating revenue for the three months ended December 31, 2006 increased $81 million or 10.6%, from the corresponding period in 2005, and total operating profit for the three months ended December 31, 2006 increased $14 million, or 6.5% from the corresponding period of the prior year, to $231 million. See the following business unit discussions for a detailed discussion of operating results.

CABLE AND INTERNET

Cable and Internet Financial and Operating Results

	Three Months Ended December 31,								Twelve Months Ended December 31,
				2005			% Chg					2005			% Chg
	2006			Actual			Actual		2006			Actual			Actual
(In millions of dollars, except margin)	Actual			Reclassified (2)			R eclassified (2)		Actual			Reclassified (2)			R eclassified (2)
Operating revenue
Cable	$	367		$	336			9.2	$	1,421		$	1,299			9.4
Internet		138			117			17.9		523			436			20.0
Total		505			453			11.5		1,944			1,735			12.0
Operating expenses
Sales and marketing expenses		27			27			-		123			123			-
Operating, general and administrative expenses		260			229			13.5		988			889			11.1
Total		287			256			12.1		1,111			1,012			9.8
Operating profit (1)	$	218		$	197			10.7	$	833		$	723			15.2
Operating profit margin (1)		43.2	%		43.5	%				42.8	%		41.7	%

(1) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(2) Certain prior year amounts have been reclassified to conform with the current year presentation.

	Three Months Ended December 31,							Twelve Months Ended December 31,
	2006		2005					2006		2005
(Subscriber statistics in thousands, except ARPU)	Actual		Actual		Change			Actual		Actual		Change
Cable homes passed									3,480.8		3,387.5		93.3
Basic cable, net gain (1)		10.7		8.0		2.7			13.3		9.2		4.1
Basic cable subscribers									2,277.1		2,263.8		13.3
Core cable ARPU (2)	$	53.83	$	49.54	$	4.29		$	52.37	$	48.09	$	4.28
Residential high-speed Internet, net additions (1)		44.8		59.9		(15.1	)		154.8		205.0		(50.2	)
Residential high-speed Internet subscribers (3)									1,291.0		1,136.2		154.8
Internet ARPU (1)(2)	$	35.82	$	34.48	$	1.34		$	36.02	$	35.04	$	0.98
Digital households, net additions (1)		69.6		73.2		(3.6	)		220.7		237.8		(17.1	)
Digital households									1,134.0		913.3		220.7

(1) Effective August 2005, voluntarily deactivating cable and Internet subscribers are required to continue service for 30 days from the date termination is requested. This continued service period, which is consistent with the subscriber agreement terms and conditions, had the impact of decreasing basic cable, Internet and digital household subscriber net additions by approximately 7,200, 2,700 and 1,800, respectively, in the three months ended December 31, 2005 and increasing basic cable, Internet and digital household subscriber net additions by approximately 9,500, 5,200 and 3,800, respectively, in the twelve months ended December 31, 2005.

(2) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(3) Residential high-speed Internet subscribers do not include residential ADSL and fixed wireless subscribers. The prior year high-speed Internet subscriber base was reduced by approximately 8,900 to reclassify non-residential customers into the Rogers Business Solutions segment.

Rogers Communications Inc. 15 Q4 2006 Earnings Press Release

Cable Revenue

The increase in Cable revenue for the three months ended December 31, 2006 reflects price increases implemented in early 2006, the growth in basic subscribers and the growing penetration of our digital products. The price increases on service offerings effective March 2006 contributed to the cable revenue growth by approximately $15 million for the three months ended December 31, 2006. The remaining increase in revenue of $16 million for the three months ended December 31, 2006 is related mainly to the impact of the growth in basic and digital subscribers.

The basic subscriber base of nearly 2.3 million increased by 10,700 in the three months ended December 31, 2006. The digital subscriber base grew by 24.2% between December 31, 2005 and December 31, 2006 to over 1.1 million households. This represents a 49.8% penetration of basic cable customers. The demand for our high-definition and personal video recorder digital equipment were contributors to the growth in our digital subscriber base of 69,600 households in the three months ended December 31, 2006.

Internet (Residential) Revenue

The increases in Internet revenue for the three months ended December 31, 2006 from the corresponding period in 2005 reflects primarily the 13.6% year-over-year increase in the number of Internet subscribers and certain price increases for our Internet offerings. The price increases on Internet offerings, effective March 2006, contributed to the Internet revenue growth by approximately $6 million for the three months ended December 31, 2006. The remaining increase in revenue of $15 million for the three months ended December 31, 2006 is related mainly to the impact of the growth in subscribers.

With the residential high-speed Internet subscriber base now at approximately 1.3 million, Cable has a 37.1% penetration of high-speed Internet service as a percentage of homes passed by its cable networks.

Cable and Internet Operating Expenses and Operating Profit

The fourth quarter marketing expenses were at a level consistent with the corresponding period of the prior year. The increases in operating, general and administrative costs for the three months ended December 31, 2006 compared to the corresponding period of the prior year was driven by the substantial increase in digital cable and Internet penetration resulting in higher costs associated with programming content, engineering and network operations, customer care, technical service and administration associated with the support of the larger subscriber bases.

The Cable and Internet operating profit for the three months ended December 31, 2006 increased from the corresponding period in 2005 reflecting the growth in revenue and relatively consistent operating profit margin percentages.

Rogers Communications Inc. 16 Q4 2006 Earnings Press Release

ROGERS HOME PHONE

Rogers Home Phone Financial and Operating Results

	Three Months Ended December 31,									Twelve Months Ended December 31,
	2006			2005			% Chg			2006			2005			% Chg
				Actual			Actual
(In millions of dollars, except margin)	Actual			Reclassified (3)			Reclassified (3)			Actual			Pro Forma (2)			Pro Forma (2)
Operating revenue	$	99		$	75			32.0		$	355		$	300			18.3
Operating expenses
Sales and marketing expenses		30			13			130.8			96			45			113.3
Operating, general and administrative expenses		66			57			15.8			249			218			14.2
Total operating expenses		96			70			37.1			345			263			31.2
Operating profit (1)	$	3		$	5			(40.0	)	$	10		$	37			(73.0	)
Operating profit margin (1)		3.0	%		6.7	%					2.8	%		12.3	%

(1) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(2) See the “Basis of Pro Forma Information” section for a discussion of considerations in the preparation of this pro forma information.

(3) Certain prior year amounts have been reclassified to conform to the current year presentation.

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2006			2005		Chg			2006			2005		Chg
(Subscriber statistics in thousands)	Actual			Actual		Actual			Actual			Pro Forma (2)		Pro Forma (2)
Cable telephony subscriber lines
Net additions (1)		95.1			29.8		65.3			318.0			47.9		270.1
Total cable telephony subscriber lines										365.9			47.9		318.0
Circuit-switched subscriber lines
Net additions (losses and migrations) (1)		(8.4	)		26.0		(34.4	)		(41.2	)		79.8		(121.0	)
Total circuit-switched subscriber lines										349.6			390.8		( 41.2	)
Total residential telephony subscriber lines										715.5			438.7		276.8

(1) Includes approximately 13,100 and 36,700 migrations from circuit-switched to cable telephony for the three and twelve months ended December 31, 2006, respectively.

(2) See the “Basis of Pro Forma Information” section for a discussion of considerations in the preparation of this pro forma information.

Rogers Home Phone Revenue

The growth in Rogers Home Phone revenue for the three months ended December 31, 2006 compared to the corresponding period in 2005 is mainly a result of incremental revenues from voice-over-cable telephony service of approximately $27 million. This service, which was launched in July 2005, added 95,100 net new subscriber lines in the three month period ended December 31, 2006. Partially offsetting this increase was a decline in the number of circuit-switched local lines of 8,400 for the three months ended December 31, 2006, as a result of the migration of 13,100 lines from the circuit-switched to the cable telephony platform within our cable territory in the period. Circuit-switched revenue decreased by $1 million in the three months ended December 31, 2006 compared to the corresponding period of the prior year due to a lower number of lines in the current quarter compared to last year.

Partially offsetting the growth of the Rogers Home Phone local service revenue was a decline of approximately $2 million in long distance revenue for the three months ended December 31, 2006, reflecting ongoing declines in long distance only customers, pricing and usage.

Rogers Communications Inc. 17 Q4 2006 Earnings Press Release

Rogers Home Phone Operating Expenses and Operating Profit

The significant growth and expansion of both operations and sales and marketing associated with the launch of the cable telephony service and overall increase in subscribers drove the increases in operating expenses of $26 million for the three months ended December 31, 2006.

The year-over-year decreases in both the Rogers Home Phone operating profit and operating profit margins for the three months ended December 31, 2006 primarily reflect the additional costs associated with the scaling and rapid growth of our cable telephony service. Investment is being made in the awareness of the product, customer acquisition and increased capacity to install. 

ROGERS BUSINESS SOLUTIONS

Rogers Business Solutions Financial and Operating Results

	Three Months Ended December 31,									Twelve Months Ended December 31,
				2005			% Chg
	2006			Actual			Actual			2006			2005			% Chg
(In millions of dollars, except margin)	Actual			Reclassified (3)			Reclassified (3)			Actual			Pro Forma (2)			Pro Forma (2)
Operating revenue	$	155		$	143			8 .4		$	596		$	562			6.0
Operating expenses
Sales and marketing expenses		19			19			-			70			71			(1.4	)
Operating, general and administrative expenses		124			109			13.8			477			437			9.2
Total operating expenses		143			128			11.7			547			508			7.7
Operating profit (1)	$	12		$	15			(20.0	)	$	49		$	54			(9.3	)
Operating profit margin (1)		7.7	%		10.5	%					8.2	%		9.6	%

(1) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(2) See “Basis of Pro Forma Information” section for discussion of considerations in the preparation of this pro forma information.

(3) Certain prior year amounts have been reclassified to conform to the current year presentation.

Rogers Communications Inc. 18 Q4 2006 Earnings Press Release

	Three Months Ended December 31,							Twelve Months Ended December 31,
	2006		2005		Chg			2006		2005		Chg
(Subscriber statistics in thousands)	Actual		Actual		Actual			Actual		Pro Forma (1)		Pro Forma (1)
Local line equivalents (1)
Net additions		10.6		3.3		7.3			33.4		17.5		15.9
Total local line equivalents									205.0		171.6		33.4
Broadband data circuits (2)
Net additions		2.3		3.0		(0.7	)		9.5		6.2		3.3
Total broadband data circuits									31.0		21.5		9.5

(1) Local line equivalents include individual voice lines plus Primary Rate Interfaces (“PRIs”) at a factor of 23 voice lines each and includes both wholesale and retail customers.

(2) Broadband data circuits are those customer locations accessed by data networking technologies including DOCSIS, DSL, E10/100/1000, OC 3 / 12 and DS 1 / 3. The subscriber statistics for prior periods have been restated to include wholesale customers.

Rogers Business Solutions Revenue

The increase in Rogers Business Solutions revenue reflects growth in each of the data, local and long distance components of revenue. During the three months ended December 31, 2006, data revenues grew by $4 million or 8%, local services grew by $3 million or 13% and long distance grew by $5 million or 8% compared to the corresponding period of 2005.

Rogers Business Solutions ended the quarter with 205,000 local line equivalents and 31,000 broadband data circuits in service at December 31, 2006, representing year-over-year growth rates of 19.5% and 44.2%, respectively.

The increase in long distance revenue resulted from an increase in minute volumes of 10% for the three months ended December 31, 2006, all as a result of the intercompany sale of long distance to Wireless. The volume increases were partially offset by the ongoing declines in average revenue per minute, which decreased 2% for the three months ended December 31, 2006.

The increase in local and data revenues was due to the net increase in local line equivalents and broadband data circuits, respectively. Rogers Business Solutions continues to focus on selling local and data products, especially IP-enabled solutions, thereby decreasing its reliance on long distance revenues. The combination of local and data revenue represented 56.1% of total revenue for the three months ended December 31, 2006.

Rogers Business Solutions Operating Expenses and Operating Profit

Carrier charges, which are included in operating, general and administrative expenses, increased by $14 million to $93 million for the three months ended December 31, 2006 and represented 60.0% of revenue in the three months ended December 31, 2006, compared to 55.2% of revenue in the corresponding period of 2005. The net increase in the quarter is the result of product mix changes and market pricing pressures.

Other operating, general and administrative expenses for the three months ended December 31, 2006 remained consistent with the corresponding period of 2005.

Primarily due to the higher carrier charges, Rogers Business Solutions margins decreased to 7.7% for the three months ended December 31, 2006, compared to 10.5% for the corresponding period in 2005.

Rogers Communications Inc. 19 Q4 2006 Earnings Press Release

ROGERS RETAIL (Previously Rogers Video)

Rogers Retail Financial Results

	Three Months Ended December 31,									Twelve Months Ended December 31,
(In millions of dollars, except margin)	2006 Actual			2005 Actual			% Chg			2006 Actual			2005 Actual			% Chg
Operating revenue	$	84		$	91			(7.7	)	$	310		$	327			( 5.2	)
Operating expenses (1)		83			88			(5.7	)		303			309			( 1.9	)
Operating profit (2)	$	1		$	3			(66.7	)	$	7		$	18			(61.1	)
Operating profit margin (2)		1.2	%		3.3	%					2.3	%		5.5	%

(1)  Operating expenses for the three and twelve months ended December 31, 2006 include a charge of $1 and $6 million, respectively, related to the closure of 21 stores in the first quarter of 2006.

(2) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.

(3) During January 2007, the Video store segment of Cable and Telecom acquired the approximately 170 Wireless-owned retail locations. This segment is now referred to as Rogers Retail and will remain a segment of Cable and Telecom.

Rogers Retail Revenue

The decline in revenue at Rogers Retail was primarily due to lower video rental and sales revenue. Initiatives were introduced to increase customers’ spending, which resulted in dollars per transaction increasing 8.4% in the three months ended December 31, 2006 compared to the same period last year; however, same store customer transactions decreased 6.6% compared to the corresponding period in 2005 due to a decrease in total visits. As a result, same store revenue increased 1.2% for the three months ended December 31, 2006 compared to the corresponding period of the prior year. Rogers Retail has recently taken additional steps with respect to its pricing and late-fee structures aimed at reversing the trend of lower same store customer transactions and revenue.

Rogers Retail Operating Expenses and Operating Profit

The decline in Rogers Retail operating profit relates primarily to the decline in revenue and charges of approximately $1 million in the three months ended December 31, 2006 associated with the closing of 21 stores in the first quarter of 2006.

CABLE AND TELECOM ADDITIONS TO PP&E

The nature of the cable television business is such that the construction, rebuild and expansion of a cable system are highly capital-intensive. The Cable and Internet segment categorizes its additions to property, plant and equipment (“PP&E”) according to a standardized set of reporting categories that were developed and agreed to by the U.S. cable television industry and which facilitate comparisons of additions to PP&E between different cable companies. Under these industry definitions, our Cable and Internet additions to PP&E are classified into the following five categories:

• Customer premises equipment (“CPE”), which includes the equipment for digital set-top terminals, Internet modems and the associated installation costs;

Rogers Communications Inc. 20 Q4 2006 Earnings Press Release

• Scaleable infrastructure, which includes non-CPE costs to meet business growth and to provide service enhancements, including many of the costs to-date of the cable telephony initiative;

• Line extensions, which includes network costs to enter new service areas;

• Upgrade and rebuild, which includes the costs to modify or replace existing coaxial cable, fibre-optic network electronics; and

• Support capital, which includes the costs associated with the purchase, replacement or enhancement of non-network assets.

	Three Months Ended December 31,							Twelve Months Ended December 31,
			2005		% Chg
	2006		Actual		Actual			2006		2005		% Chg
(In millions of dollars)	Actual		Reclassified (1)		Reclassified			Actual		Pro Forma (2)		Pro Forma (2)
Cable and Internet PP&E additions (3)
Customer premise equipment	$	79	$	72		9.7		$	230	$	249		(7.6	)
Scaleable infrastructure		47		28		67.9			106		119		(10.9	)
Line extensions		21		19		10.5			64		56		14.3
Upgrade and rebuild		5		2		150.0			10		3		n/m
Support capital		36		39		(7.7	)		82		88		(6.8	)
		188		160		17.5			492		515		(4.5	)
Rogers Home Phone PP&E additions		71		33		115.2			193		127		52.0
Rogers Business Solutions PP&E additions (4)		48		14		n/m			98		85		15.3
Rogers Retail PP&E additions		6		4		50.0			11		15		(26.7	)
	$	313	$	211		48.3		$	794	$	742		7.0

(1) Certain prior year amounts have been reclassified to conform with the current year presentation.

(2) See “Basis of Pro Forma Information” section for a discussion of considerations in the preparation of this pro forma information.

(3) Included in Cable and Internet PP&E additions is integration expenses related to the integration of Call-Net of $6 million and $28 million for the three and twelve months ended December 31, 2006, respectively.

(4) Included in Rogers Business Solutions PP&E additions is integration expenses related to the integration of Call-Net of $4 million and $15 million for the three and twelve months ended December 31, 2006, respectively.

The increase in Cable and Internet PP&E additions for the three months ended December 31, 2006 compared to the corresponding period in 2005 is primarily attributable to higher spending on scaleable infrastructure related to IP and other network capacity increases due to deferral from prior quarters, as well as higher spending on customer premise equipment related to digital boxes.

The increase in additions to Rogers Home Phone PP&E compared to the corresponding period in 2005 are primarily due to capacity on the cable network associated with the year-over-year increase in subscriber additions as well as additional spending on customer premises equipment.

The increase in additions to Rogers Business Solutions PP&E for the three months ended December 31, 2006 compared to the corresponding period of the prior year is primarily due to the completion of the final phase of the purchase of the Group Telecom/360Networks assets from Bell Canada, network enhancements, as well as the timing of capital spend. A total of $12 million of assets were purchased from Group Telecom/360Networks in the fourth quarter of 2006, of which $6 million was treated as PP&E, and $6 million was treated as other assets.

SEGMENTED REPORTING OF CABLE AND TELECOM RESULTS

The growing Rogers Home Phone customer base served by the cable telephony platform, coupled with the continued migration of Rogers Home Phone customers from the circuit-switched platform onto our cable telephony platform, results in our Rogers Home Phone service sharing much of the same physical infrastructure, sales, marketing and support resources as other

Rogers Communications Inc. 21 Q4 2006 Earnings Press Release

Cable and Internet offerings. This leads to allocations of network and other operating costs between the Cable and Internet and the Rogers Home Phone segments of Cable and Telecom. As such, beginning in 2007, management and reporting of the Cable and Internet and the Rogers Home Phone segments of Cable and Telecom will be combined. We will continue to provide separate statistical information for our Rogers Home Phone subscribers, as we do for our digital cable and Internet subscribers.

MEDIA

Media Operating and Financial Results 

	Three months ended December 31,								Twelve months ended December 31,
(In millions of dollars)	2006			2005			% Chg		2006			2005			% Chg
Operating revenue	$	317		$	300			5.7	$	1,210		$	1,097			10.3
Operating expenses		270			261			3.4		1,059			969			9.3
Operating profit (1)	$	47		$	39			20.5	$	151		$	128			18.0
Operating profit margin (1)		14.8	%		13.0	%				12.5	%		11.7	%
Additions to property, plant and equipment (1)	$	16		$	12			33.3	$	48		$	40			20.0

(1) As defined. See the “Key Performance Indicators and Non-GAAP Measures” section.

Media Revenue

The increases in Media revenues for the three months ended December 31, 2006 over the corresponding period in 2005 primarily reflect growth in the Publishing, Radio, OMNI and The Shopping Channel divisions, partially offset by Sports Entertainment due to the timing of the receipt of Major League Baseball revenue sharing. The increases include higher advertising revenue in Publishing and Radio, and the launch of Hello! and Chocolat magazines. The launch of OMNI Manitoba, and consolidation of the Biography Channel and G4TechTV as a result of increased ownership contributed to the increase in revenue at OMNI. Strong consumer demand contributed to increased revenue at The Shopping Channel.

Media Operating Expenses

The increases in Media operating expenses for the three months ended December 31, 2006 compared to the corresponding period in 2005 are primarily due to increased costs at Publishing related to the new Chocolat magazine and the Canadian edition of Hello! magazine, increased programming costs at OMNI from the consolidation of the Biography Channel and G4TechTV and the launch of OMNI Manitoba. Higher sales volume attracted higher cost of goods sold on The Shopping Channel.

Media Operating Profit

The changes discussed above drove the year-over-year increases in Media’s operating profit for the three months ended December 31, 2006 from the corresponding period in 2005, as well as the corresponding increase in operating margins.

Rogers Communications Inc. 22 Q4 2006 Earnings Press Release

Media Additions to PP&E

The majority of Media’s PP&E additions in both 2006 and 2005 reflect renovations and enhancements to the Rogers Centre sports and entertainment venue in Toronto.

Recent Media Development

On January 1, 2007, Media closed the acquisition of five Alberta Radio stations announced earlier in 2006 and brought the total number of radio stations owned by Media to 51.

OVERVIEW OF RECENT FINANCING AND SHARE CAPITAL ACTIVITIES

Operations

For the three months ended December 31, 2006, cash generated from operations before changes in non-cash operating items, which is calculated by removing the effect of all non-cash items from net income, increased to $631 million from $380 million in the corresponding period of 2005. The $251 million increase is primarily the result of the increase in operating profit of $238 million in addition to a $12 million decrease in interest expense.

Taking into account the changes in non-cash working capital items for the three months ended December 31, 2006, cash generated from operations was $714 million, compared to $293 million in the corresponding period of 2005.

The cash flow generated from operations of $714 million, together with receipt of $11 million from the issuance of Class B Non-Voting shares from the exercise of employee stock options, resulted in total net funds of approximately $725 million raised in the three months ended December 31, 2006.

Net funds used during the three months ended December 31, 2006 totalled approximately $715 million, the details of which include funding:

• additions to PP&E of $403 million, net of $151 million of related changes in non-cash working capital;

• an aggregate net repayment of $280 million of outstanding advances under our bank credit facilities;

• the payment of $10 million on termination of cross-currency interest rate exchange agreements; and

• other net investments of $22 million including the final phase of an acquisition of certain CLEC assets and additions to program rights of $4 million.

Taking into account the cash deficiency of $29 million at the beginning of the period and the fund uses described above, the cash deficiency at December 31, 2006 was $19 million.

Rogers Communications Inc. 23 Q4 2006 Earnings Press Release

Financing

Our long-term debt instruments are described in Note 11 to the 2005 Annual Audited Consolidated Financial Statements.

As mentioned above, during the three months ended December 31, 2006, a total of $280 million net repayments of outstanding advances under our bank credit facilities was made. In addition, Wireless paid a net cash settlement of $10 million upon the maturity of cross-currency interest rate agreements in the aggregate notional principal amount of US$275 million and we received $11 million from the issuance of Class B Non-Voting shares under the exercise of employee stock options. In addition, Cable and Telecom concluded the final phase of a multi-staged transaction to acquire certain of the CLEC assets of Group Telecom/360 Networks from Bell Canada at a cost of approximately $12 million, including applicable taxes.

Effective January 1, 2007, the payment of management fees by subsidiary companies ceased. In addition, Cable and Telecom will no longer distribute $6 million per month to RCI.

Interest Rate and Foreign Exchange Management

Economic Hedge Analysis

For the purposes of our discussion on the hedged portion of long-term debt, we have used non-GAAP measures in that we include all cross-currency interest rate exchange agreements (whether or not they qualify as hedges for accounting purposes) since all such agreements are used for risk-management purposes only and are designated as a hedge of specific debt instruments for economic purposes. As a result, the Canadian dollar equivalent of U.S. dollar-denominated long-term debt reflects the contracted foreign exchange rate for all of our cross-currency interest rate exchange agreements regardless of qualifications for accounting purposes as a hedge.

During the three months ended December 31, 2006, there was no change in our U.S. dollar-denominated debt and the only change in our hedging status during the same period was on an economic basis and was due to the maturity on December 15, 2006 of cross-currency interest rate exchange agreements in the aggregate notional principal amount of US$275 million.

As a result of the above, on December 31, 2006 the amount of our U.S. dollar-denominated debt hedged on an economic basis was 91.4% and on an accounting basis was 85.6%.

Rogers Communications Inc. 24 Q4 2006 Earnings Press Release

(In millions of dollars, except percentages)	December 31, 2006			December 31, 2005
U.S. dollar-denominated long-term debt	US	$4,895		US	$4,917
Hedged with cross-currency interest rate exchange agreements	US	$4,475		US	$4,802
Hedged exchange rate		1.3229			1 .3148
Percent hedged		91.4%	(1)		97.7	%
Amount of long-term debt (2) at fixed rates:
Total long-term debt	Cdn	$7,658		Cdn	$8,410
Total long-term debt at fixed rates	Cdn	$6,851		Cdn	$7,077
Percent of long-term debt fixed		89.5	%		84.1	%
Weighted average interest rate on long-term debt		7.98	%		7.76	%

(1) Pursuant to the requirements for hedge accounting under AcG-13, on December 31, 2006, RCI accounted for 93.6% of its cross-currency interest rate exchange agreements as hedges against designated U.S. dollar-denominated debt. As a result, 85.6% of consolidated U.S. dollar-denominated debt is hedged for accounting purposes versus 91.4% on an economic basis.

(2) Long-term debt includes the effect of the cross-currency interest rate exchange agreements.

Outstanding Share Data

On December 15, 2006, shareholders approved a two-for-one split of our Class A Voting and Class B Non-Voting shares. As a result, beginning January 5, 2007, shareholders of record as of the close of business on December 29, 2006 received one additional share of the relevant class for each share held.

In addition, at the December 15, 2006 special shareholder meeting, shareholders approved amending our Class B Non-Voting shares to ‘no par value’ shares from the previous par value of $1.62478 (pre-split).

Set out below is our outstanding share data, on a post-split basis, as at December 31, 2006.

Common Shares (1)
Class A Voting	112,467,648
Class B Non-Voting	523,231,804
Options to Purchase Class B Non-Voting Shares
Outstanding	19,694,860
Exercisable	14,160,866

(1) Holders of our Class B Non-Voting shares are entitled to receive notice of and to attend meetings of our shareholders, but, except as required by law or as stipulated by stock exchanges, are not entitled to vote at such meetings. If an offer is made to purchase outstanding Class A Voting shares, there is no requirement under applicable law or RCI's 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 RCI's constating documents. If an offer is made to purchase both Class A Voting shares and Class B Non-Voting 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.

Rogers Communications Inc. 25 Q4 2006 Earnings Press Release

Dividends and Other Payments on Equity Securities

On October 31, 2006, we declared a quarterly dividend of C$0.04 per share (on a post-split basis), which was paid on January 2, 2007 to shareholders of record on December 20, 2006, reflecting the increased C$0.16 per share annual dividend level and the new quarterly distribution schedule.

Unless indicated otherwise, all dividends paid by Rogers are Eligible Dividends as defined by the Canada Revenue Agency.

KEY PERFORMANCE INDICATORS AND NON-GAAP MEASURES

We measure the success of our strategies using a number of key performance indicators that are defined and discussed in our 2005 Annual MD&A. These key performance indicators are not measurements under Canadian or U.S. GAAP, but we believe they allow us to appropriately measure our performance against our operating strategy as well as against the results of our peers and competitors. They include:

• Revenue (primarily network revenue at Wireless) and average monthly revenue per subscriber (“ARPU”),

• Subscriber counts and subscriber churn,

• Operating expenses and average monthly operating expense per wireless subscriber,

• Sales and marketing costs (or cost of acquisition) per subscriber,

• Operating profit,

• Operating profit margin, and

• Additions to PP&E.

Rogers Communications Inc. 26 Q4 2006 Earnings Press Release

Calculations of Wireless Non-GAAP Measures

(In millions of dollars, subscribers in thousands,	Three Months Ended December 31,						Twelve Months Ended December 31,
except per subscriber figures and operating profit margin)	2006			2005			2006			2005
Postpaid ARPU (monthly)
Postpaid (voice and data) revenue	$	1,095		$	917		$	4,084		$	3,384
Divided by: Average postpaid wireless voice and data subscribers		5,287			4,701			5,060			4,436
Divided by: 3 months for the quarter and 12 months for year-to-date		3			3			12			12
	$	69.04		$	65.05		$	67.27		$	63.56
Prepaid ARPU (monthly)
Prepaid revenue	$	61		$	53		$	214		$	210
Divided by: Average prepaid subscribers		1,342			1,331			1,322			1,323
Divided by: 3 months for the quarter and 12 months for year-to-date		3			3			12			12
	$	15.15		$	13.30		$	13.49		$	13.20
Cost of acquisition per gross addition
Total sales and marketing expenses	$	186		$	194		$	604		$	604
Equipment margin loss (acquisition related)		57			56			196			192
	$	243		$	249		$	800		$	796
Total gross wireless additions (postpaid, prepaid, and one-way messaging)		569			587			2,007			2,053
	$	427		$	425		$	399		$	388
Operating expense per average subscriber (monthly)
Operating, general and administrative expenses	$	365		$	344		$	1,376		$	1,240
Integration expenses		-			25			3			54
Equipment margin loss (retention related)		35			64			165			187
	$	400		$	433		$	1,544		$	1,481
Divided by: Average total wireless subscribers		6,767			6,204			6,528			5,935
Divided by: 3 months for the quarter and 12 months for year-to-date		3			3			12			12
	$	19.70		$	23.26		$	19.69		$	20.78
Equipment margin loss
Equipment sales	$	97		$	75		$	267		$	246
Cost of equipment sales		(189	)		(195	)		(628	)		(625	)
	$	(92	)	$	(120	)	$	(361	)	$	(379	)
Acquisition related	$	(57	)	$	(56	)	$	(196	)	$	(192	)
Retention related		(35	)		(64	)		(165	)		(187	)
	$	(92	)	$	(120	)	$	(361	)	$	(379	)
Operating Profit Margin
Operating Profit	$	517		$	292		$	1,969		$	1,337
Divided by Network Revenue		1,160			975			4,313			3,614
Operating Profit Margin		44.6	%		30.0	%		45.7	%		37.0	%

Rogers Communications Inc. 27 Q4 2006 Earnings Press Release

Calculations of Cable and Telecom Non-GAAP Measures

(In millions, subscribers in thousands, except	Three months Ended December 31,						Twelve Months Ended December 31,
ARPU figures and operating profit margin)	2006			2005			2006|			2005
Core Cable ARPU
Core Cable revenue	$	367		$	336		$	1,421		$	1,299
Divided by: Average basic cable subscribers		2,272.6			2,260.8			2,261.3			2,251.0
Divided by: 3 months for quarter and 12 months for year-to-date		3			3			12			12
	$	53.83		$	49.54		$	52.37		$	48.09
Internet ARPU (1)
Internet revenue	$	138		$	117		$	523		$	436
Less: Dial-up Internet revenue		(1	)		(2	)		(5	)		(4	)
High-speed Internet revenue	$	137		$	115		$	518		$	432
Divided by: Average internet (residential) subscribers		1,275.0			1,111.8			1,198.4			1,027.4
Divided by: 3 months for quarter and 12 months for year-to-date		3			3			12			12
	$	35.82		$	34.48		$	36.02		$	35.04
Cable and Internet
Operating Profit	$	218		$	197		$	833		$	723
Divided by Revenue		505			453			1,944			1,735
Cable and Internet Operating Profit Margin		43.2	%		43.5	%		42.8	%		41.7	%
Rogers Home Phone
Operating Profit	$	3		$	5		$	10		$	9
Divided by Revenue		99			75			355			150
Rogers Home Phone Operating Profit Margin		3.0	%		6.7	%		2.8	%		6.0	%
Rogers Business Solutions
Operating Profit	$	12		$	15		$	49		$	20
Divided by Revenue		155			143			596			284
Rogers Business Solutions Operating Profit Margin		7.7	%		10.5	%		8.2	%		7.0	%
Rogers Retail
Operating Profit	$	1		$	3		$	7		$	18
Divided by Revenue		84			91			310			327
Rogers Retail Operating Profit Margin		1.2	%		3.3	%		2.3	%		5.5	%

(1) Internet ARPU calculation does not include revenue or subscriber amounts related to dial-up customers.

Rogers Communications Inc. 28 Q4 2006 Earnings Press Release

Rogers Communications Inc.

Unaudited Consolidated Statements of Income

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
(In millions of dollars, except per share amounts)				Restated (1)						Restated (1)
Operating revenue	$	2,370		$	2,071		$	8,838		$	7,334
Cost of sales		281			284			956			940
Sales and marketing expenses		353			345			1,226			1,122
Operating, general and administrative expenses		980			896			3,763			3,062
Integration and store closure expenses		4			32			18			66
Depreciation and amortization		395			404			1,584			1,489
Operating income		357			110			1,291			655
Interest on long-term debt		(151	)		(163	)		(620	)		(699	)
		206			(53	)		671			(44	)
Loss on repayment of long-term debt		-			(10	)		(1	)		(11	)
Foreign exchange gain (loss)		(39	)		(4	)		2			35
Change in the fair value of derivative instruments		24			2			(4	)		(25	)
Other income (expense)		(2	)		(10	)		10			2
Income (loss) before income taxes		189			(75	)		678			(43	)
Income tax expense (reduction):
Current		(7	)		1			(5	)		11
Future		20			(9	)		61			(9	)
Net income (loss) for the period	$	176		$	(67	)	$	622		$	(45	)
Net income (loss) per share:
Basic	$	0.28		$	(0.11	)	$	0.99		$	(0.08	)
Diluted		0.27			(0.11	)		0.97			(0.08	)

(1)Restatement and reclassification of comparative figures:

(i) Applicable share and per share amounts have been retroactively adjusted to reflect a two-for-one split of our Class A Voting and Class B Non-Voting shares in December 2006.

(ii) During 2006, the Company determined that certain transactions related to the sale of wireless equipment were historically recorded as cost of equipment sales rather than as a reduction of equipment revenue. The Company determined these should be reflected as a reduction of equipment revenue and has reclassified prior year figures to reflect this accounting, resulting in a $61 million and $206 million reduction in both equipment revenue and cost of equipment sales in the three and twelve months ended December 31, 2006, respectively. This also resulted in a $48 million and $147 million reduction in both equipment revenue and cost of equipment sales in the three and twelve months ended December 31, 2005, respectively. As a result of this reclassification, there was no change to previously reported net income (loss), operating income, reported cash flows or the amounts recorded in the consolidated balance sheet.

(iii) In 2006, theCompany adopted the provisions of Emerging Issues Committee (“EIC”) Abstract 162, Stock-Based Compensation for Employees eligible to Retire Before the Vesting Date. Where a stock-based compensation plan contains provisions that allow an employee to continue vesting in a stock-based award after the employee has retired, EIC 162 requires that the compensation cost attributable to such an award be expensed immediately for employees who are eligible to retire at the date of grant. For an employee who will become eligible to retire during the vesting period of an award, EIC 162 requires that compensation cost be recognized as an expense over the period from the date of grant to the date the employee becomes eligible to retire. EIC 162 resulted in an increase in the opening 2005 deficit and contributed surplus of $4 million and an increase in 2005 stock-based compensation expense of less than $1 million. For 2006, the adoption of EIC 162 resulted in incremental stock-based compensation of less than $1 million from that which would otherwise have been recorded.

(iv) Certain other comparative figures have been reclassified to conform with the current year’s presentation.

Rogers Communications Inc. 29 Q4 2006 Earnings Press Release

Rogers Communications Inc.

Unaudited Consolidated Statements of Cash Flows

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
(In millions of dollars)				Restated						Restated
Cash provided by (used in):
Operating activities:
Net income (loss) for the period	$	176		$	(67	)	$	622		$	(45	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		395			401			1,584			1,478
Program rights and Rogers Retail inventory depreciation		20			25			75			90
Future income taxes		20			(9	)		61			(9	)
Unrealized foreign exchange loss (gain)		35			6			-			(35	)
Change in the fair value of derivative instruments		(24	)		(2	)		4			25
Loss on repayment of long-term debt		-			11			1			11
Stock-based compensation expense		17			22			49			42
Accreted interest on Convertible Preferred Securities		-			2			-			18
Amortization on fair value increment of long-term debt and derivatives		(4	)		(4	)		(11	)		(15	)
Sale of income tax losses to related party		-			-			13			-
Other		(4	)		(5	)		(12	)		(9	)
		631			380			2,386			1,551
Change in non-cash working capital items		83			(87	)		75			( 298	)
		714			293			2,461			1,253
Investing activities:
Additions to property, plant and equipment ("PP&E")		(554	)		(431	)		(1,712	)		(1,355	)
Change in non-cash working capital items related to PP&E		151			(7	)		134			(38	)
Cash and cash equivalents acquired on acquisition		-			-			2			44
Acquisition of Microcell Telecommunications Inc.		-			(13	)		-			(52	)
Other acquisitions		-			-			(6	)		(38	)
Additions to program rights		(4	)		(5	)		(32	)		(25	)
Other		(18	)		-			(31	)		3
		(425	)		(456	)		(1,645	)		(1,461	)
Financing activities:
Issuance of long-term debt		274			367			1,098			1,369
Repayment of long-term debt		(554	)		(427	)		(1,836	)		(1,509	)
Financing costs incurred		-			-			-			(5	)
Issue of capital stock		11			17			74			100
Dividends paid on Class A Voting and Class B Non-Voting shares		-			-			(47	)		(26	)
Proceeds on termination of cross-currency interest rate exchange agreements		-			-			-			402
Payment on termination of cross-currency interest rate exchange agreements		(10	)		-			(20	)		(471	)
		(279	)		(43	)		(731	)		( 140	)
Increase (decrease) in cash and cash equivalents		10			( 206	)		85			(348	)
Cash and cash equivalents (deficiency), beginning of period		(29	)		102			(104	)		244
Cash deficiency, end of period	$	(19	)	$	(104	)	$	(19	)	$	(104	)
Supplemental cash flow information:
Income taxes paid	$	-		$	4		$	5		$	16
Interest paid		187			200			650			706

Cash and cash equivalents (deficiency) are defined as cash and short-term deposits which have an original maturity of less than 90 days, less bank advances.

Change in Non-Cash Working Capital Items

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(In millions of dollars)	2006			2005			2006			2005
Cash provided by (used in):
Increase in accounts receivable	$	(73	)	$	(49	)	$	(198	)	$	(183	)
Increase (decrease) in accounts payable and accrued liabilities		103			71			243			(61	)
Increase in unearned revenue		12			11			51			16
Decrease (increase) in other assets		41			(120	)		(21	)		(70	)
	$	83		$	(87	)	$	75		$	(298	)

Rogers Communications Inc. 30 Q4 2006 Earnings Press Release

Rogers Communications Inc.

Unaudited Consolidated Balance Sheets

	December 31,		December 31,
	2006		2005
(In millions of dollars)			Restated
Assets
Current assets
Accounts receivable	$	1,077	$	891
Other current assets		270		285
Future income tax asset		387		113
		1,734		1,289
Property, plant and equipment		6,732		6,152
Goodwill		2,779		3,036
Intangible assets		2,152		2,627
Investments		139		138
Deferred charges		118		132
Future income tax asset		299		347
Other long-term assets		152		113
	$	14,105	$	13,834
Liabilities and Shareholders' Equity
Liabilities
Current liabilities
Bank advances, arising from outstanding cheques	$	19	$	104
Accounts payable and accrued liabilities		1,792		1,411
Current portion of long-term debt		451		286
Current portion of derivative instruments		7		14
Unearned revenue		227		177
		2,496		1,992
Long-term debt		6,537		7,453
Derivative instruments		769		787
Other long-term liabilities		103		74
		9,905		10,306
Shareholders' equity		4,200		3,528
	$	14,105	$	13,834

Rogers Communications Inc.

Unaudited Consolidated Statements of Deficit

	Year Ended			Year Ended
	December 31,			December 31,
(In millions of dollars)	2006			2005
Deficit, beginning of period	$	(606	)	$	(520	)
Change in accounting policy related to stock-based compensation		-			(4	)
As restated		(606	)		(524	)
Net income (loss) for the period		622			(45	)
Dividends on Class A Voting shares and Class B Non-Voting shares		(49	)		(37	)
Deficit, end of period	$	(33	)	$	(606	)

Rogers Communications Inc. 31 Q4 2006 Earnings Press Release

SUPPLEMENTAL INFORMATION

Investments

(In millions of dollars)			December 31, 2006		December 31, 2005
	Quoted
	Market		Book		Book
	Value		Value		Value
Investments accounted for by the equity method			$	7	$	9
Investments accounted for by the cost method, net of writedowns
Publicly traded companies:
Cogeco Cable Inc.  6,595,675  Subordinate Voting                                           &# 160;     Common shares	$	214		69		69
Cogeco Inc. 3,399,800  Subordindate Voting                                           &# 160;     Common shares		100		44		44
Other publicly traded companies		15		4		3
		329		117		116
Private companies				15		13
			$	139	$	138

Rogers Communications Inc. 32 Q4 2006 Earnings Press Release

Long-Term Debt

	Interest	December 31,			December 31,
(In millions of dollars)	Rate	2006			2005
(A) Corporate:
Senior Secured Notes, due 2006	10.50%	$	-		$	75
Senior Secured Notes, due 2008	10.625%		-			26
Fair value increment arising from purchase accounting			-			1
			-			102
(B) Wireless:
Bank credit facility	Floating		-			71
Senior Secured Notes, due 2006	10.50%		-			160
Floating Rate Senior Secured Notes, due 2010	Floating		641			641
Senior Secured Notes, due 2011	9.625%		571			571
Senior Secured Notes, due 2011	7.625%		460			460
Senior Secured Notes, due 2012	7.25%		548			548
Senior Secured Notes, due 2014	6.375%		874			875
Senior Secured Notes, due 2015	7.50%		641			641
Senior Secured Debentures, due 2016	9.75%		181			181
Senior Subordinated Notes, due 2012	8.00%		466			467
Fair value increment arising from purchase accounting			36			44
			4,418			4,659
(C) Cable:
Bank credit facility	Floating		-			267
Senior Secured Second Priority Notes, due 2007	7.60%		450			450
Senior Secured Second Priority Notes, due 2011	7.25%		175			175
Senior Secured Second Priority Notes, due 2012	7.875%		408			408
Senior Secured Second Priority Notes, due 2013	6.25%		408			408
Senior Secured Second Priority Notes, due 2014	5.50%		408			408
Senior Secured Second Priority Notes, due 2015	6.75%		326			327
Senior Secured Second Priority Debenture, due 2032	8.75%		233			233
			2,408			2,676
(D) Media:
Bank credit facility	Floating		160			274
Capital leases, mortgage payable and other	Various		2			28
			6,988			7,739
Less current portion			(451	)		(286	)
		$	6,537		$	7,453

Rogers Communications Inc. 33 Q4 2006 Earnings Press Release

Shareholders’ Equity

	December 31,			December 31,
(In millions of dollars)	2006			2005
Capital stock issued, at stated value:
112,467,648 Class A shares (2005 - 112,467,788)	$	72		$	72
523,231,804 Class B shares (2005 - 515,404,682)		425			419
Total capital stock		497			491
Contributed surplus		3,736			3,643
Deficit		(33	)		(606	)
Shareholders' equity	$	4,200		$	3,528

Calculation of Net Income (Loss) Per Share

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
(In millions, except per share amounts)	2006		2005			2006		2005
Numerator:
Net income (loss) - basic and diluted	$	176	$	(67	)	$	622	$	(45	)
Denominator:
Weighted average number of Class A and Class B shares outstanding:
Basic		635.2		619.5			631.8		577.3
Effect of dilutive securities:
Employee stock options		11.9		-			10.1		-
Diluted		647.1		619.5			641.9		577.3
Net income (loss) per share for the period:
Basic	$	0.28	$	(0.11	)	$	0.99	$	(0.08	)
Diluted		0.27		(0.11	)		0.97		(0.08	)

Rogers Communications Inc. 34 Q4 2006 Earnings Press Release

Segmented Information ⁽¹⁾

For the Three Months Ended December 31, 2006

				Cable & Telecom
												Cable
						Rogers		Rogers				corporate			Total						Corporate
				Cable &		Home		Business		Rogers		items and			Cable						items and			Consolidated
(In millions of dollars)	Wireless			Internet		Phone		Solutions		Retail		eliminations			& Telecom			Media			eliminations			Totals
Operating revenue	$	1,257		$	505	$	99	$	155	$	84	$	(1	)	$	842		$	317		$	(46	)	$	2,370
Cost of sales		189			-		-		-		43		-			43			49			-			281
Sales and marketing expenses		186			27		30		19		32		-			108			59			-			353
Operating, general and administrative expenses		365			260		66		124		7		(1	)		456			162			(3	)		980
Integration and store closure expenses		-			-		-		-		1		3			4			-			-			4
		517		$	218	$	3	$	12	$	1	$	(3	)		231			47			(43	)		752
Management fees		3														17			5			(25	)		-
		514														214			42			(18	)		752
Depreciation and amortization		165														174			14			42			395
Operating income (loss)		349														40			28			(60	)		357
Interest
Long-term debt and other		(99	)													(54	)		(2	)		4			(151	)
Intercompany		-														(11	)		(1	)		12			-
Foreign exchange gain (loss)		(34	)													(4	)		(2	)		1			(39	)
Change in fair value of derivative instruments		24														-			-			-			24
Other income (expense)		(2	)													2			1			(3	)		(2	)
Income tax reduction (expense)		(52	)													16			(4	)		27			(13	)
Net income (loss) for the period	$	186													$	(11	)	$	20		$	(19	)	$	176
Additions to property, plant and equipment	$	201		$	188	$	71	$	48	$	6	$	-		$	313		$	16		$	24		$	554

For the Three Months Ended December 31, 2005

				Cable & Telecom
												Cable
						Rogers		Rogers				corporate			Total						Corporate
				Cable &		Home		Business		Rogers		items and			Cable						items and			Consolidated
(In millions of dollars)	Wireless			Internet		Phone		Solutions		Retail		eliminations			& Telecom			Media			eliminations			Totals
Operating revenue	$	1,050		$	453	$	75	$	143	$	91	$	(1	)	$	761		$	300		$	(40	)	$	2,071
Cost of sales		195			-		-		-		49		-			49			40			-			284
Sales and marketing expenses		194			27		13		19		34		-			93			58			-			345
Operating, general and administrative expenses		344			229		57		109		5		(1	)		399			163			(10	)		896
Integration expenses		25			-		-		-		-		3			3			-			4			32
		292		$	197	$	5	$	15	$	3	$	(3	)		217			39			(34	)		514
Management fees		2														11			4			(17	)		-
		290														206			35			(17	)		514
Depreciation and amortization		167														161			13			63			404
Operating income (loss)		123														45			22			(80	)		110
Interest
Long-term debt and other		(100	)													(61	)		( 1	)		(1	)		(163	)
Intercompany		10														(11	)		-			1			-
Loss on repayment of long-term debt		-														(10	)		-			-			(10	)
Foreign exchange gain (loss)		(2	)													(2	)		-			-			(4	)
Change in fair value of derivative instruments		2														-			-			-			2
Other income (expense)		(6	)													3			-			(7	)		(10	)
Income tax reduction (expense)		89														(1	)		15			(95	)		8
Net income (loss) for the period	$	116													$	(37	)	$	36		$	(182	)	$	(67	)
Additions to property, plant and equipment	$	205		$	160	$	33	$	14	$	4	$	-		$	211		$	12		$	3		$	431

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See “Reclassification of Wireless Equipment Sales and Cost of Sales” section.

.

Rogers Communications Inc. 35 Q4 2006 Earnings Press Release

Segmented Information ⁽¹⁾

For the Twelve Months Ended December 31, 2006

				Cable & Telecom
												Cable
						Rogers		Rogers				corporate			Total						Corporate
				Cable &		Home		Business		Rogers		items and			Cable &						items and			Consolidated
(In millions of dollars)	Wireless			Internet		Phone		Solutions		Retail		eliminations			Telecom			Media			eliminations			Totals
Operating revenue	$	4,580		$	1,944	$	355	$	596	$	310	$	(4	)	$	3,201		$	1,210		$	(153	)	$	8,838
Cost of sales		628			-		-		-		153		-			153			175			-			956
Sales and marketing expenses		604			123		96		70		123		-			412			206			4			1,226
Operating, general and administrative expenses		1,376			988		249		477		21		(4	)		1,731			678			(22	)		3,763
Integration and store closure expenses		3			-		-		-		6		9			15			-			-			18
		1,969		$	833	$	10	$	49	$	7	$	(9	)		890			151			(135	)		2,875
Management fees		12														64			17			(93	)		-
		1,957														826			134			(42	)		2,875
Depreciation and amortization		630														662			52			240			1,584
Operating income (loss)		1,327														164			82			(282	)		1,291
Interest
Long-term debt and other		(398	)													(223	)		(14	)		15			(620	)
Intercompany		89														(35	)		(2	)		(52	)		-
Loss on repayment of long-term debt		-														-			-			(1	)		(1	)
Foreign exchange gain (loss)		1														1			-			-			2
Change in fair value of derivative instruments		(5	)													1			-			-			(4	)
Other income (expense)		(2	)													-			6			6			10
Income tax reduction (expense)		(274	)													269			68			(119	)		(56	)
Net income (loss) for the period	$	738													$	177		$	140		$	(433	)	$	622
Additions to property, plant and equipment	$	684		$	492	$	193	$	98	$	11	$	-		$	794		$	48		$	186		$	1,712

For the Twelve Months Ended December 31, 2005

				Cable & Telecom
												Cable
						Rogers		Rogers				corporate			Total						Corporate
				Cable &		Home		Business		Rogers		items and			Cable &						items and			Consolidated
(In millions of dollars)	Wireless			Internet		Phone		Solutions		Retail		eliminations			Telecom			Media			eliminations			Totals
Operating revenue	$	3,860		$	1,735	$	150	$	284	$	327	$	(4	)	$	2,492		$	1,097		$	(115	)	$	7,334
Cost of sales		625			-		-		-		158		-			158			157			-			940
Sales and marketing expenses		604			123		27		38		132		-			320			198			-			1,122
Operating, general and administrative expenses		1,240			889		114		226		19		(4	)		1,244			614			(36	)		3,062
Integration expenses		54			-		-		-		-		5			5			-			7			66
		1,337		$	723	$	9	$	20	$	18	$	(5	)		765			128			(86	)		2,144
Management fees		12														41			15			(68	)		-
		1,325														724			113			(18	)		2,144
Depreciation and amortization		624														558			52			255			1,489
Operating income (loss)		701														166			61			(273	)		655
Interest
Long-term debt and other		(397	)													(249	)		(9	)		(44	)		(699	)
Intercompany		37														(24	)		(4	)		(9	)		-
Loss on repayment of long-term debt		-														(27	)		-			16			(11	)
Foreign exchange gain (loss)		26														12			1			(4	)		35
Change in fair value of derivative instruments		(27	)													2			-			-			(25	)
Other income (expense)		(6	)													3			1			4			2
Income tax reduction (expense)		84														(5	)		14			(95	)		(2	)
Net income (loss) for the period	$	418													$	(122	)	$	64		$	(405	)	$	(45	)
Additions to property, plant and equipment	$	585		$	515	$	121	$	63	$	15	$	-		$	714		$	40		$	16		$	1,355

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See “Reclassification of Wireless Equipment Sales and Cost of Sales” section.

Rogers Communications Inc. 36 Q4 2006 Earnings Press Release

Wireless 2006 and 2005 Quarterly Summary

					2006											2005
(In millions of dollars)	Q1		Q2		Q3			Q4		FY06		Q1		Q2		Q3		Q4		FY05
Operating revenue
Postpaid	$	907	$	1,002	$	1,080		$	1,095	$	4,084	$	751	$	817	$	899	$	917	$	3,384
Prepaid		47		49		57			61		214		48		53		56		53		210
One-way messaging		3		4		4			4		15		5		5		5		5		20
Network revenue		957		1,055		1,141			1,160		4,313		804		875		960		975		3,614
Equipment sales (1)		48		39		83			97		267		47		58		66		75		246
Total operating revenue		1,005		1,094		1,224			1,257		4,580		851		933		1,026		1,050		3,860
Operating expenses
Cost of equipment sales (1)	$	148	$	133	$	158		$	189	$	628	$	135	$	130	$	165	$	195	$	625
Sales and marketing expenses		128		137		153			186		604		124		133		153		194		604
Operating, general and administrative expenses		320		337		354			365		1,376		290		294		312		344		1,240
Integration expenses		4		1		(2	)		-		3		4		12		13		25		54
Total operating expenses		600		608		663			740		2,611		553		569		643		758		2,523
Operating profit	$	405	$	486	$	561		$	517	$	1,969	$	298	$	364	$	383	$	292	$	1,337

(1) Certain current and prior year amounts related to equipment sales and cost of equipment sales have been reclassified. See section entitled “Reclassification of Wireless Equipment Sales and Cost of Sales.”

					2006										2005
	Q1		Q2		Q3		Q4		FY06		Q1		Q2		Q3		Q4		FY05
Impact of reclassification on equipment sales and equipment cost of sales:
Decrease in equipment sales and cost of sales	$	47	$	57	$	41	$	61	$	206	$	25	$	31	$	43	$	48	$	147

Rogers Communications Inc. 37 Q4 2006 Earnings Press Release

Audited Full Year 2006 Financial Statements

In March 2007, we intend to file with securities regulators in Canada and the U.S. our Audited Annual Consolidated Financial Statements and Notes thereto for the year ended December 31, 2006 and MD&A in respect of such annual financial statements. Notification of such filings will be made by a press release and such statements will be made available on the rogers.com, sedar.com, and sec.gov websites or upon request. Our wholly-owned subsidiaries Wireless and Cable and Telecom also each intend to file their respective Audited Consolidated Financial Statements and Notes thereto for the year ended December 31, 2006 and MD&A in respect of such annual financial statements in March 2007.

Caution Regarding Forward-Looking Statements, Risks and Assumptions

This release includes forward-looking statements and assumptions concerning the future performance of our business, its operations and its financial performance and condition. These forward-looking statements include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. Statements containing expressions such as “could”, “expect”, “may”, “anticipate”, “assume”, “believe”, “intend”, “estimate”, “plan”, “guidance”, and similar expressions generally constitute forward-looking statements. These forward-looking statements also include, but are not limited to, guidance relating to revenue, operating profit and property, plant and equipment expenditures, expected growth in subscribers, the deployment of new services, integration costs, and all other statements that are not historical facts. Such forward-looking statements are based on current expectations and various factors and assumptions applied which we believe to be reasonable at the time, including but not limited to general economic and industry growth rates, currency exchange rates, product and service pricing levels and competitive intensity, subscriber growth and usage rates, technology deployment, content and equipment costs, the integration of acquisitions, and industry structure and stability.

Except as otherwise indicated, this release does not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or may occur after the date of the financial information contained herein.

We caution that all forward-looking information is inherently uncertain and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of risk factors could cause actual results to differ materially from those in the forward-looking statements, including but not limited to economic conditions, technological change, the integration of acquisitions, the failure to achieve anticipated results from synergy initiatives, unanticipated changes in content or equipment costs, changing conditions in the entertainment, information and communications industries, regulatory changes, changes in law, litigation, tax matters, employee relations, pension issues and the level of competitive intensity amongst major competitors, many of which are beyond our control. Therefore, should one or more of these risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and to not place undue reliance on such statements and assumptions. We are under no obligation

Rogers Communications Inc. 38 Q4 2006 Earnings Press Release

(and we expressly disclaim any such obligation) to update or alter any forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law.

Before making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, see the MD&A sections of our 2005 Annual Report entitled “Risks and Uncertainties” (found on pages 62 to 74), as well as the “Updates to Risks and Uncertainties” and “Government Regulation and Regulatory Developments” sections of our Third Quarter 2006 MD&A. Our annual and quarterly reports can be found at www.rogers.com, www.sedar.com, and www.sec.gov or are available directly from Rogers.

Additional Information

Additional information relating to us, including our Annual Information Form, and discussions of our most recent quarterly results, may be found on SEDAR at www.sedar.com or on EDGAR at www.sec.gov. Separate annual and quarterly financial results for RWI and Cable are also filed and are available on SEDAR and EDGAR.

About the Company

Rogers Communications Inc. (TSX: RCI; NYSE: RG) is a diversified Canadian communications and media company engaged in three primary lines of business. Rogers Wireless is Canada's largest wireless voice and data communications services provider and the country's only carrier operating on the world standard GSM technology platform. Rogers Cable and Telecom is Canada's largest cable television provider offering cable television, high-speed Internet access, residential telephony services, and video retailing, while its Rogers Business Solutions division is a national provider of voice communications services, data networking, and broadband Internet connectivity to small, medium and large businesses. Rogers Media is Canada's premier collection of category leading media assets with businesses in radio and television broadcasting, televised shopping, publishing, and sports entertainment. For further information about the Rogers group of companies, please visit www.rogers.com.

Investment Community Contacts

Bruce M. Mann, 416.935.3532, bruce.mann@rci.rogers.com

Dan Coombes, 416.935.3550, dan.coombes@rci.rogers.com

Media Contacts

Corporate and Media - Jan Innes, 416.935.3525, jan.innes@rci.rogers.com

Wireless, Cable and Telecom - Taanta Gupta, 416.935.4727, taanta.gupta@rci.rogers.com

Rogers Communications Inc. 39 Q4 2006 Earnings Press Release

Quarterly Investment Community Conference Call

As previously announced by press release, a live Webcast of our quarterly results conference call with the investment community will be broadcast via the Internet at www.rogers.com/webcast beginning at 5:00 p.m. EST on February 15, 2007. A rebroadcast of this call will be available on the Webcast Archive page of the Investor Relations section of www.rogers.com for a period of at least two weeks following the call.

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Rogers Communications Inc. 40 Q4 2006 Earnings Press Release