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RCI adopts dividend policy

TORONTO - Rogers Communications Inc. announced today that for the first time it has adopted a dividend policy of paying, in each year, dividends on each of its Class B non-voting shares and Class A voting shares.

The dividend will be $0.10 per share per year, to be payable twice yearly on the first trading day following July 1 and January 1 in each year, commencing July 2, 2003, each such semi-annual dividend to be in the amount of $0.05 per share.

This will result in a semi-annual payment of dividends on the Series E preferred shares in the amount of $0.05 per share (such shares were issued to employees under the 1991 Convertible Preferred Share Purchase Plan and approximately 136,000 of such shares are currently outstanding). The payment of each semi-annual dividend, including the dividend proposed for July 2, 2003, will remain subject to declaration of that dividend by the board of directors of Rogers Communications.

The board of directors is expected to approve, at its meeting today, the declaration of the first dividend under its new policy in the amount of C$0.05 per share payable on July 2, 2003. The record date for the determination of the holders of the Class B non-voting shares and Class A voting shares will be set at the time that that dividend is declared.

Also today, RCI announced that it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc. for the issuance of 12,722,647 million Class B non-voting shares at a price of $19.65 per share for total gross proceeds of approximately C$250 million.

The equity issue is being underwritten on a "bought deal" basis and is being made by way of a prospectus filed in all provinces of Canada and a registration statement filed in the United States, and is subject to regulatory approval. Closing of the offering is expected on or about June 12, 2003.

"As part of the company's focus on de-leveraging, the net proceeds of the offering will be used, together with other available funds, to redeem US$205.4 million aggregate principal amount of Rogers Communications Inc.'s senior notes, due 2007 and for general corporate purposes." says the press release.

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