Rogers Communications and Rogers Cantel Close $1.4 Billion Equity Transaction with AT&T Corp. and British Telecommunications - Company Business and Marketing

Cambridge Telcom Report, August 23, 1999

Rogers Communications Inc. ("RCI") and Rogers Cantel Mobile Communications Inc. ("Rogers Cantel") Monday announced the closing of the acquisition of a 33 per cent stake in Rogers Cantel by AT&T Corp. and British Telecommunications plc. As a result, Rogers Cantel receives approximately $964 million in cash from the sale of treasury shares, while RCI receives approximately $427 million in cash from the sale of Rogers Cantel shares held by RCI.

Rogers Communications Inc. (Toronto: RCI.A and RCI.B; NYSE: RG) is Canada's national communications company engaged in cellular, Digital PCS, paging and data communications through its subsidiary, Rogers Cantel Mobile Communications Inc; in cable television, high-speed Internet access, and video retailing through its wholly-owned subsidiary, Rogers Cablesystems Limited; and in radio and television broadcasting, tele-shopping, publishing and new media businesses through its wholly owned subsidiary, Rogers Media Inc.

Rogers Cantel is Canada's largest mobile company serving more than two million customers. Rogers Cantel provides a complete range of wireless solutions including cellular, paging and interactive messaging, digital PCS and wireless data services. The Cantel AT&T network currently covers more than 93 per cent of the Canadian population with Digital PCS service available to more than 80 per cent of Canadians. After this transaction, Rogers Cantel Mobile Communications Inc. (Toronto: RCM.B; NYSE: RCN), is a 51 per cent owned subsidiary of Rogers Communications Inc.