Largest telecom operator in Canada servicing more than 17.6 million customer connections Solid market position in wireline (No. 1), wireless (No. 2), direct-to-home satellite video (No. 1), and broadcast television/media (No. 1) Strong franchise with solid brands, broad distribution, well-upgraded networks, quad-play capability, and favorable revenue diversity among residential and business customers History of protecting healthy profit margins Mature market for its services and strong competition Ongoing voice revenue erosion Lower exposure to growth-oriented wireless operations compared with other large peers Strong free cash flow from well-established operations Moderate financial policies Pending acquisition of Astral Media Inc. will weaken debt leverage(albeit temporarily) beyond policy range of 1.5x-2.0x Increased degree of acquisitions in recent years Rising pension deficit High capital intensity
