Largest telecom operator in Canada servicing more than 22 million customer connections Solid market position in fixed-line broadband and voice (No. 1), wireless (No. 2), video (No. 1), and broadcast television/media (No. 1) Strong franchise with solid brand(s), broad distribution, well-upgraded networks, quad-product bundling capability, and healthy revenue diversity among residential and business customers Above-average profitability of wireless and wireline segments Mature market for its services amid strong competition Secular pressure from technological substitution for voice, legacy data, and traditional video Lower exposure to growth-oriented wireless operations compared with other large integrated peers Strong free cash flow from well-established operations Historically, balanced financial policies Several acquisitions in recent years have kept debt leverage beyond its public target High capital intensity
