Second-largest telecom operator in Canada, servicing more than 13 million customer connections Strong market position in wireless (No. 2); leading fixed-line provider in western Canada and eastern Quebec Favorable mix of growth versus legacy revenue, and good revenue diversity among business and residential customers Strong franchise with solid brand(s), broad distribution, and quad-play capability History of sustaining solid profitability in wireless Intense competition in wireless and wireline segment Market maturity given high penetration for services and technological substitution for fixed-line voice Strong cash-generating ability from well-established operations Historically moderate and well-articulated financial policies Healthy credit ratios with an adjusted debt-to-EBITDA ratio expected to be in the low-2x area within the next two years Strong liquidity Potential for aggressive shareholder distributions
