Despite ongoing regulatory challenges and intensifying competition, we believe Rogers has one of the more enviable positions in Canada’s telecom market. The firm holds a 30% market share in wireless and continues to invest in network improvements. However, we do not see any major practical difference in the wireless networks of the Big 3. With little separating the wireless networks, and as Quebecor continues to build out a national wireless competitor, we expect competition to put downward pressure on prices. While we don’t believe this will threaten Rogers’ market position, it will likely put a damper on wireless services growth until 2033, when pricing restrictions no longer bind Quebecor.