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x WATERUX) cummcua 'Wedneadly, iuiy 31. 2013- ll l "Why would Ottawa create a policy environment that favours a US. telecom giant and deliberately trashes the shareholders of the major Canadian wireless players?" Terence Corcoran, Financial Post, June 27, 2013 "But there is no basis for the Commission to give certain large companies a regulatory hand-out... . so they can acquire spectrum... at a substantial discount over the price that would otherwise be received." Verizon, Regulatory filing to the FCC on US. Incentive Auctions, March 72, 2073 “In fact a report published last week commissioned by the CRTC suggested a similar conclusion (that wireless prices have come down meaningfully since 2008) - so we're not entirely sure where industry Canada is getting its data about the market not being competitive. Then again, the government wouldn't let a little data get in the way of a good lever for getting votes, and that‘s clearly what is going on here." . Bob Eek, CIBC World Markets, July l2, 2073 "The perception that Canadian prices are high relative to other jurisdictions has been seized upon by i the government as an imitation to intervene and deliver lower' prices. But the perception is false and [ the inVitation is illogical." Dr Jeffrey Church and Andrew Wilkins of the University of Calgary, I The Globe and Mail, July 8, 2073 . " the federal government's anythingâ€"goes market interventions to support a fourth carrier have so gerrymandered the rules to favour Verizon sweeping in that any investor seriously interested in buying shares in Canadian telecom companies should be spooked." J Sean 5/7me The Globe and Mail, June 27, 2073 ‘ "This will mean Significant layoffs which could ea5ily trump the hiring to be done by Verizon. I which beSIdes a needed presence in retail outlets. should be able to initially handle a lot of functions (marketing, billing) from the United States " Adam Shine, National Bank FinanCial, June 26. 20l3 I "Unlike the national incumbents in Canada, we wonder if Verizon has a strategy for wireless 1 broadband in rural markets. a key political conSIderation for the current Conservative Government." Dvai Ghose, Canaccord Genurty, July 2, 2073 Yb. who". [mutations and corporate or ocodomic Institutions "form-d have not W or Worm any statement or Mm of B.“ No mm inpment by thorn of this W by Boil is intended or muted.