1. Table 1: Free Cash Flow NameYear1999200020012002200320042005200620072008TTM5 yr avg10 yr avg ShawFCF-93.2-330.5-741-529.8117.9342.1317.4315.1348.9636.1700.8463.66117.7 Sales728.397115721888.62076.72079.82209.82459.32774.53104.93323.72774.442246.03 FCF/Sales-12.80%-34.04%-47.14%-28.05%5.68%16.45%14.36%12.81%12.58%20.49%21.08%16.26%-0.58% TelusFCF445.9194.1-850.848.7891.31219.11595.61185.31401.496010631241.06770.77 Sales5761.86443.17202.67006.771467581.28142.786819074.4965396569041.428058.67 FCF/Sales7.74%3.01%-11.81%0.70%12.47%16.08%19.60%13.65%15.44%9.95%11.01%13.93%9.01% RogersFCF-321.3-304.3-627.6-312.3-85184.5-108.2579.29681041.71021.7700.48235.77 Sales2141.423332451.12736.53751.14680.86405.17594.7101939181.99319.98538.925864.71 FCF/Sales-15.00%-13.04%-25.60%-11.41%-2.27%3.94%-1.69%7.63%9.50%11.35%10.96%7.55%-1.06% BCEFCF-993.2-2481.3-275176028362155213122562553292427642525.61314.67 Sales14258.918121.821711197681905619193191051771317866176981757717991.818780.88 FCF/Sales-6.97%-13.69%-12.67%3.84%14.88%11.23%11.15%12.74%14.29%16.52%15.73%14.09%7.40%

2. Table 2: ROE NameYear1999200020012002200320042005200620072008TTM5 yr avg10 yr avg ShawNet Margin6.29%12.18%-9.38%-15.27%-2.30%4.37%7.27%18.64%14.00%21.63%16.36%15.58%6.75% ROA1.32%2.61%0.00%-3.33%-0.59%1.20%2.14%6.13%4.95%8.13%6.42%5.55%2.77% ROE2.87%5.67%-5.19%-9.47%-1.81%3.65%7.07%23.73%20.43%31.61%23.15%21.20%9.88% Financial Leverage2.12.232.673.05 3.033.614.164.093.713.63.833.32 TelusNet Margin6.07%7.17%6.15%-3.42%4.49%7.44%8.60%12.93%13.86%11.69%11.74%11.76%8.07% ROA4.45%3.81%0.00%-1.28%1.80%3.19%4.11%6.86%7.51%6.24%6.11%6.17%3.84% ROE8.06%8.60%6.64%-3.60%4.95%8.28%10.08%16.27%18.16%15.99%15.78%15.26%10.12% Financial Leverage1.812.562.792.862.652.542.362.382.452.672.582.492.58 RogersNet Margin27.04%4.04%-11.10%7.22%2.67%-0.24%-0.60%7.04%6.29%8.84%8.33%5.98%3.25% ROA13.55%1.96%0.00%3.59%1.67%-0.13%-0.33%4.46%4.65%5.54%4.98%3.86%2.64% ROE116.81%7.17%-17.43%16.44%8.86%-0.59%-1.41%16.13%15.51%19.13%16.47%13.17%8.03% Financial Leverage4.313.263.716.074.794.613.923.363.313.623.443.534.01 BCENet Margin38.41%26.87%2.11%12.22%9.15%7.94%9.90%10.94%21.97%4.63%5.25%10.54%11.10% ROA15.90%11.00%0.87%5.15%4.42%3.88%4.74%4.99%10.50%2.11%2.43%4.95%5.01% ROE34.78%27.48%2.77%17.86%14.99%12.55%14.88%15.65%30.02%5.65%6.44%14.53%14.83% Financial Leverage2.072.943.463.483.33.173.113.162.612.73 2.873.07

3. Table 3: Dividend Analysis NameYear19992000200120022003200420052006200720082009 ShawYearly Dividend0.040.0450.05 0.160.310.4750.54050.6460.76 Dividend Increase0.00%12.50%11.11%0.00% 220.00%93.75%53.23%13.79%19.52%17.65% Payout Ratio66.67%16.67%-11.11%-7.04%-26.32%106.67%91.18%45.24%60.73%41.68%59.84% Year19992000200120022003200420052006200720082009 TelusYearly Dividend1.4 1.20.6 0.81.11.51.81.88 Dividend Increase8.53%0.00%-14.29%-50.00%0.00% 33.33%37.50%36.36%20.00%4.44% Payout Ratio95.89%90.91%-235.29%-80.00%65.93%38.22%41.24%33.33%39.89%51.43%48.70% Year19992000200120022003200420052006200720082009 RogersYearly Dividend000000.05 0.0750.330.8751.12 Dividend Increase0.00% 100.00%0.00%50.00%340.00%165.15%28.00% Payout Ratio0.00% -35.71%-62.50%7.73%33.33%55.73%54.90% Year19992000200120022003200420052006200720082009 BCEYearly Dividend1.361.2 1.32 1.460.731.54 Dividend Increase0.00%-11.76%0.00% 10.00%0.00%10.61%-50.00%110.96% Payout Ratio17.57%93.02%27.40%57.42%63.16%83.92%69.84%62.26%30.80%65.18%81.05%