When high-speed Internet was first introduced in the 1990s, cablecos and telcos started to compete against each other for the first time. But because it was a nascent market, both were able to enjoy Internet subscriber growth with the market and competition generally balanced. Since 2005, the battle has been more intense, with each winning share over multiple-year cycles. From 2005 to 2009, cablecos started to gain Internet share with the help of triple-play bundles leveraging their entrance into cable telephony. In 2010, the tides reversed as telcos began to gain share with differentiated Internet Protocol television (IPTV) services bundled with Internet services; this lasted about six years. We believe 2016 marks another inflection point and the start of another multiple-year cycle – this time, we believe it will be led by cablecos focusing on higher-speed Internet services before the telcos’ fibre-to-the-home (FTTH) expansion is complete. We believe this will be further enhanced by cablecos’ improved next-generation TV solution with the help of Comcast’s X1 platform.