Mr. Peter Hendrick:

I will respond. Unlike what one will see in a toll contract, we take on the revenue risk of the take-up. NBI, its board and its shareholders are taking on that risk. To give the committee some sense of this, broadband networks typically involve take-up over time. When we looked at this in 2018 and 2019, we had considerable evidence from Europe and other markets where people were transitioning from what we call legacy broadband networks on to fibre. Some of this was based on how far one could go with those networks in both capacity and speeds. What we are finding now is that the demand for content and bandwidth is so much higher. Hence the reason we are delivering 500 Mbps. We are, therefore, seeing an earlier adoption of users transitioning from those legacy networks on to our fibre network.

Another key enabler in our take-up is the number of operators that we have selling and have signed up to our network.