RE:Scotia commentsMarket valuation of TTech is pricing-in higher growth than what is currently anticipated by the street. When we peel back the value of TIXT from TELUS’s corporate EV/EBITDA multiple we find that TTech (telecom+Health+Ag) is currently being priced at around 8.1x 2024E EV/EBITDA when a more appropriate valuation given the segments' expected EBITDA growth in 2025 should be closer to 7.7x. The relationship, which we show in Exhibit 1, indicates that TELUS’s stock is trading around $2/share higher than what would be explained by regression analysis. Overall we believe current yearly guidance and consensus growth expectations are achievable; however, the stock looks to be ahead of itself if one compares valuation to North American peers.