We believe evidence continues to mount suggesting Wi-Fi should no longer be viewed solely as a complement to mobile networks, but increasingly should be looked at as a potential disruptive substitute. Wi-Fi is not just an offload avenue for wireless data traffic, but in fact may be the primary means by which wireless data is consumed. Given that the bull case for mobile operators hinges on capturing revenue from the exponential growth in data volumes, we believe these trends need to be monitored closely. In our view, how the relationship between the mobile networks and Wi-Fi evolves could be a key determinant in the investment attractiveness of the wireless services sector.