Telus 2008 Annual Report Download - page 3

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements about expected future events and
financial and operating results of TELUS Corporation and its subsidiaries (collectively,
TELUS or the Company). By their nature, forward-looking statements require the Company
to make assumptions, and forward-looking statements are subject to inherent risks and
uncertainties. There is significant risk that assumptions, predictions and other forward-
looking statements will not prove to be accurate. Readers are cautioned not to place undue
reliance on forward-looking statements as a number of factors could cause actual future
results, conditions, actions or events to differ materially from the targets, expectations,
estimates or intentions expressed. Except as required by law, the Company disclaims any
intention or obligation to update or revise any forward-looking statements, and reserves the
right to change, at any time at its sole discretion, its current practice of updating annual
targets and guidance.
Factors that could cause actual results to differ materially include, but are not limited to:
Competition (including more active price competition and the likelihood of new wireless
competitors beginning to offer services in late 2009 and into 2010 as a result of the 2008
advanced wireless services (AWS) spectrum auction); economic growth and fluctuations
(including the global credit crisis, and pension performance, funding and expenses); capital
expenditure levels (increasing in 2009 and potentially in future years due to the Company’s
fourth generation (4G) wireless deployment strategy and any new Industry Canada wireless
spectrum auctions); financing and debt requirements (including ability to carry out refinancing
activities and fund share repurchases); tax matters (including acceleration or deferral of
required payments of significant amounts of cash taxes); human resource developments;
business integrations and internal reorganizations (including ability to successfully implement
cost reduction initiatives); technology (including reliance on systems and information
technology, broadband and wireless technology options, choice of suppliers and suppliers’
ability to maintain and service their product lines, expected technology and evolution path
and transition to 4G technology, expected future benefits and performance of high-speed
packet access (HSPA) / long-term evolution (LTE) wireless technology, successful
implementation of the network build and sharing arrangement with Bell Canada to achieve
cost efficiencies and reduce deployment risks, successful deployment and operation of new
wireless networks and successful introduction of new products, services and supporting
systems); regulatory approvals and developments (including interpretation and application of
tower sharing and roaming rules, the design and impact of future spectrum auctions, the
review of new media and Internet traffic management practices, and possible changes to
foreign ownership restrictions); process risks (including conversion of legacy systems and
billing system integrations, and implementation of large complex deals); health, safety and
environmental developments; litigation and legal matters; business continuity events
(including manmade and natural threats); any prospective acquisitions or divestitures; and
other risk factors discussed herein or listed from time to time in TELUS’ reports and public
disclosure documents including its annual report, financial statements, management’s
discussion and analysis, and other filings with securities commissions in Canada (on SEDAR
at sedar.com) and the United States (on EDGAR at sec.gov). Refer, in particular, to the
assumptions contained in sub-section 1.5 and the risk factors contained in section 10 of the
Company’s 2008 management’s discussion and analysis entitled “Financial and operating
targets for 2009” and “Risks and risk management”, respectively.
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