Telus 2009 Annual Report Download - page 3

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This document and the Company’s Annual Management’s Discussion & Analysis for the year ended
December 31, 2009 (“ MD&A”) contain forward-looking statements about expected future events and
financial and operating performance of TELUS Corporation (TELUS or the Company, and where the
context of the narrative permits, or requires, its subsidiaries). 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 future performance,
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. Targets for 2010 and
assumptions are described in Section 1.5 of the MD&A.
Factors that could cause actual performance to differ materially include, but are not limited to:
Competition (including more active price competition; the expectation that new wireless competitors
will launch or expand services in 2010 using advanced wireless services (AWS) spectrum; industry
growth rates including wireless penetration gain; actual network access line losses; TELUS TV and
wireless subscriber additions experience; variability in wireless average revenue per unit (ARPU) as
well as variability in subscriber acquisition and retention costs that are dependent on subscriber
loading and retention volumes, smartphone sales and subsidy levels, and TELUS TV installation
costs); economic growth and fluctuations (including strength and persistence of the economic recovery
in Canada, and pension performance, funding and expenses); capital expenditure levels in 2010 and
beyond (due to the Company’s wireline broadband initiatives, 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); tax matters (including acceleration or
deferral of required payments of significant amounts of cash taxes); human resource developments
(including collective bargaining in the TELUS Québec region and for a national collective agreement
expiring in late 2010); business integrations and internal reorganizations (including ability to
successfully implement cost reduction initiatives and realize expected savings); technology (including
reliance on systems and information technology, broadband and wireless technology options and roll-
out plans, 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 deployment and operation of new wireless networks and successful introduction of new
products (such as new HSPA devices), new services and supporting systems; and successful
upgrades of TELUS TV technology); regulatory approvals and developments (including the incumbent
local exchange carriers’ (ILECs’) obligation to serve; utilization of funds in the ILECs’ deferral
accounts; interpretation and application of tower sharing and roaming rules; the design and impact of
future spectrum auctions (including the cost of acquiring the spectrum); the possibility of Industry
Canada changing annual spectrum fees to a market-based approach; and possible changes to foreign
ownership restrictions); process risks (including conversion of legacy systems and billing system
integrations, and implementation of large complex enterprise deals that may be adversely impacted by
available resources and degree of co-operation from other service providers); health, safety and
environmental developments; litigation and legal matters; business continuity events (including human-
caused and natural threats); any future acquisitions or divestitures; and other risk factors discussed
herein or in the MD&A and listed from time to time in TELUS’ reports and public disclosure documents
including its annual report and other filings with securities commissions in Canada (on SEDAR at
sedar.com) and in its filings in the United States, including Form 40-F (on EDGAR at sec.gov).
For further information, see Section 10: Risks and risk management in the MD&A.
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