Telus 2015 Annual Report Download - page 5

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 Ability to sustain our dividend growth program of circa 10% per annum through 2016 and our
ability to sustain and complete our multi-year share purchase program through 2016. These
programs may be affected by factors such as regulatory decisions and developments, our
earnings and free cash flow, our levels of capital expenditures and spectrum licence
purchases, the competitive environment and economic performance in Canada. Quarterly
dividend decisions are subject to assessment and determination by our Board of Directors
(Board), based on the Company’s financial position and outlook. The share purchase
program may be affected by a change in our intention to purchase shares, and the
assessment and determination of our Board from time to time. Consequently, there can be no
assurance that these programs will be maintained through 2016 and/or renewed thereafter.
 Human resource matters including: recruitment, retention and appropriate training in a highly
competitive industry; the future outcome of collective bargaining for an agreement with the
Telecommunications Workers Union (TWU), United Steel Workers Local Union 1944, which
expired at the end of 2015; and the level of employee engagement.
 Process risks including: our reliance on legacy systems and ability to implement and support
new products and services and business operations; our ability to implement effective change
management for system replacements and upgrades, process redesigns and business
integrations; implementation of complex large enterprise deals that may be adversely
impacted by available resources, system limitations and degree of co-operation from other
service providers; our ability to successfully manage operations in foreign jurisdictions;
information security and privacy breaches, including data loss or theft of data; intentional
threats to our infrastructure and business operations; and real estate joint venture re-
development risks.
 Tax matters including: complex tax laws that may be subject to interpretation by the tax
authorities that may differ from our interpretations; changes in tax laws, including tax rates;
elimination of income tax deferrals through the use of different tax year-ends for operating
partnerships and corporate partners; and international tax complexity and compliance.
 Business continuity events including: our ability to maintain customer service and operate our
networks in the event of human error or human-caused threats, such as electronic attacks
and equipment failures that could cause various degrees of network outages; supply chain
disruptions; natural disaster threats; epidemics and pandemics; and the completeness and
effectiveness of business continuity and disaster recovery plans and responses.
 Litigation and legal matters including: our ability to defend successfully against investigations,
claims and lawsuits, including class actions pending against us and possible class actions
based on consumer claims, data or security breaches and secondary market liability; and the
complexity of legal compliance in domestic and foreign jurisdictions.
 Acquisitions or divestitures including: our ability to successfully integrate acquisitions or
complete divestitures in a timely manner, and realize expected strategic benefits.
 Health, safety and environmental developments and other risk factors discussed herein and
listed from time to time in our reports and public disclosure documents, including our annual
report, and other filings with securities commissions or similar regulatory authorities in
Canada (on SEDAR at sedar.com) and in our filings with the Securities and Exchange
Commission (SEC) in the United States, including Form 40-F (on EDGAR at sec.gov).
Section 10: Risks and risk management in our 2015 annual MD&A is incorporated by
reference in this cautionary statement.