investor information

Credit rating summary

During 2005, all four bond rating services increased their ratings by one notch and set the outlook or trend to “stable.”

Investor relations activities

2005 conferences and meetings

Total of 14 conference presentations, six in Canada and eight in the United States, most of which were webcast for easy access for shareholders
Five conference calls with webcast – four quarterly earnings calls and one 2006 targets call
Annual general meeting with webcast
Meetings with 228 investors – 79 in Canada, 128 in the United States and 21 in Europe.

2005 key investment events

Received upgrades from all four bond rating agencies
- Moody’s upgraded TELUS Corporation to Baa2 from Baa3, with a stable outlook
- Standard & Poor’s and Fitch Ratings upgraded TELUS Corporation and TELUS Communications Inc. (TCI) to BBB+ from BBB, with a stable outlook
- Dominion Bond Rating Service upgraded TELUS Corporation and TCI to BBB (high) and A (low) from BBB and BBB (high), respectively, with stable trends
TELUS continued to purchase shares under its Normal Course Issuer Bids
- 21.8 million shares (10.3 common and 11.5 non-voting) were purchased under the original bid for a total outlay of $913 million representing 85 per cent of the total authorized program amount
- A new share repurchase program for up to 24 million shares took effect on December 20, 2005 and 1.2 million shares were purchased for $58 million by the end of 2005
On June 16, TELUS redeemed its 6.75% Convertible Unsecured Subordinated Debentures due June 15, 2010 at par plus accrued interest. Prior to the June redemption, approximately 88 per cent of holders elected to convert to 3.3 million TELUS non-voting shares. The total cash outlay for the remaining debentures not converted was $18 million
On December 1, TELUS redeemed early its $1.578 billion 7.50%, Series CA, Notes due June 1, 2006
On November 18, the members of the Telecommunications Workers Union (TWU) ratified a new five-year collective agreement, which extends to 2010
On November 24, TELUS announced the integration of the wireless and wireline segments of its business – TELUS Mobility and TELUS Communications – into a single operating structure and appointed a smaller executive leadership team of 10 (previously 13). A catalyst for this integration was the resignation in October of George Cope, President and Chief Executive Officer of TELUS Mobility
On December 16, 2005, TELUS issued a news release and held a conference call to publicly announce its financial and operating targets for 2006.

Analyst coverage

As of February 2006, 17 equity analysts covered TELUS. For a detailed list, visit about.telus.com/investors/investor-factsheet.html.

Valuation dates and prices

For capital gains purposes, valuation dates and prices are as follows:

e-delivery of shareholder documents

The benefits of electronic delivery (e-delivery) include access to important company documents in a convenient, timely and environmentally friendly manner, reducing printing and mailing costs.

Registered shareholders

TELUS has partnered with eTree to allow registered shareholders the opportunity to receive the annual report materials through e-delivery. As a thank you for enrolling, TELUS and the Tree Canada Foundation plant a tree on your behalf.

To enrol, visit eTree.ca/telus and you will receive all annual report and proxy materials electronically. You will be notified by e-mail with a link to the website where documents are available.

Beneficial shareholders

For shareholders who hold their shares with an investment dealer or financial institution, access investordeliverycanada.com or contact your investment advisor to enrol for the convenient electronic delivery service.