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CEO's letter to our investors

The courage to innovate

Dear investor,

2010 was a year of building momentum that positions TELUS for even stronger performance in 2011. We are realizing the benefi ts of our major strategic investments. Our relentless pursuit of innovation is creating positive differences for customers, providing competitive advantages, generating value for our stakeholders and standing us in good stead for the future.

Delivering success

One year ago, I wrote that 2010 was a great opportunity for improved performance and growth at TELUS. Our decisions to pursue wireless and wireline broadband investments and innovative new services required courage as they were made during the 2009 recession, at a time when many companies were reducing capital expenditures. These strategic investments strengthened our competitive position and helped attract new customers. Accordingly, we generated strong performance in 2010, and our 2011 targets show that we expect the trend to continue.

TELUS' consistent strategy, growth-oriented asset mix, high-performing team and commitment to operational excellence were evidenced by the company's improved financial performance in 2010. This helped drive a 33 per cent increase in share price and allowed us to deliver two dividend increases to shareholders last year. In 2010, TELUS provided an excellent total shareholder return of 40 per cent. By comparison, the Toronto Stock Exchange provided a return of 18 per cent. Notably, over the past 11 years, TELUS has delivered the highest cumulative total shareholder return among global incumbent telcos.


To fulfill our philosophy to give where we live, TELUS is a passionate supporter of many sponsorship events across Canada, such as the World Police & Fire Games, at which Darren Entwistle is pictured above, and the TELUS World Skins Game.
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A message from our CEO

Learn how we are realizing the benefits of our major strategic investments.

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Driven to excel

Enterprise value

2010: $21.2 billion
2000: $10.5 billion

102%

Dividends to shareholders

2010: $642 million
2000: $336 million

91%

Free cash flow

2010: $947 million
2000: $144 million

558%

Revenue

2010: $9.8 billion
2000: $6.0 billion

63%

EBITDA

2010: $3.6 billion
2000: $2.4 billion

50%

Net income

2010: $1.0 billion
2000: $681 million

47%

High-speed Internet subscribers

2010: 1.2 million
2000: 26,000

4,515%

TELUS TV subscribers

2010: 314,000
2000: 0

Wireless subscribers

2010: 7.0 million
2000: 1.1 million

536%

Total customer connections

2010: 12.3 million
2000: 6.0 million

105%

2000: Revenue, EBITDA, net income and EPS are 12 months from June 30, 2000. Free cash flow is for year ended Dec. 31, 2000. Subscribers and enterprise value are as at Jan. 1, 2000.
2010: Revenue, EBITDA, net income, EPS and free cash flow are for the year ended Dec. 31, 2010. Subscribers and enterprise value are as at Dec. 31, 2010.


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