CEO's letter to our investors

The courage to innovate

This is an exciting time for our company as we are well positioned to realize the competitive advantages of our strategic growth investments. Due to our focus on innovation and operational execution, we are in a position to monetize the benefits being increasingly delivered by our proven strategy, our communications expertise and the strength of our team.

As we continue our journey and build on the momentum created in 2010, I am confident that TELUS has many opportunities in the years ahead to generate sustainable value. My personal goals are that TELUS, over the next three years, has the potential to generate low double-digit annualized growth in EPS and even greater free cash flow growth, excluding any one-time items such as future spectrum purchases. This would be consistent and supportive of TELUS' dividend growth model, to which I remain strongly committed. Accordingly, I have decided once again to take the entirety of my 2011 annual cash salary compensation in TELUS shares.

The TELUS team is positioned to successfully progress our company through 2011 and beyond with the courage to innovate as a core value. We plan to continue generating value for our shareholders, debt holders, clients, team members and the communities we serve.

Thank you for your continued support.