Financial review

We've made our annual report future friendly, meaning its accessible online at anytime. Consider using a link to reference its contents, or printing only the sections that are needed for your reference.

View the caution regarding forward-looking statements.

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Glossary

Caution regarding forward-looking statements summary

The annual report contains statements about expected future events and financial and operating performance of TELUS that are forward-looking. By their nature, forward-looking statements are subject to inherent risks and uncertainties and require the Company to make assumptions. There is significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forwardlooking statements as a number of factors could cause assumptions, actual future performance and events to differ materially from those expressed in the forward-looking statements. Accordingly this document is subject to the disclaimer and qualified in its entirety by the assumptions (including assumptions for 2012 targets), qualifications and risk factors referred to in Management's discussion and analysis starting on page 38 of the annual report and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). TELUS disclaims any intention or obligation to update or revise forward-looking statements, except as required by law, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.

All financial information is reported in Canadian dollars unless otherwise specified.

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