CFO letter to investors

Growing value

Building on the momentum created in 2011, we are optimistic about our future prospects while aware of the many risks we face, whether they be competitive, need for spectrum or otherwise. This positive outlook is reflected in our 2012 targets and the clarity of our dividend growth model out to 2013.

Our financial strength, unrelenting focus on our growth strategy and disciplined adherence to our financial policies serve to position TELUS for continued success and should provide ongoing value for investors.

Sincerely,
Robert McFarlane Signature
Robert McFarlane
Executive Vice-President and Chief Financial Officer
February 23, 2012

Discover how TELUS continued to realize the benefits of its strategic investments and generated positive financial performance in 2011.

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