Mr. Bill Zhang reports

TELUS ANNOUNCES UPSIZING AND RESULTS OF ITS CASH TENDER OFFERS FOR EIGHT SERIES OF DEBT SECURITIES

Telus Corp. (i) has released the results of its previously announced separate offers to purchase for cash up to the maximum purchase amount (as defined below) of its outstanding notes of the series listed in the table below; and (ii) has amended the offers by increasing the maximum purchase amount from $600-million to an amount sufficient to accept all tendered 3.95 per cent senior notes, Series CAB, due February, 2050, and 4.10 per cent senior notes, Series CAE, due April, 2051, in full, and approximately $261,873,000 principal amount of the 4.40 per cent senior notes, Series CU, due January, 2046.

The offers

The offers were made upon the terms and subject to the conditions set forth in the offer to purchase dated June 20, 2025, relating to the notes.

According to information provided by Computershare Investor Services Inc., the tender agent, $3,108,424,000 combined aggregate principal amount of the notes were validly tendered in connection with the offers prior to or at 5 p.m. Eastern Time on June 27, 2025, and not validly withdrawn. The table below provides certain information about the offers, including the aggregate principal amount of each series of notes validly tendered and not validly withdrawn prior to the expiration date.

Indicative series acceptance amounts

The company expects to accept for purchase $691.7-million aggregate principal amount of the 3.95 per cent senior notes, Series CAB, due February, 2050, $421.9-million aggregate principal amount of the 4.10 per cent senior notes, Series CAE, due April, 2051, none of the tendered 2.05 per cent senior notes, Series CAD, due October, 2030, $261.9-million aggregate principal amount of the 4.40 per cent senior notes, Series CU, due January, 2046, tendered into the offer for such notes, on a pro rata basis, with the actual amount accepted to be adjusted for rounding due to proration, none of the tendered 4.40 per cent senior notes, Series CL, due April, 2043, none of the tendered 2.85 per cent senior notes, Series CAF, due November, 2031, none of the tendered 4.70 per cent senior notes, Series CW, due March, 2048, and none of the tendered 4.75 per cent senior notes, Series CR, due January, 2045.

The financing condition as described in the offer to purchase has been satisfied as a result of the closing of the company's previously announced offering of junior subordinated notes in an aggregate principal amount of $1.5-billion (U.S.).

Pricing and settlement

Pricing in respect of the notes is expected to occur at 11 a.m. Eastern Time today, June 30, 2025, following which the final acceptance amount, the offer yield and the total consideration in respect of the notes validly tendered and accepted for purchase pursuant to the offers will be announced by the company.

The settlement date in respect of any notes validly tendered and accepted for purchase pursuant to the offer for such notes is expected to be July 3, 2025. The company will also pay an accrued coupon payment in respect of notes validly tendered and accepted for purchase pursuant to the offer for such notes. Holders whose notes are accepted for purchase will lose all rights as a holder of the tendered notes, and interest will cease to accrue on the settlement date for all notes accepted in the offer for such notes.

The company has retained RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. to act as lead dealer managers and Desjardins Securities Inc., National Bank Financial Inc., J.P. Morgan Securities Canada Inc., SMBC Nikko Securities Canada Ltd., Wells Fargo Securities Canada Ltd. and ATB Securities Inc. to act as co-dealer managers for the offers. Questions regarding the terms and conditions for the offers or for copies of the offer to purchase should be directed to RBC at 1-877-381-2099 (toll-free) or 1-416-842-6311 (collect), BMO at 1-833-418-0762 (toll-free) or 1-416-359-6359 (collect), CIBC at 1-416-594-8515 (collect), Scotia at 1-416-863-7438 (collect), or TD at 1-866-584-2096 (toll-free) or 1-416-982-6451 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the offers.

If the company terminates any offer with respect to one or more series of notes, it will give prompt notice to the tender agent, and all notes tendered pursuant to such terminated offer will be returned promptly to the tendering holders thereof. With effect from such termination, any notes blocked in CDS will be released.

About Telus Corp.

Telus is a world-leading communications technology company operating in more than 45 countries and generating over $20-billion in annual revenue with more than 20 million customer connections through its advanced suite of broadband services for consumers, businesses and the public sector. It is committed to leveraging its technology to enable remarkable human outcomes. Telus is passionate about putting its customers and communities first, leading the way globally in client service excellence and social capitalism. Its Telus Health business is enhancing more than 150 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Its Telus Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by its enduring "Give where we live" philosophy, Telus, its team members and retirees have contributed $1.8-billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning it the distinction of the world's most giving company.

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