Mr. Ian McMillan reports

TELUS ANNOUNCES PRICING OF US$ JUNIOR SUBORDINATED NOTES OFFERING

Telus Corp. has priced an offering of $1.5-billion (U.S.) aggregate principal amount of fixed-to-fixed-rate junior subordinated notes in two series.

The $700-million (U.S.) fixed-to-fixed-rate junior subordinated notes, Series A, due Oct. 15, 2055, will initially bear interest at an annual rate of 6.625 per cent and reset every five years starting on Oct. 15, 2030, at an annual rate equal to the five-year U.S. Treasury rate plus a spread of 2.769 per cent, provided that the interest rate during any five-year interest period will not reset below 6.625 per cent. The $800-million (U.S.) fixed-to-fixed-rate junior subordinated notes, Series B, due Oct. 15, 2055, will initially bear interest at an annual rate of 7.000 per cent and reset every five years starting on Oct. 15, 2035, at an annual rate equal to the five-year U.S. Treasury rate plus a spread of 2.709 per cent, provided that the interest rate during any five-year interest period will not reset below 7.000 per cent.

The notes are offered through a syndicate of underwriters led by J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC. Closing of the offering is expected to occur on or about June 27, 2025, subject to the satisfaction of customary closing conditions.

The net proceeds of this offering will be used to finance Telus's previously announced tender offers. In the event that any tender offer is not consummated or not all of the net proceeds are used to finance the tender offers, Telus intends to use the remaining net proceeds from this offering for the repayment of debt, including commercial paper (incurred for general corporate purposes), and for other general corporate purposes.

Telus has been advised that credit rating agencies that have rated these notes have assigned 50-per-cent equity credit to the notes.

The notes will be further described in the prospectus supplement that Telus will be filing to its short form base shelf prospectus dated Aug. 2, 2024, with the Securities and Exchange Commission as part of an effective shelf registration statement on Form F-10. The notes are not being offered in Canada or to any resident of Canada except in transactions exempt from the prospectus requirements of applicable Canadian securities laws.

Copies of the short form base shelf prospectus and the prospectus supplement relating to the offering of the notes when filed with the U.S. Securities and Exchange Commission may be obtained from the chief legal and governance officer of Telus at 510 West Georgia St., 23rd floor, Vancouver, B.C., V6B 0M3 (telephone 604-695-6420). Copies of these documents are, or will be, available electronically on EDGAR, administered by the U.S. Securities and Exchange Commission. Investors should read the short form base shelf prospectus and prospectus supplement before making an investment decision.

About Telus Corp.

Telus is a world-leading communications technology company operating in more than 45 countries and generating over $20-billion (Canadian) 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 (Canadian) 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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