Mr. Darren Entwistle reports

TELUS ENGAGES TD SECURITIES AND JEFFERIES AS FINANCIAL ADVISORS TO SUPPORT TELUS HEALTH PARTNERSHIP AND MONETISATION STRATEGY

Telus Corp. has engaged TD Securities Inc. and Jefferies Securities Inc. as financial advisers to assist with strategy and timeline for the monetization of its Telus Health business, which may include the identification and evaluation of potential strategic partnerships, including evaluation of all partnership structures. Telus Health has reached a pivotal inflection point -- it is an asset of consequence, serving more than 160 million lives across its global footprint of over 200 countries and territories, while generating year-to-date operating revenue, EBITDA (earnings before interest, taxes, depreciation and amortization) and cash flow of $1.5-billion, $258-million and $99-million, respectively, as of the third quarter of 2025.

"Our engagement of TD Securities and Jefferies demonstrates progress toward executing on the commitments we have made to the investment community. We are confident that these advisers will provide the strategic expertise, business network connectivity and business acumen necessary to accelerate still further Telus Health's considerable development momentum," said Darren Entwistle, president and chief executive officer of Telus. "Telus Health is a world-class digital asset with roots in Canada but rapidly expanding its international presence and AI product set, capturing meaningful industry, technology and societal tailwinds to drive a compelling future growth profile for this business. Our monetization strategy is focused on welcoming a strategic partner that will help us maximize further value creation at Telus Health by adding complementary skills, customer reach and economic capacity to drive growth and scale."

Mr. Entwistle concluded: "Telus Health is a key near-term monetization opportunity and but one of the levers that will support Telus realizing its deleveraging targets in the next 18 months. Indeed, Telus is progressing ahead of plan, with 2025 net debt to adjusted EBITDA currently projected at approximately 3.4 times, as we aim to reach circa 3.3 -times or lower by year-end 2026, and 3.0 times by the end of 2027. The Telus Health monetization strategy is part of our disciplined capital allocation framework and long-term orientation that has consistently defined Telus's approach to value creation for the benefit of the many stakeholders we serve."

The engagement of financial advisers for Telus Health is fully aligned with Telus's previously communicated deleveraging strategy, including systematic removal of the discounted DRIP (dividend reinvestment plan) and strong free cash flow outlook, targeting a minimum 10-per-cent compounded annual growth rate through 2028, with Telus's strong operational and financial performance further supported in the near term by a portfolio of monetization opportunities.

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 the company's advanced suite of broadband services for consumers, businesses and the public sector. The company 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. Telus Health is enhancing more than 160 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Telus Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. Telus Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by Telus's enduring "give where we live" philosophy, Telus continues to invest in initiatives that support education, health and community well-being. In 2023, Telus launched the Telus Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6-million in bursaries to more than 1,600 students and counting. Since 2000, 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 -- earning Telus the distinction of the world's most giving company.

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