TELUS ANNOUNCES INAUGURAL JUNIOR SUBORDINATED NOTE OFFERING

Core Viewpoint - TELUS has priced $1.6 billion of fixed-to-fixed rate junior subordinated notes in two series, with a maturity of 30.25 years, expected to close around April 21, 2025 [1] Group 1: Notes Details - The 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR, priced at $99.965 per $100 principal amount, with an initial effective yield of 6.25% per annum until July 21, 2030, maturing on July 21, 2055 [2] - The 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS, priced at $99.959 per $100 principal amount, with an initial effective yield of 6.75% per annum until July 21, 2035, maturing on July 21, 2055 [3] Group 2: Use of Proceeds - The net proceeds from the offering will be used for repayment of outstanding indebtedness, including commercial paper, reduction of cash amounts under the receivables trust, repayment of TELUS Corporation credit facility amounts, and other general corporate purposes [4] Group 3: Credit Ratings - Credit rating agencies have assigned 50% equity credit to the notes issued by TELUS [5] Group 4: Company Overview - TELUS is a leading communications technology company generating over $20 billion in annual revenue with more than 20 million customer connections [10]