Mr. Ian McMillan reports

TELUS ANNOUNCES THREE-TRANCHE NOTE OFFERING

Telus Corp. has priced $1.75-billion of senior unsecured notes in three series, the first with a 10-year maturity, the second with a 30-year maturity and the third with a seven-year maturity. The notes are offered through a syndicate of agents led by BMO Capital Markets, Scotiabank and TD Securities Inc. Closing of the offering is expected to occur on or about Sept. 8, 2023.

The 5.75 per cent sustainability-linked notes, Series CAK, were priced at $99.782 per $100 principal amount for an effective yield of 5.779 per cent per annum until maturity, subject to a possible interest rate step-up, and will mature on Sept. 8, 2033.

The 5.95 per cent notes, Series CAL, were priced at $99.267 per $100 principal amount for an effective yield of 6.003 per cent per annum until maturity, and will mature on Sept. 8, 2053.

The 5.60 per cent notes, Series CAM, were priced at $99.885 per $100 principal amount for an effective yield of 5.620 per cent per annum until maturity, and will mature on Sept. 9, 2030.

The net proceeds of this offering will be used for the repayment of outstanding indebtedness, including the repayment of commercial paper (incurred for general working capital purposes) and the reduction of cash amounts outstanding under an arm's-length securitization trust to which an affiliate of Telus sells interests in certain trade receivables (incurred for general working capital purposes) and for other general corporate purposes.

The Series CAK notes are sustainability-linked bonds issued pursuant to Telus's sustainability-linked bond framework announced on June 14, 2021, as it may be amended, restated and/or replaced from time to time, and will be Telus's fifth bond offering under the framework. As part of the framework, Telus has committed to reducing its absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 46 per cent from 2019 levels by 2030. Should Telus fail to achieve this target by Dec. 31, 2030, the interest payable on the Series CAK notes will increase by 0.60 per cent per annum, as will be further detailed in the prospectus supplement that Telus will be filing to its short form base shelf prospectus dated Aug. 8, 2022, with securities regulatory authorities in each of the provinces of Canada. The interest payable on the Series CAK notes may also increase in certain circumstances if Telus fails to meet additional sustainability and/or environmental, social or governance (ESG) targets as provided for in a future sustainability-linked bond issued by Telus pursuant to the framework. The interest rate on the Series CAK notes, however, can in no event exceed the initial rate of 5.75 per cent by more than 1.20 per cent per annum in the aggregate, whether as a result of the failure to achieve the sustainability performance target and/or any targets under one or more future SLBs.

The Series CAK note offering supports Telus's commitment to environmental sustainability by linking financing to the achievement of ambitious ESG targets. The target set out in the framework was approved by the Science Based Targets initiative (SBTi), further demonstrating Telus's global sustainability leadership and support of the world's fight against climate change. The sustainability performance target is consistent with reductions required to limit warming to below 1.5 C, which, at the time of publication of the framework, was considered the most ambitious designation available through the SBTi process.

Telus will report annually on its performance against the sustainability performance target and will also obtain an annual independent and external verification of its performance against the sustainability performance target in the form of a limited assurance report. Telus's performance as well as the limited assurance report will be included in its annual sustainability and ESG report, or other similar report(s) as the case may be, and will be available on Telus's website.

Sustainalytics, a leading independent ESG research, rating and analytic firm, issued a second party opinion in June, 2021 (as subsequently extended), confirming that the framework aligns with the International Capital Market Association's Sustainability-Linked Bond Principles, 2020.

The notes of each series are being offered pursuant to a prospectus supplement to the short form base shelf prospectus of Telus dated Aug. 8, 2022. The short form base shelf prospectus and prospectus supplement contain important detailed information about each series of notes. Copies of the short form base shelf prospectus and the prospectus supplement relating to the offering of each series of notes when filed with securities regulatory authorities in Canada 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 SEDAR+ of the Canadian Securities Administrators. Investors should read the short form base shelf prospectus and prospectus supplement before making an investment decision.

About Telus Corp.

Telus (Toronto Stock Exchange: T and New York Stock Exchange: TU) is a dynamic, world-leading communications technology company with more than $18-billion in annual revenue and over 18 million customer connections spanning wireless, data, Internet protocol, voice, television, entertainment, video and security. Its social purpose is to leverage its global-leading technology and compassion to drive social change and enable remarkable human outcomes. Its long-standing commitment to putting its customers first fuels every aspect of its business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades Telus has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of Telus's global-leading networks, reinforcing its commitment to provide Canadians with access to superior technology that connects it to the people, resources and information that make lives better.

Operating in 32 countries around the world, Telus International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds and delivers next-generation solutions, including artificial intelligence and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications and media, e-commerce and fintech, banking, financial services and insurance, health care, and others.

Telus Health is a global health care leader, which provides employee and family primary and preventive health care and wellness solutions. Its Telus team, along with its 100,000 health professionals, is leveraging the combination of Telus's strong digital and data analytic capabilities with its unsurpassed client service to dramatically improve remedial, preventive and mental health outcomes covering 68 million lives, and growing, around the world. As the largest provider of digital solutions and digital insights of its kind, Telus Agriculture & Consumer Goods enables efficient and sustainable production from seed to store, helping improve the safety and quality of food and other goods in a way that is traceable to end consumers.

Driven by its determination and vision to connect all citizens for good, its deeply meaningful and enduring philosophy to give where it lives has inspired Telus and its team to contribute $1.6-billion, including 2.2 million days of service, since 2000. This unprecedented generosity and unparalleled volunteerism have made Telus the most giving company in the world. "Together, let's make the future friendly."

We seek Safe Harbor.