# EDGAR Filing Document

**Accession Number:** 0000868675
**File Stem:** 0001104659-25-061443
**Filing Date:** 2025-6
**Character Count:** 160789
**Document Hash:** 8e4114988127a44468aeb0867be1ad9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061443.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001104659-25-061443

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250623

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELUS CORP
- **CENTRAL INDEX KEY:** 0000868675
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 980361292
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15144
- **FILM NUMBER:** 251063165

**BUSINESS ADDRESS:**
- **STREET 1:** 510 W. GEORGIA STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 0M3
- **BUSINESS PHONE:** 604-697-8044

**MAIL ADDRESS:**
- **STREET 1:** 510 W. GEORGIA STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 0M3

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16<br> under the Securities Exchange Act of 1934**

------

**For the month of June 2025<br> Commission File Number 001-15144**

**TELUS CORPORATION**<br> (Translation of registrant's name into English)

------

**23rd Floor, 510 West Georgia Street<br> Vancouver, British Columbia V6B 0M3<br> Canada**<br> (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ◻ Form 40-F ⌧

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **TELUS CORPORATION** | **TELUS CORPORATION** | **TELUS CORPORATION** |
| By: | /s/ Andrea Wood | /s/ Andrea Wood |
|  | Name: | Andrea Wood |
|  | Title: | Executive Vice President and Chief Legal and Governance Officer |

---

Date: June 23, 2025

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| [99.1](tm2518323d6_ex99-1.htm) | [Agency Agreement, dated June 16, 2025, among TELUS Corporation and the several agents named therein](tm2518323d6_ex99-1.htm) |
| [99.2](tm2518323d6_ex99-2.htm) | [Press Release dated June 16, 2025](tm2518323d6_ex99-2.htm) |
| [99.3](tm2518323d6_ex99-3.htm) | [Fifty-Fourth Series Supplemental Indenture, dated as of June 19, 2025 between TELUS Corporation and Computershare Trust Company of Canada](tm2518323d6_ex99-3.htm) |
| [99.4](tm2518323d6_ex99-4.htm) | [Fifty-Fifth Series Supplemental Indenture, dated as of June 19, 2025 between TELUS Corporation and Computershare Trust Company of Canada](tm2518323d6_ex99-4.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

***Execution Version***

TELUS CORPORATION

**DEBT SECURITIES**

Agency Agreement

June 16, 2025

**To the Agents named in Schedule II hereto**

**Ladies and Gentlemen:**

TELUS Corporation, a British Columbia company (the "**Company**"), proposes to appoint the agents named in Schedule II hereto (collectively, the "**Agents**", and each individually an "**Agent**") as its sole and exclusive agents to offer for sale, on a best efforts basis, up to the principal amount of its debt securities identified in Schedule I hereto (the "**Securities**"), to be issued under the indenture dated as of May 22, 2001 (the "**Base Indenture**") between the Company and Computershare Trust Company of Canada (formerly Montreal Trust Company of Canada), as trustee (the "**Trustee**"), as supplemented by the First Series Supplemental Indenture dated as of May 30, 2001, the Second Series Supplemental Indenture dated as of May 30, 2001, the Third Series Supplemental Indenture dated as of May 30, 2001, the Fourth Series Supplemental Indenture dated as of May 18, 2006, the Fifth Series Supplemental Indenture dated as of March 13, 2007, the Sixth Series Supplemental Indenture dated as of March 13, 2007, the Seventh Series Supplemental Indenture dated as of April 9, 2008, the Eighth Series Supplemental Indenture dated as of May 20, 2009, the Ninth Series Supplemental Indenture dated as of December 4, 2009, the Tenth Series Supplemental Indenture dated as of July 23, 2010, the Eleventh Series Supplemental Indenture dated as of May 25, 2011, the Twelfth Series Supplemental Indenture dated as of December 11, 2012, the Thirteenth Series Supplemental Indenture dated as of April 1, 2013, the Fourteenth Series Supplemental Indenture dated as of April 1, 2013, the Fifteenth Series Supplemental Indenture dated as of November 26, 2013, the Sixteenth Series Supplemental Indenture dated as of November 26, 2013, the Seventeenth Series Supplemental Indenture dated as of April 4, 2014, the Eighteenth Series Supplemental Indenture dated as of April 4, 2014, the Nineteenth Series Supplemental Indenture dated as of September 15, 2014, the Twentieth Series Supplemental Indenture dated as of September 15, 2014, the Twenty-First Series Supplemental Indenture dated as of March 27, 2015, the Twenty-Second Series Supplemental Indenture dated as of March 27, 2015, the Twenty-Third Series Supplemental Indenture dated as of March 27, 2015, the Twenty-Fourth Series Supplemental Indenture dated as of December 8, 2015, the Twenty-Fifth Series Supplemental Indenture dated as of December 8, 2015, the Twenty-Sixth Series Supplemental Indenture dated as of March 6, 2017, the Twenty-Seventh Series Supplemental Indenture dated as of October 1, 2017, the Twenty-Eighth Series Supplemental Indenture dated as of March 1, 2018, the Twenty-Ninth Series Supplemental Indenture dated as of March 1, 2018, the Thirtieth Series Supplemental Indenture dated as of April 3, 2019, the Thirty-First Series Supplemental Indenture dated as of July 2, 2019, the Thirty-Second Series Supplemental Indenture dated as of December 16, 2019, the Thirty-Third Series Supplemental Indenture dated as of December 16, 2019, the Thirty-Fourth Series Supplemental Indenture dated as of May 29, 2020, the Thirty-Fifth Series Supplemental Indenture dated as of May 29, 2020, the Thirty-Sixth Series Supplemental Indenture dated as of October 5, 2020, the Thirty-Seventh Series Supplemental Indenture dated as of April 5, 2021, the Thirty-Eighth Series Supplemental Indenture dated June 28, 2021, the Thirty-Ninth Series Supplemental Indenture dated September 13, 2022, the Fortieth Series Supplemental Indenture dated September 13, 2022, the Forty-First Series Supplemental Indenture dated September 13, 2022, the Forty-Second Series Supplemental Indenture dated March 28, 2023, the Forty-Third Supplemental Indenture dated June 15, 2023, the Forty-Fourth Series Supplemental Indenture dated September 8, 2023, the Forty-Fifth Series Supplemental Indenture dated September 8, 2023, the Forty-Sixth Series Supplemental Indenture dated September 8, 2023, the Forty-Seventh Supplemental Indenture dated January 2, 2024, the Forty-Eighth Series Supplemental Indenture, dated February 15, 2024, the Forty-Ninth Series Supplemental Indenture, dated February 15, 2024, the Fiftieth Series Supplemental Indenture, dated February 15, 2024, the Fifty-First Series Supplemental Indenture dated August 13, 2024, the Fifty-Second Series Supplemental Indenture, dated April 21, 2025 and the Fifty-Third Series Supplemental Indenture dated April 21, 2025 (collectively, the Base Indenture as so supplemented, the "**Original Indenture**"), as further supplemented by a Fifty-Fourth Series Supplemental Indenture and a Fifty-Fifth Series Supplemental Indenture, each to be dated as of the Closing Date (as defined herein) (collectively with the Original Indenture, the "**Indenture**") between the Company and the Trustee.

The Company has prepared and filed with the British Columbia Securities Commission (the "**Reviewing Authority**") and the Canadian securities regulatory authorities (together with the Reviewing Authority, the "**Qualifying Authorities**") of each of the other provinces of Canada (including British Columbia, collectively, the "**Qualifying Provinces**") in accordance with National Instruments 44-101 *Short Form Prospectus Distributions* ("**National Instrument 44-101**") and 44-102 *Shelf Distributions* ("**National Instrument 44-102**"), and BC Instrument 44-503 *Exemption from Certain Prospectus Requirements for Canadian Well-known Seasoned Issuers* issued by the Reviewing Authority and equivalent blanket orders issued by the other Qualifying Authorities, in each case as may be amended, substituted or varied from time to time (collectively, the "**WKSI Blanket Orders**"), a short form base shelf prospectus dated August 2, 2024 relating to debt securities, preferred shares, common shares, warrants to purchase equity securities, warrants to purchase debt securities, share purchase contracts, share purchase or equity units and subscription receipts (in the English and French languages, as applicable, the "**Shelf Prospectus**") and has obtained from the Reviewing Authority a receipt evidencing the receipt or deemed receipt, as applicable, for the Shelf Prospectus from each of the Qualifying Authorities pursuant to Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions*.

The Company will prepare and file with the Qualifying Authorities, in accordance with National Instrument 44-102 and the WKSI Blanket Orders (collectively, the "**Shelf Procedures**"), a prospectus supplement dated the date hereof to the Shelf Prospectus in respect of the offering of the Securities setting forth the Shelf Information (as defined below) (the "**Prospectus Supplement**"), in both the English and French languages, by the earlier of: (a) the date the Prospectus Supplement is first sent or delivered to a purchaser; and (b) two Business Days after the execution and delivery of this Agreement.

The information included in the Prospectus Supplement that is omitted from the Shelf Prospectus but that is required under the Shelf Procedures to be included in the Prospectus Supplement is referred to as the "**Shelf Information**".

The Shelf Prospectus, including the documents and any other information expressly incorporated by reference therein, is herein referred to as the "**Prospectus**", except that when the Prospectus Supplement is furnished to the Agents for use in connection with the offering of the Securities in Canada or filed with the Qualifying Authorities, the term "**Prospectus**" shall include the Prospectus Supplement, including the documents and any other information expressly incorporated by reference therein. Any amendment to the Prospectus, any amended or supplemental prospectus or auxiliary material, information, evidence, return, report, application, statement or document relating to the sale of the Securities that may be filed by or on behalf of the Company under the securities laws of the Qualifying Provinces prior to the Closing Date or, where such document is deemed to be incorporated by reference in the Prospectus, prior to the expiry of the period of distribution of the Securities in Canada, is referred to herein collectively as the "**Supplementary Material**".

The Company hereby agrees with the Agents as follows:

1. The Company agrees to create and issue the Securities and appoint the Agents as its sole and exclusive
agents to offer for sale on a best efforts basis in reliance on the representations and warranties herein contained, and upon and subject
to the terms and conditions hereinafter stated, up to: (i) Cdn. $375,000,000 principal amount of 6.25% Fixed-to-Fixed Rate Junior
Subordinated Notes, Series CAR due July 21, 2055 (the "**Series CAR Notes**") at a price of Cdn. $1,026.25
per Cdn. $1,000 principal amount of Series CAR Notes plus accrued interest from April 21, 2025 to the date of delivery;
and (ii) Cdn. $425,000,000 principal amount of 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21,
2055 (the "**Series CAS Notes**") at a price of Cdn. $1,045.00 per Cdn. $1,000 principal amount of Series CAS
Notes plus accrued interest from April 21, 2025 to the date of delivery. The Series CAR Notes will be issued pursuant to the
Base Indenture and the Fifty-Second Series Supplemental Indenture dated as of April 21, 2025, as supplemented by the Fifty-Fourth
Series Supplemental Indenture to be dated as of the Closing Date. The Series CAR Notes offered hereby will have the same CUSIP
number as, will rank equally with and form part of a single series with, and will have the same terms, except for their date of issue
and the price to the public, as the outstanding Series CAR Notes previously issued by the Company in an aggregate principal amount
of $1,100,000,000 on April 21, 2025. The Series CAS Notes will be issued pursuant to the Base Indenture and the Fifty-Third
Series Supplemental Indenture dated as of April 21, 2025, as supplemented by the Fifty-Fifth Series Supplemental Indenture
to be dated as of the Closing Date. The Series CAS Notes offered hereby will have the same CUSIP number as, will rank equally with
and form part of a single series with, and will have the same terms, except for their date of issue and the price to the public, as the
outstanding Series CAS Notes previously issued by the Company in an aggregate principal amount of $500,000,000 on April 21,
2025. 2. (a) The Company understands that the Agents or their affiliates will offer the Securities for sale on a best efforts basis, on behalf of the Company
in the Qualifying Provinces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agents agree to offer the Securities only in accordance with, and in a manner permitted by, the laws
of each jurisdiction in which such Securities are permitted to be offered, as described under "**Plan of Distribution** "
in the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has complied and will comply with the requirements of Part 6A of National Instrument
44-102 to enable the satisfaction (or reliance on an exemption therefrom, as the case may be) of requirements under Canadian Securities
Laws to deliver, send or provide access to the Shelf Prospectus, as supplemented by the Prospectus Supplement (as so supplemented,
the "**Offering Prospectus** "), and any amendment thereto, through access thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agents shall satisfy any request for electronic or paper copies of the Offering Prospectus or any
amendment thereto in accordance with the requirements of National Instrument 44-102, without charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition, in connection with the distribution of the Securities, each Agent (i) represents that
it has not offered or sold, directly or indirectly, and agrees that it will not, directly or indirectly, offer, sell or deliver, any of
the Securities in the United States, its territories and its possessions or to, or for the account or benefit of, a "U.S. person"
(as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** ")) and (ii) agrees that it will include a comparable provision to clause (i) above of this Section 2 in
any sub-underwriting, banking group or selling group agreement or similar arrangement with respect to the Securities that may be entered
into by such Agent.

3. Payment for the Securities shall be made by the Agents on behalf of purchasers who have agreed to purchase
Securities by wire transfer in immediately available funds to the account specified by the Company to the Agents, which notification shall
be no later than noon on the Business Day (as defined herein) prior to the date of payment, such payment to be made on the date and at
the time and place set forth in Schedule I hereto (or at such other time and place on the same or such other date, not later than the
fifth Business Day thereafter, as the Agents and the Company may agree in writing). As used herein, the term "**Business Day** "
means any day other than a day on which banks are permitted or required to be closed in Toronto, Ontario. The time and date of such payment
and delivery with respect to the Securities are referred to herein as
the "**Closing Date** ".

Payment for the Securities shall be made against delivery to the nominee of the depositary specified in Schedule I hereto for the respective accounts of the several Agents of the Securities of one or more global notes (the "**Global Notes**") representing the Securities, with any transfer taxes payable in connection with the transfer to purchasers of the Securities duly paid by the Company. Copies of the Global Notes will be electronically transmitted (such as by use of .pdf) to counsel to the Agents for inspection by the Agents not later than 3:00 p.m. (Eastern time) on the Business Day prior to the Closing Date.

In return for the Agents' services in acting as financial advisors to the Company, in assisting in the preparation of the Prospectus Supplement (and any supplement or amendment thereto), in advising on the final terms and conditions of the Securities, participating in and managing the sale of the Securities, in distributing the Securities, both directly and to other registered dealers and brokers, and in performing administrative work in connection with the distribution of the Securities, the Company agrees to pay to the Agents, at the Closing Date a fee (the "**Agents' Fee**") of (i) Cdn. $7.50 per Cdn. $1,000 principal amount of Series CAR Notes actually sold, exclusive of any applicable goods and services tax or any similar applicable tax; and (ii) Cdn. $7.50 per Cdn. $1,000 principal amount of Series CAS Notes actually sold, exclusive of any applicable goods and services tax or any similar applicable tax. Each Agent shall be entitled to receive that proportion of the aggregate Agents' Fee paid by the Company in respect of the Series CAR Notes and the Series CAS Notes equal to the percentage listed opposite its name in Schedule II in respect of the Series CAR Notes and the Series CAS Notes, respectively.

4. During the distribution of the Securities, the Company and CIBC World Markets Inc. ()"**CIBC** "), Scotia
Capital Inc. ()"**Scotia** "), and TD Securities Inc. ()"**TD** ", and together with CIBC and Scotia, the "**Representatives** ")
shall approve in writing (approval given by e-mail to be considered given in writing), prior to such time marketing materials (as such
term is defined in National Instrument 41-101 *General Prospectus Requirements* ()"**NI 41-101** ")) are provided to
potential investors resident in Canada, any marketing materials reasonably requested to be provided by the Agents to any potential investor
of the Securities, such marketing materials to comply with Canadian Securities Laws. The Company shall file such marketing materials with
the Qualifying Authorities in accordance with Canadian Securities Laws. Any such filing shall constitute the Agents' authority to
use such marketing materials in connection with the Offering. The Company, and the Agents, on a several basis, covenant and agree not
to provide any potential investor resident in Canada with any marketing materials other than those approved in accordance with this Section 
4 and limited-use versions thereof.

5. The Company represents and warrants to each Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is eligible to use the Shelf Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the time of the filing of the Shelf Prospectus, the Corporation was eligible to use the exemptions
from certain prospectus requirements set out in the WKSI Blanket Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Reviewing Authority has issued a receipt evidencing the receipt or deemed receipt, as applicable,
for the Shelf Prospectus from each of the Qualifying Authorities; no Qualifying Authority or any court has issued an order preventing
or suspending the use of the Prospectus relating to the proposed offering of the Securities or preventing the distribution of the Securities
or instituted proceedings for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company is a reporting issuer not in default under all applicable securities laws in each of the Qualifying
Provinces (where such concept exists) and the respective rules and regulations under such laws and is in compliance with its obligations
thereunder in all material respects and there has been no material change (within the meaning of such term under Canadian Securities Laws)
relating to the Company which has occurred since December 31, 2024 and with respect to which the requisite material change report has
not been filed on a non-confidential basis with the Qualifying Authorities, except to the extent that the offering contemplated hereby
may constitute a material change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) As of the date thereof, the Shelf Prospectus complied in all material respects with all applicable
securities laws in each of the Qualifying Provinces and the respective rules, regulations and blanket orders under such laws including,
without limitation, the Shelf Procedures and applicable published policy statements of securities regulatory authorities in such provinces
(collectively, the "**Canadian Securities Laws** "), and, at the time of its delivery to the Agents and the Agents'
offer for sale to the public of the Securities, the Prospectus complied and will comply, as applicable, in all material respects with
the Canadian Securities Laws; (ii) the
Shelf Prospectus, as supplemented by the Prospectus Supplement, or any amendment or supplement thereto, as of the applicable filing date,
will constitute full, true and plain disclosure of all material facts relating to the Company and the Securities and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or which is necessary to make the
statements contained therein, in light of the circumstances under which they were made, not misleading; and (iii) the documents incorporated
by reference in the Prospectus, when they were filed with the Qualifying Authorities, were prepared in accordance with the Canadian Securities
Laws in all material respects; and any further documents so filed and incorporated by reference in the Prospectus, or any further amendment
or supplement thereto, when such documents are filed with the Qualifying Authorities, will be prepared in accordance with the Canadian
Securities Laws in all material respects; *provided, however*, that the representation and warranty set forth in this clause 5(e) shall
not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company
by the Agents ()"**Agent Information**") expressly for use therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no reports or information that in accordance with the requirements of the Canadian Securities
Laws must be made publicly available in connection with the offering of the Securities that have not been made publicly available as required
(other than reports or information required to be made public after the date hereof pursuant to the Shelf Procedures); there are no contracts
or documents required to be filed with any Qualifying Authority in connection with the Shelf Prospectus or the Prospectus Supplement that
have not been filed as required pursuant to Canadian Securities Laws and delivered to the Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The consolidated financial statements of the Company incorporated by reference in the Prospectus present
fairly the consolidated financial position of the Company and its subsidiaries as of the dates indicated and the consolidated results
of operation and the consolidated changes in financial position of the Company and its subsidiaries for the periods specified and such
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board, consistently applied throughout the periods involved other than as disclosed in Note 2(a) of the condensed
interim consolidated financial statements for the three-month period ended March 31, 2025; the selected financial data included
in the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the consolidated
financial information included in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Deloitte LLP, who have reported upon the audited consolidated financial statements of the Company included
in the Prospectus are, and during the periods covered by their report were, independent with respect to the Company within the meaning
of the *Business Corporations Act* (British Columbia) and applicable Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Prospectus, there has not been any
material change in the capital stock or long-term debt of the Company or any of its subsidiaries, except as set forth or contemplated
in the Prospectus, or any material adverse change in or affecting the general affairs, assets or properties, business, prospects, results
of operations or the condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole (a "**Material Adverse Effect** "); and except as set forth or contemplated in the Prospectus, neither the Company nor any of its subsidiaries has entered
into any transaction or agreement (whether or not in the ordinary course of business) material to the Company and its subsidiaries taken
as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the Province of British Columbia, with corporate power and capacity to own its properties and conduct its business as described
in the Prospectus, and has been duly qualified as an extra-provincial corporation for the transaction of business and is in good standing
under the laws of each other jurisdiction in which it owns or leases properties, or conducts any business, so as to require such qualification,
other than where the failure to be so qualified or in good standing would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) TELUS Communications Inc. ()"**TCI**") has been duly incorporated and is validly existing
as a corporation under the laws of British Columbia with corporate power and capacity to own its properties and conduct its business as
described in the Prospectus, and has been duly qualified as an extra-provincial corporation or has made all necessary extra-provincial
registrations for the transaction of business and is in good standing under the laws of each jurisdiction in which it owns or leases properties
or conducts any business so as to require such qualification, other than where the failure to be so qualified or in good standing would
not have a Material Adverse Effect; and all the outstanding shares of capital stock of TCI have been duly authorized and validly issued,
are fully-paid and non-assessable, and are owned by the Company, free and clear of all liens, encumbrances, security interests and claims,
except for any liens, encumbrances, security interests and claims which, singly or in the aggregate, are not material to the Company and
its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) TELUS Health Inc. ()"**TELUS Health**") has been duly incorporated and is validly existing
as a corporation under the laws of British Columbia with corporate power and capacity to own its properties and
conduct its business as described in the Prospectus, and has been duly qualified as an extra-provincial corporation or has made all necessary
extra-provincial registrations for the transaction of business and is in good standing under the laws of each jurisdiction in which it
owns or leases properties or conducts any business so as to require such qualification, other than where the failure to be so qualified
or in good standing would not have a Material Adverse Effect; and all the outstanding shares of capital stock of TELUS Health have been
duly authorized and validly issued, are fully-paid and non-assessable, and are owned by the Company, free and clear of all liens, encumbrances,
security interests and claims, except for any liens, encumbrances, security interests and claims which, singly or in the aggregate, are
not material to the Company and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) TELUS International (Cda) Inc. ()"**TELUS International** ")
has been duly incorporated and is validly existing as a corporation under the laws of British Columbia with corporate power and capacity
to own its properties and conduct its business as described in the Prospectus, and has been duly qualified as an extra-provincial corporation
or has made all necessary extra-provincial registrations for the transaction of business and is in good standing under the laws of each
jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, other than where the
failure to be so qualified or in good standing would not have a Material Adverse Effect; and all the outstanding shares of capital stock
of TELUS International that are owned by the Company, directly or indirectly, have been duly authorized and validly issued, are fully-paid
and non-assessable, and are owned by the Company, free and clear of all liens, encumbrances, security interests and claims, except for
any liens, encumbrances, security interests and claims which, singly or in the aggregate, are not material to the Company and its subsidiaries,
taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) TCI and TELUS International are the only subsidiaries of the Company that separately own assets
 constituting more than 10% of the consolidated assets of the Company and that generated sales and operating revenues that exceeded
 10% of the consolidated sales and operating revenues of the Company for the year ended December 31, 2024. In addition, all of
 the assets, sales and operating revenues of the Company's other subsidiaries (other than TCI and TELUS International),
 together do not exceed 20% of the Company's total consolidated assets or 20% of the Company's total consolidated sales
 and operating revenues for the year ended December 31, 2024. The assets,
sales and operating revenues of TELUS International contributed less than 15% to the Company's total consolidated assets and less
than 15% to the Company's total consolidated sales and operating revenues, as at, or for the year ended, December 31, 2024,
respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal,
valid and binding obligation of the Company, subject to (i) bankruptcy, insolvency, liquidation, moratorium, reorganization, arrangement
or other laws of general application relating to or affecting the enforcement of rights of creditors; (ii) general principles of
equity, including the qualification that equitable remedies, including, without
limitation, specific performance and injunction, may be granted only in the discretion of a court of competent jurisdiction, and the qualification
that equitable remedies may not be available in any case against the Company; (iii) statutory and inherent powers of a court to stay
proceedings before it and to grant relief from forfeiture; and (iv) the limitation that the rights of indemnity, contribution and
waiver may be limited by applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Securities have been duly authorized, and, when issued and delivered pursuant to this Agreement and
the Indenture, will have been duly executed, authenticated (when duly countersigned by the Trustee), issued and delivered and will constitute
valid and binding obligations of the Company, enforceable in accordance with their terms, (except as (i) the enforceability thereof
may be limited by bankruptcy, insolvency, liquidation, moratorium, reorganization, arrangement or other laws of general application relating
to or affecting the enforcement of rights of creditors and (ii) rights of acceleration and the availability of equitable remedies
may be limited by equitable principles of general applicability) and entitled to the benefits provided by the Indenture; and, when executed
and delivered by the Company and the Trustee, the Indenture will constitute a valid and binding instrument, enforceable against the Company
in accordance with its terms; (except as (i) the enforceability thereof may be limited by bankruptcy, insolvency, liquidation, moratorium,
reorganization, arrangement or other laws of general application relating to or affecting the enforcement of rights of creditors, (ii) rights
of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability, and (iii) rights
to indemnity and contribution may be limited by applicable law) and the Securities and the Indenture conform or will conform, in all material
respects, to the descriptions thereof in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) The Original Indenture does meet, and the Indenture and the form and terms of the Securities
will meet, all legal requirements under the *Business Corporations Act* (Ontario) and the *Business Corporations Act* (British
Columbia), and (ii) the provisions of the *Business Corporations Act* (Ontario) and the *Business Corporations Act* (British
Columbia) have been complied with, or will have been complied with no later than the time of delivery of the Securities by the Company,
in respect of the issue, authentication (when duly countersigned by the Trustee) and delivery of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Neither the Company nor TCI is, or with the giving of notice or lapse of time or both would be, in
 violation of or in default under, its Notice of Articles, Articles or Certificate of Incorporation, as the case may be, or any
 indenture, mortgage, deed of trust, loan agreement or other agreement, license or instrument to which the Company or TCI is a party
 or by which either of them or any of their respective properties is bound, except for violations and defaults which, singly or in
 the aggregate, would not have a Material Adverse Effect and except as disclosed in the Prospectus; the issue and sale of the
 Securities and the performance by the Company of all of its obligations under the Securities, the Indenture and this Agreement and
 the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach of any of the
 terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement,
 license or instrument to which the Company or TCI is a party or by which the Company or TCI is bound or to which any of the property
 or assets of the Company or TCI is subject, except for any conflicts, breaches or defaults which, singly or in the aggregate, would
 not have a Material Adverse Effect or a material adverse effect on the Company's ability to issue and sell the Securities and
 perform all of its obligations under the Securities, the Indenture and this Agreement and the
Agents' ability to offer for sale the Securities, nor will any such action result in any violation of the provisions of (i) the
Notice of Articles, Articles or Certificate of Incorporation, as the case may be, of the Company or TCI, or (ii) any applicable law
or statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company, TCI
or any of their respective properties, except for any violations in the case of this clause (ii) which, singly or in the aggregate,
would not have a Material Adverse Effect; and no consent, approval, authorization, order, license, registration or qualification of or
with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by the Company
of the transactions contemplated by this Agreement or the Indenture, except such consents, approvals, authorizations, orders, licenses,
registrations or qualifications as have been obtained (or will be obtained prior to the Closing Date) under Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Other than as set forth or contemplated in the Prospectus, there are
 no legal or governmental investigations, actions, suits or proceedings pending or, to the knowledge
 of the Company, threatened before any court or before or by any federal, provincial, state, municipal
 or other governmental or public department, commission, board, agency or body, domestic or foreign (including,
 without limitation, proceedings, inquiries, or investigations of Innovation, Science and Economic Development
 Canada ()"**ISED**") or Department of Canadian Heritage ()"**Canadian Heritage** "),
 the Canadian Radio-television and Telecommunications Commission (the "**CRTC**") or the
 Competition Bureau (the "**Bureau** "), or arising under the *Telecommunications Act* (Canada) (the "**Telecommunications Act** "), the *Radiocommunication Act* (Canada)
 (the "**Radiocommunication Act** "), the *Broadcasting Act* (Canada) (the "**Broadcasting Act**") or the *Competition Act* (Canada) (the "**Competition Act** ")),
 against or involving the Company or TCI or any of their respective properties or to which the Company
 or TCI is or may be a party or to which any property of the Company or TCI is or may be the subject
 which, singly or together with any related such determinations, would have, or would reasonably be expected
 to have, a Material Adverse Effect and, to the best of the Company's knowledge, no such proceedings
 are threatened or contemplated by governmental authorities or threatened by others; nor are there any
 matters under discussion with any governmental authorities relating to taxes, governmental charges or
 assessments asserted by any such authority which would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company and TCI have good leasehold title or good and marketable title to material real property and
buildings and good title to material personal property; and all material real property held
under leases are held by the Company and TCI under valid, existing and enforceable leases, as such leases pertain to the Company and TCI,
with such exceptions as do not interfere with the use made or proposed to be made of such property and buildings by the Company or TCI
or would not, singly or in the aggregate, have a Material Adverse Effect; and all material items of real property and material personal
property owned by the Company and TCI are held free and clear of all liens, encumbrances and defects except such as are described or referred
to in the Prospectus, or such as would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries on
the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries on the other
hand, which is required by the Canadian Securities Laws to be described in the Prospectus which is not so described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company and TCI have filed all material federal, provincial, local and foreign tax returns which have
been required to be filed and have paid all taxes shown thereon and all assessments received by them or any of them to the extent that
such taxes are material and have become due and are not being contested in good faith; and, except as disclosed in the Prospectus, to
the best of the Company's knowledge, there are no tax deficiencies which have been or might reasonably be expected to be asserted
or threatened against the Company or TCI which would, singly or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Each of the Company and TCI owns, possesses or has adequate and enforceable
rights to all licenses, permits, waivers, certificates, registrations, consents, orders, approvals and other authorizations from, and
has made all declarations and filings with, all federal, provincial, and other governmental authorities (including foreign regulatory
agencies), all self-regulatory organizations and all courts and other tribunals, domestic or foreign, necessary to own or lease, as the
case may be, and to operate its properties and to carry on its business as conducted as of the date hereof, except where any failure
to possess or obtain any such license, permit, waiver, certificate, registration, consent, order, approval or other authorization or
to make any such declaration or filing or to fulfill any condition to an authorization, would not, singly or in the aggregate, have a
Material Adverse Effect, and neither the Company nor TCI has received any actual notice of any proceeding relating to revocation or modification
of any such license, permit, waiver, certificate, registration, consent, order, approval or other authorization, except as described
in the Prospectus or where any revocation or modification would not, singly or in the aggregate, have a Material Adverse Effect; and
each of the Company and TCI is in compliance with all laws and regulations relating to the conduct of its business as conducted as of
the date hereof, except where any non-compliance would not, singly or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company and TCI are in compliance with each licence, permit, approval, authorization, certificate
or waiver necessary to operate its business as described in the Prospectus ()"**Licences** ")
held by them and are not in violation of, or in default in any respect under, the applicable statutes, ordinances, rules, regulations,
orders, policies or decrees of any governmental entities, regulatory agencies or bodies having, asserting or claiming jurisdiction over
it or over any part of its respective operations or assets, except for such violations or defaults which would not singly or in the aggregate
have a Material Adverse Effect. Except as described in or contemplated by the Prospectus, the Licences held by the Company and TCI contain
no restrictions that are materially burdensome to the Company or its subsidiaries, taken as a whole, except as disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) There are no existing or, to the best knowledge of the Company, threatened labour disputes with the employees
of the Company or TCI which are likely to have a Material Adverse Effect, other than as disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Company and TCI (i) are in compliance with any and all applicable foreign, federal, provincial
and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants ()"**Environmental Laws** "), (ii) have received all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (iii) are in compliance
with all terms and conditions of any such permit, license or approval, except where such non-compliance with Environmental Laws, failure
to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses
or approvals would not, singly or in the aggregate, have a Material Adverse Effect; any costs or liabilities associated with compliance
with Environmental Laws would not, singly or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Except as disclosed in the Prospectus, to the best of the Company's knowledge, there is no pending
or threatened change in the Communications Statutes (as defined herein) which would have a Material Adverse Effect. "**Communications Statutes**" means the Telecommunications Act, the *Canadian Radio-television and Telecommunications Commission Act* (Canada),
the Radiocommunication Act, the Broadcasting Act or other statutes of Canada specifically relating to the regulation of the Canadian telecommunications
industry (including for this purpose the orders, rules, regulations, directives, decisions, notices and policies promulgated pursuant
to such statutes, including the *Radiocommunication Regulations* (Canada) (the "**Radiocommunication Regulations** "),
the *Broadcasting Distribution Regulations* (Canada), the *Canadian Telecommunications Common Carrier Ownership and Control Regulations* (the "**Ownership Regulations**") and the Direction to the CRTC (Ineligibility of Non-Canadians)
(the "**CRTC Direction** ")) and applicable statutes or regulations, if any, of any province of Canada specifically relating
to the regulation of the Canadian telecommunications industry and the orders, rules, regulations, directives, decisions, notices and policies
promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Company and TCI have timely filed all renewal applications with respect to all Licenses held by any
of them, except where the failure to file would not result in a Material Adverse Effect; no protests
or competing applications have been filed with respect to such renewal applications and nothing has come to the Company's attention
that would lead it to conclude that such renewal applications will not be granted by the appropriate regulatory agency or body in the
ordinary course or that its Licenses will be terminated, except where the consequence of such non-compliance, or applications not being
granted or such Licenses being terminated would not have a Material Adverse Effect; and the Company and TCI are authorized under the Communications
Statutes and the rules and regulations promulgated thereunder to continue to provide the services which are the subject of such renewal
applications during the pendency thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The material business and operations conducted and proposed to be conducted by the Company and TCI, as
described in the Prospectus, are not regulated by any federal or provincial utility or rate-regulating commission, other than the CRTC, ISED,
and the Federal Communications Commission in the areas in which the Company or TCI conducts or proposes to conduct its material business
and operations as described in the Prospectus, and the Company and TCI are not, and based on existing regulations will not be, required
to obtain any license from any such utility or rate-regulating commission, other than the CRTC, ISED, and the Federal Communications
Commission, except where any failure to possess or obtain any such license would not, singly or in the aggregate, have a Material Adverse
Effect; except as set forth in the Prospectus, there are no regulatory matters required to be described in the Prospectus that are not
so described therein in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) TCI and Olds Fibre Ltd. are the only telecommunications common carriers (as such term is used in the Telecommunications
Act and in accordance with the Ownership Regulations) that are controlled by the Company, and each such company is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) eligible to operate as a Canadian carrier in Canada, as defined under and in accordance with the Telecommunications
Act and the Ownership Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not in violation of the prohibition contained in subsection 16(4) of the Telecommunications Act against
operating in Canada as a telecommunications common carrier unless it is eligible under Section 16 of the Telecommunications Act to
do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not controlled by any persons that are not Canadian, in accordance with the meanings ascribed to the term
"control" under the Telecommunications Act and the term "Canadian" under the Ownership Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Not less than 80% of the members of the board of directors of TCI and Olds Fibre Ltd. are individual Canadians,
as defined under the Ownership Regulations, and Canadians, as defined under the Ownership Regulations, beneficially own, directly or indirectly,
in the aggregate and otherwise than by way of security only, all of the issued and outstanding voting shares, as defined under the
Ownership Regulations, of each such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) TCI is the only radiocommunication service provider (as such term is used in the Radiocommunication Regulations)
that is controlled by the Company, and TCI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is eligible to hold radio authorizations authorizing the operation in Canada of radio apparatus, as defined
under and in accordance with the Radiocommunication Act and the Radiocommunication Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not in violation of the prohibition contained in subsection 4(1) of the Radiocommunication Act
against operating radio apparatus in Canada, except under and in accordance with a radio authorization issued by the Minister of Innovation,
Science and Industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is not controlled by any persons that are not Canadian, in accordance with the meanings ascribed to the
term "control" under the Telecommunications Act and the term "Canadian" under the Ownership Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is eligible to be issued a radio authorization under subsection 9(1) of the Radiocommunication Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) TCI is Canadian, as defined under the Ownership Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) TCI is the only holder of licenses to operate broadcasting undertakings (as such term is used in the Broadcasting
Act) that is controlled by the Company, and it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) eligible to hold broadcasting licenses authorizing the operation in Canada of distribution and programming
undertakings, as defined under and in accordance with the Broadcasting Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not in violation of the prohibition contained in subsection 32(1) of the Broadcasting Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a non-Canadian (as that term is defined in the CRTC Direction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, in respect of its ownership of and control over TCI, is a carrier holding corporation and
a qualified corporation, as defined under the Ownership Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Neither the Company nor TCI is in violation of any judgment, decree, order, writ, law, statute, rule or
regulation rendered or enacted in Canada respecting telecommunications and the regulation within Canada of telecommunications common carriers,
as defined in the Telecommunications Act, or respecting radiocommunication and the operation within Canada of radio apparatus, as defined
in the Radiocommunication Act, applicable to the Company or TCI, or any interpretation or policy relating thereto that is applicable to
the Company or TCI except where the consequence of such violation would not
have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) To the best of the Company's knowledge, the Company and TCI own, license, possess or have adequate
and enforceable rights throughout Canada to all patents, patent licenses, trademarks, service marks and trade names necessary to carry
on their business as presently conducted (except where the failure to own, license or possess such intellectual property rights would
not, singly or in the aggregate, have a Material Adverse Effect), and, except as described in the Prospectus, neither the Company nor
TCI has received any notice of infringement of or conflict with asserted rights of others with respect to any patents, patent licenses,
trademarks, service marks or trade names, which would, singly or in the aggregate, result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Neither the Company nor any of its subsidiaries or affiliates has taken, nor will any of them take, directly
or indirectly, any action designed to, or that would reasonably be expected to, cause or result in the stabilization or manipulation of
the price of the Securities in order to facilitate the sale or resale of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) There have been no "significant acquisitions" since January 1, 2024 for which the Company
is required, and there is no proposed acquisition that has progressed to a state where a reasonable person would believe that the likelihood
of completing the acquisition is high and that if completed at the date of this Agreement, would be a "significant acquisition"
for which the Company would be required, in each case pursuant to applicable Canadian Securities Laws, including Part 8 of National
Instrument 51-102 *Continuous Disclosure Obligations*, to file a business acquisition report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) No stamp duty, registration or documentary taxes, duties or similar charges are payable under the laws
of the Provinces of British Columbia or Ontario or the federal laws of Canada in connection with the creation, issuance or sale of the
Securities by the Company or the authorization, execution, delivery and performance of the Indenture and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) As of December 31, 2024, the Company maintained effective "internal control over
 financial reporting" (as defined in Rules 13a-15(f) and 15d-15(f) of the U.S. Securities Exchange Act of 1934,
 as amended (the "**Exchange Act**") and as defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* ()"**NI 52-109** ")) that were designed to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
 with generally accepted accounting principles. The Company has prepared a report of management on the issuer's internal
 control over financial reporting (as defined in Rules 13a-15(f) and 15d- 15(f) of the Exchange Act) for
the Company's 2024 fiscal year and have concluded that, as of December 31, 2024, there (i) were no significant deficiencies
(except as disclosed to the Representatives) or material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Company's ability to
record, process, summarize and report financial information and (ii) was no fraud, whether or not material, that involves management
or other employees who have significant role in the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) The Company maintains an effective system of "disclosure controls
and procedures" (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act and in NI 52-109) that is designed
to ensure that material information relating to the Company is made known to the Company's
management during the periods in respect of which reports under the Exchange Act are being prepared. As of December 31, 2024, the
Company has carried out evaluations of the effectiveness of its disclosure controls and procedures as required by Rule 13a-15 and
Rule 15d-15 of the Exchange Act and NI 52-109, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) There is and has been no failure on the part of the Company or any of the Company's directors or officers,
in their capacities as such, to comply with any provision of the U.S. Sarbanes-Oxley Act of 2002, as amended and the rules and regulations
promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.

6. The Company covenants and agrees with each of the several Agents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To comply with the requirements of the Shelf Procedures; to file the Prospectus Supplement in each
 of the Qualifying Provinces within the time periods required by applicable Canadian Securities Laws; to notify the Agents promptly
 in writing (i) when any supplement to the Prospectus
or any amended Prospectus shall have been filed; (ii) of any request by any Qualifying Authority to amend the Prospectus or to provide
additional information; and (iii) of the issuance by any Qualifying Authority of any order having the effect of ceasing or suspending
the distribution of the Securities or the trading in the Securities, or of the institution or, to the knowledge of the Company, threatening
of any proceedings for any such purpose. The Company will use every reasonable effort to prevent the issuance of any order preventing
or suspending the use of the Prospectus or any order ceasing or suspending the distribution of the Securities or the trading in the Securities
and, if any such order is issued, to obtain a revocation thereof at the earliest possible time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to file or to make, at any time, any amendment or supplement to the Shelf Prospectus that the Agents
shall not have previously been advised of and furnished with a copy of or that the Agents shall have reasonably objected to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To furnish to the Agents, without charge: (i) at the time of filing the Prospectus Supplement, the
Prospectus printed in the English language signed on behalf of the Company and its directors in the manner required by the Canadian Securities
Laws, together with copies of any contract or documentation supplemental thereto required to be filed under the applicable laws of any
of the Canadian provinces; (ii) at the time of filing the Prospectus Supplement with the Autorité des marchés financiers,
the Prospectus (and any supplements or amendments thereto) printed in the French language signed on behalf
of the Company and its directors in the manner required by the laws of the Province of Quebec, together with copies of any contract or
documentation supplemental thereto required to be filed under the applicable laws of the Province of Quebec; and (iii) during the
period mentioned in paragraph (d) below the Agents' reasonable requirements of commercial copies of the Prospectus (and any
amendments thereto) printed in the English and French languages, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, during such period after the first date of the public offering of the Securities as in the opinion
of counsel for the Company, the Prospectus is required by law to be delivered in connection with sales by an Agent or dealer, any event
shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to comply with applicable
law, forthwith notify the Agents, or if, in the opinion of counsel for the Agents, it is necessary to amend or supplement the Prospectus
to comply with applicable law, in either case, subject to paragraph (b) above, to forthwith prepare,
file with the Qualifying Authorities and furnish, at its own expense, to the Agents and to the dealers (whose names and addresses the
Agents will furnish to the Company in writing) to which Securities may have been sold by the Agents and to any other dealers upon written
request, either amendments or supplements to the Prospectus so that the statements in the Prospectus so amended or supplemented will comply
with the applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Until the distribution of the Securities is completed, to file all documents required to be filed with
the Qualifying Authorities under applicable Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To fulfill and comply with, as soon as possible and in any event not later than the earlier of: (i) the
date the Prospectus Supplement is first sent to a purchaser or access is otherwise made available to such purchaser in accordance with
applicable Canadian Securities Laws; and (ii) two Business Days after the execution and delivery of this Agreement, the requirements
of the Canadian Securities Laws to be fulfilled or complied with to enable the Securities to be lawfully distributed in the Qualifying
Provinces through the Agents or any other investment dealers or brokers registered as such in the Canadian provinces and acting in accordance
with the terms of their registrations and the Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the period beginning on the date hereof and continuing to and including the Business Day following
the Closing Date, not to offer, sell, contract to sell or otherwise dispose of any debt securities of or guaranteed by the Company which
are substantially similar to the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To use the net proceeds received by the Company from the sale of the Securities pursuant to this Agreement
in the manner specified in the Prospectus under the caption "Use of Proceeds"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated,
to pay or cause to be paid all costs and expenses incidental to the performance of its
obligations hereunder, including without limiting the generality of the foregoing, the fees and disbursements of counsel to the Agents
and all costs and expenses (i) incidental to the preparation, issuance, execution, authentication and delivery of the Securities,
including any expenses of the Trustee, (ii) incidental to the preparation, printing and filing under the Canadian Securities Laws
of the Prospectus (including all exhibits, amendments and supplements thereto), (iii) payable in connection with the registration
or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Agents
may designate, (iv) payable in connection with the printing (including word processing and duplication costs) and delivery of this
Agreement and the Indenture and the furnishing to Agents and dealers of copies of the Prospectus, including mailing and shipping, as herein
provided, (v) payable to rating agencies in connection with the rating of the Securities, (vi) incurred by the Company in connection
with a "road show" presentation to potential investors, and (vii) of any transfer agent.

7. The several obligations of the Agents
hereunder shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Company contained herein are true and correct on and as of the
Closing Date as if made on and as of the Closing Date and the Company shall have complied with all agreements and all conditions on its
part to be performed or satisfied hereunder at or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing Date, no order having the effect of ceasing or suspending the distribution of the Securities
or the trading in any other securities of the Company shall have been issued and not rescinded, revoked or withdrawn by any securities
commission, securities regulatory authority or stock exchange in Canada or the United States and no proceedings for that purpose shall
have been instituted or pending or, to the knowledge of the Company, shall be contemplated by any securities commission, securities regulatory
authority or stock exchange in Canada or the United States; any request on the part of any Qualifying Authority for additional information
shall have been complied with or withdrawn; and the Prospectus Supplement containing the Shelf Information shall have been filed with
the Qualifying Authorities in accordance with the Shelf Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, there shall
not have occurred any downgrading, nor shall any notice referring to the Company have been given by any "nationally recognized statistical
rating organization", as such term is defined in Section 3(a)(62) of the Exchange Act, or any "designated rating organization,"
as such term is defined in National Instrument 41-101 of (i) any downgrading,
(ii) any intended or potential downgrading, or (iii) any review for a possible change that does not indicate the direction of
the possible change in the rating accorded any securities of or guaranteed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Prospectus, as supplemented or amended by any prospectus supplement or amendment, does not contain,
as of the Closing Date, any untrue statement of material fact or omit to state a material
fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was
made (other than in respect of any Agent Information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agents shall have received on and as of the Closing Date a certificate of an executive officer of
the Company, with specific knowledge about the Company's financial matters, satisfactory to the Agents to the effect set forth in
Sections 7(a), 7(b), 7(c), and 7(d) (with respect to the respective representations, warranties, agreements and conditions of the
Company) and to the further effect that there has not occurred any development involving a Material Adverse Effect from that set forth
or contemplated in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agents shall have received on the filing date of the Prospectus Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) opinions of Norton Rose Fulbright Canada LLP, counsel to the Company, dated as of the relevant
 filing date, to the effect that the French language version of each of (a) the Shelf Prospectus (other than the "Earnings
 Coverage Ratios" section of the Shelf Prospectus (the "**Prospectus Financial Section** ")), (b) the
 Prospectus Supplement (other than the "Consolidated Capitalization"
and "Earnings Coverage Ratios" sections of the Prospectus Supplement (collectively, the "**Supplement Financial Sections** ",
and together with the Prospectus Financial Section, the "**Financial Sections** ")), (c) the indicative term sheets
in respect of each of the Series CAR Notes and the Series CAS Notes (collectively, the "**Indicative Term Sheets** ")
expressly incorporated by reference in the Prospectus Supplement; and (d) the final term sheets in respect of each of the Series CAR
Notes and the Series CAS Notes (collectively, the "**Final Term Sheets** "), expressly incorporated by reference in
the Prospectus Supplement, is in all material respects
a complete and proper translation of the English language version of each of the Shelf Prospectus, the Prospectus Supplement, the Indicative
Term Sheets, and the Final Term Sheets, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) opinions of Borden Ladner Gervais LLP, Quebec translation counsel to the Company, dated as of such respective
filing dates, to the effect that the French language version of each of (a) the annual information form of the Company dated February 13,
2025 (the "**2024 AIF** "), and (b) the information circular of the Company dated March 14, 2025 (the "**2025 Circular** "), are in all material respects a complete and proper translation of the English language version of the 2024 AIF and
the 2025 Circular, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agents shall have received on the respective filing dates of the documents listed in Section 
7(f) above an opinion of Deloitte LLP, auditors of the Company, dated as of such respective filing dates, to the effect that the
French language version of each of (i) the Financial Sections, (ii) the audited consolidated financial statements of the Company
as at and for the year ended December 31, 2024, together with the report of the independent
registered public accounting firm thereon and the notes thereto, (iii) management's discussion and analysis of financial results
of the Company for the year ended December 31, 2024, (iv) the unaudited condensed interim consolidated financial statements
of the Company as at and for the three-month period ended March 31, 2025, and (v) management's discussion and analysis
of financial results of the Company for the three-month period ended March 31, 2025, contained or incorporated by reference in the
Shelf Prospectus, as supplemented by the Prospectus Supplement, includes the same information and in all material respects carries the
same meaning as the English language version thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agents shall have received on the Closing Date an opinion of Norton Rose Fulbright Canada LLP, Canadian
counsel for the Company, or certain other Canadian counsel for the Company reasonably acceptable to the Agents in substantially the form
of Annex A-1 hereto including regarding compliance with all the laws of the Province of Quebec relating to the use of the French language
in connection with the distribution of the Securities, subject to appropriate limitations and qualifications, dated the Closing Date;
the opinion of Norton Rose Fulbright Canada LLP described in this Section 7(h) shall be rendered to the Agents at the request
of the Company and shall so state therein, provided that such counsel may rely on opinions of counsel to the Company in jurisdictions
where such counsel is not licensed to practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agents shall have received on the Closing Date an opinion of the Vice President – Telecom Policy &
Chief Regulatory Legal Counsel of the Company dated the Closing Date, in substantially the form of Annex B-1 hereto, and a certificate
of the Vice President – Telecom Policy & Chief Regulatory Legal Counsel of the Company dated the Closing Date, in substantially
the form of Annex B-2 hereto. Such opinion shall be rendered to the Agents at the request of the Company and shall so state therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On the date hereof and on the Closing Date, Deloitte LLP shall have furnished to the Agents a letter,
dated such date, in form and substance satisfactory to the Agents, containing statements and information of the type customarily included
in accountants "comfort letters" to underwriters with respect to the financial statements and certain financial information
contained or incorporated by reference in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Agents shall have received on and as of the Closing Date an opinion of Osler, Hoskin & Harcourt
LLP, Canadian counsel to the Agents, with respect to the validity of the Indenture and the Securities, the Prospectus and other related
matters as the Agents may reasonably request, and such counsel shall have received such papers and information as they may reasonably
request to enable them to pass upon such matters, provided that such counsel may rely on opinions of counsel to the Company for jurisdictions
where such counsel is not licensed to practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) On or prior to the Closing Date, the Company shall have furnished to the Agents such further certificates
and documents as the Agents shall reasonably request.

8. The Company agrees to indemnify and hold harmless each Agent, each affiliate of any Agent which assists
such Agent in the distribution of the Securities and each person, if any, who controls any Agent within the meaning of either Section 15
of the U.S. Securities Act or Section 20 of the Exchange Act, and each of their respective directors, officers, employees, agents,
and affiliates from and against any and all losses (other than loss of profits), claims, damages and liabilities (including, without limitation,
the legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted) caused by any untrue
statement or alleged untrue statement of a material fact contained in the Prospectus (as amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) or caused by any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities
are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information
relating to any Agent furnished to the Company in writing by such Agent.

In no event shall the indemnity provided in this Section 8 enure to the benefit of any person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the U.S. Securities Act) from any person who was not guilty of such fraudulent misrepresentation.

Each Agent agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who signed the Prospectus, each person who controls the Company within the meaning of Section 15 of the U.S. Securities Act and Section 20 of the Exchange Act, its officers, employees, agents and affiliates to the same extent as the foregoing indemnity from the Company to each Agent, but only with reference to information relating to such Agent furnished to the Company in writing by such Agent expressly for use in the Prospectus and any amendment or supplement thereto.

If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnity may be sought pursuant to either of the first or third paragraphs of this Section 8, such person (the "**Indemnified Person**") shall promptly notify the person against whom such indemnity may be sought (the "**Indemnifying Person**") in writing, and the Indemnifying Person, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding and all such fees and expenses shall be reimbursed as they are incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary, (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person, or (iii) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons. Any such separate firm for the Agents, each affiliate of any Agent which assists such Agent in the distribution of the Securities and such control persons of Agents shall be designated in writing by the first of the named Agents on Schedule II hereto and any such separate firm for the Company, its directors, its officers who sign the Prospectus and such control persons of the Company or authorized representatives shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for fees and expenses of counsel for which the Indemnified Person is entitled to be reimbursed in accordance with this paragraph, the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such Indemnifying Person of the aforesaid request, and (ii) such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (i) includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

If the indemnification provided for in the first and third paragraphs of this Section 8 is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Agents on the other hand from the offering of the Securities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Agents on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Agents on the other shall be deemed to be in the same respective proportions as the net proceeds from the offering of such Securities (before deducting expenses) received by the Company and the aggregate fee payable by the Company to the Agents bear to the aggregate public offering price of the Securities. The relative fault of the Company on the one hand and the Agents on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Agents and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The Company and the Agents agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by *pro rata* allocation (even if the Agents were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, in no event shall an Agent be required to contribute any amount in excess of such aggregate fee or any portion of such fee actually received. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the U.S. Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Agents' obligations to contribute pursuant to this Section 8 are several in the percentages set forth opposite their names in Schedule II hereto, and not joint.

The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

The indemnity and contribution agreements contained in this Section 8 and the representations and warranties of the Company set forth in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Agent or any person controlling any Agent or by or on behalf of the Company, its officers or directors or any other person controlling the Company, and (iii) acceptance of and payment for any of the Securities.

9. Notwithstanding anything herein contained, any Agent (each, a "**Terminating Agent** ")
may, in its absolute discretion, terminate its obligations under this Agreement, by notice given to the Company and the Representatives
(or, if the Terminating Agent is one of the Representatives, to the Company and the other Representatives), if (a) after the execution
and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited
on or by, as the case may be, either of the New York Stock Exchange or the Toronto Stock Exchange, (ii) trading of any securities
of or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a general moratorium
on commercial banking activities in New York shall have been declared by either Federal or New York State authorities or in Canada by
the Canadian federal or provincial authorities, or there shall have occurred a material disruption in commercial banking or securities
settlement or clearance services, in Canada or the United States, (iv) there shall have occurred, developed or come into effect any
event, action, state, condition, or major financial occurrence of national or international consequence or any law or regulation,
any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, that, in the judgment of that
Terminating Agent is material and adverse to the financial markets in Canada or the United States or (v) there shall have occurred
a Material Adverse Effect and (b) the occurrence of any of the events specified in clauses (a)(i) through (v) above makes
it, in the judgment of that Terminating Agent impracticable to market the Securities on the terms and in the manner contemplated in the
Prospectus, or to enforce contracts for the sale of the Securities.

The rights of termination contained in this Section 9 may be exercised by any of the Agents and are in addition to any other rights or remedies any of the Agents may have in respect of any default, act or failure to act or non-compliance by the Company in respect of any of the matters contemplated by this Agreement or otherwise. In the event of any such termination, there shall be no further liability on the part of the Terminating Agent to the Company or on the part of the Company to the Terminating Agent except in respect of any liability which may have arisen prior to or arise after such termination under Sections 8 and 10 (and, for clarity, the Terminating Agent will not be entitled to any portion of the fee payable by the Company pursuant to Section 3). A notice of termination given by an Agent under this Section 9 shall not be binding upon any other Agent.

Upon the delivery of a notice of termination by a Terminating Agent under this Section 9, the Company may, in its absolute discretion, proceed with the sale of Securities in accordance with the terms of this Agreement with the remaining Agents or terminate this Agreement.

10. If this Agreement shall be terminated by the Agents, or any of them, because of any failure or refusal
on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company
shall be unable to perform its obligations under this Agreement or any condition of the Agents' obligations cannot be fulfilled,
the Company agrees to reimburse the Agents or such Agents as have so terminated this Agreement with respect to themselves, severally,
for all out-of-pocket expenses (including the fees and expenses of their counsel) reasonably incurred by such Agents in connection with
this Agreement or the offering of Securities. The Agents or such Agents as have so terminated this Agreement will provide the Company
with invoices in respect of any such out-of-pocket expenses to be reimbursed.

11. This Agreement shall enure to the benefit of and be binding upon the Company, and each Agent, and to the
extent provided for in Section 8, each person referred to in such section, and in each case, their respective successors and assigns.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person, firm or corporation any legal
or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained.

12. CIBC is hereby authorized by each of the other
 Agents to act on its behalf and the Company shall be entitled to and shall act on any notice
 given in accordance with this Section 12 or agreement entered into by or on behalf of
 the Agents by CIBC which represents and warrants that it has irrevocable authority to bind
 the Agents, except in respect of any consent to a settlement pursuant to Section 8,
 which consent shall be given by the Indemnified Person, or a notice of termination pursuant
 to Section 9, which notice may be given by any of the Agents. CIBC shall consult with
 the other Agents concerning any matter in respect of which it acts as representative of the
 Agents. All notices and other communications hereunder shall be in writing and shall be deemed
 to have been duly given if mailed or transmitted by any standard form of telecommunication.
 Notices to the Agents shall be given on their behalf to: CIBC World Markets Inc., 161 Bay
 Street – 5th Floor, Toronto, Ontario, M5J 2S8 (email: <u>Sean.Gilbert@cibc.com</u>).
 Notices to the Company shall be given to it at 510 W. Georgia St., 23 <sup>rd</sup>
 Floor, Vancouver, British Columbia V6B 0M3, Attention: Senior Vice-President and Treasurer
 (email: <u>treasury@telus.com</u>).

13. (a) In the event that any Agent that is a Covered Entity (as defined below) becomes subject to a
proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Agent of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if this Agreement, and any interest and obligation in or under this Agreement, were governed by the laws of the United
States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Agent that is a Covered Entity or a Covered Affiliate (as defined below) of any such Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Covered Affiliate" has the meaning assigned to the term "affiliate" in, and shall
be interpreted in accordance with, 12 U.S.C. § 1841(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "U.S. Special Resolution Regime" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder.

14. This Agreement may be executed in counterparts and delivered by facsimile or other electronically transmitted
format, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.

15. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario,
without giving effect to the conflicts of laws provisions thereof.

*[Remainder of this page intentionally left blank]*

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| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| **TELUS CORPORATION** | **TELUS CORPORATION** | **TELUS CORPORATION** |
| By: | (signed) Doug French | (signed) Doug French |
|  | Name: | Doug French |
|  | Title: | Executive Vice-President and Chief Financial Officer |
| By: | (signed) Andrea Wood | (signed) Andrea Wood |
|  | Name: | Andrea Wood |
|  | Title: | Executive Vice-President and Chief Legal and Governance Officer |

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**EXECUTION PAGE – AGENCY AGREEMENT**

Accepted: June 16, 2025.

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| | | |
|:---|:---|:---|
| **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** |
| By: | (signed) Sean Gilbert | (signed) Sean Gilbert |
|  | Name: | Sean Gilbert |
|  | Title: | Managing Director |
| **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** |
| By: | (signed) Michal Cegielski | (signed) Michal Cegielski |
|  | Name: | Michal Cegielski |
|  | Title: | Managing Director & Head – Global Debt Capital Markets |
| **TD SECURITIES INC.** | **TD SECURITIES INC.** | **TD SECURITIES INC.** |
| By: | (signed) Abeed Ramji | (signed) Abeed Ramji |
|  | Name: | Abeed Ramji |
|  | Title: | Managing Director - Head, Canadian Debt Capital Markets |
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | (signed) Shannon Jones | (signed) Shannon Jones |
|  | Name: | Shannon Jones |
|  | Title: | Managing Director and Co-Head Canadian Origination, Debt Capital Markets |
| **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| By: | (signed) William Lumsden | (signed) William Lumsden |
|  | Name: | William Lumsden |
|  | Title: | Managing Director |

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**EXECUTION PAGE – AGENCY AGREEMENT**

---

| | | |
|:---|:---|:---|
| **DESJARDINS SECURITIES INC.** | **DESJARDINS SECURITIES INC.** | **DESJARDINS SECURITIES INC.** |
| By: | (signed) Michael Giansante | (signed) Michael Giansante |
|  | Name: | Michael Giansante |
|  | Title: | Vice President & Director, Debt Capital Markets |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| By: | (signed) Yves Locas | (signed) Yves Locas |
|  | Name: | Yves Locas |
|  | Title: | Co-Head & Managing Director |
| **J.P. MORGAN SECURITIES CANADA INC.** | **J.P. MORGAN SECURITIES CANADA INC.** | **J.P. MORGAN SECURITIES CANADA INC.** |
| By: | (signed) Adeel Kheraj | (signed) Adeel Kheraj |
|  | Name: | Adeel Kheraj |
|  | Title: | Executive Director |
| **WELLS FARGO SECURITIES CANADA, LTD.** | **WELLS FARGO SECURITIES CANADA, LTD.** | **WELLS FARGO SECURITIES CANADA, LTD.** |
| By: | (signed) James McKeown | (signed) James McKeown |
|  | Name: | James McKeown |
|  | Title: | Executive Director |
| **SMBC NIKKO SECURITIES CANADA, LTD.** | **SMBC NIKKO SECURITIES CANADA, LTD.** | **SMBC NIKKO SECURITIES CANADA, LTD.** |
| By: | (signed) Dong Sohn | (signed) Dong Sohn |
|  | Name: | Dong Sohn |
|  | Title: | Chief Financial Officer |
| **ATB SECURITIES INC.** | **ATB SECURITIES INC.** | **ATB SECURITIES INC.** |
| By: | (signed) Andrew Becker | (signed) Andrew Becker |
|  | Name: | Andrew Becker |
|  | Title: | Managing Director |

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**EXECUTION PAGE – AGENCY AGREEMENT**

**SCHEDULE I**

**SERIES CAR NOTES**

---

| | |
|:---|:---|
| Title of Securities: | 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 (the "**Series CAR Notes**"). |
| Aggregate principal amount: | Cdn. $375,000,000 |
| Price to Public: | Cdn. $1,026.25 per Cdn. $1,000 principal amount of Series CAR Notes plus accrued interest of Cdn. $10.10273973 per Cdn. $1,000 principal amount from April 21, 2025 to, but excluding, the Closing Date. |
| Indenture: | Indenture dated as of May 22, 2001 between the Company and Computershare Trust Company of Canada (formerly Montreal Trust Company of Canada) as Trustee, as supplemented by the First Series Supplemental Indenture dated as of May 30, 2001, the Second Series Supplemental Indenture dated as of May 30, 2001, the Third Series Supplemental Indenture dated as of May 30, 2001, the Fourth Series Supplemental Indenture dated as of May 18, 2006, the Fifth Series Supplemental Indenture dated as of March 13, 2007, the Sixth Series Supplemental Indenture dated as of March 13, 2007, the Seventh Series Supplemental Indenture dated as of April 9, 2008, the Eighth Series Supplemental Indenture dated as of May 20, 2009, the Ninth Series Supplemental Indenture dated as of December 4, 2009, the Tenth Series Supplemental Indenture dated as of July 23, 2010, the Eleventh Series Supplemental Indenture dated as of May 25, 2011, the Twelfth Series Supplemental Indenture dated as of December 11, 2012, the Thirteenth Series Supplemental Indenture dated as of April 1, 2013, the Fourteenth Series Supplemental Indenture dated as of April 1, 2013, the Fifteenth Series Supplemental Indenture dated as of November 26, 2013, the Sixteenth Series Supplemental Indenture dated as of November 26, 2013, the Seventeenth Series Supplemental Indenture dated as of April 4, 2014, the Eighteenth Series Supplemental Indenture dated as of April 4, 2014, the Nineteenth Series Supplemental Indenture dated as of September 15, 2014, and the Twentieth Series Supplemental Indenture dated as of September 15, 2014, the Twenty-First Series Supplemental Indenture in respect of the Series CS Notes dated as of March 27, 2015, the Twenty-Second Series Supplemental Indenture in respect of the Series CT Notes dated as of March 27, 2015, the Twenty-Third Series Supplemental Indenture in respect of the Series CU Notes dated as of March 27, 2015, the Twenty-Fourth Series Supplemental Indenture in respect of the Series CV Notes dated as of December 8, 2015, the Twenty-Fifth Series Supplemental Indenture in respect of the issuance of additional Series CP Notes dated as of December 8, 2015, the Twenty-Sixth Series Supplemental Indenture in respect of the CW Notes dated as of March 6, 2017, the Twenty-Seventh Supplemental Indenture dated as of October 1, 2017, the Twenty-Eighth Series Supplemental Indenture in respect of the Series CX Notes dated as of March 1, 2018, the Twenty-Ninth Series Supplemental Indenture in respect of the issuance of additional Series CW Notes dated as of March 1, 2018, the Thirtieth Series Supplemental Indenture in respect of the Series CY Notes dated as of April 3, 2019, the Thirty-First Series Supplemental Indenture in respect of the Series CZ Notes dated as of July 2, 2019, the Thirty-Second Series Supplemental Indenture in respect of the Series CAA Notes dated as of December 16, 2019, the Thirty-Third Series Supplemental Indenture in respect of the Series CAB Notes dated as of December 16, 2019, the Thirty-Fourth Series Supplemental Indenture in respect of the issuance of additional Series CAB Notes dated as of May 29, 2020, the Thirty-Fifth Series Supplemental Indenture in respect of the Series CAC Notes dated as of May 29, 2020, the Thirty-Sixth Series Supplemental Indenture in respect of the Series CAD Notes dated as of October 5, 2020, the Thirty-Seventh Series Supplemental Indenture in respect of the Series CAE Notes dated as of April 5, 2021, the Thirty-Eighth Series Supplemental Indenture in respect of the Series CAF Notes dated June 28, 2021, the Thirty-Ninth Series Supplemental Indenture in respect of the Series CAG Notes dated September 13, 2022, the Fortieth Series Supplemental Indenture in respect of the Series CAH Notes dated September 13, 2022, the Forty-First Series Supplemental Indenture in respect of the Series CAI Notes dated September 13, 2022, the Forty-Second Series Supplemental Indenture in respect of the Series CAJ Notes dated March 28, 2023, the Forty-Third Supplemental Indenture dated June 15, 2023, the Forty-Fourth Series Supplemental Indenture in respect of the Series CAK Notes dated September 8, 2023, the Forty-Fifth Series Supplemental Indenture in respect of the Series CAL Notes dated September 8, 2023, the Forty-Sixth Series Supplemental Indenture in respect of the Series CAM Notes dated September 8, 2023 and the Forty-Seventh Supplemental Indenture dated January 2, 2024, the Forty-Eighth Series Supplemental Indenture in respect of the Series CAN Notes dated February 15, 2024, the Forty-Ninth Series Supplemental Indenture in respect of the Series CAO Notes dated February 15, 2024, the Fiftieth Series Supplemental Indenture in respect of the Series CAP Notes dated February 15, 2024, the Fifty-First Series Supplemental Indenture in respect of the Series CAQ Notes dated August 13, 2024, the Fifty-Second Series Supplemental Indenture in respect of the Series CAR Notes dated as of April 21, 2025, and the Fifty-Third Series Supplemental Indenture in respect of the Series CAS Notes dated as of April 21, 2025, as further supplemented by a Fifty-Fourth Series Supplemental Indenture in respect of the issuance of additional Series CAR Notes to be dated as of June 19, 2025. |

---

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| | |
|:---|:---|
| Maturity: | The Series CAR Notes will mature on July 21, 2055. |
| Interest Rate and Payment: | The Series CAR Notes will bear interest (i) from, and including, April 21, 2025, to, but excluding, July 21, 2030 (the "**Series CAR First Reset Date**") at a rate of 6.25% per annum and thereafter (ii) from, and including, the Series CAR First Reset Date, and from every fifth anniversary of such date thereafter (each such date a "**Series CAR Interest Reset Date**"), with respect to each Series CAR Interest Reset Period (as defined in the Prospectus) to, but excluding, the next succeeding Series CAR Interest Reset Date, the date of maturity or the date of redemption, as the case may be, at a rate per annum equal to the Five Year Government of Canada Yield (as defined in the Prospectus) as of the most recent Series CAR Interest Reset Determination Date (as defined in the Prospectus) plus a spread of 3.482%, to be reset on each Series CAR Interest Reset Date; provided, that the interest rate during any Series CAR Interest Reset Period will not reset below 6.25% (which equals the initial interest rate on the Series CAR Notes). |
|  | Subject to the Company's right to defer interest payments as described in the Prospectus, interest on the Series CAR Notes will be payable in arrears in equal semi-annual instalments (except the first interest payment) on January 21 and July 21 of each year, commencing on January 21, 2026. The first interest payment (long first coupon) on January 21, 2026 will be in an amount equal to $17,562,071.92, in respect of the Series CAR Notes offered hereby, representing interest accrued from, and including, April 21, 2025 to, but excluding January 21, 2026. |

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| | |
|:---|:---|
| Optional Redemption Provisions: | The Series CAR Notes may be redeemed to the extent set forth in the Prospectus. |
| Change of Control Provisions: |  |
| Sinking Fund Provisions: |  |
| Global Note Depositary: | CDS Clearing and Depository Services Inc. |
| Closing Date and Time of Delivery: | June 19, 2025 at 9:00 a.m., Eastern time |
| Closing Location: | Remotely via electronic transmission of documentation (such as by use of .pdf) |

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**SERIES CAS NOTES**

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| | |
|:---|:---|
| Title of Securities: | 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 (the "**Series CAS Notes**"). |
| Aggregate principal amount: | Cdn. $425,000,000 |
| Price to Public: | Cdn. $1,045.00 per Cdn. $1,000 principal amount of Series CAS Notes plus accrued interest of Cdn. $10.9109589 per Cdn. $1,000 principal amount from April 21, 2025 to, but excluding, the Closing Date. |

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| | |
|:---|:---|
| Indenture: | Indenture dated as of May 22, 2001 between the Company and Computershare Trust Company of Canada (formerly Montreal Trust Company of Canada) as Trustee, as supplemented by the First Series Supplemental Indenture dated as of May 30, 2001, the Second Series Supplemental Indenture dated as of May 30, 2001, the Third Series Supplemental Indenture dated as of May 30, 2001, the Fourth Series Supplemental Indenture dated as of May 18, 2006, the Fifth Series Supplemental Indenture dated as of March 13, 2007, the Sixth Series Supplemental Indenture dated as of March 13, 2007, the Seventh Series Supplemental Indenture dated as of April 9, 2008, the Eighth Series Supplemental Indenture dated as of May 20, 2009, the Ninth Series Supplemental Indenture dated as of December 4, 2009, the Tenth Series Supplemental Indenture dated as of July 23, 2010, the Eleventh Series Supplemental Indenture dated as of May 25, 2011, the Twelfth Series Supplemental Indenture dated as of December 11, 2012, the Thirteenth Series Supplemental Indenture dated as of April 1, 2013, the Fourteenth Series Supplemental Indenture dated as of April 1, 2013, the Fifteenth Series Supplemental Indenture dated as of November 26, 2013, the Sixteenth Series Supplemental Indenture dated as of November 26, 2013, the Seventeenth Series Supplemental Indenture dated as of April 4, 2014, the Eighteenth Series Supplemental Indenture dated as of April 4, 2014, the Nineteenth Series Supplemental Indenture dated as of September 15, 2014, and the Twentieth Series Supplemental Indenture dated as of September 15, 2014, the Twenty-First Series Supplemental Indenture in respect of the Series CS Notes dated as of March 27, 2015, the Twenty-Second Series Supplemental Indenture in respect of the Series CT Notes dated as of March 27, 2015, the Twenty-Third Series Supplemental Indenture in respect of the Series CU Notes dated as of March 27, 2015, the Twenty-Fourth Series Supplemental Indenture in respect of the Series CV Notes dated as of December 8, 2015, the Twenty-Fifth Series Supplemental Indenture in respect of the issuance of additional Series CP Notes dated as of December 8, 2015, the Twenty-Sixth Series Supplemental Indenture in respect of the CW Notes dated as of March 6, 2017, the Twenty-Seventh Supplemental Indenture dated as of October 1, 2017, the Twenty-Eighth Series Supplemental Indenture in respect of the Series CX Notes dated as of March 1, 2018, the Twenty-Ninth Series Supplemental Indenture in respect of the issuance of additional Series CW Notes dated as of March 1, 2018, the Thirtieth Series Supplemental Indenture in respect of the Series CY Notes dated as of April 3, 2019, the Thirty-First Series Supplemental Indenture in respect of the Series CZ Notes dated as of July 2, 2019, the Thirty-Second Series Supplemental Indenture in respect of the Series CAA Notes dated as of December 16, 2019, the Thirty-Third Series Supplemental Indenture in respect of the Series CAB Notes dated as of December 16, 2019, the Thirty-Fourth Series Supplemental Indenture in respect of the issuance of additional Series CAB Notes dated as of May 29, 2020, the Thirty-Fifth Series Supplemental Indenture in respect of the Series CAC Notes dated as of May 29, 2020, the Thirty-Sixth Series Supplemental Indenture in respect of the Series CAD Notes dated as of October 5, 2020, the Thirty-Seventh Series Supplemental Indenture in respect of the Series CAE Notes dated as of April 5, 2021, the Thirty-Eighth Series Supplemental Indenture in respect of the Series CAF Notes dated June 28, 2021, the Thirty-Ninth Series Supplemental Indenture in respect of the Series CAG Notes dated September 13, 2022, the Fortieth Series Supplemental Indenture in respect of the Series CAH Notes dated September 13, 2022, the Forty-First Series Supplemental Indenture in respect of the Series CAI Notes dated September 13, 2022, the Forty-Second Series Supplemental Indenture in respect of the Series CAJ Notes dated March 28, 2023, the Forty-Third Supplemental Indenture dated June 15, 2023, the Forty-Fourth Series Supplemental Indenture in respect of the Series CAK Notes dated September 8, 2023, the Forty-Fifth Series Supplemental Indenture in respect of the Series CAL Notes dated September 8, 2023, the Forty-Sixth Series Supplemental Indenture in respect of the Series CAM Notes dated September 8, 2023 and the Forty-Seventh Supplemental Indenture dated January 2, 2024, the Forty-Eighth Series Supplemental Indenture in respect of the Series CAN Notes dated February 15, 2024, the Forty-Ninth Series Supplemental Indenture in respect of the Series CAO Notes dated February 15, 2024, the Fiftieth Series Supplemental Indenture in respect of the Series CAP Notes dated February 15, 2024, the Fifty-First Series Supplemental Indenture in respect of the Series CAQ Notes dated August 13, 2024, the Fifty-Second Series Supplemental Indenture in respect of the Series CAR Notes dated as of April 21, 2025, and the Fifty-Third Series Supplemental Indenture in respect of the Series CAS Notes dated as of April 21, 2025, as further supplemented by a Fifty-Fifth Series Supplemental Indenture in respect of the issuance of additional Series CAS Notes to be dated as of June 19, 2025. |
| Maturity: | The Series CAS Notes will mature on July 21, 2055. |

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| | |
|:---|:---|
| Interest Rate and Payment: | The Series CAS Notes will bear interest (i) from, and including, April 21, 2025, to, but excluding, July 21, 2035 (the "**Series CAS First Reset Date**") at a rate of 6.75% per annum and thereafter (ii) from, and including, the Series CAS First Reset Date, and from every fifth anniversary of such date thereafter (each such date a "**Series CAS Interest Reset Date**"), with respect to each Series CAS Interest Reset Period (as defined in the Prospectus) to, but excluding, the next succeeding Series CAS Interest Reset Date, the date of maturity or the date of redemption, as the case may be, at a rate per annum equal to the Five Year Government of Canada Yield (as defined in the Prospectus) as of the most recent Series CAS Interest Reset Determination Date (as defined in the Prospectus) plus a spread of 3.609%, to be reset on each Series CAS Interest Reset Date; provided, that the interest rate during any Series CAS Interest Reset Period will not reset below 6.75% (which equals the initial interest rate on the Series CAS Notes). |
|  | Subject to the Company's right to defer interest payments as described in the Prospectus, interest on the Series CAS Notes will be payable in arrears in equal semi-annual instalments (except the first interest payment) on January 21 and July 21 of each year, commencing on January 21, 2026. The first interest payment (long first coupon) on January 21, 2026 will be in an amount equal to $21,495,976.03, in respect of the Series CAS Notes offered hereby, representing interest accrued from, and including, April 21, 2025 to, but excluding January 21, 2026. |
| Optional Redemption Provisions: | The Series CAS Notes may be redeemed to the extent set forth in the Prospectus. |
| Change of Control Provisions: |  |
| Sinking Fund Provisions: |  |
| Global Note Depositary: | CDS Clearing and Depository Services Inc. |
| Closing Date and Time of Delivery: | June 19, 2025 at 9:00 a.m., Eastern time |
| Closing Location: | Remotely via electronic transmission of documentation (such as by use of .pdf) |

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**SCHEDULE II**

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| | |
|:---|:---|
| **Agent** | **Securities** |
| CIBC World Markets Inc. | 18.00% |
| Scotia Capital Inc. | 18.00% |
| TD Securities Inc. | 18.00% |
| BMO Nesbitt Burns Inc. | 12.00% |
| RBC Dominion Securities Inc. | 12.00% |
| Desjardins Securities Inc. | 6.00% |
| National Bank Financial Inc. | 5.00% |
| J.P. Morgan Securities Canada Inc. | 3.50% |
| Wells Fargo Securities Canada, Ltd. | 3.50% |
| SMBC Nikko Securities Canada, Ltd. | 3.00% |
| ATB Securities Inc. | 1.00% |

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**ANNEX A-1**

**FORM OF OPINION OF**

**NORTON ROSE FULBRIGHT CANADA LLP**

1. The Company is incorporated and existing under the *Business Corporations Act* (British Columbia) and has the corporate power and capacity to own, lease and operate its properties and conduct its business as described in the Prospectus.

2. The Company is qualified or registered to carry on business in each of the Provinces in Canada in which the location of its properties or the operation of its business makes such qualification or registration necessary, except where the failure to be so qualified or registered would not have a material adverse effect upon the business of the Company and its subsidiaries, taken as a whole.

3. TCI is incorporated and existing under the *Business Corporations Act (British Columbia)* and has the corporate power and capacity to own, lease and operate its properties and conduct its business as described in the Prospectus.

4. TCI is qualified or registered to carry on business in each of the Provinces in Canada.

5. The authorized share capital of TCI consists of an unlimited number of Ordinary Shares, an unlimiated number of New Ordinary Shares and an unlimited number of Class A Preferred Shares. TCI has no Ordinary Shares or Class A Preferred Shares outstanding. All of the outstanding New Ordinary Shares in the capital of TCI are registered in the name of the Company.

6. TELUS International is incorporated and existing under the *Business Corporations Act (British Columbia)* and has the corporate power and capacity to own, lease and operate its properties and conduct its business as described in the Prospectus.

7. TELUS Health is incorporated and existing under the *Business Corporations Act (British Columbia)* and has the corporate power and capacity to own, lease and operate its properties and conduct its business as described in the Prospectus.

8. There are no restrictions on the corporate power and capacity of the Company to enter into the Agency Agreement, the Base Indenture as supplemented by the Fifty-Second Series Supplemental Indenture, as further supplemented by the Fifty-Fourth Series Supplemental Indenture (the "**Series CAR Indenture**") or the Base Indenture as supplemented by the Fifty-Third Series Supplemental Indenture, as further supplemented by the Fifty-Fifth Series Supplemental Indenture (together with the Series CAR Indenture, the "**Indentures**") and carry out its obligations under the Agency Agreement or the Indentures. The Company has the corporate power and capacity to execute, issue and deliver the 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes Series CAR due July 21, 2055 (the "**Series CAR Notes**") and the 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes Series CAR due July 21, 2055 (the "**Series CAS Notes**" and, together with the Series CAR Notes, the "**Securities**"). The execution and delivery of, and the performance by the Company of its obligations under, the Agency Agreement and the Indentures have been duly authorized by all necessary corporate action on the part of the Company.

9. Each of the Agency Agreement, the Base Indenture, the Fifty-Second Series Supplemental Indenture, the Fifty-Third Series Supplemental Indenture, the Fifty-Fourth Series Supplemental Indenture and the Fifty-Fifth Series Supplemental Indenture has been duly executed by the Company.

10. Each of the Agency Agreement, the Base Indenture, the Fifty-Second Series Supplemental Indenture, the Fifty-Third Series Supplemental Indenture, the Fifty-Fourth Series Supplemental Indenture and the Fifty-Fifth Series Supplemental Indenture has been duly delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

11. All corporate actions required to be taken by the Company under the Indentures relating to the authorization and issuance of the Securities have been complied with or satisfied. The Global Notes have been duly executed by the Company.

12. Assuming due certification of the Global Notes by the Trustee, the Global Notes have been duly delivered by or on behalf of the Company and the Securities constitute valid and binding obligations of the Company entitling the holders thereof to the benefits provided to such holders under the applicable Indenture.

13. Each Indenture and the form and terms of the Securities meet all legal requirements under the *Business Corporations Act* (Ontario) and, assuming due certification of the Global Notes by the Trustee, the provisions of such Act have been complied with by the Company in respect of the issuance, certification and delivery of the Securities.

14. Each Indenture and the form and terms of the Securities meet all legal requirements under the *Business Corporations Act* (British Columbia) and, assuming due certification of the Global Notes by the Trustee, the provisions of such Act have been complied with by the Company in respect of the issuance, certification and delivery of the Securities.

15. The execution, delivery and performance by the Company of its obligations under the Agency Agreement, the Indentures and the Securities do not and will not contravene or result in a breach of and do not and will not create a state of facts which, after notice or lapse of time or both, will result in a breach of, and do not and will not conflict with:

(a) any applicable law of the Province of Ontario or of the federal laws of Canada applicable therein;

(b) any resolution of the board of directors (or any committee thereof) or of the shareholders of the Company;

(c) any of the agreements or instruments set forth in a schedule to such opinion; or

(d) to the best of our knowledge, any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or TCI, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency of the Province of Ontario or of the Government of Canada is required for the performance by the Company of its obligations under the Agency Agreement, the Indentures or the Securities except such as have been obtained.

16. The execution, delivery and performance by the Company of its obligations under the Agency Agreement, the Indentures and the Securities do not and will not contravene or result in a breach of and do not and will not create a state of facts which, after notice or lapse of time or both, will result in a breach of, and do not and will not conflict with:

(a) any applicable law of the Province of British Columbia; or

(b) any provision of the notice of articles or articles of the Company,

and no consent, approval, authorization or order of, or qualification with, any governmental body or agency of the Province of British Columbia is required for the performance by the Company of its obligations under the Agency Agreement, the Indentures or the Securities except such as have been obtained.

17. All necessary documents have been filed, all requisite proceedings have been taken and all necessary authorizations, approvals, permits and consents have been obtained by the Company under Canadian Securities Laws to permit the Securities to be offered and sold to the public in the Qualifying Provinces through persons and companies who are registered in an appropriate category of registration under Canadian Securities Laws and who have complied with the relevant provisions of such legislation.

18. The Company is a reporting issuer in each of the Qualifying Provinces and, where applicable, is not on the list of defaulting reporting issuers or noted in default on the list of reporting issuers maintained by the relevant Qualifying Authorities.

19. To the best of our knowledge, no order having the effect of ceasing or suspending the distribution of the Securities has been issued by any Qualifying Authority and no proceeding for that purpose has been initiated or threatened by any Qualifying Authority.

20. Subject to the limitations, assumptions and qualifications and relying upon the matters set out therein, the statements in the Shelf Prospectus under the heading "Description of Debt Securities" and the statements in the Prospectus Supplement under the heading "Details of the Offering", insofar as they purport to constitute a summary of the terms of the Securities, are accurate and fair summaries of the matters described therein. Subject to the limitations, assumptions and qualifications therein, the statements in the Prospectus Supplement under the heading "Certain Canadian Federal Income Tax Considerations" is an accurate and fair summary of the principal Canadian federal income tax considerations generally applicable to an investment in the Securities and the statements in the Prospectus Supplement under the heading "Eligibility for Investment" are true and correct.

21. No stamp duty, registration or documentary taxes, duties or similar charges are payable under the laws of the Province of Ontario or the federal laws of Canada in connection with the creation, issuance, sale and delivery of the Securities or the authorization, execution, delivery and performance of the Agency Agreement and the Indentures.

22. No stamp duty, registration or documentary taxes, duties or similar charges are payable under the laws of the Province of British Columbia in connection with the creation, issuance, sale and delivery of the Securities or the authorization, execution, delivery and performance of the Agency Agreement and the Indentures.

23. Assuming (i) each purchaser of Securities in Québec has received a copy of the Shelf Prospectus and the Prospectus Supplement in the French language only or a copy of the Shelf Prospectus and the Prospectus Supplement in the French language and a copy of the Shelf Prospectus and the Prospectus Supplement in the English language; and (ii) all documents incorporated and deemed to be incorporated by reference into the Shelf Prospectus and the Prospectus Supplement have been translated in the French language and filed with the Autorité des marchés financiers, all requirements relating to the use of the French language in the *Securities Act* (Québec) will have been complied with in connection with the offer and sale of the Securities to purchasers in Québec. No opinion is expressed on whether the Shelf Prospectus, the Prospectus Supplement and forms of order and confirmation are in compliance with the *Charter of the French Language* (Québec).

**ANNEX B-1**

**FORM OF REGULATORY OPINION**

**OF THE VICE PRESIDENT – TELECOM POLICY & CHIEF REGULATORY LEGAL**

**COUNSEL OF THE COMPANY**

1. The statements in the Company's Annual Information Form dated February 13, 2025 under the headings "Canadian ownership and control requirements" and "Regulation", and the statements in the Company's management's discussion and analysis for the fiscal year ended December 31, 2024 under the headings "Communications industry regulatory developments and proceedings" and "Regulatory matters", as modified, supplemented or superseded to the extent that a statement contained therein is modified, supplemented or superseded by any document incorporated by reference in the Prospectus, insofar as such disclosure describes or summarizes matters of law, fairly summarizes such matters of law.

2. TCI and Olds Fibre Ltd. are the only telecommunications common carriers (as such term is used in the Telecommunications Act and in accordance with the Ownership Regulations) that are controlled by the Company, and each such company is:

(a) eligible to operate as a Canadian carrier in Canada, as defined under and in accordance with the Telecommunications Act and the Ownership Regulations;

(b) not in violation of the prohibition contained in subsection 16(4) of the Telecommunications Act against operating in Canada as a telecommunications common carrier unless it is eligible under Section 16 of the Telecommunications Act to do so; and

(c) not controlled by any persons that are not Canadian, in accordance with the meanings ascribed to the term "control" under the Telecommunications Act and the term "Canadian" under the Ownership Regulations.

3. Not less than 80% of the members of the board of directors of TCI and Olds Fibre Ltd. are individual Canadians, as defined under the Ownership Regulations, and Canadians, as defined under the Ownership Regulations, beneficially own, directly or indirectly, in the aggregate and otherwise than by way of security only, all of the issued and outstanding voting shares, as defined under the Ownership Regulations, of each such company.

4. TCI is the only radiocommunication service provider (as such term is used in the Radiocommunication Regulations) that is controlled by the Company, and TCI:

(a) is eligible to hold radio authorizations authorizing the operation in Canada of radio apparatus, as defined under and in accordance with the Radiocommunication Act and the Radiocommunication Regulations;

(b) is not in violation of the prohibition contained in subsection 4(1) of the Radiocommunication Act against operating radio apparatus in Canada, except under and in accordance with a radio authorization issued by the Minister of Innovation, Science and Industry;

(c) is not controlled by any persons that are not Canadian, in accordance with the meanings ascribed to the term "control" under the Telecommunications Act and the term "Canadian" under the Ownership Regulations; and

(d) is eligible to be issued a radio authorization under subsection 9(1) of the Radiocommunication Regulations.

5. TCI is Canadian, as defined under the Ownership Regulations.

6. The Company, in respect of its ownership of and control over TCI, is a carrier holding corporation and a qualified corporation, as defined under the Ownership Regulations.

7. Except as disclosed in the Prospectus, to the best of such counsel's knowledge, there is no proposed or announced change in the Telecommunications Act, Radiocommunication Act, Ownership Regulations, Radiocommunication Regulations, Broadcasting Act or the CRTC Direction which would have a Material Adverse Effect.

8. TCI is the only holder of licenses to operate broadcasting undertakings (as such term is used in the Broadcasting Act), and it is:

(a) eligible to hold broadcasting licenses authorizing the operation in Canada of distribution and programming undertakings, as defined under and in accordance with the Broadcasting Act;

(b) not in violation of the prohibition contained in subsection 32(1) of the Broadcasting Act; and

(c) not a non-Canadian (as that term is defined in the CRTC Direction).

**ANNEX B-2**

**FORM OF REGULATORY CERTIFICATE**

**OF THE VICE PRESIDENT – TELECOM POLICY & CHIEF REGULATORY LEGAL**

**COUNSEL OF THE COMPANY**

1. To the best of such counsel's knowledge, there are no legal or governmental investigations or other proceedings pending or threatened before any court or before or by any federal, provincial, state, municipal or other governmental or public department, commission, board, agency or body, domestic or foreign (including, without limitation, proceedings, inquiries or investigations of Innovation, Science and Economic Development Canada, Canadian Heritage, the CRTC or the Bureau, or arising under the Telecommunications Act, the Radiocommunication Act*,* the Broadcasting Act or the Competition Act) to which the Company or TCI is a party or to which any of the properties or assets of the Company or TCI is subject that are required to be described in the Prospectus, that are not so described as required or any statutes, including any statutes relating to the regulation of the Canadian telecommunications, radiocommunications and broadcasting industries (including for this purpose the orders, rules, regulations, directives, decisions, notices and policies promulgated pursuant to any applicable statutes or regulations specifically relating to the regulation of the Canadian telecommunications, radiocommunications and broadcasting industries and the orders, rules, regulations, directives, decisions, notices and policies promulgated thereunder), regulations, contracts or other documents that are required to be described in the Prospectus that are not described as required.

2. To the best of such counsel's knowledge, each of the Company and its subsidiaries owns, possesses or has obtained all licenses, permits, certificates, consents, orders, approvals, waivers, registrations, and other authorizations from, and has made all declarations and filings with, all federal, provincial and other governmental authorities, all self-regulatory organizations and all courts and other tribunals, necessary to own or lease, as the case may be, and to operate its properties and to carry on its business as conducted as of the date hereof except where any failure to possess or obtain any such licenses, permits or other documents described in this paragraph or to make any such declaration or filing, or to fulfill any condition to an authorization would not, singly or in the aggregate, have a Material Adverse Effect, and neither the Company nor TCI has received any actual notice of any proceeding relating to revocation or modification of any such license, permit, certificate, consent, order, waiver, registration, approval or other authorization, except as described in the Prospectus or except where any revocation or modification would not, singly or in the aggregate, have a Material Adverse Effect; and each of the Company and TCI is in compliance with all laws and regulations relating to the conduct of its business as conducted as of the date hereof except where any non-compliance would not, singly or in the aggregate, have a Material Adverse Effect.

3. To the best of such counsel's knowledge, neither the Company nor TCI is in violation of, or in default in any respect under, any judgment, decree, decision, order, writ, law, statute, rule or regulation rendered or enacted in Canada respecting telecommunications and the regulation within Canada of telecommunications common carriers, as defined in the Telecommunications Act, respecting radiocommunication and the operation within Canada of radio apparatus, as defined in the Radiocommunication Act or respecting broadcasting and the regulation within Canada of broadcasting undertakings, as defined in the Broadcasting Act, applicable to the Company or its subsidiaries, or any interpretation or policy relating thereto that is applicable to the Company or its subsidiaries except where the consequence of such violations or defaults would not have a Material Adverse Effect; the conduct of the Company's and its subsidiaries' businesses in the manner and to the extent currently conducted and proposed to be conducted, as described in the Prospectus, is in accordance with all material conditions and/or provisions of the Licenses and the Communications Statutes except where the consequence of any non-compliance would not, singly or in the aggregate, have a Material Adverse Effect; and no event has occurred which permits, or with notice or lapse of time or both, would permit the revocation or termination of any of the Licenses or which might result in any other material impairment of the rights of the Company and TCI therein or in any material violation of the Communications Statutes except where any revocation or modification would not, singly or in the aggregate, have a Material Adverse Effect.

4. To the best of such counsel's knowledge, when required, the Company and TCI have timely filed all renewal applications with respect to all Licenses held by any of them, except where the failure so to file would not result in a Material Adverse Effect; no protests or competing applications have been filed with respect to such renewal applications and nothing has come to the Company's attention that would lead it to conclude that such renewal applications will not be granted by the appropriate regulatory agency or body in the ordinary course or that its Licenses will be terminated, except where the consequence of such applications not being granted or termination of Licenses would not, singly or in the aggregate, have a Material Adverse Effect; and the Company and its subsidiaries are authorized under the Communications Statutes and the rules and regulations promulgated thereunder to continue to provide the services which are the subject of such renewal applications during the pendency thereof.

## Exhibit 99.2

**Exhibit 99.2**

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|:---|:---|
| ![](tm2518323d6_ex99-2img001.jpg) | News Release |

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June 16, 2025

**TELUS ANNOUNCES JUNIOR SUBORDINATED NOTE OFFERING**

***Base shelf prospectus is accessible, and prospectus supplement will be accessible within two<br> business days, through SEDAR+***

Re-opening of 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055

Re-opening of 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055

**VANCOUVER, B.C.** - TELUS announced today it has priced a $800 million re-opening of its fixed-to-fixed rate junior subordinated notes, Series CAR and Series CAS, each with a long 30-year maturity. The notes are offered through a syndicate of agents led by CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. Closing of the offering is expected to occur on or about June 19, 2025.

The re-opened 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR, priced at $102.625 per $100 principal amount for a re-opening yield of 5.612% per annum until July 21, 2030, will mature on July 21, 2055. The 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR will initially bear interest at a rate of 6.25% per annum and reset every five years starting July 21, 2030 to the prevailing five-year Government of Canada rate plus 3.482%, provided that the interest rate during any five-year interest period will not reset below 6.25%.

The re-opened 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS, priced at $104.500 per $100 principal amount for a re-opening yield of 6.127% per annum until July 21, 2035, will mature on July 21, 2055. The 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS will initially bear interest at a rate of 6.75% per annum and reset every five years starting July 21, 2035 to the prevailing five-year Government of Canada rate plus 3.609%, provided that the interest rate during any five-year interest period will not reset below 6.75%.

The net proceeds will be used to reduce outstanding indebtedness, including to reduce the amount of commercial paper outstanding (incurred for general working capital purposes), and for other general corporate purposes. Pending any such use of the net proceeds, the Company will invest the net proceeds in short-term investment grade securities, money market funds or bank deposits.

TELUS has been advised that credit rating agencies that have rated these notes have assigned 50% equity credit to the notes.

This media release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The notes have not been registered under the U.S. Securities Act of 1933, as amended, and no notes are being offered in the United States or to or for the account or benefit of any U.S. person.

The notes are being offered pursuant to a prospectus supplement to the short form base shelf prospectus of TELUS dated August 2, 2024. The prospectus supplement and the corresponding short form base shelf prospectus contain important detailed information about the notes. Access to the prospectus supplement and the base shelf prospectus, and any amendments to the thereto, are provided in accordance with securities legislation relating to the procedures for providing access to such documents. An electronic or paper copy of the prospectus supplement and corresponding short form base shelf prospectus relating to the offering of notes may be obtained, without charge, from the Chief Legal and Governance Officer of TELUS at 510 W. Georgia St., 23<sup>rd</sup> Floor, Vancouver, British Columbia V6B 0M3 (telephone 604-695-6420) or from CIBC World Markets Inc. by phone at 416-594-8515 or email at Mailbox.CIBCDebtSyndication@cibc.com, Scotia Capital Inc. by phone at 416-863-7438 or email at syndicate.toronto@scotiabank.com or TD Securities Inc. by phone at 416-982-2243 or email at TDCAN-Syndicate@tdsecurities.com by providing an email address or mailing address, as applicable. Copies of these documents will be accessible electronically within two business days of the date hereof on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) of the Canadian Securities Administrators, at www.sedarplus.ca. Investors should read the short form base shelf prospectus and prospectus supplement before making an investment decision.

**Forward-Looking Statements**

This news release contains statements about future events pertaining to the offering, including the anticipated closing date of the offering and the intended use of the net proceeds of the offering. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. There is significant risk that the forward-looking statements will not prove to be accurate. The timing and closing of the above-mentioned offering are subject to customary closing conditions and other risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our 2024 annual management's discussion and analysis (MD&A), our MD&A for the three-month period ended March 31, 2025 and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on the Electronic Data Gathering, Analysis, and Retrieval system, administered by the US Securities and Exchange Commission at sec.gov). The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

**About TELUS**

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 150 million lives worldwide and territories worldwide through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring 'give where we live' philosophy, TELUS, our 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 us the distinction of the world's most giving company. For more information, visit <u>telus.com</u> or follow <u>@TELUSNews</u> on X and <u>@Darren_Entwistle</u> on Instagram.

**Investor Relations**

Ian McMillan

<u>ir@telus.com</u>

**Media Relations**

Steve Beisswanger

<u>Steve.Beisswanger@telus.com</u>

## Exhibit 99.3

**Exhibit 99.3**

**TELUS CORPORATION**

as Issuer

and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

as Indenture Trustee

**FIFTY-FOURTH SERIES SUPPLEMENT**

Dated as of June 19, 2025

Supplementing the Trust Indenture dated as of May 22, 2001, as supplemented <br> between TELUS Corporation, as Issuer and

Computershare Trust Company of Canada, as Indenture Trustee,<br> and providing for the additional issue of

6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055<br> in the aggregate principal amount of $375,000,000

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article One Interpretation** | **Article One Interpretation** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | To be Read with Indenture; Governing Law | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | Conflict Between Series Supplement and Indenture | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | Interpretation Provisions in Indenture | 2 |
| **Article Two Debt Securities** | **Article Two Debt Securities** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | Creation and Designation | 2 |
| **Article Three Miscellaneous Provisions** | **Article Three Miscellaneous Provisions** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | Confirmation of Indenture | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | Acceptance of Trusts | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | Counterparts and Formal Date | 3 |

---

**THIS IS THE FIFTY-FOURTH SERIES SUPPLEMENT** dated as of June 19, 2025

**BETWEEN**:

**TELUS CORPORATION,** in its capacity as Issuer

- and-

**COMPUTERSHARE TRUST COMPANY OF CANADA,** <br> a trust company under the laws of Canada, in its capacity<br> as Indenture Trustee

**WHEREAS** the Issuer and the Indenture Trustee have entered into a trust indenture dated as of May 22, 2001 (the "**Base Indenture**"), as amended and supplemented by the forty-seventh supplement to the Base Indenture, dated January 2, 2024 between the Issuer and the Indenture Trustee (together with the Base Indenture, the "**Supplemented Base Indenture**");

**AND WHEREAS** pursuant to Section 2.02 of the Base Indenture, the Issuer may from time to time create and issue one or more new Series of Debt Securities, subject to the satisfaction of certain conditions set forth in the Supplemented Base Indenture and in the related Series Supplement;

**AND WHEREAS** the Principal Terms of any new Series of Debt Securities are to be set forth in a Series Supplement, which amends and supplements the Supplemented Base Indenture in relation to such Series;

**AND WHEREAS** on April 21, 2025, the Issuer and the Indenture Trustee entered into the Fifty-Second Series Supplement to the Base Indenture (the "**Fifty-Second Series Supplement**", and together with the Supplemented Base Indenture, the "**Indenture**") relating to the issuance of Debt Securities designated as 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 (the "**Initial Series CAR Notes**"), which included establishing the Principal Terms of, and provided for the issuance of, such Series;

**AND WHEREAS** the Initial Series CAR Notes were issued in the aggregate principal amount of $1,100,000,000 on April 21, 2025;

**AND WHEREAS** the Issuer wishes to issue an additional $375,000,000 aggregate principal amount of 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055;

**AND WHEREAS** in accordance with Section 2.01 of the Base Indenture and Section 2.02 of the Fifty-Second Series Supplement, the Issuer may issue the Additional Series CAR Notes (as defined below) without the consent of any holder of the Initial Series CAR Notes;

**NOW THEREFORE THIS SERIES SUPPLEMENT WITNESSES** and it is hereby covenanted, agreed and declared as follows:

**ARTICLE ONE**

**INTERPRETATION**

**1.01 To be Read with Indenture; Governing Law**

This Series Supplement is supplemental to the Indenture, and the Indenture and this Series Supplement shall hereafter be read together and shall have effect, so far as practicable, with respect to the additional 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 as if all the provisions of the Indenture and this Series Supplement were contained in one instrument, which instrument shall be governed by and construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable in such Province. The parties hereto expressly request and require that this document be drawn up in English. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s'y rattachent soient rédigés en anglais.

**1.02 Definitions**

All capitalized terms used but not defined in this Series Supplement shall have the meanings specified in the Indenture.

**1.03 Conflict Between Series Supplement and Indenture**

If any term or provision contained in this Series Supplement shall conflict or be inconsistent with any term or provision of the Indenture, the terms and provisions of this Series Supplement shall govern; provided, however, that the terms and provisions of this Series Supplement may modify or amend the terms of the Indenture solely as applied to the Notes.

**1.04 Interpretation Provisions in Indenture**

This Series Supplement shall, unless the context otherwise requires, be subject to the interpretation provisions contained in Article One of each of the Base Indenture and the Fifty-Second Series Supplement.

**ARTICLE TWO**

**DEBT SECURITIES**

**2.01 Creation and Designation**

(1) The Issuer is hereby authorized to issue an additional $375,000,000 aggregate principal amount of 6.25%
Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 (the "**Additional Series CAR Notes** "). For clarity, after the issuance of the Additional Series CAR Notes, the aggregate principal amount
of Notes outstanding will be $1,475,000,000.

(2) Except as provided for herein, all of the terms and conditions of the Initial Series CAR Notes and
the Fifty-Second Series Supplement, including the Principal Terms (as set forth in the Fifty-Second Series Supplement) and the
covenants and obligations of the Issuer under the Fifty-Second Series Supplement apply equally to the Additional Series CAR
Notes.

(3) The Additional Series CAR Notes shall be in the form attached as Exhibit A to the Fifty-Second
Series Supplement, with such changes as may be necessary to reflect the date of issuance of the Additional Series CAR Notes
and the terms of this Series Supplement. Subject to the Deferral Right, the first interest payment on the Additional Series CAR
Notes in the aggregate amount of $17,562,071.92 (which amount represents accrued and unpaid interest on the Additional Series CAR
Notes for the period from April 21, 2025 to but excluding January 21, 2026) shall be payable on January 21, 2026.

(4) The Additional Series CAR Notes will have the same CUSIP number, will rank equally, form part of
a single series, and trade interchangeably and be fungible for trading purposes with the Initial Series CAR Notes.

(5) For clarity, references to "Notes" in this Series Supplement and the Fifty-Second Series Supplement
shall be deemed to refer to the Initial Series CAR Notes, the Additional Series CAR Notes, and any additional notes the Issuer
may from time to time create, issue and designate as 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21,
2055. 2

**ARTICLE THREE**

**MISCELLANEOUS PROVISIONS**

**3.01 Confirmation of Indenture**

The Indenture, as amended and supplemented by this Series Supplement, is in all respects confirmed.

**3.02 Acceptance of Trusts**

The Indenture Trustee hereby accepts the trusts in this Series Supplement declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Indenture.

**3.03 Counterparts and Formal Date**

This Series Supplement may be executed in any number of counterparts, and delivered via electronic means (including by way of pdf), each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date set forth on the first page of this Series Supplement.

*[Remainder of page intentionally left blank]*

**IN WITNESS OF WHICH** the Issuer and the Indenture Trustee have caused this Series Supplement to be duly executed by their duly authorized officers as of the date specified on the first page of this Series Supplement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **TELUS CORPORATION** | **TELUS CORPORATION** | **TELUS CORPORATION** |
| by: | (signed) Luci Scholes | (signed) Luci Scholes | by: | (signed) Doug French | (signed) Doug French |
|  | Name: | Luci Scholes |  | Name: | Doug French |
|  | Title: | Corporate Trust Officer |  | Title: | Executive Vice-President and Chief Financial Officer |
| by: | (signed) Corentin Leverrier | (signed) Corentin Leverrier | by: | (signed) Mario Mele | (signed) Mario Mele |
|  | Name: | Corentin Leverrier |  | Name: | Mario Mele |
|  | Title: | Manager, Corporate Trust |  | Title: | Senior Vice-President and Treasurer |

---

EXECUTION PAGE – SUPPLEMENTAL INDENTURE

## Exhibit 99.4

**Exhibit 99.4**

**TELUS CORPORATION**

as Issuer

and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

as Indenture Trustee

**FIFTY-FIFTH SERIES SUPPLEMENT**

Dated as of June 19, 2025

Supplementing the Trust Indenture dated as of May 22, 2001, as supplemented<br> between TELUS Corporation, as Issuer and

Computershare Trust Company of Canada, as Indenture Trustee, <br> and providing for the additional issue of

6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055<br> in the aggregate principal amount of $425,000,000

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article One Interpretation** | **Article One Interpretation** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | To be Read with Indenture; Governing Law | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | Conflict Between Series Supplement and Indenture | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | Interpretation Provisions in Indenture | 2 |
| **Article Two Debt Securities** | **Article Two Debt Securities** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | Creation and Designation | 2 |
| **Article Three Miscellaneous Provisions** | **Article Three Miscellaneous Provisions** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | Confirmation of Indenture | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | Acceptance of Trusts | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | Counterparts and Formal Date | 3 |

---

**THIS IS THE FIFTY-FIFTH SERIES SUPPLEMENT** dated as of June 19, 2025

**BETWEEN**:

**TELUS CORPORATION,** in its capacity as Issuer

- and-

**COMPUTERSHARE TRUST COMPANY OF CANADA,** <br> a trust company under the laws of Canada, in its capacity <br> as Indenture Trustee

**WHEREAS** the Issuer and the Indenture Trustee have entered into a trust indenture dated as of May 22, 2001 (the "**Base Indenture**"), as amended and supplemented by the forty-seventh supplement to the Base Indenture, dated January 2, 2024 between the Issuer and the Indenture Trustee (together with the Base Indenture, the "**Supplemented Base Indenture**");

**AND WHEREAS** pursuant to Section 2.02 of the Base Indenture, the Issuer may from time to time create and issue one or more new Series of Debt Securities, subject to the satisfaction of certain conditions set forth in the Supplemented Base Indenture and in the related Series Supplement;

**AND WHEREAS** the Principal Terms of any new Series of Debt Securities are to be set forth in a Series Supplement, which amends and supplements the Supplemented Base Indenture in relation to such Series;

**AND WHEREAS** on April 21, 2025, the Issuer and the Indenture Trustee entered into the Fifty-Third Series Supplement to the Base Indenture (the "**Fifty-Third Series Supplement**", and together with the Supplemented Base Indenture, the "**Indenture**") relating to the issuance of Debt Securities designated as 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 (the "**Initial Series CAS Notes**"), which included establishing the Principal Terms of, and provided for the issuance of, such Series;

**AND WHEREAS** the Initial Series CAS Notes were issued in the aggregate principal amount of $500,000,000 on April 21, 2025;

**AND WHEREAS** the Issuer wishes to issue an additional $425,000,000 aggregate principal amount of 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055;

**AND WHEREAS** in accordance with Section 2.01 of the Base Indenture and Section 2.02 of the Fifty-Third Series Supplement, the Issuer may issue the Additional Series CAS Notes (as defined below) without the consent of any holder of the Initial Series CAS Notes;

**NOW THEREFORE THIS SERIES SUPPLEMENT WITNESSES** and it is hereby covenanted, agreed and declared as follows:

**ARTICLE ONE**

**INTERPRETATION**

**1.01 To be Read with Indenture; Governing Law**

This Series Supplement is supplemental to the Indenture, and the Indenture and this Series Supplement shall hereafter be read together and shall have effect, so far as practicable, with respect to the additional 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 as if all the provisions of the Indenture and this Series Supplement were contained in one instrument, which instrument shall be governed by and construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable in such Province. The parties hereto expressly request and require that this document be drawn up in English. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s'y rattachent soient rédigés en anglais.

**1.02 Definitions**

All capitalized terms used but not defined in this Series Supplement shall have the meanings specified in the Indenture.

**1.03 Conflict Between Series Supplement and Indenture**

If any term or provision contained in this Series Supplement shall conflict or be inconsistent with any term or provision of the Indenture, the terms and provisions of this Series Supplement shall govern; provided, however, that the terms and provisions of this Series Supplement may modify or amend the terms of the Indenture solely as applied to the Notes.

**1.04 Interpretation Provisions in Indenture**

This Series Supplement shall, unless the context otherwise requires, be subject to the interpretation provisions contained in Article One of each of the Base Indenture and the Fifty-Third Series Supplement.

**ARTICLE TWO**

**DEBT SECURITIES**

**2.01 Creation and Designation**

(1) The Issuer is hereby authorized to issue an additional $425,000,000 aggregate principal amount of 6.75%
Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 (the "**Additional Series CAS Notes** ").
For clarity, after the issuance of the Additional Series CAS Notes, the aggregate principal amount of Notes outstanding will be $925,000,000.

(2) Except as provided for herein, all of the terms and conditions of the Initial Series CAS Notes and
the Fifty-Third Series Supplement, including the Principal Terms (as set forth in the Fifty-Third Series Supplement) and the
covenants and obligations of the Issuer under the Fifty-Third Series Supplement apply equally to the Additional Series CAS Notes.

(3) The Additional Series CAS Notes shall be in the form attached as Exhibit A to the Fifty-Third
Series Supplement, with such changes as may be necessary to reflect the date of issuance of the Additional Series CAS Notes
and the terms of this Series Supplement. Subject to the Deferral Right, the first interest payment on the Additional Series CAS
Notes in the aggregate amount of $21,495,976.03 (which amount represents accrued and unpaid interest on the Additional Series CAS
Notes for the period from April 21, 2025 to but excluding January 21, 2026) shall be payable on January 21, 2026.

(4) The Additional Series CAS Notes will have the same CUSIP number, will rank equally, form part of
a single series, and trade interchangeably and be fungible for trading purposes with the Initial Series CAS Notes.

(5) For clarity, references to "Notes" in this Series Supplement and the Fifty-Third Series Supplement
shall be deemed to refer to the Initial Series CAS Notes, the Additional Series CAS Notes, and any additional notes the Issuer
may from time to time create, issue and designate as 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21,
2055. 2

**ARTICLE THREE**

**MISCELLANEOUS PROVISIONS**

**3.01 Confirmation of Indenture**

The Indenture, as amended and supplemented by this Series Supplement, is in all respects confirmed.

**3.02 Acceptance of Trusts**

The Indenture Trustee hereby accepts the trusts in this Series Supplement declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Indenture.

**3.03 Counterparts and Formal Date**

This Series Supplement may be executed in any number of counterparts, and delivered via electronic means (including by way of pdf), each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date set forth on the first page of this Series Supplement.

*[Remainder of page intentionally left blank]*

**IN WITNESS OF WHICH** the Issuer and the Indenture Trustee have caused this Series Supplement to be duly executed by their duly authorized officers as of the date specified on the first page of this Series Supplement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **COMPUTERSHARE TRUST COMPANY OF** **CANADA** | **TELUS CORPORATION** | **TELUS CORPORATION** | **TELUS CORPORATION** |
| by: | (signed) Luci Scholes | (signed) Luci Scholes | by: | (signed) Doug French | (signed) Doug French |
|  | Name: | Luci Scholes |  | Name: | Doug French |
|  | Title: | Corporate Trust Officer |  | Title: | Executive Vice-President and Chief Financial Officer |
| by: | (signed) Corentin Leverrier | (signed) Corentin Leverrier | by: | (signed) Mario Mele | (signed) Mario Mele |
|  | Name: | Corentin Leverrier |  | Name: | Mario Mele |
|  | Title: | Manager, Corporate Trust |  | Title: | Senior Vice-President and Treasurer |

---

EXECUTION PAGE – SUPPLEMENTAL INDENTURE