Exhibit 99.1

Execution Version

TELUS CORPORATION

DEBT SECURITIES

Agency Agreement

April 15, 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 and the Fifty-First Series Supplemental Indenture dated August 13, 2024 (collectively, the Base Indenture as so supplemented, the “Original Indenture”), as further supplemented by a Fifty-Second Series Supplemental Indenture and a Fifty-Third 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:

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.

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.

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.

(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.

[Remainder of this page intentionally left blank]

EXECUTION PAGE – AGENCY AGREEMENT

EXECUTION PAGE – AGENCY AGREEMENT

EXECUTION PAGE – AGENCY AGREEMENT

SCHEDULE I

SERIES CAR NOTES

SCHEDULE II

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 and an unlimited number of special redeemable subordinate preferred shares. All of the outstanding ordinary shares in the capital of TCI are registered in the name of the Company. All of the outstanding special redeemable subordinate preferred shares in the capital of TCI are registered in the name of TELUS Health & Payment Solutions GP Inc., which is a wholly owned subsidiary 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.                 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 or the Base Indenture as supplemented by the Fifty-Third Series Supplemental Indenture (together with the Base Indenture as supplemented by the Fifty-Second Series Supplemental 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.

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

9.                  Each of the Agency Agreement, the Base Indenture, the Fifty-Second Series Supplemental Indenture and the Fifty-Third 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.

10.                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.

11.                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.

12.                 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.

13.                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.

14.                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.

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 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.

16.               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.

17.               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.

18.                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.

19.                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.

20.                 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.

21.                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.

22.                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

News Release

April 15, 2025

TELUS ANNOUNCES INAUGURAL JUNIOR SUBORDINATED NOTE OFFERING

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

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

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

VANCOUVER, B.C. - TELUS announced today it has priced $1.6 billion of fixed- to-fixed rate junior subordinated notes in two series, each with a 30.25-year maturity. The notes are offered through a syndicate of agents led by RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. Closing of the offering is expected to occur on or about April 21, 2025.

The 6.25% fixed-to- fixed rate junior subordinated notes, Series CAR, were priced at $99.965 per $100 principal amount for an initial effective yield of 6.25% per annum until July 21, 2030, and 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 6.75% fixed-to- fixed rate junior subordinated notes, Series CAS, were priced at $99.959 per $100 principal amount for an initial effective yield of 6.75% per annum until July 21, 2035, and 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 for the repayment of outstanding indebtedness, including the repayment of commercial paper (incurred for general working capital purposes), the reduction of cash amounts outstanding under the receivables trust (incurred for general working capital purposes), the repayment of TELUS Corporation credit facility amounts outstanding, and for other general corporate purposes.

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., 23rd Floor, Vancouver, British Columbia V6B 0M3 (telephone 604-695-6420) or from RBC Dominion Securities Inc. by phone at 416-842-6311 or email at TorontoSyndicate@rbccm.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 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 EDGAR 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 76 million lives 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, please visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Relations

Ian McMillan

ir@telus.com

Media Relations

Steve Beisswanger

Steve.Beisswanger@telus.com

Exhibit 99.3

TELUS CORPORATION

as Issuer

and

COMPUTERSHARE TRUST COMPANY OF CANADA

as Indenture Trustee

FIFTY-SECOND SERIES SUPPLEMENT

Dated as of April 21, 2025

Supplementing the Trust Indenture dated as of May 22, 2001

between TELUS Corporation, as Issuer and

Computershare Trust Company of Canada, as Indenture Trustee,

and providing for the issue of

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

in the aggregate principal amount of $1,100,000,000

TABLE OF CONTENTS

THIS IS THE FIFTY-SECOND SERIES SUPPLEMENT dated as of April 21, 2025

BETWEEN:

TELUS CORPORATION, in its capacity as Issuer

- and-

COMPUTERSHARE TRUST COMPANY OF CANADA,

a trust company under the laws of Canada, in its capacity 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 “Indenture” and the Indenture as further amended and supplemented by this Series Supplement , the “Supplemented 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 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 Indenture in relation to such Series;

AND WHEREAS this Series Supplement relates to the Series of Debt Securities to be designated as 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 and the Issuer and the Indenture Trustee are entering into this Series Supplement in order to establish the Principal Terms of such Series and to provide for the issuance of such Series.

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

ARTICLE ONE
INTERPRETATION

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 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.

“Business Day” shall mean a day other than a Saturday, Sunday or other day on which banking institutions in the Province of Ontario are authorized or required by law to close.

“Event of Default” shall have the meaning specified in Section 6.01 of this Series Supplement.

“Administrative Action” shall mean, with respect to a Tax Event (as defined herein), any judicial decision, administrative pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice, announcement, assessment or reassessment).

“Bankruptcy Law” shall mean the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) or any other similar applicable Canadian federal, provincial or territorial law or similar applicable law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors.

“Bankruptcy Order” shall mean any court order for liquidation, winding up, dissolution or reorganization, or appointing a Custodian of a debtor or of all or any substantial part of a debtor’s property, or providing for the staying, arrangement, adjustment or composition of indebtedness or other relief of a debtor.

“Base Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Bloomberg Screen GCAN5YR Page” shall mean the display designated as page “GCAN5YR<INDEX>” on the Bloomberg Financial L.P. service (or such other page as may replace the GCAN5YR page on that service for purposes of displaying Government of Canada bond yields).

“Calculation Agent” shall mean any Person, which may be the Issuer or any of the Issuer’s Affiliates, appointed by the Issuer from time to time to act as calculation agent with respect to the Notes.

“Common Shares” means the common shares in the capital of the Issuer.

“Custodian” shall mean any receiver, interim receiver, receiver and manager, trustee in bankruptcy, liquidator, sequestrator or similar official under any Bankruptcy Law or any other Person with like powers.

“DBRS” shall mean DBRS Limited.

“Deferral Period” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Deferral Right” shall have the meaning specified in Section 2.06 of this Series Supplement.

“Deferred Interest” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Dividend Restricted Shares” shall mean the Common Shares and any preferred shares in the capital of the Issuer.

“First Reset Date” shall mean July 21, 2030.

“Five Year Government of Canada Yield” shall mean, as at any Interest Reset Determination Date for a Interest Reset Period, the bid yield to maturity on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, “Five Year Government of Canada Yield” means the average of the yields determined by two registered Canadian investment dealers (each of which is a member of the Canadian Investment Regulatory Organization), selected by the Issuer, as being the yield to maturity (assuming semi-annual compounding) on such date at or about 10:00 a.m. (Toronto time) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its principal amount on such date with a term to maturity of five years.

“Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Interest Payment Date” shall mean January 21 and July 21 of each year during which any Notes are outstanding until Maturity.

“Interest Period” shall mean the period commencing on the later of the date of issuance of the Notes or the last Interest Payment Date to, but excluding, the next Interest Payment Date.

“Interest Reset Date” shall mean the First Reset Date and each date falling on the five- year anniversary of the preceding Interest Reset Date.

“Interest Reset Determination Date” shall mean, for any Interest Reset Period, the day falling two Business Days prior to the applicable Interest Reset Date for such Interest Reset Period.

“Interest Reset Period” shall mean the period from, and including, the First Reset Date to, but excluding, the next succeeding Interest Reset Date, and thereafter each period from, and including, each Interest Reset Date to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity, or the Redemption Date, as the case may be.

“Moody’s” shall mean Moody’s Investors Service Inc.

“Notes” shall have the meaning specified in Section 2.01 of this Series Supplement.

“Parity Indebtedness” shall mean any class or series of the Issuer’s debt securities or any other indebtedness of the Issuer for borrowed money outstanding on the date hereof or hereafter created which ranks on a parity with the Notes as to distributions upon liquidation, dissolution or winding-up.

“Permitted Purchase” shall mean a redemption, purchase or other retirement for value of any Dividend Restricted Shares or Parity Indebtedness (i) pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of Dividend Restricted Shares or (ii) with respect to Dividend Restricted Shares, (a) out of the net cash proceeds of a substantially concurrent issuance and sale of, or made in exchange for (including by using), Dividend Restricted Shares or a substantially concurrent net cash capital contribution received by the Issuer (other than from a subsidiary of the Issuer), (b) deemed to occur upon the exercise or exchange of options, warrants or other convertible or exchangeable securities, to the extent such Dividend Restricted Shares represent all or a portion of the exercise, conversion or exchange price thereof, together with any withholding to pay for the taxes payable in connection therewith or (c) cash payments in lieu of issuing fractional shares in connection with share dividends, splits or business combinations or the exercise of warrants, options or other securities convertible into or exchangeable for Dividend Restricted Shares of the Issuer.

“Rating Event” shall mean, with respect to the Notes, any Specified Rating Agency amends, clarifies or changes the methodology or criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change results in (i) the shortening of the length of time the Notes are assigned a particular level of equity credit by that Specified Rating Agency as compared to the length of time they would have been assigned that level of equity credit by that Specified Rating Agency or its predecessor on the date of issuance, or (ii) the lowering of the equity credit assigned to the Notes by that Specified Rating Agency compared to the equity credit assigned by that Specified Rating Agency or its predecessor on the date of issuance.

“Redemption Date” means the date fixed for redemption of the Notes as specified in notice(s) of redemption delivered pursuant to Section 2.07 of this Series Supplement.

“S&P” shall mean Standard & Poor’s Rating Services, a business unit of S&P Global Canada Corp.

“Specified Rating Agency” shall mean each of Moody’s, S&P and DBRS or any other designated rating organization (as defined in National Instrument 44-101 – Short Form Prospectus Distributions), as applicable, that then publishes a rating for the Issuer and, in each case, their respective successors.

“Senior Creditor” shall mean a holder or holders of Senior Indebtedness and includes any representative or representatives or trustee or trustees of any such holder and such other lenders providing advances to the Issuer pursuant to Senior Indebtedness.

“Senior Indebtedness” shall mean all present and future indebtedness, liabilities and other obligations (other than Subordinated Indebtedness) of, or guaranteed or assumed by, the Issuer for borrowed money or evidenced by bonds, debentures or notes or obligations of the Issuer for or in respect of bankers’ acceptances (including the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refunding of any such indebtedness, liabilities or other obligations including, without limitation, the senior notes issued by the Issuer.

“Subordinated Indebtedness” shall mean the Notes or any other obligations that are, pursuant to the terms of the instrument or agreement creating or evidencing those obligations, expressly designated as being (i) subordinate in right of payment to Senior Indebtedness or (ii) pari passu with, or subordinate to, the Notes in right of payment.

“Stated Maturity” shall have the meaning specified in Section 2.05 of this Series Supplement.

“Supplemented Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Tax Event” shall mean, with respect to the Notes, the Issuer has received an opinion of counsel of a law firm that is nationally recognized in Canada or the U.S. and experienced in such matters (who may be counsel to the Issuer) to the effect that, as a result of (i) any amendment to, clarification of, or change (including any announced prospective amendment, clarification or change) in the laws, or any regulations or rulings thereunder, or any application or interpretation thereof, of Canada or the U.S. or any political subdivision or authority or agency thereof or therein having power to tax or any applicable tax treaty, (ii) any Administrative Action, or (iii) any amendment to, clarification of, or change in, the official position with respect to or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the theretofore generally accepted position, in each of case (i), (ii) or (iii), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority irrespective of the manner in which such amendment, clarification, change, Administrative Action, interpretation or pronouncement is made known, which amendment, clarification, change or Administrative Action is effective or which interpretation, pronouncement or Administrative Action is announced on or after the date of issuance of the Notes, there is a more than insubstantial risk (assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or Administrative Action is effective and applicable) that the Issuer is, or may be subject to more than a de minimis amount of additional taxes, duties or other governmental changes or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid-up capital with respect to the Notes (including the treatment or deductibility by the Issuer of interest on the Notes), as or as would be reflected in any tax return or form filed, to be filed, or that otherwise would have been filed, will not be respected by a taxing authority.

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.

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

Exhibit A to this Series Supplement forms part of this Series Supplement.

ARTICLE TWO
DEBT SECURITIES

The Issuer is hereby authorized to issue under the Indenture a Series of Debt Securities designated “6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055” (the “Notes”) having the terms set forth in this Article Two and Article Three.

The aggregate principal amount of the Notes that may be issued (except for Notes issued upon registration of transfer of, or in exchange for, or in lieu of, other Notes) shall be initially limited to $1,100,000,000. The Issuer may, from time to time, without the consent of any existing Holders of the Notes, create and issue additional Notes hereunder in such additional amounts as the Issuer may determine having the same terms and conditions as the Notes in all respects, except for such variations to such terms and conditions as may be required, in the reasonable and good faith opinion of the Issuer, to reflect the different issue dates of such additional Notes and the then existing Notes and the intention that all such additional Notes and then existing Notes be fungible for trading purposes from the issue date of such additional Notes (which variations may include, among other things, a different issue date, a different issue price, a different interest commencement date, a different first interest payment date, a different initial interest period, and a different interest payment calculation for the initial interest period). Additional Notes so created and issued will be consolidated with and form a single Series with the then existing Notes and, if the Issuer acting reasonably and in good faith determines that it is advisable or advantageous to do so, the Issuer may accept such additional Notes and then existing Notes (including any such Notes in global form held by a Depositary) in exchange for consolidated and restated replacement Notes reflecting the terms and conditions of such additional Notes and then existing Notes.

The Notes shall be denominated in, and all principal of, and premium, interest and other amounts on the Notes shall be payable in, Canadian Dollars. Unless expressly provided to the contrary in this Series Supplement, all amounts expressed in this Series Supplement and in each Note in terms of money refer to Canadian Dollars.

The Notes shall be denominated in integral multiples of $1,000.

The Series Issuance Date for the Notes shall be April 21, 2025 and the entire principal amount of the Notes shall become due and payable, together with any accrued and unpaid interest on the Notes, on July 21, 2055 (such date being the “Stated Maturity” of the outstanding principal amount of the Notes).

The Notes will not be subject to repurchase or redemption pursuant to any sinking fund.

The Notes will be subject to Defeasance and Covenant Defeasance as described in Article Thirteen of the Base Indenture.

For the purpose of this Series Supplement and the Notes:

Notwithstanding Section 1.07 of the Base Indenture or any other provision under the Indenture, if any Interest Payment Date or the date of Maturity is not a Business Day, such payment will be made on the next Business Day, and the Holders of such Notes shall not be entitled to any further interest or other payment in respect of such delay.

ARTICLE THREE

DEFERRAL RIGHT AND DIVIDEND STOPPER UNDERTAKING

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event of Default or any other breach under the Supplemented Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

The Issuer will give the Indenture Trustee and the Holders of the Notes written notice of its election to commence or continue a Deferral Period at least 10 days and not more than 60 days before the next Interest Payment Date.

Unless the Issuer has paid all accrued and payable interest on the Notes (including Deferred Interest, if any), as applicable, the Issuer will not:

ARTICLE FOUR

COVENANTS AND REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE NOTES

It is hereby acknowledged and agreed that Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture do not apply to this Series Supplement and the Notes issued hereunder. For greater certainty, the provisions and covenants contained in this Article Four, Article Five and Article Six apply to this Series Supplement and the Notes issued hereunder notwithstanding the provisions, covenants or anything to the contrary contained in Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture.

The Issuer hereby covenants and agrees with the Indenture Trustee for the benefit of the Indenture Trustee and the Holders of Notes as follows, so long as any Notes are Outstanding:

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer a Certificate of the Issuer stating that, as of the end of such fiscal year, the Issuer was in compliance in all material respects with all covenants and other requirements contained in the Supplemented Indenture, or giving particulars of any such non-compliance.

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer audited consolidated financial statements of the Issuer for such fiscal year including the consolidated balance sheet and statements of income, retained earnings and cash flow and within 60 days after the end of each fiscal quarter, other than the last fiscal quarter of each fiscal year, unaudited consolidated financial statements of the Issuer for such fiscal quarter consisting of a consolidated balance sheet and consolidated statements of income, retained earnings and cash flow.

The Issuer will pay such fees as are agreed upon in writing between the Issuer and the Indenture Trustee and all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in the administration or execution of the trusts created by the Supplemented Indenture (including the reasonable compensation and the disbursements of its counsel and all other advisers and assistants not regularly in its employ), both before and after any Default or Event of Default with respect to the Notes until all its duties shall be finally and fully performed, except any such expense, disbursement or advance as may arise from or in connection with the dishonesty, bad faith, wilful misconduct, gross negligence or reckless disregard of any duty by the Indenture Trustee, or the failure to comply with the standard of care referred to in Section 8.01 of the Base Indenture.

If the Issuer shall fail to perform any of its covenants set forth herein, the Indenture Trustee may in its discretion, but (subject to Section 6.02 of this Series Supplement or unless provided to the contrary in the Indenture) need not, notify the Holders of such failure, and itself may perform any such covenant that is capable of being performed by it, and if any such performance requires the payment of money, it may make such payment with its own funds or with money borrowed by it for such purpose, but shall be under no obligation to do so; provided however that no such performance or payment by the Indenture Trustee shall be deemed to release the Issuer from, the Issuer’s failure to perform its applicable covenant and any amounts so paid or expended by the Indenture Trustee shall be immediately repaid to the Indenture Trustee by the Issuer and shall bear interest until so repaid at a rate of interest that is 5% per annum above the highest rate of interest chargeable from time to time by the Indenture Trustee to its corporate trust customers.

ARTICLE FIVE

SUBORDINATION OF NOTES

Any failure by the Issuer to make any payment on or perform any other obligation under Senior Indebtedness, other than any indebtedness incurred by the Issuer or assumed or guaranteed, directly or indirectly, by the Issuer for money borrowed (or any deferral, renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of this Section 5.02 shall have been waived by the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default under Section 5.01(c)(ii) of this Series Supplement if (a) the Issuer shall be disputing its obligation to make such payment or perform such obligation and (b) either (i) no final judgment relating to such dispute shall have been issued against the Issuer which is in full force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal or review, or (ii) in the event of a judgment that is subject to further review or appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review.

Subject to the payment in full of all Senior Indebtedness, the Holders of the Notes shall be subrogated (equally and ratably with the holders of all obligations of the Issuer which by their express terms are subordinated to Senior Indebtedness of the Issuer to the same extent as the Notes are subordinated and which are entitled to like rights of subrogation) to the rights of Senior Creditors to receive payments or distributions of cash, property or securities of the Issuer applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and as between the Issuer, its creditors other than Senior Creditors and the Holders, no such payment or distribution made to the Senior Creditors by virtue of this Article that otherwise would have been made to the Holders of Notes shall be deemed to be a payment by the Issuer on account of such Senior Indebtedness, it being understood that the provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the Senior Creditors, on the other hand.

Notwithstanding the provisions of this Article or any other provisions of the Supplemented Indenture, the Indenture Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Indenture Trustee, or the taking of any other action by the Indenture Trustee, unless and until the Indenture Trustee shall have received written notice thereof mailed or delivered to the Indenture Trustee from the Issuer, any Holder of Notes, any paying agent or the holder or representative of any class of Senior Indebtedness.

The Indenture Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in the Supplemented Indenture shall deprive the Indenture Trustee of any of its rights as such holder.

In case at any time any Paying Agent other than the Indenture Trustee shall have been appointed by the Issuer and be then acting hereunder, the term Indenture Trustee as used in this Article shall in such case (unless the context shall require otherwise) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Indenture Trustee; provided, however, that Sections 5.06 and 5.07 of this Series Supplement shall not apply to the Issuer if it acts as its own Paying Agent.

Nothing in this Article shall apply to claims of, or payments to, the Indenture Trustee pursuant to Section 4.05 of this Series Supplement.

ARTICLE SIX

EVENTS OF DEFAULT AND REMEDIES

Notwithstanding anything in the Indenture to the contrary and solely with respect to the Notes (and not with respect to any other securities issued or outstanding under the Base Indenture), for so long as any of the Notes remain outstanding, “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by provisions of Article Six of this Series Supplement or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

Solely with respect to the Notes:

ARTICLE SEVEN
MISCELLANEOUS PROVISIONS

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

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.

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.

EXECUTION PAGE – SUPPLEMENTAL INDENTURE

EXHIBIT A TO FIFTY-SECOND SERIES SUPPLEMENT

TELUS CORPORATION

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

TELUS Corporation (the “Issuer”) for value received hereby acknowledges itself indebted and promises to pay to the Holder hereof on presentation and surrender of this 6.25% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAR (the “Note”) at the principal office of Computershare Trust Company of Canada (the “Indenture Trustee”, which term shall include its successors under the Indenture hereinafter referred to) in Calgary, Alberta, Canada, the principal amount of · dollars in lawful money of Canada ($·), and to pay interest on the outstanding principal amount hereof at the same place in like money (i) from, and including, April 21, 2025 to, but excluding, the First Reset Date at a rate of 6.25% per annum, and thereafter (ii) from, and including, each Interest Reset Date with respect to each Interest Reset Period to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity or the Redemption Date, as the case may be, at a rate per annum equal to the Five Year Government of Canada Yield as of the most recent Interest Reset Determination Date plus a spread of 3.482%, to be reset on each Interest Reset Date; provided, that the interest rate will not reset below 6.25%, as well after as before maturity, default and judgment, with interest on overdue interest at the same rate as more particularly specified in the Indenture.

The outstanding principal amount of this Note is payable in one instalment on July 21, 2055. Subject to the Issuer’s right to defer interest payments as provided for in the Indenture (the “Deferral Right”), interest on this Note that accrues for the period from, and including, April 21, 2025 to, but excluding, January 21, 2026 is payable on the first Interest Payment Date (namely, January 21, 2026) in an aggregate amount equal to $·, and interest on this Note that accrues from and including January 21, 2026 is payable in arrears in equal semi-annual instalments on January 21 and July 21 of each year beginning January 21, 2026. All accrued and unpaid interest on this Note is payable on the Stated Maturity.

All payments made by the Issuer under or with respect to this Note will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or therein or by any authority or agency thereof or therein having power to tax (hereinafter “Taxes”) unless the Issuer is required to withhold or deduct Taxes by Applicable Law or by the interpretation or administration thereof by the relevant Governmental Authority.

This Note is one of a duly authorized Series of Debt Securities designated as 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 issued under 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 (the “Forty-Seventh Supplement”) and a fifty-second series supplement (the “Series Supplement”) dated as of April 21, 2025 (the Series Supplement, together with the Base Indenture and the Forty-Seventh Supplement, and as further amended, the “Indenture”), in each case between the Issuer and the Indenture Trustee. Reference is hereby made to the Indenture as to the nature and extent of the rights of the Holders of the Debt Securities of this Series, all to the same effect as if the provisions of the Indenture were herein set forth, to all of which provisions the Holder of this Note by acceptance hereof assents. All capitalized terms used but not defined herein have the meanings specified in the Indenture.

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event of Default or any other breach under the Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

Each Debt Security of this Series, including this Note, may be redeemed by the Issuer, at its option and without the consent of any Holder, in whole or at any time in part from time to time on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holders, (i) on any day in the period commencing on and including the date that is 90 days prior to the First Reset Date and ending on and including the First Reset Date, and (ii) after the First Reset Date, on any Interest Payment Date, in each case, in accordance with the Indenture and at a Redemption Price equal to 100% of the principal amount of this Note redeemed, together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part, at any time within 90 days following the occurrence of a Tax Event at a Redemption Price equal to 100% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part at any time within 90 days following the occurrence of a Rating Event at a Redemption Price equal to 102% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date

At the Issuer’s discretion, any redemption (including any redemption pursuant to a Tax Event or Rating Event) may be subject to one or more conditions precedent, and any such conditional redemption may be revoked in the event that any or all of such conditions have not been satisfied or waived by the Redemption Date.

The outstanding principal amount of this Note may become or be declared to be due and payable by the Indenture Trustee before maturity in the circumstances set out in the Indenture.

This Note is transferable only in accordance with the provisions of the Indenture and subject to the last two sentences of this paragraph. No transfer of this Note shall be valid unless made on the Register kept by and at the principal office of the Registrar in Calgary, Alberta, by the Holder hereof or its attorney duly appointed by instrument in writing in form and execution satisfactory to the Registrar upon compliance with such reasonable requirements as the Registrar may prescribe. Except as otherwise provided in the Indenture, this Note may be transferred, in whole but not in part, only to another nominee of the Depositary for the 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 or to a successor Depositary or to a nominee of such successor Depositary. Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc. (“CDS”) to TELUS Corporation (the “Issuer”) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.

The Indenture contains provisions making binding upon all Holders of the Debt Securities of this Series, or upon the Holders of all Series outstanding under the Indenture, certain Holder Actions taken by the Holders of a specified majority of the Debt Securities of this Series, or of all Series, as the case may be, then outstanding.

This Note shall not become obligatory for any purpose until certified by the Indenture Trustee.

[Remainder of page intentionally left blank]

IN WITNESS OF WHICH TELUS Corporation has caused this 6.25% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAR due July 21, 2055 to be signed by its duly authorized officer on ·.

EXECUTION PAGE – GLOBAL NOTE

INDENTURE TRUSTEE’S CERTIFICATE

This 6.25% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAR due July 21, 2055 is one of the 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 referred to in the Indenture (CUSIP No. 87971MCJ0).

(Form of Registration Panel)

(No writing hereon except by the Indenture Trustee)

Exhibit 99.4

TELUS CORPORATION

as Issuer

and

COMPUTERSHARE TRUST COMPANY OF CANADA

as Indenture Trustee

FIFTY-THIRD SERIES SUPPLEMENT

Dated as of April 21, 2025

Supplementing the Trust Indenture dated as of May 22, 2001

between TELUS Corporation, as Issuer and

Computershare Trust Company of Canada, as Indenture Trustee,
and providing for the issue of

6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055
in the aggregate principal amount of $500,000,000

TABLE OF CONTENTS

THIS IS THE FIFTY-THIRD SERIES SUPPLEMENT dated as of April 21, 2025

BETWEEN:

TELUS CORPORATION, in its capacity as Issuer

- and-

COMPUTERSHARE TRUST COMPANY OF CANADA,

a trust company under the laws of Canada, in its capacity 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 “Indenture” and the Indenture as further amended and supplemented by this Series Supplement , the “Supplemented 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 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 Indenture in relation to such Series;

AND WHEREAS this Series Supplement relates to the Series of Debt Securities to be designated as 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 and the Issuer and the Indenture Trustee are entering into this Series Supplement in order to establish the Principal Terms of such Series and to provide for the issuance of such Series.

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

ARTICLE ONE

INTERPRETATION

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 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.

“Business Day” shall mean a day other than a Saturday, Sunday or other day on which banking institutions in the Province of Ontario are authorized or required by law to close.

“Event of Default” shall have the meaning specified in Section 6.01 of this Series Supplement.

“Administrative Action” shall mean, with respect to a Tax Event (as defined herein), any judicial decision, administrative pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice, announcement, assessment or reassessment).

“Bankruptcy Law” shall mean the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) or any other similar applicable Canadian federal, provincial or territorial law or similar applicable law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors.

“Bankruptcy Order” shall mean any court order for liquidation, winding up, dissolution or reorganization, or appointing a Custodian of a debtor or of all or any substantial part of a debtor’s property, or providing for the staying, arrangement, adjustment or composition of indebtedness or other relief of a debtor.

“Base Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Bloomberg Screen GCAN5YR Page” shall mean the display designated as page “GCAN5YR<INDEX>” on the Bloomberg Financial L.P. service (or such other page as may replace the GCAN5YR page on that service for purposes of displaying Government of Canada bond yields).

“Calculation Agent” shall mean any Person, which may be the Issuer or any of the Issuer’s Affiliates, appointed by the Issuer from time to time to act as calculation agent with respect to the Notes.

“Common Shares” means the common shares in the capital of the Issuer.

“Custodian” shall mean any receiver, interim receiver, receiver and manager, trustee in bankruptcy, liquidator, sequestrator or similar official under any Bankruptcy Law or any other Person with like powers.

“DBRS” shall mean DBRS Limited.

“Deferral Period” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Deferral Right” shall have the meaning specified in Section 2.06 of this Series Supplement.

“Deferred Interest” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Dividend Restricted Shares” shall mean the Common Shares and any preferred shares in the capital of the Issuer.

“First Reset Date” shall mean July 21, 2035.

“Five Year Government of Canada Yield” shall mean, as at any Interest Reset Determination Date for a Interest Reset Period, the bid yield to maturity on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, “Five Year Government of Canada Yield” means the average of the yields determined by two registered Canadian investment dealers (each of which is a member of the Canadian Investment Regulatory Organization), selected by the Issuer, as being the yield to maturity (assuming semi-annual compounding) on such date at or about 10:00 a.m. (Toronto time) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its principal amount on such date with a term to maturity of five years.

“Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Interest Payment Date” shall mean January 21 and July 21 of each year during which any Notes are outstanding until Maturity.

“Interest Period” shall mean the period commencing on the later of the date of issuance of the Notes or the last Interest Payment Date to, but excluding, the next Interest Payment Date.

“Interest Reset Date” shall mean the First Reset Date and each date falling on the five- year anniversary of the preceding Interest Reset Date.

“Interest Reset Determination Date” shall mean, for any Interest Reset Period, the day falling two Business Days prior to the applicable Interest Reset Date for such Interest Reset Period.

“Interest Reset Period” shall mean the period from, and including, the First Reset Date to, but excluding, the next succeeding Interest Reset Date, and thereafter each period from, and including, each Interest Reset Date to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity, or the Redemption Date, as the case may be.

“Moody’s” shall mean Moody’s Investors Service Inc.

“Notes” shall have the meaning specified in Section 2.01 of this Series Supplement.

“Parity Indebtedness” shall mean any class or series of the Issuer’s debt securities or any other indebtedness of the Issuer for borrowed money outstanding on the date hereof or hereafter created which ranks on a parity with the Notes as to distributions upon liquidation, dissolution or winding-up.

“Permitted Purchase” shall mean a redemption, purchase or other retirement for value of any Dividend Restricted Shares or Parity Indebtedness (i) pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of Dividend Restricted Shares or (ii) with respect to Dividend Restricted Shares, (a) out of the net cash proceeds of a substantially concurrent issuance and sale of, or made in exchange for (including by using), Dividend Restricted Shares or a substantially concurrent net cash capital contribution received by the Issuer (other than from a subsidiary of the Issuer), (b) deemed to occur upon the exercise or exchange of options, warrants or other convertible or exchangeable securities, to the extent such Dividend Restricted Shares represent all or a portion of the exercise, conversion or exchange price thereof, together with any withholding to pay for the taxes payable in connection therewith or (c) cash payments in lieu of issuing fractional shares in connection with share dividends, splits or business combinations or the exercise of warrants, options or other securities convertible into or exchangeable for Dividend Restricted Shares of the Issuer.

“Rating Event” shall mean, with respect to the Notes, any Specified Rating Agency amends, clarifies or changes the methodology or criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change results in (i) the shortening of the length of time the Notes are assigned a particular level of equity credit by that Specified Rating Agency as compared to the length of time they would have been assigned that level of equity credit by that Specified Rating Agency or its predecessor on the date of issuance, or (ii) the lowering of the equity credit assigned to the Notes by that Specified Rating Agency compared to the equity credit assigned by that Specified Rating Agency or its predecessor on the date of issuance.

“Redemption Date” means the date fixed for redemption of the Notes as specified in notice(s) of redemption delivered pursuant to Section 2.07 of this Series Supplement.

“S&P” shall mean Standard & Poor’s Rating Services, a business unit of S&P Global Canada Corp.

“Specified Rating Agency” shall mean each of Moody’s, S&P and DBRS or any other designated rating organization (as defined in National Instrument 44-101 – Short Form Prospectus Distributions), as applicable, that then publishes a rating for the Issuer and, in each case, their respective successors.

“Senior Creditor” shall mean a holder or holders of Senior Indebtedness and includes any representative or representatives or trustee or trustees of any such holder and such other lenders providing advances to the Issuer pursuant to Senior Indebtedness.

“Senior Indebtedness” shall mean all present and future indebtedness, liabilities and other obligations (other than Subordinated Indebtedness) of, or guaranteed or assumed by, the Issuer for borrowed money or evidenced by bonds, debentures or notes or obligations of the Issuer for or in respect of bankers’ acceptances (including the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refunding of any such indebtedness, liabilities or other obligations including, without limitation, the senior notes issued by the Issuer.

“Subordinated Indebtedness” shall mean the Notes or any other obligations that are, pursuant to the terms of the instrument or agreement creating or evidencing those obligations, expressly designated as being (i) subordinate in right of payment to Senior Indebtedness or (ii) pari passu with, or subordinate to, the Notes in right of payment.

“Stated Maturity” shall have the meaning specified in Section 2.05 of this Series Supplement.

“Supplemented Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Tax Event” shall mean, with respect to the Notes, the Issuer has received an opinion of counsel of a law firm that is nationally recognized in Canada or the U.S. and experienced in such matters (who may be counsel to the Issuer) to the effect that, as a result of (i) any amendment to, clarification of, or change (including any announced prospective amendment, clarification or change) in the laws, or any regulations or rulings thereunder, or any application or interpretation thereof, of Canada or the U.S. or any political subdivision or authority or agency thereof or therein having power to tax or any applicable tax treaty, (ii) any Administrative Action, or (iii) any amendment to, clarification of, or change in, the official position with respect to or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the theretofore generally accepted position, in each of case (i), (ii) or (iii), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority irrespective of the manner in which such amendment, clarification, change, Administrative Action, interpretation or pronouncement is made known, which amendment, clarification, change or Administrative Action is effective or which interpretation, pronouncement or Administrative Action is announced on or after the date of issuance of the Notes, there is a more than insubstantial risk (assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or Administrative Action is effective and applicable) that the Issuer is, or may be subject to more than a de minimis amount of additional taxes, duties or other governmental changes or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid-up capital with respect to the Notes (including the treatment or deductibility by the Issuer of interest on the Notes), as or as would be reflected in any tax return or form filed, to be filed, or that otherwise would have been filed, will not be respected by a taxing authority.

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.

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

Exhibit A to this Series Supplement forms part of this Series Supplement.

ARTICLE TWO

DEBT SECURITIES

The Issuer is hereby authorized to issue under the Indenture a Series of Debt Securities designated “6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055” (the “Notes”) having the terms set forth in this Article Two and Article Three.

The aggregate principal amount of the Notes that may be issued (except for Notes issued upon registration of transfer of, or in exchange for, or in lieu of, other Notes) shall be initially limited to $500,000,000. The Issuer may, from time to time, without the consent of any existing Holders of the Notes, create and issue additional Notes hereunder in such additional amounts as the Issuer may determine having the same terms and conditions as the Notes in all respects, except for such variations to such terms and conditions as may be required, in the reasonable and good faith opinion of the Issuer, to reflect the different issue dates of such additional Notes and the then existing Notes and the intention that all such additional Notes and then existing Notes be fungible for trading purposes from the issue date of such additional Notes (which variations may include, among other things, a different issue date, a different issue price, a different interest commencement date, a different first interest payment date, a different initial interest period, and a different interest payment calculation for the initial interest period). Additional Notes so created and issued will be consolidated with and form a single Series with the then existing Notes and, if the Issuer acting reasonably and in good faith determines that it is advisable or advantageous to do so, the Issuer may accept such additional Notes and then existing Notes (including any such Notes in global form held by a Depositary) in exchange for consolidated and restated replacement Notes reflecting the terms and conditions of such additional Notes and then existing Notes.

The Notes shall be denominated in, and all principal of, and premium, interest and other amounts on the Notes shall be payable in, Canadian Dollars. Unless expressly provided to the contrary in this Series Supplement, all amounts expressed in this Series Supplement and in each Note in terms of money refer to Canadian Dollars.

The Notes shall be denominated in integral multiples of $1,000.

The Series Issuance Date for the Notes shall be April 21, 2025 and the entire principal amount of the Notes shall become due and payable, together with any accrued and unpaid interest on the Notes, on July 21, 2055 (such date being the “Stated Maturity” of the outstanding principal amount of the Notes).

The Notes will not be subject to repurchase or redemption pursuant to any sinking fund.

The Notes will be subject to Defeasance and Covenant Defeasance as described in Article Thirteen of the Base Indenture.

For the purpose of this Series Supplement and the Notes:

Notwithstanding Section 1.07 of the Base Indenture or any other provision under the Indenture, if any Interest Payment Date or the date of Maturity is not a Business Day, such payment will be made on the next Business Day, and the Holders of such Notes shall not be entitled to any further interest or other payment in respect of such delay.

ARTICLE THREE

DEFERRAL RIGHT AND DIVIDEND STOPPER UNDERTAKING

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event of Default or any other breach under the Supplemented Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

The Issuer will give the Indenture Trustee and the Holders of the Notes written notice of its election to commence or continue a Deferral Period at least 10 days and not more than 60 days before the next Interest Payment Date.

Unless the Issuer has paid all accrued and payable interest on the Notes (including Deferred Interest, if any), as applicable, the Issuer will not:

ARTICLE FOUR

COVENANTS AND REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE NOTES

It is hereby acknowledged and agreed that Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture do not apply to this Series Supplement and the Notes issued hereunder. For greater certainty, the provisions and covenants contained in this Article Four, Article Five and Article Six apply to this Series Supplement and the Notes issued hereunder notwithstanding the provisions, covenants or anything to the contrary contained in Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture.

The Issuer hereby covenants and agrees with the Indenture Trustee for the benefit of the Indenture Trustee and the Holders of Notes as follows, so long as any Notes are Outstanding:

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer a Certificate of the Issuer stating that, as of the end of such fiscal year, the Issuer was in compliance in all material respects with all covenants and other requirements contained in the Supplemented Indenture, or giving particulars of any such non-compliance.

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer audited consolidated financial statements of the Issuer for such fiscal year including the consolidated balance sheet and statements of income, retained earnings and cash flow and within 60 days after the end of each fiscal quarter, other than the last fiscal quarter of each fiscal year, unaudited consolidated financial statements of the Issuer for such fiscal quarter consisting of a consolidated balance sheet and consolidated statements of income, retained earnings and cash flow.

The Issuer will pay such fees as are agreed upon in writing between the Issuer and the Indenture Trustee and all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in the administration or execution of the trusts created by the Supplemented Indenture (including the reasonable compensation and the disbursements of its counsel and all other advisers and assistants not regularly in its employ), both before and after any Default or Event of Default with respect to the Notes until all its duties shall be finally and fully performed, except any such expense, disbursement or advance as may arise from or in connection with the dishonesty, bad faith, wilful misconduct, gross negligence or reckless disregard of any duty by the Indenture Trustee, or the failure to comply with the standard of care referred to in Section 8.01 of the Base Indenture.

If the Issuer shall fail to perform any of its covenants set forth herein, the Indenture Trustee may in its discretion, but (subject to Section 6.02 of this Series Supplement or unless provided to the contrary in the Indenture) need not, notify the Holders of such failure, and itself may perform any such covenant that is capable of being performed by it, and if any such performance requires the payment of money, it may make such payment with its own funds or with money borrowed by it for such purpose, but shall be under no obligation to do so; provided however that no such performance or payment by the Indenture Trustee shall be deemed to release the Issuer from, the Issuer’s failure to perform its applicable covenant and any amounts so paid or expended by the Indenture Trustee shall be immediately repaid to the Indenture Trustee by the Issuer and shall bear interest until so repaid at a rate of interest that is 5% per annum above the highest rate of interest chargeable from time to time by the Indenture Trustee to its corporate trust customers.

ARTICLE FIVE
SUBORDINATION OF NOTES

Any failure by the Issuer to make any payment on or perform any other obligation under Senior Indebtedness, other than any indebtedness incurred by the Issuer or assumed or guaranteed, directly or indirectly, by the Issuer for money borrowed (or any deferral, renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of this Section 5.02 shall have been waived by the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default under Section 5.01(c)(ii) of this Series Supplement if (a) the Issuer shall be disputing its obligation to make such payment or perform such obligation and (b) either (i) no final judgment relating to such dispute shall have been issued against the Issuer which is in full force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal or review, or (ii) in the event of a judgment that is subject to further review or appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review.

Subject to the payment in full of all Senior Indebtedness, the Holders of the Notes shall be subrogated (equally and ratably with the holders of all obligations of the Issuer which by their express terms are subordinated to Senior Indebtedness of the Issuer to the same extent as the Notes are subordinated and which are entitled to like rights of subrogation) to the rights of Senior Creditors to receive payments or distributions of cash, property or securities of the Issuer applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and as between the Issuer, its creditors other than Senior Creditors and the Holders, no such payment or distribution made to the Senior Creditors by virtue of this Article that otherwise would have been made to the Holders of Notes shall be deemed to be a payment by the Issuer on account of such Senior Indebtedness, it being understood that the provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the Senior Creditors, on the other hand.

Notwithstanding the provisions of this Article or any other provisions of the Supplemented Indenture, the Indenture Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Indenture Trustee, or the taking of any other action by the Indenture Trustee, unless and until the Indenture Trustee shall have received written notice thereof mailed or delivered to the Indenture Trustee from the Issuer, any Holder of Notes, any paying agent or the holder or representative of any class of Senior Indebtedness.

The Indenture Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in the Supplemented Indenture shall deprive the Indenture Trustee of any of its rights as such holder.

In case at any time any Paying Agent other than the Indenture Trustee shall have been appointed by the Issuer and be then acting hereunder, the term Indenture Trustee as used in this Article shall in such case (unless the context shall require otherwise) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Indenture Trustee; provided, however, that Sections 5.06 and 5.07 of this Series Supplement shall not apply to the Issuer if it acts as its own Paying Agent.

Nothing in this Article shall apply to claims of, or payments to, the Indenture Trustee pursuant to Section 4.05 of this Series Supplement.

ARTICLE SIX

EVENTS OF DEFAULT AND REMEDIES

Notwithstanding anything in the Indenture to the contrary and solely with respect to the Notes (and not with respect to any other securities issued or outstanding under the Base Indenture), for so long as any of the Notes remain outstanding, “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by provisions of Article Six of this Series Supplement or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

Solely with respect to the Notes:

ARTICLE SEVEN

MISCELLANEOUS PROVISIONS

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

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.

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.

EXECUTION PAGE – SUPPLEMENTAL INDENTURE

EXHIBIT A TO FIFTY-THIRD SERIES SUPPLEMENT

TELUS CORPORATION

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

TELUS Corporation (the “Issuer”) for value received hereby acknowledges itself indebted and promises to pay to the Holder hereof on presentation and surrender of this 6.75% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAS (the “Note”) at the principal office of Computershare Trust Company of Canada (the “Indenture Trustee”, which term shall include its successors under the Indenture hereinafter referred to) in Calgary, Alberta, Canada, the principal amount of · dollars in lawful money of Canada ($·), and to pay interest on the outstanding principal amount hereof at the same place in like money (i) from, and including, April 21, 2025 to, but excluding, the First Reset Date at a rate of 6.75% per annum, and thereafter (ii) from, and including, each Interest Reset Date with respect to each Interest Reset Period to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity or the Redemption Date, as the case may be, at a rate per annum equal to the Five Year Government of Canada Yield as of the most recent Interest Reset Determination Date plus a spread of 3.609%, to be reset on each Interest Reset Date; provided, that the interest rate will not reset below 6.75%, as well after as before maturity, default and judgment, with interest on overdue interest at the same rate as more particularly specified in the Indenture.

The outstanding principal amount of this Note is payable in one instalment on July 21, 2055. Subject to the Issuer’s right to defer interest payments as provided for in the Indenture (the “Deferral Right”), interest on this Note that accrues for the period from, and including, April 21, 2025 to, but excluding, January 21, 2026 is payable on the first Interest Payment Date (namely, January 21, 2026) in an aggregate amount equal to $·, and interest on this Note that accrues from and including January 21, 2026 is payable in arrears in equal semi-annual instalments on January 21 and July 21 of each year beginning January 21, 2026. All accrued and unpaid interest on this Note is payable on the Stated Maturity.

All payments made by the Issuer under or with respect to this Note will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or therein or by any authority or agency thereof or therein having power to tax (hereinafter “Taxes”) unless the Issuer is required to withhold or deduct Taxes by Applicable Law or by the interpretation or administration thereof by the relevant Governmental Authority.

This Note is one of a duly authorized Series of Debt Securities designated as 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 issued under 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 (the “Forty-Seventh Supplement”) and a fifty-third series supplement (the “Series Supplement”) dated as of April 21, 2025 (the Series Supplement, together with the Base Indenture and the Forty-Seventh Supplement, and as further amended, the “Indenture”), in each case between the Issuer and the Indenture Trustee. Reference is hereby made to the Indenture as to the nature and extent of the rights of the Holders of the Debt Securities of this Series, all to the same effect as if the provisions of the Indenture were herein set forth, to all of which provisions the Holder of this Note by acceptance hereof assents. All capitalized terms used but not defined herein have the meanings specified in the Indenture.

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event

of Default or any other breach under the Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

Each Debt Security of this Series, including this Note, may be redeemed by the Issuer, at its option and without the consent of any Holder, in whole or at any time in part from time to time on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holders, (i) on any day in the period commencing on and including the date that is 90 days prior to the First Reset Date and ending on and including the First Reset Date, and (ii) after the First Reset Date, on any Interest Payment Date, in each case, in accordance with the Indenture and at a Redemption Price equal to 100% of the principal amount of this Note redeemed, together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part, at any time within 90 days following the occurrence of a Tax Event at a Redemption Price equal to 100% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part at any time within 90 days following the occurrence of a Rating Event at a Redemption Price equal to 102% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date

At the Issuer’s discretion, any redemption (including any redemption pursuant to a Tax Event or Rating Event) may be subject to one or more conditions precedent, and any such conditional redemption may be revoked in the event that any or all of such conditions have not been satisfied or waived by the Redemption Date.

The outstanding principal amount of this Note may become or be declared to be due and payable by the Indenture Trustee before maturity in the circumstances set out in the Indenture.

This Note is transferable only in accordance with the provisions of the Indenture and subject to the last two sentences of this paragraph. No transfer of this Note shall be valid unless made on the Register kept by and at the principal office of the Registrar in Calgary, Alberta, by the Holder hereof or its attorney duly appointed by instrument in writing in form and execution satisfactory to the Registrar upon compliance with such reasonable requirements as the Registrar may prescribe. Except as otherwise provided in the Indenture, this Note may be transferred, in whole but not in part, only to another nominee of the Depositary for the 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 or to a successor Depositary or to a nominee of such successor Depositary. Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc. (“CDS”) to TELUS Corporation (the “Issuer”) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.

The Indenture contains provisions making binding upon all Holders of the Debt Securities of this Series, or upon the Holders of all Series outstanding under the Indenture, certain Holder Actions taken by the Holders of a specified majority of the Debt Securities of this Series, or of all Series, as the case may be, then outstanding.

This Note shall not become obligatory for any purpose until certified by the Indenture Trustee.

[Remainder of page intentionally left blank]

IN WITNESS OF WHICH TELUS Corporation has caused this 6.75% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAS due July 21, 2055 to be signed by its duly authorized officer on ·.

EXECUTION PAGE – GLOBAL NOTE 

INDENTURE TRUSTEE’S CERTIFICATE

This 6.75% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAS due July 21, 2055 is one of the 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 referred to in the Indenture (CUSIP No. 87971MCK7).

(Form of Registration Panel)

(No writing hereon except by the Indenture Trustee)