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BC Supreme Court Approves TELUS Share Exchange

On October 17, TELUS shareholders voted decisively in favour of TELUS' share exchange proposal, with more than 81 per cent of total shares voted in favour despite Mason Capital's opposition. At the meeting, 62.9 per cent of common shares voted were in favour of the share exchange, as well as 99.5 per cent of non-voting shares voted. Excluding Mason's voting block, 84.4 per cent of common shares voted were in favour of the proposal. The B.C. Supreme Court held a hearing from November 7 to 9 to consider the final approval of the share exchange and Mason appeals.

In accordance with the terms of the Court's decision, TELUS must wait at least five business days before it proceeds with the share exchange. If Mason does not file an appeal and obtain a further stay during that period, TELUS will proceed to complete the share exchange process, including setting an effective time for the share exchange. It will then likely take an additional two weeks to complete the listing and delisting of shares on the stock exchanges. TELUS common shares will be listed on the New York Stock Exchange for the first time and the non-voting shares will be delisted from the Toronto Stock Exchange and the New York Stock Exchange.

Forward looking statement: This news release contains statements about expected future events of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There can be no assurance that the final court order in respect of the share exchange will not be overturned on appeal or that the associated benefits for TELUS shareholders will be realized. There is significant risk that the forward-looking statements will not prove to be accurate including realization of the benefits associated with the dividend growth model and future shareholder returns. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future events to differ materially from that expressed in the forward-looking statements. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

About TELUS TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company in Canada, with $10.8 billion of annual revenue and 13.0 million customer connections including 7.6 million wireless subscribers, 3.4 million wireline network access lines, 1.3 million Internet subscribers and more than 635,000 TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS provides a wide range of communications products and services including wireless, data, Internet protocol (IP), voice, television, entertainment and video.

In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed more than $260 million to charitable and not-for-profit organizations and volunteered 4.2 million hours of service to local communities since 2000. Fourteen TELUS Community Boards lead TELUS' local philanthropic initiatives. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.

For more information about TELUS, please visit telus.com.

SOURCE TELUS Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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