On December 4, 2025, TELUS Corporation priced two U.S. dollar junior subordinated note tranches totaling US$1.5 billion (approximately C$2.09 billion): US$800 million (approximately C$1.12 billion) 6.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series C due June 9, 2056, and US$700 million (about C$980 million) 6.625% Fixed-to-Fixed Rate Junior Subordinated Notes, Series D due June 9, 2056. The expected settlement date is December 9, 2025. Both series feature five-year resets to the Five-Year U.S. Treasury Rate plus 269.4 bps (Series C) and 251.5 bps (Series D), with floors at their initial coupons, issuer deferral rights of up to five consecutive years, optional redemption windows around first reset and thereafter on interest payment dates, and subordination to all Senior Indebtedness. Credit ratings are expected at BB (high) (DBRS), BB (S&P) and Baa3 (Moody’s). The offering generated estimated net proceeds of approximately US$1.485 billion (C$2.07 billion), to fund a cash tender offer for up to $500 million of existing notes, redeem TELUS’s $600 million 3.75% Series CV notes due March 10, 2026, repay other indebtedness, and for general corporate purposes; remaining proceeds will be invested in short-term instruments. Underwriters received a 1.00% discount (US$15 million total).

Legal advisors were Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) and Norton Rose Fulbright Canada LLP for TELUS. Allen Overy Shearman Sterling US LLP (U.S.) and Osler, Hoskin & Harcourt LLP (Canada) advised the underwriters.