TELUS Completes Offering

TELUS Corporation completed, on September 19, 2002, a bought deal offering of 34.25 million non-voting shares in Canada and the U.S. for aggregate gross proceeds of approximately $337 million. The offering was undertaken by way of a prospectus supplement to TELUS’s cross-border universal shelf prospectus. Net proceeds of approximately $324 million were used by TELUS to repurchase and repay debt, including bank debt incurred to repurchase notes of TELUS and notes and debentures of TELUS Communications Inc. and for general corporate purposes.

The offering was led by TD Securities Inc. with an underwriting syndicate comprised of BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., JP Morgan Securities Canada Inc., National Bank Financial Inc., Canaccord Capital Corporation and Raymond James Ltd.

Blake, Cassels & Graydon LLP acted for TELUS, with a team comprised of Sheila Murray, Anoop Dogra, Robyn Keinick, Andrew King and Michael Raven (securities/corporate), Paul Tamaki (tax) and Stephen Ashbourne and Aaron Palmer (debt capital markets). Skadden, Arps, Slate, Meagher & Flom LLP in New York acted as U.S. counsel to TELUS, with a team comprised of Phyllis Korff, Richard Aftanas and James Fitzgerald.

Davies Ward Phillips & Vineberg LLP acted for the underwriters, with a team that included Patricia Olasker, Robert Murphy and Sonny Bhalla (securities/corporate) and Geoff Turner (tax) in Toronto and Guy Lander and Scott Tayne (securities/corporate) in New York.