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TELUS Intends to Redeem 2015 Notes Early

C$500 million 5.95 per cent Notes due April 15, 2015 being redeemed early

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/07/14 -- TELUS (TSX:T)(NYSE:TU) announced today it intends to exercise its right to redeem its Canadian dollar denominated $500 million 5.95 per cent, Series CE, Notes due April 15, 2015 early, on September 8, 2014 (the "Notes", CUSIP No. 87971MAH6). The Notes were issued in April 2008.

The redemption price will be based on the Government of Canada Yield, as defined in the trust indenture pursuant to which such Notes were issued. Note-holders will also receive the accrued portion of the semi-annual interest payment for the period ending September 8, 2014.

TELUS plans to finance the redemption through a new debt issue and/or funds available under its existing credit facilities. TELUS intends to give notice of redemption today in accordance with the governing trust indenture.

This media release is for informational purposes only and shall not constitute an offer to buy or the solicitation of an offer to buy any of these securities.

Forward Looking Statements

This media release contains forward looking statements. Forward looking statements are not based on historical facts, but rather on current expectations, Company assumptions and projections about future events, including the completion of the early redemption of the 5.95 per cent Notes due April 15, 2015, and are therefore subject to risks and uncertainties which could cause actual amounts, results, performance or achievements to differ materially from the future results expressed or implied by the forward looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Company assumptions and risk factors are listed from time to time in TELUS' reports, public disclosure documents, including TELUS' Management's discussion and analysis and Annual Information Form, and in other filings with securities regulatory authorities in Canada and the United States. 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 Canada's fastest-growing national telecommunications company, with $11.7 billion of annual revenue and 13.4 million customer connections, including 7.9 million wireless subscribers, 3.2 million wireline network access lines, 1.4 million Internet subscribers and 865,000 TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider.

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

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