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TELUS Announces Early Redemption Price for 2015 Notes

Notes to be redeemed on September 8, 2014

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/14 -- TELUS (TSX: T)(NYSE: TU) announced today that it has determined the redemption price for its $500 million 5.95 per cent, Series CE, Notes due April 15, 2015 (CUSIP No. 87971MAH6). The early redemption notice for these Notes was issued on August 7, 2014.

The redemption price, which is payable on September 8, 2014, is based on the yield for a Government of Canada bond with the equivalent maturity plus 66 basis points as defined in the trust indenture governing these Notes. The Note-holders will also receive the accrued portion of the semi-annual interest payment for the period ending September 8, 2014.

The following is the redemption price and amount per C$1,000 of principal amount for these Notes:

Redemption Price: C$ 1,025.50

Accrued and unpaid interest: C$ 23.80

Total Redemption Amount: C$ 1,049.30

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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