TELUS plans to early redeem US$ 8% Notes due June 1, 2011

VANCOUVER , Dec. 1 /CNW/ - TELUS Corporation (TSX: T, T.A; NYSE: TU), announced today its intention to exercise its early redemption option and to partially redeem up to 30% of its US$1.945 billion outstanding 8% Notes due June 1, 2011 (CUSIP No. 87971MAC7). The redemption price will be based on the Adjusted United States Treasury Yield, as provided in the trust indenture pursuant to which such Notes were issued in May 2001 . Note holders will also receive accrued interest to the redemption date.

TELUS plans to finance the partial redemption through a new debt issue and/or funds available under its existing credit facilities. Unanticipated developments or circumstances beyond TELUS' control could affect its intended redemption of the Notes and there is no assurance that the redemption will be completed. TELUS will only become obligated to complete the redemption once it gives notice of redemption in accordance with the governing trust indenture. TELUS will make an announcement as to the principal amount of the Notes to be redeemed and the redemption date when it gives notice of redemption.

This news release is for informational purposes only and does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities.

About TELUS

TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company in Canada , with $9.6 billion of annual revenue and 11.9 million customer connections including 6.4 million wireless subscribers, 4.1 million wireline network access lines, and 1.2 million Internet subscribers. Led since 2000 by President and CEO, Darren Entwistle , TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. Nine TELUS Community Boards across Canada lead our local philanthropic initiatives.

Forward Looking Statements

This news 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 redemption of the 8% Notes due June 1, 2011 , and are therefore subject to risks and uncertainties which could cause actual results 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 Management's discussion and analysis, Annual Information Form, and in other filings with securities regulatory authorities in Canada and the United States .

For further information: Robert Mitchell, TELUS Investor Relations, [phone], [email protected]; Jim Johannsson, TELUS Media Relations, [phone], [email protected]