AS FILED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION ON AUGUST 2, 2024
REGISTRATION No. 333–
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM F-10
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
TELUS CORPORATION
(Exact name of Registrant as specified in its
charter)
British Columbia, Canada
(Province or other jurisdiction of
incorporation or organization) |
4812
(Primary Standard Industrial
Classification Code Number) |
Not Applicable
(I.R.S. Employer Identification No.,
if applicable) |
|
23rd
Floor, 510 West Georgia Street
Vancouver,
British Columbia V6B 0M3
Canada
(604) 697-8044
(Address and telephone number of Registrant’s principal executive offices)
CT
Corporation System
28 Liberty St.
New York, New York 10005
(212) 894-8940
(Name, address (including zip code) and telephone number
(including area code) of agent for service in the United States)
|
Copies to:
Christopher J. Cummings
Paul, Weiss, Rifkind,
Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
(212) 373-3000 |
Mario Mele
TELUS Corporation
510 W. Georgia St., 23rd Floor
Vancouver, British Columbia V6B 0M3
Canada
(604) 697-8044 |
Pierre Dagenais
Norton Rose Fulbright
Canada LLP
Bureau 2500, 1 Place Ville
Marie
Montreal, Quebec, H3B 1R1
Canada
(514) 847-4747
|
Approximate
date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this Registration
Statement.
British Columbia, Canada
(Principal jurisdiction regulating this offering)
It is proposed that this filing shall become effective (check appropriate
box below):
| A. |
x |
upon filing with the Commission pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada). |
| B. |
¨ |
at some future date (check the appropriate box below): |
| |
1. |
¨ |
pursuant to Rule 467(b) on ( ) at ( ) (designate a time not sooner than seven calendar days after filing). |
| |
2. |
¨ |
pursuant to Rule 467(b) on ( ) at ( ) (designate a time seven calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ( ). |
| |
3. |
¨ |
pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto. |
| |
4. |
¨ |
after the filing of the next amendment to this Form (if preliminary material is being filed). |
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction’s
shelf prospectus offering procedures, check the following box. x
PART I
INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES
OR PURCHASERS
SHORT FORM BASE SHELF PROSPECTUS
TELUS Corporation
Debt Securities
Preferred Shares
Common Shares
Warrants to Purchase Equity Securities
Warrants to Purchase Debt Securities
Share Purchase Contracts
Share Purchase or Equity Units
Subscription Receipts
TELUS Corporation (“TELUS”
or the “Company”) may offer and issue from time to time any bonds, debentures, notes or other evidences of indebtedness of
any kind, nature or description (collectively, “Debt Securities”), preferred shares or common shares (collectively, the “Equity
Securities”), warrants to purchase Equity Securities and warrants to purchase Debt Securities (collectively, the “Warrants”),
Share Purchase Contracts (as defined under “Description of Share Purchase Contracts and Share Purchase or Equity Units” herein),
Share Purchase or Equity Units (as defined under “Description of Share Purchase Contracts and Share Purchase or Equity Units”
herein), and subscription receipts that entitle the holder to receive upon satisfaction of certain release conditions, and for no additional
consideration, Debt Securities, Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity Units (“Subscription
Receipts”, and together with the Debt Securities, Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity
Units, the “Securities”) during the 25 month period that this short form base shelf prospectus (the “Prospectus”),
including any amendments thereto, is valid. Securities may be offered separately or together, in amounts, at prices and on terms to be
determined based on market conditions at the time of sale and set forth in an accompanying shelf prospectus supplement (a “Prospectus
Supplement”).
The specific terms of the
Securities with respect to a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable
(i) in the case of Debt Securities, the specific designation, aggregate principal amount, the currency or the currency unit for which
the Debt Securities may be purchased, the maturity, interest provisions, authorized denominations, offering price, covenants, events of
default, any terms for redemption or retraction, any exchange or conversion terms, whether the debt is senior or subordinated and any
other terms specific to the Debt Securities being offered; (ii) in the case of common shares of TELUS (“Common Shares”),
the number of Common Shares offered and the offering price; (iii) in the case of Equity Securities other than Common Shares, the
designation of the particular class and series, the number of shares offered, the issue price, dividend rate, if any, and any other terms
specific to the Equity Securities being offered; (iv) in the case of Warrants, the designation, number and terms of the Equity Securities
or Debt Securities purchasable upon exercise of the Warrants, any procedures that will result in the adjustment of these numbers, the
exercise price, dates and periods of exercise, the currency in which the Warrants are issued and any other specific terms; (v) in
the case of Share Purchase Contracts, the designation, number and terms of the Equity Securities to be purchased under the Share Purchase
Contract, any procedures that will result in the adjustment of these numbers, the purchase price and purchase date or dates of the Equity
Securities, any requirements of the purchaser to secure its obligations under the Share Purchase Contract and any other specific terms;
(vi) in the case of Share Purchase or Equity Units, the terms of the component Share Purchase Contract and Debt Securities or third
party obligations, any requirements of the purchaser to secure its obligations under the Share Purchase Contract by the Debt Securities
or third party obligations and any other specific terms; and (vii) in the case of Subscription Receipts, the offering price (or the
manner of determination thereof if offered on a non-fixed price basis), the procedures for the exchange of Subscription Receipts for Debt
Securities, Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity Units, as the case may be, and any other
specific terms thereof. Where required by statute, regulation or policy, and where Securities are offered in currencies other than Canadian
dollars, appropriate disclosure of foreign exchange rates applicable to such Securities will be included in the Prospectus Supplement
describing such Securities. The sale of Common Shares may be effected from time to time in one or more transactions at non-fixed prices
pursuant to transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 –
Shelf Distributions (“NI 44-102”), including sales made directly on the Toronto Stock Exchange (the “TSX”)
or the New York Stock Exchange (the “NYSE”) or other existing trading markets for the Common Shares, and as set forth in a
Prospectus Supplement for such purpose. See “Plan of Distribution”.
As of the date hereof, the
Company has determined that it qualifies as a ‘well-known seasoned issuer’, as such term is defined under the WKSI Blanket
Orders (as defined below). See “Well-Known Seasoned Issuer”. All shelf information permitted under applicable securities legislation,
including as permitted under the WKSI Blanket Orders, to be omitted from this Prospectus will be contained in one or more Prospectus Supplements
that will be delivered to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirement
is available. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation
as of the date of the Prospectus Supplement and only for the purposes of the distribution of the securities to which the Prospectus Supplement
pertains.
An investment in the Securities
involves certain risks. See “Risk Factors”.
TELUS has filed an undertaking
with the British Columbia Securities Commission that it will not distribute Securities that, at the time of distribution, are novel specified
derivatives or asset-backed securities without pre-clearing with the applicable regulator the disclosure to be contained in the Prospectus
Supplement pertaining to the distribution of such Securities.
For the purpose of calculating
the Canadian dollar equivalent of the aggregate principal amount of Securities issued under this Prospectus from time to time, Securities
denominated in or issued in, as applicable, a currency (the “Securities Currency”) other than Canadian dollars will be translated
into Canadian dollars using the Bank of Canada daily exchange rate of Canadian dollars with the Securities Currency in effect as of 4:30
p.m. (Toronto time) on the business day before the issue of such Securities.
TELUS maintains its registered
office at 510 W. Georgia St., 5th Floor, Vancouver, British Columbia V6B 0M3 and its executive office at 510 W. Georgia St.,
23rd Floor, Vancouver, British Columbia V6B 0M3.
This offering is made by
a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this Prospectus
in accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. The financial statements included or incorporated herein have been prepared using International
Financial Reporting Standards as issued by the International Accounting Standards Board. They may not be comparable to financial statements
of United States companies.
Prospective investors should
be aware that acquisition of the Securities described herein may have tax consequences both in the United States and in Canada. Such consequences
for investors who are resident in, or citizens of, the United States may not be described fully herein. Prospective investors should read
the tax disclosure in any applicable Prospectus Supplement and consult with their tax advisors.
The enforcement by investors
of civil liabilities under the United States federal securities laws may be affected adversely by the fact that TELUS is incorporated
or organized under the laws of the Province of British Columbia, that some or all of its officers and directors may be residents of Canada,
that some or all of the underwriters or experts named in this Prospectus and/or in a Prospectus Supplement may be residents of Canada,
and that all or a substantial portion of the assets of TELUS and said persons may be located outside the United States.
THE SECURITIES HAVE NOT
BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR HAS THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
This Prospectus constitutes
a public offering of the Securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such Securities. The Company may offer and sell Securities to or through underwriters or dealers and also may offer
and sell certain Securities directly to other purchasers or through agents. A Prospectus Supplement relating to each issue of Securities
offered thereby will set forth the names of any underwriters, dealers or agents involved in the sale of such Securities and the compensation
of any such underwriters, dealers or agents. The Common Shares are listed on the TSX under the symbol “T” and the NYSE under
the symbol “TU”. Unless otherwise specified in the applicable Prospectus Supplement, Securities other than the Common Shares
will not be listed on any securities exchange.
The offering of Securities
hereunder is subject to approval of certain legal matters on behalf of TELUS by Norton Rose Fulbright Canada LLP and by Paul, Weiss, Rifkind,
Wharton & Garrison LLP.
TABLE OF CONTENTS
Unless the context otherwise indicates, references
in this Prospectus to “TELUS” or the “Company”
are references to TELUS Corporation, its consolidated subsidiaries and predecessor companies.
DOCUMENTS
INCORPORATED BY REFERENCE
The following documents of
the Company, each of which has been filed by the Company with the securities commissions or similar regulatory authorities in each of
the provinces of Canada, are specifically incorporated by reference into, and form an integral part of, this Prospectus:
Any documents of a type
described in Item 11.1 of Form 44-101F1 – Short Form Prospectus, including the types referred to above, any material
change reports (excluding confidential reports), and business acquisition reports filed by the Company pursuant to the requirements of
securities legislation of any province of Canada, and any other disclosure document which the Company has filed pursuant to an undertaking
to a securities regulatory authority of any province of Canada, in each case, after the date of this Prospectus and prior to the date
on which this Prospectus ceases to be effective, shall be deemed to be incorporated by reference into this Prospectus. In addition, to
the extent indicated in any Report on Form 6-K filed with the SEC or in any Report on Form 40-F filed with the United States
Securities and Exchange Commission (the “SEC”), any information included therein shall be deemed to be incorporated by reference
in this Prospectus.
Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes
of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that
it has modified or superseded a prior statement or include any other information set forth in the document which it modifies or supersedes.
The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded
statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact
that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.
Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded.
Except in cases where an exemption
from such delivery requirements is available, a Prospectus Supplement containing the specific terms of an offering of Securities, updated
disclosure of earnings coverage ratios, if applicable, and other information relating to the Securities, will be delivered to prospective
purchasers of such Securities, together with this Prospectus and will be deemed to be incorporated by reference into this Prospectus as
of the date of such Prospectus Supplement only for the purpose of the offering of the Securities covered by that Prospectus Supplement.
Upon the filing of a subsequent
annual information form and the related annual financial statements by the Company with and, where required, accepted by, the applicable
securities regulatory authorities during the currency of this Prospectus, the previous annual information form, the previous annual financial
statements and all interim financial statements, and the accompanying Management’s Discussion and Analysis, and material change
reports filed prior to the commencement of the Company’s financial year in which such subsequent annual information form is filed,
and information circulars and business acquisition reports filed prior to the commencement of the Company’s financial year in respect
of which such subsequent annual information form is filed, shall be deemed no longer to be incorporated into this Prospectus for purposes
of further offers and sales of Securities hereunder. Upon interim financial statements and the accompanying Management’s Discussion
and Analysis for subsequent interim periods being filed with the applicable securities regulatory authorities during the currency of this
Prospectus, all interim financial statements and the accompanying Management’s Discussion and Analysis filed prior to such subsequent
interim financial statements will be deemed no longer to be incorporated into this Prospectus for purposes of further offers and sales
of Securities hereunder. Upon the Company filing an information circular in connection with an annual general meeting, the information
circular filed in connection with the previous annual general meeting (unless such information circular also related to a special meeting)
will be deemed no longer to be incorporated into this Prospectus for purposes of further offers and sales of the Securities hereunder.
In
addition to its continuous disclosure obligations under the securities laws of the provinces of Canada, TELUS is subject to the information
requirements of the United States Securities Exchange Act of 1934, as amended, and in accordance therewith files reports and other
information with the SEC. Under the multijurisdictional disclosure system adopted by the United States, such reports and other information
may be prepared in accordance with the disclosure requirements of Canada, which requirements are different from those of the United States.
Such reports and other information, when filed by TELUS in accordance with such requirements, are available to the public on the SEC’s
website at www.sec.gov. The Common Shares are listed on the NYSE.
Prospective investors should
rely only on the information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement. The
Company has not authorized anyone to provide prospective investors with different or additional information. The Company is not making
an offer of the Securities in any jurisdiction where the offer is not permitted by law. Prospective investors should not assume that the
information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement is accurate as of any
date other than the date on the front of this Prospectus or the applicable Prospectus Supplement.
Any “template version”
of any “marketing materials” (as such terms are defined in National Instrument 41-101 – General Prospectus Requirements)
filed after the date of a Prospectus Supplement and before the termination of the distribution of the Securities offered pursuant to such
Prospectus Supplement (together with this Prospectus) is deemed to be incorporated by reference in such Prospectus Supplement.
REFERENCE
TO CURRENCY
Unless the context otherwise
requires, all references herein to dollar amounts are references to Canadian dollars. For Securities issued in other than Canadian currency,
potential purchasers should be aware that foreign exchange fluctuations are likely to occur from time to time and that the Company does
not make any representation with respect to currency values from time to time. Investors should consult their own advisors with respect
to the potential risk of currency fluctuations.
FORWARD-LOOKING
STATEMENTS
This Prospectus, together
with the documents incorporated by reference herein and therein, contain forward-looking statements about expected events and the financial
and operating performance of TELUS.
Forward-looking statements
include any statements that do not refer to historical facts. They include, but are not limited to, statements relating to the Company’s
objectives and its strategies to achieve those objectives, its expectations regarding trends in the telecommunications industry (including
demand for data and ongoing subscriber base growth), and the Company’s financing plans (including its multi-year dividend growth
program). Forward-looking statements are typically identified by the words “assumption”, “goal”, “guidance”,
“objective”, “outlook”, “strategy”, “target” and other similar expressions, or future
or conditional verbs such as “aim”, “anticipate”, “believe”, “could”, “expect”,
“intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive”
and “will”. These statements are made pursuant to the “safe harbour” provisions of applicable securities laws
in Canada and the United States Private Securities Litigation Reform Act of 1995.
By their nature, forward-looking
statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions
and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, the Company’s actual results
or other events may differ materially from expectations expressed in or implied by the forward-looking statements.
The risks and assumptions
underlying the Company’s forward-looking statements are described in additional detail in Section 9 General trends, outlook
and assumptions, and regulatory developments and proceedings, and Section 10 Risks and risk management in the Company’s
Annual MD&A and updated in the Company’s Interim MD&A. Those descriptions are incorporated by reference into this Prospectus,
but are not intended to be a complete list of the risks that could affect the Company, or of the Company’s assumptions.
Risks and uncertainties that
could cause actual performance or other events to differ materially from the forward-looking statements made herein and in other TELUS
filings incorporated by reference herein include, but are not limited to, the following:
| · | Regulatory matters. The Company operates in a number of highly regulated industries and is therefore
subject to a wide variety of laws and regulations domestically and internationally. Policies and practices of elected officials and regulatory
decisions, reviews and government activity may have strategic, operational and/or financial implications (including on revenue and free
cash flow). Risks and uncertainties include: potential changes to the Company’s regulatory regime or the outcomes of proceedings,
cases or inquiries relating to its application, including but not limited to those set out in Section 9.1 Communications industry
regulatory developments and proceedings in the Company’s Interim MD&A; the Company’s ability to comply with complex
and changing regulation of the healthcare, virtual care and medical devices industries in the jurisdictions in which the Company operates,
including as an operator of health clinics; and the Company’s ability to comply with, or facilitate its clients’ compliance
with, numerous, complex and sometimes conflicting legal regimes, both domestically and internationally. |
| · | Competitive environment. Competitor expansion, activity and intensity (pricing, including discounting,
bundling), as well as non-traditional competition, disruptive technology and disintermediation, may alter the nature of the markets in
which it competes and impact the Company’s market share and financial results (including revenue and free cash flow). TELUS Digital
Experience (formerly TELUS International), TELUS Health and TELUS Agriculture & Consumer Goods face intense competition in different
markets. |
| · | Technology. Consumer adoption of alternative technologies and changing customer expectations have
the potential to impact the Company’s revenue streams and customer churn rates. Risks and uncertainties include: a declining overall
market for TV services; disruptive technologies, including software-defined networks in the business market, that may displace or cause
the Company to reprice its existing data services, and self-installed technology solutions; any failure to innovate, maintain technological
advantages or respond effectively and in a timely manner to changes in technology; the roll-out, anticipated benefits and efficiencies,
and ongoing evolution of wireless broadband technologies and systems; the Company’s reliance on wireless network access agreements,
which have facilitated the Company’s deployment of mobile technologies; the Company’s choice of suppliers and those suppliers’
ability to maintain and service their product lines, which could affect the success of upgrades to, and evolution of, technology that
it offers; supplier limitations and concentration and market power for products such as network equipment, TELUS TV and mobile handsets;
the Company’s expected long-term need to acquire additional spectrum capacity through future spectrum auctions and from third parties
to address increasing demand for data, and its ability to utilize spectrum it acquires; deployment and operation of new fixed broadband
network technologies at a reasonable cost and the availability and success of new products and services to be rolled out using such network
technologies; and the Company’s deployment of self-learning tools and automation, which may change the way the Company interacts
with customers. |
| · | Security and data protection. The Company’s ability to detect and identify potential threats
and vulnerabilities depends on the effectiveness of its security controls in protecting its infrastructure and operating environment,
and its timeliness in responding to attacks and recovering business operations. A successful attack may impede the operations of the Company’s
network or lead to the unauthorized interception, destruction, use or dissemination of customer, team member or business information. |
| · | Generative AI (“GenAI”). GenAI exposes the Company to numerous risks including risks
related to the responsible use of AI, data privacy and cybersecurity, and the possibility that the Company’s use of AI may produce
inaccurate or inappropriate content or create negative perceptions among companies and regulators that could affect demand for its services. |
| · | Climate and the environment. Natural disasters, pandemics, disruptive events and climate change
may impact the Company’s operations, customer satisfaction and team member experience. |
The Company’s goals to achieve
carbon neutrality and reduce its greenhouse gas (“GHG”) emissions in its operations are subject to its ability to identify,
procure and implement solutions to reduce energy consumption and adopt cleaner sources of energy, its ability to identify and make suitable
investments in renewable energy, including in the form of virtual power purchase agreements, and the Company’s ability to continue
to realize significant absolute reductions in energy use and the resulting GHG emissions in its operations.
| · | Operational performance and business combination. Investments and acquisitions present opportunities
to expand the Company’s operational scope, but may expose it to new risks. The Company may be unsuccessful in gaining market traction/share
and realizing benefits, and integration efforts may divert resources from other priorities. Risks include: the Company’s reliance
on third-party cloud-based computing services to deliver its IT services; and economic, political and other risks associated with doing
business globally (including war and other geopolitical developments). |
| · | The Company’s systems and processes. Systems and technology innovation, maintenance and management
may impact the Company’s IT systems and network reliability, as well as its operating costs. Risks and uncertainties include: the
Company’s ability to maintain customer service and operate its network in the event of human error or human-caused threats, such
as cyberattacks and equipment failures that could cause various degrees of network outages; technical disruptions and infrastructure breakdowns;
delays and rising costs, including as a result of government restrictions or trade actions; and the completeness and effectiveness of
business continuity and disaster recovery plans and responses. |
| · | The Company’s team. The rapidly evolving and highly competitive nature of the Company’s
markets and operating environment, along with the globalization and evolving demographic profile of its workforce, and the effectiveness
of its internal training, development, succession and health and well-being programs, may impact the Company’s ability to attract,
develop and retain team members with the skills required to meet the changing needs of its customers and its business. There may be greater
physical and mental health challenges faced by team members (and their families) as a result of the pandemic and its aftermath, and the
effect of other significant change initiatives at the organization may result in the loss of key team members through short-term and long-term
disability. |
| · | Suppliers. The Company may be impacted by supply chain disruptions and lack of resiliency in relation
to global or local events. Dependence on a single supplier for products, components, service delivery or support may impact the Company’s
ability to efficiently meet constantly changing and rising customer expectations while maintaining quality of service. |
| · | Real estate matters. Real estate investments are exposed to possible financing risks and uncertainty
related to future demand, occupancy and rental rates, especially following the pandemic. Future real estate developments may not be completed
on budget or on time and may not obtain lease commitments as planned. |
| · | Financing, debt and dividends. The Company’s ability to access funding at optimal pricing
may be impacted by general market conditions and changing assessments in the fixed-income and capital markets regarding its ability to
generate sufficient future cash flow to service its debt. The Company’s current intention to pay dividends to shareholders could
constrain its ability to invest in its operations to support future growth. Risks and uncertainties include: the Company’s ability
to use equity as consideration in business acquisitions is impacted by stock market valuations of TELUS Common Shares and TELUS International
(Cda) Inc.’s Subordinate Voting Shares (“TI Subordinate Voting Shares”); the Company’s capital expenditure levels
and potential outlays for spectrum licences in auctions or purchases from third parties affect and are affected by: the Company’s
broadband initiatives; the Company’s ongoing deployment of newer mobile technologies; investments in network technology required
to comply with laws and regulations relating to the security of cyber systems, including bans on the products and services of certain
vendors; investments in network resiliency and reliability; the allocation of resources to acquisitions and future spectrum auctions held
by Innovation, Science and Economic Development Canada (ISED). The Company’s capital expenditure levels could be impacted if it
does not achieve its targeted operational and financial results or if there are changes to its regulatory environment; and lower than
planned free cash flow could constrain the Company’s ability to invest in operations, reduce leverage or return capital to shareholders.
Quarterly dividend decisions made by the Company’s Board of Directors based on the Company’s financial position and outlook.
There can be no assurance that the Company’s dividend growth program will be maintained through 2025 or renewed. |
Factors that may affect the financial
performance of TELUS Digital Experience are described in TELUS International (Cda) Inc.’s public filings available on SEDAR+ and
EDGAR. TELUS Digital Experience may choose to publicize targets or provide other guidance regarding its business and it may not achieve
such targets. Failure to meet these targets could affect the Company’s ability to achieve targets for the organization as a whole
and could result in a decline in the trading price of the TI Subordinate Voting Shares or the Company’s Common Shares or both.
| · | Tax matters. Complexity of domestic and foreign tax laws, regulations and reporting requirements
applying to the Company and its international operating subsidiaries may impact financial results. International acquisitions and expansion
of operations heighten the Company’s exposure to multiple forms of taxation. |
| · | The economy. Changing global economic conditions, including a potential recession and alternating
expectations about inflation, as well as the Company’s effectiveness in monitoring and revising growth assumptions and contingency
plans, may impact the achievement of its corporate objectives, its financial results (including free cash flow), and its defined benefit
pension plans. |
| · | Litigation and legal matters. Complexity of, and compliance with, laws, regulations, commitments
and expectations may have a financial and reputational impact. Risks include: the Company’s ability to defend against existing and
potential claims or to negotiate and exercise indemnity rights or other protections in respect of such claims; and the complexity of legal
compliance in domestic and foreign jurisdictions, including compliance with competition, anti-bribery and foreign corrupt practices laws. |
These risks are described
in additional detail in the Company’s Annual MD&A and the Interim MD&A. Those descriptions are incorporated by reference
in this cautionary statement but are not intended to be a complete list of the risks that could affect the Company.
Additional risks and uncertainties
that are not currently known to the Company or that it currently deems to be immaterial may also have a material adverse effect on its
financial position, financial performance, cash flows, business or reputation. Except as otherwise indicated in this Prospectus and the
documents incorporated by reference herein, the forward-looking statements made herein do not reflect the potential impact of any non-recurring
or special items or any mergers, acquisitions, dispositions or other business combinations or transactions that may be announced or that
may occur after the date of this document.
Readers are cautioned not
to place undue reliance on forward-looking statements. Forward-looking statements in this document describe the Company’s expectations
and are based on its assumptions as at the date hereof and are subject to change after this date. The Company disclaims any intention
or obligation to update or revise any forward-looking statements except as required by law.
This cautionary statement
qualifies all of the forward-looking statements in this Prospectus including the documents incorporated by reference.
TELUS
CORPORATION
TELUS was incorporated under
the Company Act (British Columbia) (the “BC Company Act”) on October 26, 1998 under the name BCT.TELUS Communications
Inc. (“BCT”). On January 31, 1999, pursuant to a court-approved plan of arrangement under the Canada Business Corporations
Act among BCT, BC TELECOM Inc. (“BC TELECOM”) and the former Alberta-based TELUS Corporation (“TC”), BCT acquired
all of the shares of BC TELECOM and TC in exchange for common shares and non-voting shares of BCT, and BC TELECOM was dissolved. On May 3,
2000, BCT changed its name to TELUS Corporation and in February 2005, the Company transitioned under the Business Corporations
Act (British Columbia), successor to the BC Company Act. On February 4, 2013, in accordance with the terms of a court-approved
plan of arrangement under the Business Corporations Act (British Columbia), TELUS exchanged all of its issued and outstanding non-voting
shares (the “Non-Voting Shares”) into Common Shares on a one-for-one basis. On April 16, 2013, TELUS subdivided its Common
Shares on a two-for-one basis. On May 9, 2013, TELUS amended its Articles and Notice of Articles to eliminate the Non-Voting Shares
from the authorized share structure of the Company, increase the maximum number of authorized Common Shares from 1,000,000,000 to 2,000,000,000,
and incorporate certain “housekeeping” or administrative amendments. On February 13, 2020, TELUS announced
that its Board of Directors approved a two-for-one subdivision of the outstanding Common Shares. On March 17,
2020, TELUS shareholders received one additional Common Share for each Common Share owned on the record date of March 13, 2020. On
January 1, 2024, TELUS amalgamated with one of its wholly-owned subsidiaries, TELUS Holdings 2023 Inc. under the Business Corporations
Act (British Columbia), with the successor entity being named TELUS Corporation. TELUS maintains its registered office at 510 W. Georgia
St., 5th Floor, Vancouver, British Columbia V6B 0M3 and its executive office at 510 W. Georgia St., 23rd Floor, Vancouver, British Columbia
V6B 0M3.
TELUS (TSX: T, NYSE: TU) is
a dynamic, world-leading communications technology company with more than $20 billion in annual revenue and over 19 million customer connections
spanning wireless, data, intellectual property, voice, television, entertainment, video, and security. The Company’s social purpose
is to leverage its global-leading technology and compassion to drive social change and enable remarkable human outcomes. TELUS’
longstanding commitment to putting its customers first fuels every aspect of its business, making it a distinct leader in customer service
excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight
firms showcase the strength and speed of its global-leading networks, reinforcing its commitment to provide Canadians with access to superior
technology that connects TELUS to the people, resources and information that make lives better.
Operating in 32 countries
around the world, TELUS International (Cda) Inc. (doing business as TELUS Digital Experience) (TSX and NYSE: TIXT) is a leading digital
customer experience innovator that designs, builds, and delivers next-generation solutions, including artificial intelligence (“AI”)
and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications
and media, eCommerce and fintech, banking, financial services and insurance, healthcare, and others.
TELUS Health is a global healthcare
leader, which provides employee and family primary and preventive healthcare and wellbeing solutions. The TELUS team, along with our 100,000
health professionals, are leveraging the combination of TELUS’ strong digital and data analytics capabilities with our unsurpassed
client service to dramatically improve remedial, preventive and mental health outcomes covering over 75 million lives, and growing, around
the world. As the largest provider of digital solutions and digital insights of its kind, TELUS Agriculture & Consumer Goods
enables efficient and sustainable production from seed to store, helping improve the safety and quality of food and other goods in a way
that is traceable to end consumers.
USE
OF PROCEEDS
Except as may otherwise be
set forth in a Prospectus Supplement, the net proceeds to be received by the Company from the issue and sale from time to time of Securities
will be added to the general funds of the Company to be used to repay existing indebtedness of TELUS, to fund capital expenditures and
for other general corporate purposes. Each Prospectus Supplement will contain specific information concerning the use of proceeds from
that sale of Securities.
EARNINGS
COVERAGE RATIOS
The following consolidated
earnings coverage ratios have been calculated for the 12-month periods ended December 31, 2023 and June 30, 2024. The
earnings coverage ratios refer to the ratios of (i) consolidated net income attributable to holders of Common Shares before borrowing
costs and income taxes, and (ii) borrowing costs.
For the 12-month periods ended
December 31, 2023 and June 30, 2024, the Company’s consolidated net income attributable to holders of Common Shares before
borrowing costs and income taxes was $2,243 million and $2,248 million, respectively. Borrowing costs for the 12-month periods were $1,183
million and $1,263 million, respectively. The earnings coverage ratios for the 12-month periods ended December 31, 2023 and June 30,
2024 give pro forma effect to all issuances, repayments and redemptions of long-term debt of the Company since such dates, as if it had
occurred at the beginning of such 12-month period. The earnings coverage ratios set out below do not purport to be indicative of earnings
coverage ratios for any future periods.
| 12-month period ended |
December 31, 2023 |
June 30, 2024 |
| Earnings coverage ratios |
1.8 times |
1.8 times |
PRIOR
SALES
Pursuant to the Company’s
various employee share option plans, during the 12-month period before the date of this Prospectus, the Company issued: (i) 2,839,267
Common Shares from the vesting of Restricted Share Units at a weighted average price of $26.78 per share; (ii) 374,585 Common Shares
from the vesting of Performance Share Units at a weighted average price of $27.81 per share; (iii) 19,878 Common Shares from
the exercise of Share Options at a weighted average price of $21.29 per share; and (iv) 613,671 Common Shares in connection with
the redemption of Deferred Share Units at a weighted average price of $23.74 per share.
During
the 12-month period before the date of this prospectus, the Company also issued: (i) 908,426 Common Shares in connection with the
Company’s acquisition of Badal.IO Inc. at a weighted average price of $25.32 per share; (ii) 291,817 Common
Shares in connection with the Company’s acquisition of Les Solutions Vumetric Inc./Vumetric Solutions Inc. at a weighted average
price of $23.99 per share; and (iii) 32,207,349 Common Shares in connection with the Company’s Dividend Reinvestment and Share
Purchase Plan (DRIP) at a weighted average price of $21.65 per share.
On September 8, 2023,
the Company issued: (i) $850 million aggregate principal amount of 5.75% Sustainability-Linked Notes due September 8, 2033 (the
“5.75% Sustainability-Linked Notes”); (ii) $400 million aggregate principal amount of 5.95% Notes due September 8,
2053 (the “5.95% Notes”); and (iii) $500 million aggregate principal amount of 5.60% Notes due September 9, 2030
(the “5.60% Notes”). The 5.75% Sustainability-Linked Notes are “Sustainability-Linked Bonds” as described in the
prospectus supplement dated September 5, 2023 relating to each of the 5.75% Sustainability-Linked Notes, 5.95% Notes and 5.60% Notes.
On February 15, 2024,
the Company issued: (i) $500 million aggregate principal amount of 5.10% Sustainability-Linked Notes due February 15, 2034 (the
“5.10% Sustainability-Linked Notes”); (ii) $700 million aggregate principal amount of 4.80% Notes due December 15,
2028 (the “4.80% Notes”); and (iii) $600 million aggregate principal amount of 4.95% Notes due February 18, 2031
(the “4.95% Notes”). The 5.10% Sustainability-Linked Notes are “Sustainability-Linked Bonds” as described in the
prospectus supplement dated February 12, 2024 relating to each of the 5.10% Sustainability-Linked Notes, 4.80% Notes and 4.95% Notes.
MARKET
PRICE AND TRADING VOLUME
The Common Shares are listed
for trading on the TSX under the symbol “T” and the NYSE under the symbol “TU”. The following table sets forth
the reported high and low closing sale prices and the aggregate volume of trading of the Common Shares on the TSX during the 12 months
preceding the date of this Prospectus.
| | | |
Price Range | | |
| |
| | | |
High | | |
Low | | |
Volume | |
| | | |
($) | | |
($) | | |
| |
| 2024 | | |
| | | |
| | | |
| | |
| August 1 | | |
| 22.73 | | |
| 22.16 | | |
| 3,588,827 | |
| July | | |
| 22.41 | | |
| 20.04 | | |
| 58,265,106 | |
| June | | |
| 22.97 | | |
| 20.67 | | |
| 86,230,778 | |
| May | | |
| 22.75 | | |
| 21.84 | | |
| 72,594,483 | |
| April | | |
| 22.42 | | |
| 21.12 | | |
| 69,981,528 | |
| March | | |
| 23.97 | | |
| 21.31 | | |
| 68,162,340 | |
| February | | |
| 24.47 | | |
| 22.83 | | |
| 64,484,858 | |
| January | | |
| 24.92 | | |
| 23.31 | | |
| 50,342,027 | |
| | | |
| | | |
| | | |
| | |
| 2023 | | |
| | | |
| | | |
| | |
| December | | |
| 25.94 | | |
| 23.19 | | |
| 64,997,918 | |
| November | | |
| 24.62 | | |
| 22.42 | | |
| 48,190,657 | |
| October | | |
| 23.07 | | |
| 21.16 | | |
| 48,247,652 | |
| September | | |
| 24.04 | | |
| 21.81 | | |
| 56,305,417 | |
| August 2-31 | | |
| 24.18 | | |
| 22.28 | | |
| 56,464,198 | |
DESCRIPTION
OF DEBT SECURITIES
The following description
of the terms of Debt Securities sets forth certain general terms and provisions of Debt Securities in respect of which a Prospectus Supplement
may be filed. The particular terms and provisions of Debt Securities offered by any Prospectus Supplement will be described in any Prospectus
Supplement filed in respect of such Debt Securities.
Debt Securities may be issued
under an indenture dated May 22, 2001 (the “Canadian Trust Indenture”) between the Company and Montreal Trust Company
of Canada (now Computershare Trust Company of Canada), as trustee (the “Canadian Trustee”), as supplemented by supplemental
indentures applicable to specific Debt Securities (together with the Canadian Trust Indenture, the “Canadian Indenture”) or
under an indenture dated September 19, 2016 (the “U.S. Trust Indenture”) between the Company, the Canadian Trustee and
Computershare Trust Company, N.A., as U.S. trustee (the “U.S. Trustee” and together with the Canadian Trustee, the “Trustees”)
as supplemented by supplemental indentures applicable to specific Debt Securities (together with the U.S. Trust Indenture, the “U.S.
Indenture”). The following summary of certain provisions of the Canadian Indenture and the U.S. Indenture (together, the “Trust
Indentures”) does not purport to be complete and is qualified in its entirety by reference to the applicable Trust Indenture and
any applicable supplemental indentures. All capitalized terms are as defined in the applicable Trust Indenture (unless otherwise defined
herein).
General
The Trust Indentures provide
that Debt Securities may be issued thereunder from time to time in one or more series. Specific terms and conditions which apply to such
series will be set out in a supplement to the applicable Trust Indenture, and any supplement in respect of a series of Debt Securities
may modify, limit or otherwise remove any terms, covenants, restrictions and/or conditions set forth in the Canadian Trust Indenture or
U.S. Trust Indenture, as applicable. The Debt Securities will be direct, unconditional and, unless otherwise indicated in the relevant
Prospectus Supplement, unsecured obligations of the Company. As of June 30, 2024, $16.875 billion principal amount of Debt Securities
are outstanding under the Canadian Trust Indenture and US$3.250 billion principal amount of Debt Securities are outstanding under the
U.S. Trust Indenture.
With respect to Debt Securities
issued under the Canadian Trust Indenture, the Prospectus Supplement relating to the particular Debt Securities offered thereby will describe
the terms of such Debt Securities, including, where applicable:
| (i) | the designation, aggregate principal amount and denominations of such Debt Securities; |
| (ii) | the price at which such Debt Securities will be issued or whether such Debt Securities will be issued
on a non-fixed price basis; |
| (iii) | the date or dates on which such Debt Securities will mature and the portion (if less than all of the principal
amount) of such Debt Securities to be payable upon declaration of an acceleration of maturity; |
| (iv) | the currency or currencies in which such Debt Securities are being sold and in which the principal of
(and premium, if any), and interest, if any, on, such Debt Securities will be payable, whether the holder of any such Debt Securities
or the Company may elect the currency in which payments thereon are to be made and, if so, the manner of such election; |
| (v) | whether the Debt Securities of such series are interest bearing and, in the case of interest bearing Debt
Securities, the rate or rates (which may be fixed or variable) per annum at which such Debt Securities will bear interest, if any; |
| (vi) | the date from which interest on such Debt Securities, whether payable in cash, in kind, or in shares,
will accrue, the date or dates on which such interest will be payable and the date on which payment of such interest will commence; |
| (vii) | the dates on which and the price or prices at which such Debt Securities will, pursuant to any required
repayment provisions, or may, pursuant to any repurchase or redemption provisions, be repurchased, redeemed or repaid and the other terms
and provisions of any such optional repurchase or redemption or required repayment; |
| (viii) | any special provisions for the payment of additional interest with respect to such Debt Securities; |
| (ix) | the general terms or provisions, if any, pursuant to which such Debt Securities are to be guaranteed or
secured; |
| (x) | any exchange on which Debt Securities of a series will be listed; |
| (xi) | terms for any conversion or exchange into other securities; |
| (xii) | subordination terms, if any, of the Debt Securities of such series; |
| (xiii) | any special tax implications of or any special tax provision, or indemnities relating to Debt Securities
of such series; and |
| (xiv) | any other terms of the Debt Securities of such series, including covenants and events of default which
apply solely to a particular series of the Debt Securities being offered which do not apply generally to other Debt Securities, or any
covenants or events of default generally applicable to the Debt Securities of such series which do not apply to a particular series of
the Debt Securities. |
With respect to Debt Securities
issued under the U.S. Trust Indenture, the Prospectus Supplement relating to the particular Debt Securities offered thereby will describe
the terms of such Debt Securities, including, where applicable:
| (i) | the specific designation and the aggregate principal amount of the Debt Securities of such series; |
| (ii) | the extent and manner, if any, to which payment on or in respect of the Debt Securities of such series
will be senior or will be subordinated to the prior payment of the Company’s other liabilities and obligations; |
| (iii) | the percentage or percentages of principal amount at which the Debt Securities of such series will be
issued; |
| (iv) | the date or dates on which the principal of (and premium, if any, on) the Debt Securities of such series
will be payable and the portion (if less than the principal amount) of the Debt Securities of such series to be payable upon a declaration
of acceleration of maturity and/or the method by which such date or dates shall be determined or extended; |
| (v) | the rate or rates (whether fixed or variable) at which the Debt Securities of such series will bear interest,
if any, and the date or dates from which such interest will accrue; |
| (vi) | the dates on which any interest will be payable and the regular record dates for the payment of interest
on the Debt Securities of such series in registered form; |
| (vii) | the place or places where the principal of (and premium, if any, and interest, if any, on) the Debt Securities
will be payable, and each office or agency where the Debt Securities of such series may be presented for registration of transfer or exchange; |
| (viii) | if other than U.S. dollars, the currency in which the Debt Securities of such series are denominated or
in which currency payment of the principal of (and premium, if any, and interest, if any, on) such Debt Securities of such series will
be payable; |
| (ix) | whether the Debt Securities of such series will be issuable in the form of one or more global securities
and, if so, the identity of the depositary for the global securities; |
| (x) | any mandatory or optional redemption or sinking fund provisions; |
| (xi) | the period or periods, if any, within which, the price or prices at which, the currency in which and the
terms and conditions upon which the Debt Securities of such series may be redeemed or purchased by the Company; |
| (xii) | the terms and conditions, if any, upon which holders may redeem the Debt Securities of such series prior
to maturity and the price or prices at which and the currency in which the Debt Securities of such series are payable; |
| (xiii) | any index used to determine the amount of payments of principal of (and premium, if any, or interest,
if any, on) the Debt Securities of such series; |
| (xiv) | the terms, if any, on which the Debt Securities may be converted or exchanged for other of the Company’s
Debt Securities or Debt Securities of other entities; |
| (xv) | any other terms of the Debt Securities of such series, including covenants and events of default which
apply solely to a particular series of the Debt Securities being offered which do not apply generally to other Debt Securities, or any
covenants or events of default generally applicable to the Debt Securities of such series which do not apply to a particular series of
the Debt Securities; |
| (xvi) | if other than The Depository Trust Company, the person designated as the depositary for the Debt Securities
of such series; |
| (xvii) | any applicable material Canadian and U.S. federal income tax consequences; |
| (xviii) | whether and under what circumstances the Company will pay Additional Amounts (defined below under “Additional
Amounts”) on the Debt Securities of such series in respect of certain taxes (and the terms of any such payment) and, if so, whether
the Company will have the option to redeem the Debt Securities of such series rather than pay the Additional Amounts (and the terms of
any such option); |
| (xix) | whether the payment of the Debt Securities will be guaranteed by any other person; and |
| (xx) | if other than denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof, the denominations
in which any securities of the series shall be issuable. |
Unless otherwise indicated
in the applicable Prospectus Supplement, the U.S. Trust Indenture does not afford holders of the Debt Securities the right to tender such
Debt Securities to the Company in the event that the Company has a change in control.
Debt Securities issued under
the U.S. Trust Indenture may be issued bearing no interest or at a discount below their stated principal amount. The Canadian and U.S.
federal income tax consequences and other special considerations applicable to any such discounted Debt Securities or other Debt Securities
offered and sold at par which are treated as having been issued at a discount for Canadian and/or U.S. federal income tax purposes will
be described in the Prospectus Supplement relating to the Debt Securities.
Payment
Payment of principal of (and
premium, if any on) Debt Securities will be made in the designated currency against surrender of such Debt Securities at the place or
places specified in the applicable Prospectus Supplement. Payment of any instalment of interest on Debt Securities will be made to the
Person (as defined under “– Certain Definitions” below) in whose name such Debt Security is registered at the close
of business on the record date for such interest and may be made by electronic funds transfer.
Additional Amounts
All payments made by the Company
under or with respect to the Debt Securities of each series issued under the U.S. Trust Indenture will be made free and clear of and without
withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed
or levied by or on behalf of the Government of Canada or of any province or territory thereof or therein or by any authority or agency
thereof or therein having power to tax (collectively, “Taxes”) unless the Company is required to withhold or deduct Taxes
by law or by the interpretation or administration thereof by the relevant government authority or agency. For each series of Debt Securities,
if the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect
to such series of Debt Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary
so that the net amount received by each applicable holder or beneficial owner of Debt Securities (including Additional Amounts) after
such withholding or deduction will not be less than the amount the applicable holder or beneficial owner would have received if such Taxes
had not been withheld or deducted; provided that no Additional Amounts will be payable with respect to:
| · | any payment to a holder or beneficial owner of Debt Securities who is liable for such Taxes in respect
of such Debt Security (i) by reason of such holder of Debt Securities or beneficial owner being a person with whom the Company is
not dealing at arm’s length for the purposes of the Income Tax Act (Canada) (the “Tax Act”); or (ii) by
reason of the existence of any present or former connection between such holder of Debt Securities or beneficial owner (or between a fiduciary,
settlor, beneficiary, member or shareholder of, or possessor of power over, such holder of Debt Securities or beneficial owner, if such
holder of Debt Securities or beneficial owner is an estate, trust, partnership, limited liability company or corporation) and Canada or
any province or territory thereof or therein or agency thereof or therein other than the mere acquisition, holding, use or ownership or
deemed holding, use or ownership, or receiving payments or enforcing any rights in respect of such Debt Security as a non-resident or
deemed non-resident of Canada or any province or territory thereof or therein or agency thereof or therein; |
| · | any payment to a holder or beneficial owner of Debt Securities in respect of whom such Tax is required
to be withheld or deducted by reason of the holder or beneficial owner being a person (i) who is, or does not deal at arm’s
length with any person who is, a “specified shareholder” (as defined in subsection 18(5) of the Tax Act) of the Company;
or (ii) who is an entity in respect of which the Company is a “specified entity” (as defined in subsection 18.4(1) of
the Tax Act); |
| · | any Debt Security presented for payment more than 30 days after the later of (i) the date on which
such payment first becomes due; or (ii) if the full amount of the monies payable has not been paid to the holders of Debt Securities
on or prior to such date, the date on which the full amount of such monies has been paid to the holders of Debt Securities, except to
the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on the last
day of such period of 30 days; |
| · | any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar tax; |
| · | any Taxes imposed as a result of the failure of a holder or beneficial owner of Debt Securities to comply
with certification, identification, declaration or similar reporting requirements concerning the nationality, residence, identity or connection
with Canada or any province or territory thereof or therein or agency thereof or therein of the holder or beneficial owner of such Debt
Security, if such compliance is required by statute or by regulation, as a precondition to the reduction of, or exemption from, such Taxes; |
| · | any Taxes which are payable otherwise than by withholding or deduction from any payment made under or
with respect to the Debt Securities; or |
| · | any combination of the above items, |
nor will such Additional Amounts be paid with
respect to any payment on any Debt Security to a holder or beneficial owner of Debt Securities who is a fiduciary or partnership or other
than the sole beneficial owner of such Debt Security to the extent that a beneficiary or settlor with respect to such fiduciary, or a
member of such partnership or a beneficial owner thereof would not have been entitled to receive a payment of such Additional Amounts
had such beneficiary, settlor, member or beneficial owner received directly its beneficial or distributive share of such payment.
Where Tax is payable pursuant
to Section 803 of the Income Tax Regulations by a holder or beneficial owner of Debt Securities in respect of any amount payable
under the Debt Securities to the holder of Debt Securities (other than by reason of a transfer of the Debt Securities to a person resident
in Canada with whom the transferor does not deal at arm’s length for the purposes of the Tax Act), but no Additional Amount is paid
in respect of such Tax, the Company will pay to the holder of Debt Securities an amount equal to such Tax within 45 days after receiving
from the holder of Debt Securities a notice containing reasonable particulars of the Tax so payable, provided such holder or beneficial
owner of Debt Securities would have been entitled to receive Additional Amounts on account of such Tax but for the fact that it is payable
otherwise than by deduction or withholding from payments made under or with respect to the Debt Securities.
Whenever in the U.S. Trust
Indenture or in any Debt Security there is mention, in any context, of the payment of principal of, or premium, interest or any other
amount on any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.
The obligation to pay Additional
Amounts will survive any termination or discharge of the U.S. Trust Indenture or the redemption, repayment or purchase of the Debt Securities.
Tax Redemption
The Debt Securities of each
series issued under the U.S. Trust Indenture may be redeemed, in whole, but not in part, at the option of the Company at any time, on
not fewer than 30 nor more than 60 days’ prior written notice, at 100% of the outstanding principal amount, together with accrued
and unpaid interest thereon to the redemption date, in the event the Company delivers to the Trustees an opinion of independent Canadian
tax counsel experienced in such matters to the effect that the Company has become or would become obligated to pay, on the next date on
which any amount would be payable with respect to the applicable series of outstanding Debt Securities any Additional Amounts (as defined
herein) as a result of a change in the laws (including any regulations promulgated thereunder) of Canada, or any province or territory
thereof or therein or any agency thereof or therein having the power to tax, or any change in any official position regarding the application
or interpretation of such laws or regulations, which change is announced or becomes effective on or after the date of the original issuance
of the applicable series of Debt Securities; provided that the Company determines, in its business judgment, that the obligation to pay
such Additional Amounts cannot be avoided by the use of reasonable measures available to the Company (not including substitution of the
obligor under the applicable series of Debt Securities).
Negative Pledge
The Trust Indentures contain
provisions to the effect that the Company will not, nor will it permit any Restricted Subsidiary (as defined under “– Certain
Definitions” below) to, create or assume any Lien (as defined under “– Certain Definitions” below) (other than
Permitted Liens (as defined herein)) upon any present or future Principal Property (as defined under “– Certain Definitions”
below), or any Property (as defined under “– Certain Definitions” below), which, together with any other Property subject
to Liens in the same transaction or a series of related transactions, would in the aggregate constitute a Principal Property, of the Company
or any Restricted Subsidiary, to secure Indebtedness (as defined under “– Certain Definitions” below) of the Company
or a Restricted Subsidiary (the “Negative Pledge”) unless the Debt Securities, other than Debt Securities which by their terms
do not have the benefit of the Negative Pledge (together with, if the Company shall so determine, any other Indebtedness of the Company
or any Restricted Subsidiary ranking at least equally with the Debt Securities then existing or thereafter created), shall be concurrently
secured equally and rateably with (or prior to) such other Indebtedness so long as such Lien is outstanding.
The restrictions set forth
above shall not apply to “Permitted Liens”, which are defined in the Trust Indentures to include:
| (i) | with respect to any series of Debt Securities, Liens existing on the Closing Date (as defined under “–
Certain Definitions” below) for such series; |
| (ii) | Liens on any Property of any Person existing at the time such Person becomes a Restricted Subsidiary,
or at the time such Person amalgamates or merges with the Company or a Restricted Subsidiary, which Liens are not created in contemplation
of such Person becoming a Restricted Subsidiary or effecting such amalgamation or merger; |
| (iii) | Liens on any Property, including any improvements from time to time on such property, existing at the
time such Property is acquired by the Company or a Restricted Subsidiary, including any acquisition by means of amalgamation, consolidation
or merger, or Liens to secure the payment of all or any part of the purchase price of such Property upon the acquisition of such Property
by the Company or a Restricted Subsidiary or to secure any Indebtedness incurred prior to, at the time of, or within 270 days after, the
later of the date of acquisition of such Property and the date such Property is placed in service, for the purpose of financing all or
any part of the purchase price thereof, or Liens to secure any Indebtedness incurred for the purpose of financing the cost to the Company
or a Restricted Subsidiary of improvements to such acquired Property or to secure any indebtedness incurred for the purpose of financing
all or any part of the purchase price or the cost of construction of the Property subject to such Liens; |
| (iv) | Liens securing any Indebtedness of a Restricted Subsidiary owing to the Company or to another Restricted
Subsidiary; |
| (v) | Liens on Property of the Company or a Restricted Subsidiary securing indebtedness or other obligations
issued by Canada or the United States of America or any province, state or any department, agency or instrumentality or political subdivision
of Canada or the United States of America or any state, or by any other country or any political subdivision of any other country, for
the purpose of financing all or any part of the purchase price of, or, in the case of real property, the cost of construction on or improvement
of, any property or assets subject to the Liens, including Liens incurred in connection with pollution control, industrial revenue or
similar financings; |
| (vi) | Liens securing any extension, renewal or replacement (or successive extensions, renewals or replacements)
in whole or in part of any Permitted Lien pursuant to the Trust Indentures; provided, however, that such new Lien is limited to the Property
which was subject to the prior Lien immediately before such extension, renewal or replacement, and provided, further, that the principal
amount of Indebtedness secured by the prior Lien immediately prior to such extension, renewal or replacement is not increased; |
| (vii) | any other Liens not otherwise qualifying as a Permitted Lien provided that, at the applicable time, the
aggregate principal amount of the Indebtedness secured by all such other Liens, when added to the Attributable Debt (as defined under
“– Certain Definitions” below) determined at such time of the then outstanding Unrestricted Sale and Lease-Back Transactions
(as defined under “–Limitation on Sale and Lease-Back Transactions” below) to which the Company or a Restricted Subsidiary
is a party, does not exceed 15% of the then applicable Consolidated Net Tangible Assets (as defined under “– Certain Definitions”
below); |
| (viii) | any interest or title of a lessor in the property subject to any capitalized lease or operating lease;
and |
| (ix) | any other Liens identified in the Prospectus Supplement relating to the series of Debt Securities issued. |
Limitation on Sale and Lease-Back Transactions
The Trust Indentures contain
provisions to the effect that neither the Company nor any Restricted Subsidiary may enter into any Sale and Lease-Back Transaction (as
defined under “– Certain Definitions” below), except for:
| (i) | any Sale and Lease-Back Transaction constituting a Permitted Lien under the Trust Indentures (other than
clause (vii) or (viii)) under “Negative Pledge” above; |
| (ii) | any Sale and Lease-Back Transaction that is not otherwise permitted under clause (i) above or (iii) below,
and in respect of which the Company or such Restricted Subsidiary would be entitled, in the manner described under “Negative Pledge”
above, to incur Indebtedness secured by a Lien on the applicable Property at least equal in amount to the Attributable Debt in respect
of such Sale and Lease-Back Transaction without equally and rateably securing the Debt Securities (any Sale and Lease-Back Transaction
entered into in compliance with this clause (ii) being an “Unrestricted Sale and Lease-Back Transaction”); or |
| (iii) | any Sale and Lease-Back Transaction if the Company or such Restricted Subsidiary shall apply or cause
to be applied, in the case of such sale or transfer for cash, an amount equal to the greater of the fair market value of the Principal
Property sold or transferred and leased back pursuant to such Sale and Lease-Back Transaction or the net proceeds of such Sale and Lease-Back
Transaction and, in the case of such sale or transfer otherwise than for cash, an amount equal to the fair market value of the Principal
Property sold or transferred and leased back pursuant to such Sale and Lease-Back Transaction, to (a) the retirement (other than
any mandatory retirement), within 180 days after the effective date of such Sale and Lease-Back Transaction, of Indebtedness of the Company
(which may but need not include any Debt Securities) ranking on a parity with, or prior to, such Debt Securities and owing to a Person
other than the Company or any Affiliate (as defined under “– Certain Definitions” below) of the Company, or (b) the
purchase, construction or improvement of real property or personal property used by the Company or its Restricted Subsidiaries in the
ordinary course of business. |
Modification of the Trust Indentures
With certain exceptions, the
Trust Indentures, the rights and obligations of the Company and the rights of the holders of a particular series of Debt Securities may
be modified by the Company with the consent of the holders of not less than a majority in aggregate principal amount of such series of
Debt Securities or a majority in principal amount of such series voted at a duly constituted meeting.
Under the Canadian Trust Indenture,
no such modification may be made which would: (i) reduce in any manner the amount of, or change the currency of payment of, or delay
the time of any payments (whether of principal, premium, interest or otherwise); (ii) change the definition of or the manner of calculating
amounts (including any change in the applicable rate or rates of interest) to which any holder is entitled; or (iii) reduce the above-stated
percentage of Debt Securities of such series, in each case without the consent of the holder of each Debt Security of such series so affected
or the consent of 100% of the principal amount of such the Debt Securities of such series voted at a duly constituted meeting.
Under the U.S. Trust Indenture,
no such modification may be made which would: (i) change the stated maturity of the principal of (or premium, if any), or any instalment
of interest, if any, on any Debt Security; (ii) reduce the principal amount of (or premium, if any, or interest, if any, on) any
Debt Security; (iii) reduce the amount of principal of a Debt Security payable upon acceleration of the maturity thereof; (iv) change
the place of payment; (v) change the currency of payment of principal of (or premium, if any, or interest, if any, on) any Debt Security;
(vi) impair the right to institute suit for the enforcement of any payment on or with respect to any Debt Security; (vii) reduce
the percentage of principal amount of outstanding Debt Securities of such series, the consent of the holders of which is required for
modification or amendment of the U.S. Trust Indenture or for waiver of compliance with certain provisions of the U.S. Trust Indenture
or for waiver of certain defaults; or modify any provisions of the U.S. Trust Indenture relating to the modification and amendment of
the U.S. Trust Indenture or the waiver of past defaults or covenants except as otherwise specified in the U.S. Trust Indenture, in each
case without the consent of the holder of each Debt Security of such series so affected or the consent of 100% of the principal amount
of such the Debt Securities of such series voted at a duly constituted meeting.
Events of Default
The Trust Indentures provide
that an event of default with respect to any series of Debt Securities means any one of the following events (whatever the reason for
such event of default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree
or order of any government authority):
| (i) | a default in the payment by the Company of the principal of (or premium, if any, on) any Debt Securities
of such series when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise, or in any obligation to
repurchase Debt Securities of such series when required pursuant to the Indentures; |
| (ii) | a default in the payment by the Company of interest on any Debt Securities of such series when the same
becomes due and payable, and such default continues for a period of 30 days; |
| (iii) | a default by the Company in the performance of or breach of any other covenant or agreement of the Company
with respect to such series of Debt Securities and such default or breach continues for a period of 60 days after written notice to the
Company by the applicable Trustee or the holders of at least 25% of the unpaid aggregate principal amount of the outstanding Debt Securities
of such series; |
| (iv) | if any representation or warranty made by the Company in relation to a series of Debt Securities was incorrect
in any material respect when made and, if it is capable of being corrected with reference to the presently existing facts and circumstances,
such representation or warranty is not corrected within 60 days after written notice to the Company by the applicable Trustee or the holders
of at least 25% of the unpaid aggregate principal amount of the outstanding Debt Securities of such series; |
| (v) | any failure by the Company or any Subsidiary to pay when due or within any applicable grace period, any
payment of Indebtedness of the Company or any Subsidiary in an aggregate principal amount in excess of US$75 million (or its equivalent
in any other currency or currencies), or any default occurs in respect of any Indebtedness of the Company or any Subsidiary in respect
of any series of Debt Securities having an aggregate principal amount exceeding US$75 million (or its equivalent in any other currency
or currencies) after the expiration of any applicable grace period, if such default has resulted in such Indebtedness in excess of such
aggregate principal amount becoming due prior to its stated maturity; |
| (vi) | a distress, attachment, execution or other similar legal process for any amount exceeding US$75 million
(or its equivalent in any other currency or currencies) is levied or enforced against any part of the Property of the Company or any Subsidiary
and such distress, attachment, execution or similar legal process has not been paid out, satisfied or withdrawn within 60 days of the
date of such levy or enforcement; or |
| (vii) | certain events of bankruptcy, insolvency or reorganization of the Company or any Subsidiary. |
Under each of the Trust Indentures,
the Company is required to file with the applicable Trustee an annual officers’ certificate as to the absence of certain defaults
under the applicable Trust Indenture.
The Canadian Trust Indenture
provides that if an event of default (other than an event of default specified in clause (vii) above in relation to the Company)
shall occur and be continuing with respect to a series of Debt Securities issued thereunder, the Canadian Trustee may in its discretion
and shall upon request of the holders of not less than 25% in principal amount of the outstanding Debt Securities of such series declare
the principal of, together with accrued interest on, all Debt Securities of such series to be due and payable. In certain cases, the holders
of a majority in aggregate principal amount of such series of Debt Securities or a majority in principal amount of such series voted at
a duly constituted meeting may on behalf of the holders of all such Debt Securities waive any past default or event of default and rescind
and annul any such declaration and its consequences.
The Canadian Trust Indenture
further provides that if an event of default specified in clause (vii) above in relation to the Company occurs, the principal of
and any accrued interest on the Debt Securities then outstanding shall become immediately due and payable; provided however that at any
time after an automatic acceleration with respect to the Debt Securities has been made, the holders of a majority in aggregate principal
amount of such series of Debt Securities or a majority in principal amount of such series voted at a duly constituted meeting may, under
certain circumstances, rescind and annul such acceleration and its consequences.
The Canadian Trust Indenture
contains a provision entitling the Canadian Trustee, subject to its duty during a default to act with the required standard of care, to
be indemnified by the holders of Debt Securities of such series before proceeding to exercise any right or power under the Canadian Trust
Indenture at the request of such holders. The Canadian Trust Indenture provides that no holder of Debt Securities of any series may pursue
a remedy with respect to the Canadian Trust Indenture except in the case of failure of the applicable Canadian Trustee to act.
The U.S. Trust Indenture provides
that if an event of default under the U.S. Trust Indenture occurs and is continuing with respect to any series of the Debt Securities
issued thereunder, then and in every such case the Trustees or the holders of not less than 25% in aggregate principal amount of the outstanding
Debt Securities of such affected series may, subject to any subordination provisions thereof, declare the entire principal amount (or,
if the Debt Securities of that series are original issue discount Debt Securities, such portion of the principal amount as may be specified
in the terms of that series) of all Debt Securities of such series and all accrued and unpaid interest thereon to be immediately due and
payable. However, at any time after a declaration of acceleration with respect to any series of the Debt Securities has been made, but
before a judgment or decree for payment of the money due has been obtained, the holders of a majority in principal amount of the outstanding
Debt Securities of that series, by written notice to the Company and the Trustees under certain circumstances, may rescind and annul such
acceleration.
With respect to Debt Securities
issued under the U.S. Trust Indenture, reference is made to the applicable Prospectus Supplement or supplements relating to each series
of the Debt Securities which are original issue discount Debt Securities for the particular provisions relating to acceleration of the
maturity of a portion of the principal amount of such original issue discount securities upon the occurrence of any event of default and
the continuation thereof.
Defeasance
Defeasance of Certain Obligations under
the Canadian Trust Indenture
If the supplement to the Canadian
Trust Indenture so provides, the Company may elect, with respect to any series of Debt Securities, either to be (a) discharged from
its obligations in respect of such Debt Securities, or (b) released from its obligations under positive and negative covenants (other
than its covenant to maintain its existence and pay the principal, premium, interest and other amounts on such Debt Securities) and the
occurrence of certain events will be deemed not to be or result in a default or event of default. Following such election, the Company
will be so discharged or released, provided:
| (i) | the Company has, at least 91 days prior to such discharge becoming effective, irrevocably deposited with
the Canadian Trustee, as specific security pledged for, and dedicated solely to, the due payment and ultimate satisfaction of all of its
obligations under the Canadian Trust Indenture with respect to the Debt Securities of the series affected, and free and clear of any Lien,
(a) funds in the currency or currencies in which such Debt Securities are payable, and/or (b) an amount of direct obligations
of, or obligations the payment of principal of and interest, if any, on which are fully guaranteed by, the government that issued the
currency or currencies in which Debt Securities of such series are payable, and that are not subject to prepayment, redemption or call,
as will together with the predetermined and certain income to accrue thereon without consideration of any reinvestment thereof, be sufficient
(in the case of such obligations, through the payment of interest and principal thereunder) to pay (x) the principal of (and premium,
if any) and interest and other amounts on the outstanding Debt Securities of the particular series on their stated due dates or maturity,
as the case may be, and (y) any mandatory prepayments on the day on which such prepayments are due and payable; |
| (ii) | the Company shall have delivered to the Canadian Trustee an opinion of counsel to the effect that the
holders of the Debt Securities affected will not recognize income, gain or loss for Canadian federal income tax purposes as a result of
such defeasance in respect of the Company’s obligations and will be subject to Canadian federal income tax on the same basis as
if such defeasance had not occurred; |
| (iii) | such defeasance will not result in a breach or violation of, or constitute a default under, the Canadian
Trust Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound; |
| (iv) | no event of default with respect to the Debt Securities of such series or event that, with notice or lapse
of time, would become such an event of default shall have occurred and be continuing on the date of such deposit; |
| (v) | if the Debt Securities affected are listed on any stock exchange or securities exchange, the Company shall
have delivered to the Canadian Trustee an opinion of counsel to the effect that such deposit and defeasance will not cause such Debt Securities
to be delisted; and |
| (vi) | the Company shall have delivered to the Canadian Trustee an officers’ certificate and an opinion
of counsel, each stating that all conditions precedent to the defeasance have been satisfied. |
Defeasance of Certain Obligations under
the U.S. Trust Indenture
The U.S. Trust Indenture provides
that, at the Company’s option, the Company will be discharged from any and all obligations in respect of the outstanding Debt Securities
of any series upon irrevocable deposit with the Trustees, in trust, of money and/or Government Obligations (as defined under “–
Certain Definitions” below) which will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent
chartered professional accountants (as evidenced by an officer’s certificate delivered to the Trustees) to pay the principal of
(and premium, if any, and each instalment of interest, if any, and, to the extent applicable, any Additional Amounts on) the outstanding
Debt Securities of such series (hereinafter in this section referred to as a “defeasance”) (except with respect to the authentication,
transfer, exchange or replacement of the Debt Securities or the maintenance of a place of payment and certain other obligations set forth
in the U.S. Trust Indenture). Such trust may only be established if among other things:
| · | the Company has delivered to the Trustees an opinion of counsel in the United States stating that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of the U.S. Trust Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that
the holders of the outstanding Debt Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred; |
| · | the Company has delivered to the Trustees an opinion of counsel in Canada or a ruling from the Canada
Revenue Agency (or successor agency) to the effect that the holders of the outstanding Debt Securities of such series should not recognize
income, gain or loss for Canadian federal or provincial income tax purposes as a result of such defeasance and should be subject to Canadian
federal or provincial income tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance
not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that holders of the outstanding Debt Securities
of such series include holders who are not resident in Canada); |
| · | no event of default or event that, with the passing of time or the giving of notice, or both, shall constitute
an event of default shall have occurred and be continuing on the date of such deposit; |
| · | the Company is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency
Act (Canada) on the date of such deposit or at any time during the period ending on the 91st day following such deposit;
and |
| · | the Company shall have delivered to the Trustees an officers’ certificate and an opinion of counsel,
each stating that all conditions precedent to the defeasance have been satisfied. |
The Company may exercise its
defeasance option notwithstanding the Company’s prior exercise of its covenant defeasance option described in the following paragraph
if the Company meets the conditions described in the preceding sentence at the time it exercises the defeasance option.
The U.S. Trust Indenture provides
that, at the Company’s option, unless and until the Company has exercised its defeasance option described in the preceding paragraph,
the Company may omit to comply with the “Negative Pledge” covenant, certain aspects of the “Amalgamation, Consolidation,
Conveyance, Transfer or Lease” covenant and certain other covenants and such omission shall not be deemed to be an event of default
under the U.S. Trust Indenture and the outstanding Debt Securities upon irrevocable deposit with the Trustees, in trust, of money and/or
government securities which will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent chartered
professional accountants (as evidenced by an officer’s certificate delivered to the Trustees) to pay the principal of (and premium,
if any, and each instalment of interest, if any, and, to the extent applicable, any Additional Amounts on) the outstanding Debt Securities
(hereinafter in this section referred to as “covenant defeasance”). If the Company exercises its covenant defeasance option,
the obligations under the U.S. Trust Indenture other than with respect to such covenants and the events of default other than with respect
to such covenants shall remain in full force and effect. Such trust may only be established if, among other things:
| · | the Company has delivered to the Trustees an opinion of counsel in the United States to the effect that
the holders of the outstanding Debt Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result
of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such covenant defeasance had not occurred; |
| · | the Company has delivered to the Trustees an opinion of counsel in Canada or a ruling from the Canada
Revenue Agency to the effect that the holders of the outstanding Debt Securities should not recognize income, gain or loss for Canadian
federal or provincial income or other tax purposes as a result of such covenant defeasance and should be subject to Canadian federal or
provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such covenant
defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that holders of the outstanding Debt
Securities include holders who are not resident in Canada); |
| · | no event of default or event that, with the passing of time or the giving of notice, or both, shall constitute
an event of default shall have occurred and be continuing on the date of such deposit; and |
| · | the Company is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency
Act (Canada) on the date of such deposit or at any time during the period ending on the 91st day following such deposit. |
Other Defeasance Arrangements
If so described in the Prospectus
Supplement related to Debt Securities of a specific series, the Company may enter into certain other arrangements providing for the due
payment and ultimate satisfaction of its obligations with respect to such series of Debt Securities by the deposit with the applicable
Trustee of funds or obligations of the type referred to under “– Defeasance of Certain Obligations under the Canadian Trust
Indenture” and “– Defeasance of Certain Obligations under the U.S. Trust Indenture” above, as applicable. The
Prospectus Supplement will more fully describe the provisions, if any, relating thereto.
Amalgamation, Consolidation, Conveyance, Transfer
or Lease
The Trust Indentures provide
that the Company will not consolidate, merge or amalgamate with any other Person or effect any conveyance, sale, transfer or lease of
its Property substantially as an entirety, unless, in such case:
| (i) | the Person formed by such consolidation or amalgamation or with which the Company is merged (or the Person
that leases or that acquires by conveyance, sale or transfer the Property of the Company substantially as an entirety) (such Person being
referred to as the “Successor Corporation”) is a corporation organized and validly existing under the laws of Canada or any
province thereof; |
| (ii) | the Successor Corporation shall expressly, by supplemental indenture, assume and become bound by the obligations
of the Company under the terms of the Canadian Indenture or U.S. Indenture, as applicable; |
| (iii) | after giving effect to such transaction no default or event of default is or will be occurring under the
applicable Trust Indenture or in respect of the Debt Securities of any series issued pursuant to the applicable Trust Indenture; and |
| (iv) | the Company delivers to the Trustees an officer’s certificate and opinion of counsel confirming
that the foregoing conditions have been met. |
Governing Law
The Canadian Trust Indenture
is governed by, and construed in accordance with, the laws of the Province of Ontario and the U.S. Trust Indenture is governed by, and
construed in accordance with, the laws of the State of New York.
Certain Definitions
| (i) | “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. |
| (ii) | “Attributable Debt” shall mean, in respect of a Sale and Lease-Back Transaction, at
the time of determination, the Capital Lease Obligations under the Capital Lease resulting from such Sale and Lease-Back Transaction as
reflected on the consolidated balance sheet of the Company. Attributable Debt may be reduced by the present value of the rental obligations,
calculated on the same basis that any sublessee has for all or part of the same property. |
| (iii) | “Capital Lease” means a lease that is required to be capitalized for financial reporting
purposes in accordance with Canadian generally accepted accounting principles consistently applied. |
| (iv) | “Capital Lease Obligations” means indebtedness represented by obligations under a Capital
Lease. The amount of indebtedness will be the capitalized amount of the obligations determined in accordance with Canadian generally accepted
accounting principles consistently applied. |
| (v) | “Closing Date” means the date on which the Debt Securities are issued. |
| (vi) | “Consolidated Net Tangible Assets” means the consolidated total assets of TELUS and
its Subsidiaries as reflected in TELUS’ most recent consolidated balance sheet preceding the date of determination prepared in accordance
with Canadian generally accepted accounting principles consistently applied, less (a) current liabilities, excluding the amount of
those which are by their terms extendable or renewable at the option of the obligor to a date more than 12 months after the date
as of which the amount is being determined and current maturities of long-term debt and Capital Lease Obligations, and (b) goodwill,
tradenames, trademarks, patents, minority interests of others, unamortized debt discount and expense and other similar intangible assets,
excluding any investments in permits, licenses and the subscriber base. |
| (vii) | “Currency” means any currency or currencies or composite currency issued by the government
of one or more countries or by any recognized confederation or association of such governments. |
| (viii) | “Government Obligations” means, unless otherwise specified with respect to any series
of Securities pursuant to the U.S. Trust Indenture, securities which are (i) direct obligations of the government which issued the
Currency in which the Securities of a particular series are payable or (ii) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the government which issued the Currency in which the Securities of such series are payable,
the payment of which is unconditionally guaranteed by such government, which, in either case, are full faith and credit obligations of
such government payable in such Currency and are not callable or redeemable at the option of the issuer thereof and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest or principal of the Government Obligation evidenced by such depository receipt. |
| (ix) | “Indebtedness” means, with respect to any Person, (without duplication) (a) any
liability of such Person (1) for borrowed money, or under any reimbursement obligation relating to a letter of credit, or (2) evidenced
by a bond, note, debenture or similar instrument (including a purchase money obligation arising in connection with the acquisition of
any businesses, properties or assets of any kind, other than a trade payable or a current liability arising in the ordinary course of
business), or (3) for the payment of Capital Lease Obligations; (b) any liability of others described in the preceding clause
(a) that the Person has guaranteed or that is otherwise its legal liability; (c) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in clauses (a) and (b) above; and (d) in the
case of any Restricted Subsidiary, the aggregate amount at which any preference shares of such Restricted Subsidiary are redeemable or
retractable at the option of the holder (excluding any such preference shares that are owned by the Company or any Restricted Subsidiary). |
| (x) | “Lien” means any mortgage, pledge, lien, security interest, charge or other encumbrance
or preferential arrangement (including any conditional sale or other title retention agreement or lease in the nature thereof other than
a title retention agreement in connection with the purchase of goods in the ordinary course of business which is outstanding for not more
than 90 days). |
| (xi) | “Person” means any natural person, corporation, firm, partnership, joint venture or
other unincorporated association, trust, government or governmental authority and pronouns have a similar extended meaning. |
| (xii) | “Principal Property” means at any time any Property which has a fair market value or
a book value in excess of US$5 million (or its equivalent in any other currency or currencies). |
| (xiii) | “Property” means any asset, revenue or any other property or property right or interest,
whether tangible or intangible, real or personal, including, without limitation, any right to receive income. |
| (xiv) | “Restricted Subsidiary” means (a) TELUS Communications Inc., (b) TELUS International
(Cda) Inc., and (c) at any time any other Subsidiary of TELUS, if at the end of the most recent fiscal quarter for which the Company
has issued its financial statements, the total assets of such Subsidiary exceeds 10% of the consolidated assets of TELUS and its Subsidiaries,
determined in accordance with Canadian generally accepted accounting principles consistently applied, provided that Restricted Subsidiary
shall not include any Subsidiary that is principally engaged in the wireless business or TELUS Quebec Inc. |
| (xv) | “Sale and Lease-Back Transaction” means any transaction or series of related transactions
pursuant to which the Company or any Restricted Subsidiary sells or transfers any Principal Property, or any Property which together with
any other Property subject to the same transaction or series of related transactions would in the aggregate constitute a Principal Property,
of the Company or such Restricted Subsidiary to any Person and leases back such Principal Property (or other Properties) by way of a Capital
Lease Obligation but does not include (a) any Sale and Lease-Back Transaction between the Company and its Restricted Subsidiaries
or between Restricted Subsidiaries, or (b) any Sale and Lease-Back Transaction where the term of the lease back is less than three
years. |
| (xvi) | “Securities” means unsecured debentures, notes or other evidences of indebtedness issued
under the U.S. Trust Indenture. |
| (xvii) | “Subsidiary” means any company or other business entity which the Company owns or controls
(either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interest, in
each case having ordinary voting power to elect directors, managers or trustees of such company or other business entity (whether or not
capital stock or other ownership interest or any other class or classes shall or might have voting power upon the occurrence of any contingency). |
DESCRIPTION
OF SHARE CAPITAL
General
The following sets forth the
terms and provisions of the existing capital of the Company. The particular terms and provisions of the Equity Securities offered by a
Prospectus Supplement and the extent to which these general terms and provisions apply will be described in such Prospectus Supplement.
The Company is authorized under its Notice of Articles to issue up to 1,000,000,000 shares of each class of first preferred shares (the
“First Preferred Shares”), second preferred shares (the “Second Preferred Shares”) and up to 4,000,000,000 Common
Shares. The following summary of certain of the rights and attributes of each class of Equity Securities does not purport to be complete
and is qualified in its entirety by reference to the articles of the Company.
First Preferred Shares
Shares Issuable in Series
The First Preferred Shares
may be issued at any time or from time to time in one or more series. Before any shares of a series are issued, the Board of Directors
of the Company shall fix the number of shares that will form such series and shall, subject to the limitations set out in the articles
of the Company, determine the designation, rights, privileges, restrictions and conditions to be attached to the First Preferred Shares
of such series, except that no series shall be granted the right to vote at a general meeting of the shareholders of the Company or the
right to be convertible or exchangeable for Common Shares, directly or indirectly.
Priority
The First Preferred Shares
of each series shall rank on a parity with the First Preferred Shares of every other series with respect to dividends and return of capital
and shall be entitled to a preference over the Second Preferred Shares and the Common Shares and over any other shares ranking junior
to the First Preferred Shares with respect to priority in payment of dividends and in the distribution of assets in the event of liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution of the assets of the Company among
its shareholders for the purpose of winding-up its affairs.
Voting Rights
Except as required by law,
holders of the First Preferred Shares as a class shall not be entitled to receive notice of, to attend or to vote at any meeting of the
shareholders of the Company, provided that the rights, privileges, restrictions and conditions attached to the First Preferred Shares
as a class may be added to, changed or removed only with the approval of the holders of the First Preferred Shares given in such manner
as may then be required by law, subject to a minimum requirement that such approval be given by resolution signed by the holders of not
less than two-thirds of the First Preferred Shares then outstanding, or passed by an affirmative vote of at least two-thirds of the votes
cast at a meeting of the holders of the First Preferred Shares duly called for that purpose.
Second Preferred Shares
Shares Issuable in Series
The Second Preferred Shares
may be issued at any time or from time to time in one or more series. Before any shares of a series are issued, the Board of Directors
of the Company shall fix the number of shares that will form such series and shall, subject to the limitations set out in the articles
of the Company, determine the designation, rights, privileges, restrictions and conditions to be attached to the Second Preferred Shares
of such series, except that no series shall be granted the right to vote at a general meeting of the shareholders of the Company or the
right to be convertible or exchangeable for Common Shares, directly or indirectly.
Priority
The Second Preferred Shares
of each series shall rank on a parity with the Second Preferred Shares of every other series with respect to dividends and return of capital
and shall, subject to the prior rights of the holders of the First Preferred Shares, be entitled to a preference over the Common Shares
and over any other shares ranking junior to the Second Preferred Shares with respect to priority in payment of dividends and in the distribution
of assets in the event of liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution
of the assets of the Company among its shareholders for the purpose of winding-up its affairs.
Voting Rights
Except as required by law,
holders of the Second Preferred Shares as a class shall not be entitled to receive notice of, to attend or to vote at any meeting of the
shareholders of the Company, provided that the rights, privileges, restrictions and conditions attached to the Second Preferred Shares
as a class may be added to, changed or removed only with the approval of the holders of the Second Preferred Shares given in such manner
as may then be required by law, subject to a minimum requirement that such approval be given by resolution signed by the holders of not
less than two-thirds of the Second Preferred Shares then outstanding, or passed by an affirmative vote of at least two-thirds of the votes
cast at a meeting of the holders of the Second Preferred Shares duly called for that purpose.
Common Shares
Priority
The holders of Common Shares
shall be entitled to participate equally with each other as to dividends and the Company shall pay dividends thereon, as and when declared
by the Board of Directors of the Company out of monies properly applicable to the payment of dividends, in amounts per share and at the
same time on all such Common Shares at the time outstanding as the Board of Directors of the Company may from time to time determine.
In the event of the liquidation, dissolution or winding-up of the Company or other distribution of assets of the Company among its shareholders
for the purpose of winding-up its affairs, all the property and assets of the Company which remain after payment to the holders of any
shares ranking in priority to the Common Shares in respect of payment upon liquidation, dissolution or winding-up of all amounts attributed
and properly payable to such holders of such other shares in the event of such liquidation, dissolution or winding-up or distribution,
shall be paid and distributed equally, share for share, to the holders of the Common Shares, without preference or distinction.
Voting Rights
The holders of the Common
Shares shall be entitled to receive notice of and to attend (in person or by proxy) and be heard at all general meetings of the shareholders
of the Company (other than separate meetings of the holders of shares of any other class of shares of the Company or any other series
of shares of such other class of shares) and to vote at all such general meetings with each holder of Common Shares being entitled to
one vote per Common Share held at all such meetings.
Ownership and Voting Restrictions
Non-Canadian persons shall
not beneficially own or control, otherwise than by way of security only, in the aggregate more than the Restricted Percentage (as defined
below) of the issued and outstanding voting shares of the Company (the “non-Canadian share constraint”). The Restricted Percentage
is the maximum percentage of the issued and outstanding voting shares of the Company that may be beneficially owned or controlled, otherwise
than by way of security only, by non-Canadian persons without rendering any subsidiary of the Company ineligible to operate as a telecommunications
common carrier pursuant to the Telecommunications Act, or to be granted a licence under the Broadcasting Act or the Radiocommunication
Act.
The power of the Company to
issue any voting shares and to restrict the right of any holder of voting shares of the Company to transfer or vote such voting shares
is as provided in the Telecommunications Regulations, the Broadcasting Direction and the Radiocommunication Regulations, as amended from
time to time (collectively, the “Applicable Regulations”) or in the articles of the Company. The Company has the power to
suspend voting rights, to refuse the transfer of shares, to redeem or purchase, or to sell or to require the sale of voting shares of
the Company as provided in the Applicable Regulations or the articles of the Company, for the purpose of ensuring that any subsidiary
of the Company is not ineligible to operate as a telecommunications common carrier pursuant to the Telecommunications Act, or to
be granted a licence under the Broadcasting Act or the Radiocommunication Act.
In addition to declarations
which may be requested by the Company pursuant to the Applicable Regulations, the Company may request that a person who (i) is or
proposes to be a registered holder of voting shares of the Company; (ii) holds or proposes to hold or is believed by the Company
to hold voting shares of the Company on behalf of another person, other than as a registered holder; (iii) subscribes for voting
shares of the Company; (iv) requests registration of a transfer of voting shares of the Company; (v) requests a change in registration
of voting shares of the Company; or (vi) elects to convert or exchange any securities into or for voting shares of the Company, file
a declaration with the Company or its transfer agent within the time limit prescribed in the request. The person to whom a request is
made pursuant to the articles of the Company shall submit the declaration in a form authorized by the Company, and shall contain the information
requested by the Company to enable the Company to determine whether the non-Canadian share constraint is being or may be contravened.
Notwithstanding any other
provision of the articles of the Company or the rules or operating procedures established pursuant to the articles of the Company,
a contravention of the non-Canadian share constraint shall have no consequences except those that are expressly provided for in the articles
of the Company or the Applicable Regulations. For greater certainty, but without limiting the generality of the foregoing, (i) no
transfer, issue or ownership of, and no title to, voting shares of the Company; (ii) no resolution of shareholders (except to the
extent that the result thereof is affected as a result of a determination pursuant to the Applicable Regulations to suspend the voting
rights of any voting shareholders); and (iii) no act of the Company, including any transfer of property to or by the Company, shall
be invalid or otherwise affected by any contravention of the non-Canadian share constraint or the failure to make the adjustment in voting
as may be required or permitted pursuant to the Applicable Regulations.
In administering the ownership
restriction provisions of the articles of the Company and the Applicable Regulations, including, without limitation, in making any directors’
determination, the Company and any of its directors, officers, employees and agents may rely on, among other things, the Company’s
central securities register.
The ownership restriction
provisions of the articles of the Company shall cease to be binding on the Company and its shareholders upon the repeal of the Applicable
Regulations, and shall cease to be applicable and binding to the extent permitted by all of the Telecommunications Act, the Radiocommunication
Act and the Broadcasting Act, from time to time.
TELUS Shareholder Rights Plan
TELUS first adopted a shareholder
rights plan in March 2000. In May 2010, the holders of the Common Shares and Non-Voting Shares ratified a substantially similar
shareholder rights plan. On May 9, 2013, the holders of the Common Shares approved the amendment of, and reconfirmation of, the shareholder
rights plan (the “Rights Plan”), which among other things, reflects the elimination of the Non-Voting Share class from TELUS’
authorized share structure, and at the annual general meeting held on May 5, 2016, the holders of the Common Shares approved the
reconfirmation of the Rights Plan. Under the Rights Plan, TELUS issued one right (a “Right”) in respect of each Common Share
outstanding as at such date. On May 9, 2019, the holders of the Common Shares ratified and confirmed a new shareholder rights plan
(the “New Rights Plan”). The terms of the New Rights Plan are substantially similar to the terms of the Rights Plan and rights
plans adopted recently by other Canadian issuers. The primary substantive differences between the New Rights Plan and the Rights Plan
are to reflect changes to the take-over bid regime that were adopted in 2016 by the Canadian Securities Administrators, including to amend
the definition of a Permitted Bid to provide that it must be outstanding for a minimum period of 105 days or such shorter period (determined
in accordance with specific provisions of Canadian securities laws) that a take-over bid must remain open for deposits of securities.
The New Rights Plan has a term of nine years subject to approval of its continuance by the shareholders of the Company at the annual meeting
of the Company in 2025. The shareholders of the Company approved the continuance of the New Rights Plan at the annual general meeting
of the Company held on May 6, 2022. The Rights will separate from the Common Shares and will be exercisable ten trading days
after a person has acquired, or commences to acquire, 20% or more of the Common Shares, other than by acquisition pursuant to a takeover
bid permitted by the New Rights Plan (a “Permitted Bid”). The acquisition by any person (an “Acquiring Person”)
of more than 20% of the Voting Shares (as defined in the New Rights Plan), other than by way of a Permitted Bid, is referred to as a “Flip-in
Event”. Any Rights held by an Acquiring Person will become void upon the occurrence of a Flip-in Event. Ten trading days after the
occurrence of the Flip-in Event, each Right (other than those held by the Acquiring Person), will permit the purchase of Common Shares
at a significant discount in accordance with the terms of the New Rights Plan.
DESCRIPTION
OF WARRANTS
This section describes the
general terms that will apply to any Warrants for the purchase of Equity Securities (the “Equity Warrants”) or for the purchase
of Debt Securities (the “Debt Warrants”).
Warrants may be offered separately
or together with Equity Securities or Debt Securities, as the case may be. Each series of Warrants will be issued under a separate Warrant
agreement to be entered into between the Company and one or more banks or trust companies acting as Warrant agent. The applicable Prospectus
Supplement will include details of the Warrant agreements covering the Warrants being offered. The Warrant agent will act solely as the
agent of the Company and will not assume a relationship of agency with any holders of Warrant certificates or beneficial owners of Warrants.
The specific terms of the Warrants, and the extent to which the general terms described in this section apply to those Warrants, will
be set forth in the applicable Prospectus Supplement.
Original purchasers of Equity
Warrants or Debt Warrants (if offered separately) will be granted a contractual right of rescission against the Company in respect of
the conversion, exchange or exercise of such Equity Warrant or Debt Warrant. The contractual right of rescission will entitle such original
purchasers to receive, in addition to the amount paid on the original purchase of the Warrants, the amount paid upon conversion, exchange
or exercise, upon surrender of the underlying securities gained thereby, in the event that this Prospectus (as supplemented or amended)
contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of
the purchase of the convertible, exchangeable or exercisable security under this Prospectus; and (ii) the right of rescission is
exercised within 180 days of the date of the purchase of the convertible, exchangeable or exercisable security under this Prospectus.
This contractual right of rescission will be consistent with the statutory right of rescission described under section 131 of the Securities
Act (British Columbia), and is in addition to any other right or remedy available to original purchasers under section 131 of the
Securities Act (British Columbia) or otherwise at law.
In an offering of Warrants,
investors are cautioned that the statutory right of action for damages for a misrepresentation contained in the prospectus is limited,
in certain provincial securities legislation, to the price at which the Warrant is offered to the public under the prospectus offering.
This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon conversion, exchange
or exercise of the security, those amounts many not be recoverable under the statutory right of action for damages that applies in those
provinces. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province for
the particulars of this right of action for damages and consult with a legal adviser.
Equity Warrants
The particular terms of each
issue of Equity Warrants will be described in the related Prospectus Supplement. This description will include, where applicable:
| (i) | the designation and aggregate number of Equity Warrants; |
| (ii) | the price at which the Equity Warrants will be offered; |
| (iii) | the currency or currencies in which the Equity Warrants will be offered; |
| (iv) | the designation and terms of the Equity Securities purchasable upon exercise of the Equity Warrants; |
| (v) | the date on which the right to exercise the Equity Warrants will commence and the date on which the right
will expire; |
| (vi) | the number of Equity Securities that may be purchased upon exercise of each Equity Warrant and the price
at which and currency or currencies in which that amount of securities may be purchased upon exercise of each Equity Warrant; |
| (vii) | the designation and terms of any securities with which the Equity Warrants will be offered, if any, and
the number of the Equity Warrants that will be offered with each security; |
| (viii) | the date or dates, if any, on or after which the Equity Warrants and the related securities will be transferable
separately; |
| (ix) | whether the Equity Warrants are subject to redemption or call and, if so, the terms of such redemption
or call provisions; |
| (x) | material United States and Canadian tax consequences of owning the Equity Warrants; and |
| (xi) | any other material terms or conditions of the Equity Warrants. |
Debt Warrants
The particular terms of each
issue of Debt Warrants will be described in the related Prospectus Supplement. This description will include, where applicable:
| (i) | the designation and aggregate number of Debt Warrants; |
| (ii) | the price at which the Debt Warrants will be offered; |
| (iii) | the currency or currencies in which the Debt Warrants will be offered; |
| (iv) | the aggregate principal amount, currency or currencies, denominations and terms of the series of Debt
Securities that may be purchased upon exercise of the Debt Warrants; |
| (v) | the designation and terms of any securities with which the Debt Warrants will be offered, if any, and
the number of the Debt Warrants that will be offered with each security; |
| (vi) | the date or dates, if any, on or after which the Debt Warrants and the related securities will be transferable
separately; |
| (vii) | the principal amount of Debt Securities that may be purchased upon exercise of each Debt Warrant and the
price at which and currency or currencies in which that principal amount of securities may be purchased upon exercise of each Debt Warrant; |
| (viii) | the date on which the right to exercise the Debt Warrants will commence and the date on which the right
will expire; |
| (ix) | the minimum or maximum amount of Debt Warrants that may be exercised at any one time; |
| (x) | whether the Debt Warrants will be subject to redemption or call, and, if so, the terms of such redemption
or call provisions; |
| (xi) | material United States and Canadian tax consequences of owning the Debt Warrants; and |
| (xii) | any other material terms or conditions of the Debt Warrants. |
DESCRIPTION
OF SHARE PURCHASE CONTRACTS
AND SHARE PURCHASE OR EQUITY UNITS
The Company may issue share
purchase contracts, including contracts obligating holders to purchase from the Company, and the Company to sell to the holders, a specified
number of Equity Securities, at a future date or dates, or similar contracts issued on a “prepaid” basis (in each case, “Share
Purchase Contracts”). The price per Equity Security and the number of Equity Securities may be fixed at the time the Share Purchase
Contracts are issued or may be determined by reference to a specific formula set forth in the Share Purchase Contracts. The Share Purchase
Contracts will require either the share purchase price be paid at the time the Share Purchase Contracts are issued or that payment be
made at a specified future date. The Share Purchase Contracts may be issued separately or as part of units consisting of a Share Purchase
Contract and Debt Securities or obligations of third parties (including U.S. treasury securities) (the “Share Purchase or Equity
Units”), and may or may not serve as collateral for a holder’s obligations. The Share Purchase Contracts may require holders
to secure their obligations thereunder in a specified manner. The Share Purchase Contracts also may require the Company to make periodic
payments to the holders of the Share Purchase Contracts or vice versa, and such payments may be unsecured or refunded on some basis.
The applicable Prospectus
Supplement will describe the terms of the Share Purchase Contracts or Share Purchase or Equity Units. The description in the Prospectus
Supplement will not necessarily be complete, and reference will be made to the Share Purchase Contracts, and, if applicable, collateral,
depositary or custodial arrangements, relating to the Share Purchase Contracts or Share Purchase or Equity Units. Material United States
and Canadian federal income tax considerations applicable to the holders of the Share Purchase or Equity Units and the Share Purchase
Contracts will also be discussed in the applicable Prospectus Supplement.
Original purchasers of Share
Purchase Contracts or Share Purchase or Equity Units will be granted a contractual right of rescission against the Company in respect
of the conversion, exchange or exercise of such Share Purchase Contract or Share Purchase or Equity Unit. The contractual right of rescission
will entitle such original purchasers to receive, in addition to the amount paid on the original purchase of the Share Purchase Contracts
or Share Purchase or Equity Units, the amount paid upon conversion, exchange or exercise, upon surrender of the underlying securities
gained thereby, in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the
conversion, exchange or exercise takes place within 180 days of the date of the purchase of the convertible, exchangeable or exercisable
security under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the
convertible, exchangeable or exercisable security under this Prospectus. This contractual right of rescission will be consistent with
the statutory right of rescission described under section 131 of the Securities Act (British Columbia), and is in addition to any
other right or remedy available to original purchasers under section 131 of the Securities Act (British Columbia) or otherwise
at law.
In an offering of Share Purchase
Contracts or Share Purchase or Equity Units, investors are cautioned that the statutory right of action for damages for a misrepresentation
contained in the prospectus is limited, in certain provincial securities legislation, to the price at which the Share Purchase Contracts
or Share Purchase or Equity Units are offered to the public under the prospectus offering. This means that, under the securities legislation
of certain provinces, if the purchaser pays additional amounts upon conversion, exchange or exercise of the security, those amounts many
not be recoverable under the statutory right of action for damages that apply in those provinces. The purchaser should refer to any applicable
provisions of the securities legislation of the purchaser’s province for the particulars of this right of action for damages and
consult with a legal adviser.
DESCRIPTION
OF SUBSCRIPTION RECEIPTS
TELUS may issue Subscription
Receipts that entitle the holder to receive upon satisfaction of certain release conditions, and for no additional consideration, Debt
Securities, Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity Units or any combination thereof. The Subscription
Receipts may be offered separately or together with other Securities, and Subscription Receipts sold with other Securities may be attached
to or separate from the other Securities.
The Subscription Receipts
will be issued under one or more subscription receipt agreements that TELUS will enter into with one or more escrow agents. If underwriters
or agents are involved in the sale of Subscription Receipts, one or more of such underwriters or agents may also be parties to the subscription
receipt agreement governing those Subscription Receipts. The relevant subscription receipt agreement will establish the terms of the Subscription
Receipts. Under the subscription receipt agreement, original purchasers of Subscription Receipts will be granted a contractual right of
rescission against the Company in respect of the conversion, exchange or exercise of such Subscription Receipts. The contractual right
of rescission will entitle such original purchasers to receive, in addition to the amount paid on the original purchase of the Subscription
Receipts, the amount paid for the Subscription Receipts, upon surrender of the underlying securities gained thereby, in the event that
this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise
takes place within 180 days of the date of the purchase of the convertible, exchangeable or exercisable security under this Prospectus;
and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the convertible, exchangeable or exercisable
security under this Prospectus. This contractual right of rescission will be consistent with the statutory right of rescission described
under section 131 of the Securities Act (British Columbia), and is in addition to any other right or remedy available to original
purchasers under section 131 of the Securities Act (British Columbia) or otherwise at law.
The particular terms and provisions
of any Subscription Receipts offered by TELUS, and the extent to which the general terms and provisions described in this section apply
to those Subscription Receipts, will be set out in the applicable Prospectus Supplement. All such terms will comply with any applicable
requirements of the TSX relating to Subscription Receipts. The Prospectus Supplement will include some or all of the following:
| (i) | the number of Subscription Receipts offered; |
| (ii) | the price at which the Subscription Receipts will be offered; |
| (iii) | the designation, number and terms, as applicable, of the Debt Securities, Equity Securities, Warrants,
Share Purchase Contracts or Share Purchase or Equity Units to be received by holders of Subscription Receipts upon satisfaction of the
release conditions, and the anti-dilution provisions that will result in the adjustment of those numbers; |
| (iv) | the release conditions that must be met in order for holders of Subscription Receipts to receive for no
additional consideration, Debt Securities, Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity Units, as
applicable; |
| (v) | the procedure for the issuance and delivery of Debt Securities, Equity Securities, Warrants, Share Purchase
Contracts or Share Purchase or Equity Units, as applicable, to holders of Subscription Receipts upon satisfaction of the release conditions; |
| (vi) | whether any payments will be made to holders of Subscription Receipts upon delivery of the Debt Securities,
Equity Securities, Warrants, Share Purchase Contracts or Share Purchase or Equity Units, as applicable, upon satisfaction of the release
conditions; |
| (vii) | the terms and conditions under which the escrow agent will hold in escrow all or a portion of the proceeds
from the sale of the Subscription Receipts together with any interest income earned thereon (collectively, the “Escrowed Funds”),
pending satisfaction of the release conditions; |
| (viii) | the terms and conditions under which the escrow agent will hold the Debt Securities, Equity Securities,
Warrants, Share Purchase Contracts or Share Purchase or Equity Units, as applicable, pending the satisfaction of the release conditions; |
| (ix) | the terms and conditions under which the escrow agent will release all or a portion of the Escrowed Funds
to TELUS upon satisfaction of the release conditions; |
| (x) | if the Subscription Receipts
are sold to or through underwriters or agents, the terms and conditions under which the escrow agent will release a portion of the Escrowed
Funds to such underwriters or agents in payment of all or a portion of their fees or commission in connection with the sale of the Subscription
Receipts; |
| (xi) | procedures for the refund by the escrow agent to holders of Subscription Receipts of all or a portion
of the subscription price for their Subscription Receipts, plus any pro rata entitlement to interest earned or income generated on such
amount, if the release conditions are not satisfied; |
| (xii) | any entitlement of TELUS to purchase the Subscription Receipts in the open market by private agreement
or otherwise; |
| (xiii) | whether TELUS will issue the Subscription Receipts as global securities and, if so, who the depository
will be; |
| (xiv) | provisions as to modification, amendment or variation of the subscription receipt agreement or any rights
or terms attaching to the Subscription Receipts; |
| (xv) | material Canadian tax consequences of owning Subscription Receipts; and |
| (xvi) | any other material terms,
preferences, rights or limitations of, or restrictions on, the Subscription Receipts. |
DENOMINATIONS,
REGISTRATION AND TRANSFER
The Securities will be issued
in fully registered form without coupons attached in either global or definitive form and in denominations and integral multiples as set
out in the applicable Prospectus Supplement (unless otherwise provided with respect to a particular series of Debt Securities pursuant
to the provisions of the applicable Trust Indenture, as supplemented by a supplemental indenture). Other than in the case of book-entry
only securities, Securities may be presented for registration of transfer (with the form of transfer endorsed thereon duly executed) in
the city specified for such purpose at the office of the registrar or transfer agent designated by the Company for such purpose with respect
to any issue of Securities referred to in the Prospectus Supplement. No service charge will be made for any transfer, conversion or exchange
of the Securities but the Company may require payment of a sum to cover any transfer tax or other governmental charge payable in connection
therewith. Such transfer, conversion or exchange will be effected upon such registrar or transfer agent being satisfied with the documents
of title and the identity of the Person making the request. If a Prospectus Supplement refers to any registrar or transfer agent designated
by the Company with respect to any issue of Securities, the Company may at any time rescind the designation of any such registrar or transfer
agent and appoint another in its place or approve any change in the location through which such registrar or transfer agent acts.
In the case of book-entry
only securities, a global certificate or certificates representing the Securities will be held by a designated depository for its participants.
The Securities must be purchased or transferred through such participants, which includes securities brokers and dealers, banks and trust
companies. The depository will establish and maintain book-entry accounts for its participants acting on behalf of holders of the Securities.
The interests of such holders of Securities will be represented by entries in the records maintained by the participants. Holders of Securities
issued in book-entry only form will not be entitled to receive a certificate or other instrument evidencing their ownership thereof, except
in limited circumstances. Each holder will receive a customer confirmation of purchase from the participants from which the Securities
are purchased in accordance with the practices and procedures of that participant.
RISK
FACTORS
Prospective investors in the
Securities should consider carefully the matters set forth in the section entitled “Risks and risk management” in Management’s
Discussion and Analysis of financial results in respect of the Company’s most recent annual financial statements and in Management’s
Discussion and Analysis of financial results in respect of the Company’s interim financial statements filed thereafter, each of
which is deemed to be incorporated by reference in this Prospectus.
PLAN
OF DISTRIBUTION
The Company may sell the Securities
to or through underwriters or dealers, and also may sell Securities to one or more other purchasers directly or through agents. Each Prospectus
Supplement will set forth the terms of the offering, including the name or names of any underwriters or agents, the purchase price or
prices of the Securities and the proceeds to the Company from the sale of the Securities. The sale of Common Shares may be effected from
time to time in one or more transactions at non-fixed prices pursuant to transactions that are deemed to be “at-the-market distributions”,
including sales made directly on the TSX or NYSE or other existing trading markets for the Common Shares, and as set forth in a Prospectus
Supplement for such purpose.
The Securities may be sold,
from time to time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time
of sale, at prices related to such prevailing market prices or at negotiated prices.
Underwriters, dealers and
agents who participate in the distribution of the Securities may be entitled under agreements to be entered into with the Company to indemnification
by the Company against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments
which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers
of, engage in transactions with, or perform services for, the Company in the ordinary course of business.
In connection with any offering
of Securities, except in connection with an “at-the-market distribution” or as otherwise set out in a Prospectus Supplement
relating to a particular offering of Securities, the underwriters or agents may, subject to applicable law, over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a level above that which might otherwise prevail in the open
market. Such transactions, if commenced, may be discontinued at any time. No underwriter of an “at-the-market distribution”,
and no person or company acting jointly or in concert with an underwriter, may, in connection with any such distribution, enter into any
transaction that is intended to stabilize or maintain the market price of the securities or securities of the same class as the securities
distributed under this Prospectus, including selling an aggregate number or principal amount of securities that would result in the underwriter
creating an over-allocation position in the securities.
LEGAL
MATTERS
Certain legal matters in connection
with any offering hereunder will be passed upon on behalf of TELUS by Norton Rose Fulbright Canada LLP and by Paul, Weiss, Rifkind, Wharton &
Garrison LLP.
EXPERTS
The auditor for the Company
is Deloitte LLP, Vancouver, British Columbia. Deloitte LLP is independent with respect to the Company within the meaning of the rules of
professional conduct of the Chartered Professional Accountants of British Columbia and within the meaning of the Securities Act of
1933, as amended, and the applicable rules and regulations thereunder adopted by the SEC and the Public Company Accounting Oversight
Board (United States).
WELL-KNOWN SEASONED ISSUER
On December 6, 2021,
the securities regulatory authorities in each of the provinces and territories of Canada each independently adopted a series of substantively
harmonized blanket orders, including British Columbia Instrument 44-503 – Exemption from Certain Prospectus Requirements for
Canadian Well-known Seasoned Issuers (together with the equivalent local blanket orders in each of the other provinces and territories
of Canada, the “WKSI Blanket Orders”). The WKSI Blanket Orders came into force on January 4, 2022 and allow “well-known
seasoned issuers”, or “WKSIs”, to file a final short form base shelf prospectus as the first public step in an offering,
and exempt qualifying issuers from certain disclosure requirements relating to such final short form base shelf prospectus. As of the
date hereof, the Company has determined that it qualifies as a “well-known seasoned issuer” under the WKSI Blanket Orders
and this Prospectus has been filed pursuant to the WKSI Blanket Orders in each of the provinces of Canada.
DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT
The following documents have
been or will be filed with the SEC as part of the Registration Statement of which this Prospectus forms a part: the documents referred
to under “Documents Incorporated by Reference”; consent of Deloitte LLP; powers of attorney from directors and officers of
the Company; the Canadian Indenture; the U.S. Indenture; and the statement of eligibility of the U.S. Trustee on Form T-1. The Form F-X
of the Company and the Form F-X of Computershare Trust Company of Canada have also separately been filed with the SEC.
PART II
INFORMATION NOT REQUIRED TO BE DELIVERED TO
OFFEREES OR PURCHASERS
Indemnification
Sections 160 to 163 of the
Business Corporations Act (British Columbia) (successor to the Company Act (British Columbia)) provide as follows:
160 Subject to section
163, a company may do one or both of the following:
(a) indemnify
an eligible party against all eligible penalties to which the eligible party is or may be liable;
(b) after the
final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that
proceeding.
161 Subject to section
163, a company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by the eligible
party in respect of that proceeding if the eligible party
(a) has not been
reimbursed for those expenses, and
(b) is wholly
successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of
the proceeding.
162 (1) Subject
to section 163 and subsection (2) of this section, a company may pay, as they are incurred in advance of the final disposition of
an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of that proceeding.
(2) A company
must not make the payments referred to in subsection (1) unless the company first receives from the eligible party a written undertaking
that, if it is ultimately determined that the payment of expenses is prohibited by section 163, the eligible party will repay the amounts
advanced.
163 (1) A company
must not indemnify an eligible party under section 160(a) or pay the expenses of an eligible party under section 160(b), 161 or 162
if any of the following circumstances apply:
(a) if the indemnity
or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses
was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;
(b) if the indemnity
or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment
is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;
(c) if, in relation
to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests
of the company or the associated corporation, as the case may be;
(d) in the case
of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the
eligible party’s conduct in respect of which the proceeding was brought was lawful.
(2) If an eligible
proceeding is brought against an eligible party by or on behalf of the company or by or on behalf of an associated corporation, the company
must not do either of the following:
(a) indemnify
the eligible party under section 160(a) in respect of the proceeding;
(b) pay the expenses
of the eligible party under section 160(b), 161 or 162 in respect of the proceeding.
Article 20 of the Articles
of the Registrant provides as follows:
20.1 Mandatory Indemnification
of Eligible Parties
Subject to the Business
Corporations Act, the Company must indemnify an eligible party and his or her heirs and legal personal representatives against all eligible
penalties to which such person is or may be liable, and the Company must indemnify and pay expenses in advance of the final disposition
of an eligible proceeding in accordance with, and to the fullest extent and in all circumstances permitted by, the Business Corporations
Act.
20.2 Indemnification
of Other Persons
Subject to any restrictions
in the Business Corporations Act, the Company may indemnify any person.
20.3 Non-Compliance
with Business Corporations Act
The failure of an
eligible party or any other person to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to
which he or she is entitled under this Part.
20.4 Company May Purchase
Insurance
Subject to the limitations
contained in the Business Corporations Act, the Company may purchase and maintain insurance for the benefit of any person referred to
in this Article 20.
To the extent permitted by
law, the Company has entered into an indemnification agreement with its directors for liabilities incurred while performing their duties.
The Company also maintains Directors’ & Officers’ Liability and Fiduciary Liability insurance which protect individual
directors and officers and the Company against claims made, provided they acted in good faith on behalf of the Company, subject to policy
restrictions.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.
The
exhibits listed in the exhibit index, appearing elsewhere in this Registration Statement, have been filed as part of this Registration
Statement.
PART III
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
The Registrant undertakes
to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly,
when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form F-10 or
to transactions in said securities.
| Item 2. |
Consent to Service of Process |
Concurrently with the filing
of this Registration Statement on Form F-10, the Registrant is filing with the Commission a written irrevocable consent and power
of attorney on Form F-X.
Concurrently with the filing
of this Registration Statement on Form F-10, Computershare Trust Company of Canada, as a trustee under the indentures relating to
the securities registered hereby, shall file with the Commission a written irrevocable consent and power of attorney on Form F-X.
Any change to the name or
address of the agent for service of the Registrant or Computershare Trust Company of Canada will be communicated promptly to the Commission
by amendment to Form F-X referencing the file number of this Registration Statement.
EXHIBIT INDEX
|
Exhibit
No. |
|
Description |
| 4.1** |
|
Annual Information Form of the Company, dated February 9, 2024 (incorporated by reference to Exhibit 99.3 to the Company’s Form 40-F filed on February 9, 2024). |
| 4.2** |
|
Audited Consolidated Financial Statements of the Company, including the notes thereto, as at and for the years ended December 31, 2023 and 2022, together with the report of the independent registered public accounting firm thereon dated February 9, 2024 (incorporated by reference to Exhibit 99.4 to the Company’s Form 40-F filed on February 9, 2024). |
| 4.3** |
|
Management’s Discussion and Analysis of the Company for the year ended December 31, 2023 (incorporated by reference to Exhibit 99.4 to the Company’s Form 40-F filed on February 9, 2024). |
| 4.4** |
|
Information Circular of the Company, dated as of March 13, 2024, prepared in connection with the Company’s annual general meeting held on May 9, 2024 (incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K filed on April 8, 2024). |
| 4.5** |
|
Unaudited
Condensed Interim Consolidated Financial Statements of the Company, including the notes thereto, as at and for the three- and six-month
period ended June 30, 2024 (incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K filed on August 2, 2024). |
| 4.6** |
|
Management’s Discussion and Analysis of the Company for the three- and six-month period ended June 30, 2024 (incorporated by reference
to Exhibit 99.2 to the Company’s Form 6-K filed on August 2, 2024). |
| 5.1* |
|
Consent of Deloitte LLP. |
| 6.1* |
|
Powers of Attorney (contained on the signature pages of this Registration Statement on Form F-10). |
| 7.1** |
|
Form of Canadian Indenture between the Company and Computershare Trust Company of Canada (as successor to Montreal Trust Company of Canada) (incorporated by reference to the Company's Form F-10/A filed on May 22, 2001). |
| 7.2** |
|
Indenture, dated as of September 19, 2016 among the Company, Computershare Trust Company, N.A., as U.S. Trustee, and Computershare Trust Company of Canada, as Canadian Trustee (incorporated by reference to Exhibit 99.1 to the Company’s Form 6-K filed on September 19, 2016). |
| 7.3* |
|
Statement of Eligibility under the Trust Indenture Act of 1939 of Computershare Trust Company, N.A., as U.S. Trustee for the Indenture referenced at Exhibit 7.2 above. |
| 107* |
|
Calculation of Filing Fee Tables. |
| * |
Filed herewith. |
| ** |
Incorporated by reference. |
SIGNATURES
Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-10 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Vancouver, Province of British Columbia, Country of Canada, on this 2nd day of August, 2024.
| |
TELUS CORPORATION |
| |
|
|
| |
By: |
/s/ Darren Entwistle |
| |
|
Name: |
Darren Entwistle |
| |
|
Title: |
President and Chief Executive Officer |
| |
|
|
|
| |
By: |
/s/ Doug French |
| |
|
Name: |
Doug French |
| |
|
Title: |
Executive Vice-President and Chief Financial Officer |
POWER OF ATTORNEY
KNOW ALL
PERSONS BY THESE PRESENTS, that each of the undersigned officers, directors, and Authorized Representative in the United States of TELUS
Corporation hereby constitutes and appoints Darren Entwistle, Doug French and Andrea Wood or any of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and on his
or her behalf and in his name, place and stead, in any and all capacities, to sign, execute and file any and all documents relating to
this registration statement, including any and all amendments, exhibits and supplements thereto, with any regulatory authority, granting
unto the said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he himself or she herself
might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them,
or their or his substitute or substitutes, may lawfully do or cause to be done.
Pursuant
to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.
|
Name |
|
Title |
|
Date |
| |
|
|
|
|
| /s/ Darren Entwistle |
|
Director, President and Chief Executive Officer |
|
August 2, 2024 |
| Darren Entwistle |
|
(Principal Executive Officer) |
|
|
| |
|
|
|
|
| /s/ Doug French |
|
Executive Vice-President and Chief Financial |
|
August 2, 2024 |
| Doug French |
|
Officer (Principal Financial and Accounting Officer) |
|
|
| |
|
|
|
|
| /s/ John Manley |
|
Chair |
|
August 2, 2024 |
| John Manley |
|
|
|
|
| |
|
|
|
|
| /s/ Raymond T. Chan |
|
Director |
|
August 2, 2024 |
| Raymond T. Chan |
|
|
|
|
| |
|
|
|
|
| /s/ Hazel Claxton |
|
Director |
|
August 2, 2024 |
| Hazel Claxton |
|
|
|
|
| |
|
|
|
|
| /s/ Lisa de Wilde |
|
Director |
|
August 2, 2024 |
| Lisa de Wilde |
|
|
|
|
| |
|
|
|
|
| /s/ Victor Dodig |
|
Director |
|
August 2, 2024 |
| Victor Dodig |
|
|
|
|
| |
|
|
|
|
| /s/ Tom Flynn |
|
Director |
|
August 2, 2024 |
| Tom Flynn |
|
|
|
|
| |
|
|
|
|
| /s/ Mary Jo Haddad |
|
Director |
|
August 2, 2024 |
| Mary Jo Haddad |
|
|
|
|
| |
|
|
|
|
| /s/ Martha Hall Findlay |
|
Director |
|
August 2, 2024 |
| Martha Hall Findlay |
|
|
|
|
| |
|
|
|
|
| /s/ Christine Magee |
|
Director |
|
August 2, 2024 |
| Christine Magee |
|
|
|
|
| |
|
|
|
|
| /s/ David Mowat |
|
Director |
|
August 2, 2024 |
| David Mowat |
|
|
|
|
| |
|
|
|
|
| /s/ Marc Parent |
|
Director |
|
August 2, 2024 |
| Marc Parent |
|
|
|
|
| |
|
|
|
|
| /s/ Denise Pickett |
|
Director |
|
August 2, 2024 |
| Denise Pickett |
|
|
|
|
| |
|
|
|
|
| /s/ W. Sean Willy |
|
Director |
|
August 2, 2024 |
| W. Sean Willy |
|
|
|
|
| |
|
|
|
|
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements
of Section 6(a) of the Securities Act, the authorized representative has duly caused this Registration Statement to be signed
on its behalf by the undersigned, solely in its capacity as the duly authorized representative of TELUS Corporation in the United States,
in the State of Delaware, Country of the United States of America, on this 2nd day of August, 2024.
| |
PUGLISI AND ASSOCIATES |
| |
|
|
|
| |
By: |
/s/ Donald J. Puglisi |
| |
|
Name: |
Donald J. Puglisi |
| |
|
Title: |
Managing Director |
EXHIBIT 5.1
CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference
in this Registration Statement on Form F-10 of our reports dated February 9, 2024 relating to the financial statements of TELUS
Corporation (the "Company") and the effectiveness of the Company's internal control over financial reporting, appearing
in the Annual Report on Form 40-F of TELUS Corporation for the year ended December 31, 2023.
/s/ Deloitte LLP
Chartered Professional Accountants
Vancouver, Canada
August 2, 2024
Exhibit 7.3
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT
OF ELIGIBILITY
UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION
DESIGNATED TO ACT AS TRUSTEE
CHECK
IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A
TRUSTEE
PURSUANT TO SECTION 305(b)(2) ¨
COMPUTERSHARE TRUST COMPANY,
NATIONAL
ASSOCIATION
(Exact name of trustee as
specified in its charter)
| National
Banking Association |
04-3401714 |
| (Jurisdiction of incorporation
of organization |
(I.R.S. Employer |
| if not a U.S. national bank) |
Identification Number) |
| |
|
| 150 Royall Street, Canton,
MA |
02021 |
| (Address of principal executive
offices) |
(Zip Code) |
TELUS CORPORATION
(Exact name of obligor as
specified in its charter)
| British Columbia,
Canada |
Not applicable |
| (State or Other Jurisdiction
of Incorporation or |
(I.R.S. Employer Identification
Number) |
| Organization) |
|
| |
|
| 23rd
Floor, 510 West Georgia Street |
|
| Vancouver, British Columbia |
|
| Canada |
V6B 0M3 |
| (Address Registrant’s
Principal Executive Offices) |
(Zip Code) |
Debt Securities
(Title of the indenture
securities)
| Item 1. | General
Information. Furnish the following information as to the trustee: |
| (a) | Name and address of each examining or supervising
authority to which it is subject. |
Comptroller of the Currency
340
Madison Avenue, 4th Floor
New York, NY 10017-2613
| |
(b) |
Whether it is authorized to exercise corporate trust powers. |
| |
|
|
| |
|
The trustee is authorized to exercise corporate trust powers. |
| Item 2. |
Affiliations with the obligor. If the obligor is an affiliate of the trustee, describe such affiliation. |
None.
| Item 16. | List
of exhibits. List below all exhibits filed as a part of this statement of eligibility. |
1. A
copy of the articles of association of the trustee. (See Exhibit 1 to Form T-1 filed with Registration Statement No. 333-179383)
2. A
copy of the certificate of authority of the trustee to commence business. (See Exhibit 2 to Form T-1 filed with Registration
Statement No. 333-179383)
3. See
exhibits 1 and 2.
4. A
copy of the existing bylaws of the trustee, as now in effect. (See Exhibit 4 to Form T-1 filed with Registration Statement
No. 333-179383)
6. The
consent of the Trustee required by Section 321(b) of the Act.
7. A
copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.
SIGNATURE
Pursuant
to the requirements of the Trust Indenture Act of 1939, the trustee, Computershare Trust Company, National Association, a national banking
association, organized and existing under the laws of the United States, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in the City of Cleveland, and State of Ohio, on the 2nd
day of August, 2024.
| |
COMPUTERSHARE TRUST COMPANY, NATIONAL
ASSOCIATION |
| |
|
| |
By: |
/s/
Jerry Urbanek |
| |
|
Jerry Urbanek |
| |
|
Trust Officer |
EXHIBIT 6
CONSENT OF THE TRUSTEE
Pursuant to the requirements of Section 321
(b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of debt securities, Computershare Trust Company,
National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon request therefore.
| |
COMPUTERSHARE TRUST COMPANY, NATIONAL
ASSOCIATION |
| |
|
| |
By: |
/s/
Jerry Urbanek |
| |
|
Jerry Urbanek |
| |
|
Trust Officer |
Cleveland, Ohio
August 2, 2024
EXHIBIT 7
Consolidated Report of Condition
of
COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION
150 Royall Street, Canton, MA 02021
at the close of business December 31, 2023.
| ASSETS | |
Dollar Amounts
In Thousands | |
| Cash and balances due from depository institutions: | |
| | |
| Noninterest-bearing balances
and currency and coin | |
| 2,219 | |
| Interest-bearing balances | |
| 559,064 | |
| Securities: | |
| | |
| Held-to-maturity securities | |
| -0- | |
| Available-for-sale securities | |
| -0- | |
| Federal funds sold and securities purchased under agreements
to resell: | |
| | |
| Federal funds sold in domestic offices | |
| -0- | |
| Securities purchased under agreements
to resell | |
| -0- | |
| Loans and lease financing receivables: | |
| | |
| Loans and leases held for sale | |
| -0- | |
| Loans and leases, net of unearned income | |
| -0- | |
| LESS: Allowance for loan and lease
losses | |
| -0- | |
| Loans and leases, net of unearned income
and allowance | |
| -0- | |
| Trading assets | |
| -0- | |
| Premises and fixed assets (including capitalized leases) | |
| 9,275 | |
| Other real estate owned | |
| -0- | |
| Investments in unconsolidated subsidiaries and associated
companies | |
| -0- | |
| Direct and indirect investments in real estate ventures | |
| -0- | |
| Intangible assets: | |
| | |
| Goodwill | |
| 621,405 | |
| Other intangible assets | |
| -0- | |
| Other assets | |
| 125,357 | |
| Total assets | |
| 1,317,320 | |
| LIABILITIES | |
| | |
| Deposits: | |
| | |
| In domestic offices | |
| -0- | |
| Noninterest-bearing | |
| -0- | |
| Interest-bearing | |
| -0- | |
| Federal funds purchased and securities sold under agreements
to repurchase: | |
| | |
| Federal funds purchased in domestic
offices | |
| -0- | |
| Securities sold under agreements to
repurchase | |
| -0- | |
| Trading liabilities | |
| -0- | |
| Other borrowed money: | |
| | |
| (includes mortgage indebtedness
and obligations under capitalized leases) | |
| -0- | |
| Not applicable | |
| | |
| Not applicable | |
| | |
| Subordinated notes and debentures | |
| -0- | |
| Other liabilities | |
| 241,258 | |
| Total liabilities | |
| 241,258 | |
| EQUITY CAPITAL | |
| | |
| Perpetual preferred stock and related surplus | |
| 0 | |
| Common stock | |
| 500 | |
| Surplus (exclude all surplus related to preferred stock) | |
| 850,876 | |
| Retained earnings | |
| 224,686 | |
| Accumulated other comprehensive income | |
| -0- | |
| Other equity capital components | |
| -0- | |
| Total bank equity capital | |
| 1,076,062 | |
| Noncontrolling (minority) interests in consolidated subsidiaries | |
| | |
| Total equity capital | |
| -0- | |
| Total liabilities and equity capital | |
| 1,076,062 | |
| | |
| 1,317,320 | |
I, Robert G. Marshall, Assistant Controller of the above named bank
do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.
| |
/s/
Robert G. Marshall |
| |
Robert G. Marshall |
| |
Assistant Controller |
F-10
F-10EF
EX-FILING FEES
0000868675
TELUS CORP
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xbrli:pure
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|
Calculation of Filing Fee Tables
|
|
F-10
|
|
TELUS CORP
|
|
Table 1: Newly Registered Securities
|
|
|
|
Security Type
|
Security Class Title
|
Fee Calculation Rule or Instruction
|
Amount Registered
|
Proposed Maximum Offering Price Per Unit
|
Maximum Aggregate Offering Price
|
Fee Rate
|
Amount of Registration Fee
|
|
Fees to be Paid
|
|
|
|
|
|
|
|
|
|
|
Fees Previously Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Offering Amounts:
|
|
$
0.00
|
|
$
0.00
|
|
|
|
|
Total Fees Previously Paid:
|
|
|
|
$
0.00
|
|
|
|
|
Total Fee Offsets:
|
|
|
|
$
0.00
|
|
|
|
|
Net Fee Due:
|
|
|
|
$
0.00
|
|
Table 3: Combined Prospectuses
|
|
|
Security Type
|
Security Class Title
|
Amount of Securities Previously Registered
|
Maximum Aggregate Offering Price of Securities Previously Registered
|
Form Type
|
File Number
|
Initial Effective Date
|
|
|
Equity
|
Preferred Shares
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Equity
|
Common Shares
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Equity
|
Warrants to Purchase Equity Shares
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Debt
|
Warrants to Purchase Debt Securities
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Equity
|
Share Purchase Contracts
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Equity
|
Share Purchase or Equity Units
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Equity
|
Subscription Receipts
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
|
Debt
|
Debt Securities
|
|
|
F-10
|
333-266633
|
08/08/2022
|
|
1
|
Unallocated (Universal) Shelf
|
|
|
$
2,534,700.00
|
F-10
|
333-266633
|
08/08/2022
|
|
1
|
There are being registered under the Registration Statement to which this exhibit pertains (this "Registration Statement") such indeterminate number of Preferred Shares, Common Shares, Warrants to Purchase Equity Securities, Warrants to Purchase Debt Securities, Share Purchase Contracts, Share Purchase or Equity Units and Subscription Receipts of TELUS Corporation (the "Registrant") and such indeterminate amount of Debt Securities of the Registrant as shall have an aggregate initial offering price (estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act) not to exceed US$2,534,700 (or its equivalent in any other currency used to denominate the securities) (converted from C$3,500,000,000 at an exchange rate of C$1.00 = US$0.7242, which was the daily exchange rate as reported by the Bank of Canada on July 31, 2024), including securities that are to be offered outside the United States but may be resold from time to time in the United States in transactions subject to registration under the Securities Act of 1933, as amended (the "Securities Act"). No separate registration fee is payable with respect to such securities, as the prospectus contained herein relates to an aggregate of US$2,534,700 of securities, including, pursuant to Rule 429 under the Securities Act, US$2,534,700 of unsold securities that were previously registered under the Registrant's Registration Statement on Form F-10 (File No. 333-266633), which became effective on August 8, 2022. Any securities registered under this Registration Statement may be sold separately or as units with other securities registered under this Registration Statement. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.
|
|
|
v3.24.2.u1
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v3.24.2.u1
Combined Prospectus
|
Aug. 02, 2024
USD ($)
|
| Combined Prospectus: 1 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Preferred Shares
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 2 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Common Shares
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 3 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Warrants to Purchase Equity Shares
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 4 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Debt
|
| Security Class Title |
Warrants to Purchase Debt Securities
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 5 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Share Purchase Contracts
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 6 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Share Purchase or Equity Units
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 7 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Equity
|
| Security Class Title |
Subscription Receipts
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 8 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Debt
|
| Security Class Title |
Debt Securities
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus: 9 |
|
| Combined Prospectus Table |
|
| Rule 429 |
true
|
| Security Type |
Unallocated (Universal) Shelf
|
| Maximum Aggregate Offering Price of Securities Previously Registered |
$ 2,534,700.00
|
| Form Type |
F-10
|
| File Number |
333-266633
|
| Initial Effective Date |
Aug. 08, 2022
|
| Combined Prospectus Note |
There are being registered under the Registration Statement to which this exhibit pertains (this "Registration Statement") such indeterminate number of Preferred Shares, Common Shares, Warrants to Purchase Equity Securities, Warrants to Purchase Debt Securities, Share Purchase Contracts, Share Purchase or Equity Units and Subscription Receipts of TELUS Corporation (the "Registrant") and such indeterminate amount of Debt Securities of the Registrant as shall have an aggregate initial offering price (estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act) not to exceed US$2,534,700 (or its equivalent in any other currency used to denominate the securities) (converted from C$3,500,000,000 at an exchange rate of C$1.00 = US$0.7242, which was the daily exchange rate as reported by the Bank of Canada on July 31, 2024), including securities that are to be offered outside the United States but may be resold from time to time in the United States in transactions subject to registration under the Securities Act of 1933, as amended (the "Securities Act"). No separate registration fee is payable with respect to such securities, as the prospectus contained herein relates to an aggregate of US$2,534,700 of securities, including, pursuant to Rule 429 under the Securities Act, US$2,534,700 of unsold securities that were previously registered under the Registrant's Registration Statement on Form F-10 (File No. 333-266633), which became effective on August 8, 2022. Any securities registered under this Registration Statement may be sold separately or as units with other securities registered under this Registration Statement. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.
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Telus (NYSE:TU)
過去 株価チャート
から 10 2024 まで 11 2024
Telus (NYSE:TU)
過去 株価チャート
から 11 2023 まで 11 2024
