TELUS wireline and wireless subsidiaries complete asset transfer
Vancouver, B.C. – TELUS Corporation today announced the completion of a restructuring of two of its subsidiaries, TELUS Communications Inc. (TCI) and TELE-MOBILE Company (TELE-MOBILE), effective March 1, 2006. TCI transferred its wireline operating assets and TELE-MOBILE transferred substantially all of its wireless assets to TELUS Communications Company ("TCC"), a new partnership in which TCI and TELE-MOBILE are the partners. Certain liabilities such as accounts payable were assumed by TCC as part of the restructuring. Before acquiring its assets, TCC became a co-obligor under TCI's various public debt instruments. TCI will continue to service such debt and will maintain its status as a reporting issuer. Consistent with past practice, TELUS will continue to separately track and publicly report the performance of its wireline and wireless assets. TCC will not become a reporting issuer.TELUS announced on November 24 the merger of its wireless and wireline segments – TELUS Mobility and TELUS Communications – into a single operating structure and the appointment of a new integrated leadership team. This transaction represents the legal component of the merger process. The integration is consistent with TELUS' national growth strategy to provide integrated solutions that differentiate TELUS from its competitors. The change positions TELUS to capitalize on the ongoing technology convergence between wireless and wireline and TELUS' continual focus on operating efficiency and effectiveness.About TELUS TELUS (TSX: T, T.NV; NYSE: TU) is the largest telecommunications company in Western Canada and the second largest in the country, with $8.1 billion of annual revenue, 4.7 million network access lines and 4.5 million wireless customers. The company provides customers with a full range of telecommunications products and services including data, voice and wireless services across Canada, utilizing next generation Internet-based technologies. – 30 –
For more information, please contact: Media:Jim Johannsson(780) 493-6197jim.johannsson@telus.comInvestor Relations:Robert Mitchell(416) 279-3219robert.mitchell2@telus.com
