Mason Requisition Restored by B.C. Court of Appeal

  Mason Requisition Restored by B.C. Court of Appeal

       TELUS Voting Shareholders to Vote on Appropriate Exchange Ratio

Business Wire

NEW YORK -- October 12, 2012

Mason Capital Management LLC (“Mason”) today issued the following statement
regarding the British Columbia Court of Appeal’s decision to overturn the
earlier decision of the Supreme Court of British Columbia, which had
invalidated actions taken by CDS & Co., the registered holder of Mason's
voting shares in TELUS Corporation (TSX:T; TSX:T.A; NYSE:TU) ("TELUS"), to
call a general meeting of TELUS:

“We are pleased by the Court’s ruling, which fully vindicates our position
that the voting shareholders of TELUS should have the opportunity to vote on a
fair exchange ratio share in a share collapse transaction. TELUS has refused
to consider the concerns of its voting shareholders and has demonstrated that
it was prepared to go to almost any length to force through its one-to-one
proposal. Now voting shareholders will have the opportunity to have a say on
the critical issue of a fair minimum premium for the TELUS voting shares in a
share conversion.”

In the Court’s reasons for judgment, the Honourable Mr. Justice Groberman
stated that, “… despite its hedged position, Mason does hold an economic
interest in TELUS. Further, its contention that the historic premium that has
applied to the TELUS common shares should be preserved in any share exchange
is a cogent position that could reasonably be advanced by any holder of common
shares. In the exchange proposed by TELUS, the common shareholders will see a
massive dilution of their voting power without any direct economic
compensation or benefit.”

Mason will be applying to the court for directions in respect of the holding
of the requisitioned meeting, including a postponement of the shareholder
meetings of TELUS currently scheduled for October 17, 2012.

Contact:

Sard Verbinnen & Co
Jonathan Gasthalter/Dan Gagnier/Brooke Gordon
+1-212-687-8080
or
National Public Relations
Peter Block / Sarah Coombs / Jennifer Lee
+1-416-586-0180
or
PROXY SOLICITATION AGENT:
Kingsdale Shareholder Services, Inc.
North American Toll Free Phone:
1-888-518-1565
Email: contactus@kingsdaleshareholder.com
Facsimile: 416-867-2271
Toll Free Facsimile: 1-866-545-5580
Outside North America, Banks and Brokers Call Collect: 416-867-2272
www.kingsdaleshareholder.com
 
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