TELUS updates investors

Foreign ownership materially declines 
Supreme Court of B.C. share exchange decision expected in coming weeks 
2013 financial targets being released in February 
VANCOUVER, Nov. 30, 2012 /CNW/ - TELUS announced today it has observed a 
material reduction in the non-Canadian ownership of its common shares to 
approximately 15 per cent as of November 16, 2012. This is down from almost 33 
per cent when TELUS disclosed foreign ownership levels in March and July, and 
is consistent with TELUS' typical foreign ownership levels for the last few 
years. Accordingly, all requests by non-Canadians for a reservation to 
purchase common shares are being considered and approved, if they do not risk 
causing TELUS to exceed the foreign ownership threshold. 
TELUS has also observed a significant reduction in the short positions being 
held of its common and non-voting shares. 
Based in part on this change in foreign ownership levels and short trading 
positions, TELUS believes Mason Capital has materially reduced both its long 
and short positions in the company. Mason last disclosed its ownership levels 
in August, which was 18.7 per cent of TELUS common shares. Notably, given the 
current total foreign ownership level of only 15 per cent and historical level 
of approximately 13 per cent, Mason has clearly reduced a significant portion 
of its holdings. 
The Alternative Monthly Reporting System under which Mason has previously 
disclosed its trading position in TELUS shares only requires disclosure within 
10 days of the end of a month in which there is a material change in the 
position. Accordingly, it is possible that Mason may borrow or otherwise 
acquire shares on a short-term basis at month-end to avoid a reporting 
obligation. 
Background and update on expected timing of B.C. Supreme Court decision on 
final approval of share exchange proposal 
On March 22, 2012, TELUS informed investors that due to a sudden 20 percentage 
point increase in non-Canadian ownership of its common shares its transfer 
agent, Computershare, may not be able to approve all pending or new 
applications by foreign investors to purchase more shares, if this increased 
foreign ownership levels over the prescribed limit of 33.3 per cent. 
Subsequently, New York hedge fund Mason Capital disclosed it had acquired 
approximately 20 per cent of TELUS common shares, offsetting its ownership 
with almost as many short trades in common and non-voting shares. On July 23, 
2012, TELUS confirmed in a filing to the Canadian Radio-Television and 
Telecommunication Commission (CRTC) that 32.59 per cent of TELUS' common 
shares were held by non-Canadians as of June 29, 2012. 
Mason Capital opposed TELUS' proposal to exchange its non-voting shares for 
common shares on a one-for-one basis in an attempt to profit from its short 
trades by increasing the spread between the trading price of common and 
non-voting shares. 
At an October 17 meeting, both classes of TELUS shareholders overwhelmingly 
approved the one-for-one exchange. Subsequent to that meeting, a Supreme Court 
of British Columbia hearing was held to hear appeals by Mason of previous 
decisions and for final approval of the share exchange. A decision is expected 
in the coming weeks. 
TELUS to disclose 2013 financial targets on February 15, 2013 
TELUS plans to announce its 2013 financial targets on February 15, at the same 
time it releases 2012 fourth quarter results. Prospectively, this will be 
standard procedure for TELUS in respect of the timing of the disclosure of our 
forward looking, annual financial targets. 
Forward looking statement:
This news release contains statements about expected future events of TELUS 
that are forward-looking. By their nature, forward-looking statements require 
the Company to make assumptions and predictions and are subject to inherent 
risks and uncertainties. There can be no assurance that the share exchange 
proposal will receive Court approval and, if not approved, the market price of 
non-voting shares and/or common shares may decline given that share prices in 
both classes increased on the announcement of the February proposal. Also, 
there can be no assurance that a court decision will be released in the 
expected time or that there will not be further court challenges or appeals. 
In addition, foreign ownership levels are based on estimates as of November 
16, 2012, and there can be no assurance that levels will not change. There is 
significant risk that the forward-looking statements will not prove to be 
accurate. Readers are cautioned not to place undue reliance on forward-looking 
statements as a number of factors could cause actual future events to differ 
materially from that expressed in the forward-looking statements. Except as 
required by law, TELUS disclaims any intention or obligation to update or 
revise forward-looking statements. 
About TELUS 
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company 
in Canada, with $10.8 billion of annual revenue and 13.0 million customer 
connections including 7.6 million wireless subscribers, 3.4 million wireline 
network access lines, 1.3 million Internet subscribers and more than 635,000 
TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, 
TELUS provides a wide range of communications products and services including 
wireless, data, Internet protocol (IP), voice, television, entertainment and 
video. 
In support of our philosophy to give where we live, TELUS, our team members 
and retirees have contributed more than $260 million to charitable and 
not-for-profit organizations and volunteered 4.2 million hours of service to 
local communities since 2000. Fourteen TELUS Community Boards lead TELUS' 
local philanthropic initiatives. TELUS was honoured to be named the most 
outstanding philanthropic corporation globally for 2010 by the Association of 
Fundraising Professionals, becoming the first Canadian company to receive this 
prestigious international recognition. 
For more information about TELUS, please visit telus.com. 
For media inquiries, please contact: 
Shawn Hall TELUS Social and Media Relations 604-697-8176 shawn.hall@telus.com 
For investor inquiries, please contact: 
Robert Mitchell TELUS Investor Relations 647-837-1606 ir@telus.com 
SOURCE: TELUS Corporation 
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CO: TELUS Corporation
ST: British Columbia
NI: TLS  
-0- Nov/30/2012 13:00 GMT