TELUS updates investors on foreign ownership developments

CRTC dismisses Globalive foreign ownership complaint
Reservation applications may be restricted due to jump in foreign ownership 
VANCOUVER, Dec. 6, 2012 /CNW/ - The CRTC yesterday dismissed a request from 
Globalive/WIND Mobile to review TELUS' foreign ownership levels, stating that 
it was "satisfied that TELUS' mechanisms for ensuring its compliance [with the 
regulated limit] are consistent with the provisions and requirements 
established in the Regulations." 
Reservation applications may be restricted 
TELUS has observed several trades of large blocks of its common shares on the 
Toronto Stock Exchange on November 29 and 30 and received reservation 
applications for the purchase of shares by non-Canadians for a similar amount 
of common shares. TELUS has also observed a significant increase in the short 
position in TELUS common shares in recent days. 
The foregoing observations are consistent with Mason Capital and/or its funds 
re-establishing a significant long position in common shares and shifting 
their short position primarily to common shares. The re-established long 
common share position at November month-end could allow Mason to avoid having 
to publicly file an updated report on its ownership of TELUS shares under the 
Alternative Monthly Reporting System. Meanwhile Mason's concurrent shorting of 
common shares would continue to minimize their net investment. However, by 
significantly shifting their short position from non-voting shares to common 
shares Mason would reduce their exposure to the spread between the two classes 
of TELUS shares related to a forthcoming BC Supreme Court decision on whether 
to grant the final order under a plan of arrangement to approve TELUS' 
one-for-one share exchange proposal. This proposal previously received strong 
shareholder support on October 17. 
On November 30, TELUS stated that "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 has simply borrowed or otherwise acquired shares on a short-term basis 
at month-end to avoid a reporting obligation." 
Due to this sudden increase in foreign ownership levels, TELUS' transfer agent 
(Computershare) may not be able to approve new applications by non-Canadians 
to purchase TELUS common shares, if that purchase would risk causing the 
company to exceed the federally mandated 33.3 per cent foreign ownership 
level. The application and reservation system for the purchase of common 
shares by non-Canadians is a control which allows TELUS to determine if 
foreign ownership levels remain under the threshold. 
On November 30, TELUS disclosed it had observed a material reduction in the 
non-Canadian ownership of its common shares to approximately 15 per cent as of 
November 16, 2012. That was 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. 
TELUS 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 believed Mason Capital had 
materially reduced both its long and short positions in the company. 
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 within 
expected timelines or that there will not be further court challenges or 
appeals. In addition, foreign ownership levels are based on estimates 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 
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 
For media inquiries, please contact: Shawn Hall TELUS Social and Media 
Relations 604-619-7913 
For investor inquiries, please contact: Robert Mitchell TELUS Investor 
Relations 647-837-1606 
SOURCE: TELUS Corporation 
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CO: TELUS Corporation
ST: British Columbia
-0- Dec/06/2012 13:30 GMT
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