<SEC-DOCUMENT>0000950123-11-088262.txt : 20111003
<SEC-HEADER>0000950123-11-088262.hdr.sgml : 20111003
<ACCEPTANCE-DATETIME>20111003154339
ACCESSION NUMBER:		0000950123-11-088262
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20111003
DATE AS OF CHANGE:		20111003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELUS CORP
		CENTRAL INDEX KEY:			0000868675
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				980361292

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-176788
		FILM NUMBER:		111120112

	BUSINESS ADDRESS:	
		STREET 1:		3777 KINGSWAY
		CITY:			BURNABY
		STATE:			D1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>o72154xxfv10za.htm
<DESCRIPTION>FORM F-10/A
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10za</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AS
FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION ON
OCTOBER 3, 2011</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>REGISTRATION No.&nbsp;333-176788</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><b>Amendment No. 1</b></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>to</b></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 1pt"><B>FORM F-10</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 1pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TELUS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
<i>(Exact name of Registrant as specified in its charter)</i></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>British Columbia, Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4812</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Province or other jurisdiction of</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Primary Standard Industrial</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer Identification</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Classification Code Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>No., if applicable)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Floor 8, 555 Robson Street<BR>
Vancouver, British Columbia V6B 3K9, Canada<BR>
(604)&nbsp;697-8044</B><BR>
<I>(Address and telephone number of Registrant&#146;s principal executive offices)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CT Corporation System<BR>
111 Eighth Avenue, 13th Floor<BR>
New York, New York 10011<BR>
(212)&nbsp;590-9200</B><BR>
<I>(Name, address (including zip code) and telephone number<BR>
(including area code) of agent for service in the United States)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>Copies to:</I></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Phyllis G. Korff</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert Gardner</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Kathleen L. Keller-Hobson</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Richard B. Aftanas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TELUS Corporation</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Bennett Jones LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Skadden, Arps, Slate,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Floor 8, 555 Robson Street,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>3400 One First Canadian Place</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Meagher &#038; Flom LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Vancouver, British</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>P.O. Box 130</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Four Times Square,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Columbia V6B 3K9,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Toronto, Ontario M5X 1A4</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>New York, NY 10036</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Canada</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(212)&nbsp;735-3000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(604)&nbsp;697-8044</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(416)&nbsp;863-1200</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approximate date of commencement of proposed sale of the securities to the public: </B>As soon as
practicable after this Registration Statement becomes effective.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>British Columbia, Canada</B><BR>
<I>(Principal jurisdiction regulating this offering)</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is proposed that this filing shall become effective (check appropriate box below):
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#254;</FONT> 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).</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> at some future date (check the appropriate box below).</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> pursuant to Rule 467(b) on ( ) at ( ) (designate a time not sooner than seven calendar days after
filing).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> 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 ( ).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> 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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> after the filing of the next amendment to this Form (if preliminary material is being filed).</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&#146;s shelf prospectus offering procedures, check the following
box. <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PART&#160;I<BR>
    </B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR
    PURCHASERS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>No securities regulatory authority has expressed an opinion
    about the securities and it is an offence to claim otherwise.</I>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This short form base shelf prospectus has been filed under
    legislation in each of the provinces of Canada that permits
    certain information about these securities to be determined
    after this prospectus has become final and that permits the
    omission from this prospectus of that information. The
    legislation requires the delivery to purchasers of a prospectus
    supplement containing the omitted information within a specified
    period of time after agreeing to purchase any of these
    securities.</I>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Information has been incorporated by reference in this
    short form base shelf prospectus from documents filed with
    securities commissions or similar authorities in Canada.
    </I></B><I>Copies of documents incorporated by reference herein
    may be obtained on request without charge from the Assistant
    Corporate Secretary of TELUS at 3777&#160;Kingsway, Burnaby,
    British Columbia, V5H&#160;3Z7 (telephone 604.697.8029) and are
    also available electronically on the System for Electronic
    Document Analysis and Retrieval of the Canadian Securities
    Administrators (&#147;SEDAR&#148;) at www.sedar.com.</I>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRELIMINARY SHORT FORM&#160;BASE SHELF PROSPECTUS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <I><U><FONT style="font-family: 'Times New Roman', Times"> New
    Issue</FONT></U></I></TD>
    <TD nowrap align="right">    <I><FONT style="font-family: 'Times New Roman', Times">
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">October&#160;3,
    2011
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
     <IMG src="o72154xxo7215400.gif" alt="">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt">TELUS Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$2,500,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Debt Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Preferred Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Non-Voting Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Common Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Warrants to Purchase Equity
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Warrants to Purchase Debt
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Share Purchase
    Contracts</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">Share Purchase or Equity
    Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TELUS Corporation (&#147;TELUS&#148; or the &#147;Company&#148;)
    may offer and issue from time to time any bonds, debentures,
    notes or other evidences of indebtedness of any kind, nature or
    description (&#147;Debt Securities&#148;), preferred shares,
    non-voting shares and common shares (the &#147;Equity
    Securities&#148;), warrants to purchase Equity Securities and
    warrants to purchase Debt Securities (the &#147;Warrants&#148;),
    share purchase contracts and share purchase or equity units (all
    of the foregoing, collectively, the &#147;Securities&#148;) of
    up to $2,500,000,000 aggregate initial offering price of
    Securities (or the equivalent thereof in one or more foreign
    currencies or composite currencies, including United States
    dollars) during the 25&#160;month period that this short form
    base shelf prospectus (the &#147;Prospectus&#148;), 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
    &#147;Prospectus Supplement&#148;).
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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)&#160;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)&#160;in the case of Equity Securities, 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;
    (iii)&#160;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; (iv)&#160;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; and (v)&#160;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. 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.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Continued on next
    page)</FONT></I>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Continued from previous
    page)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All information permitted under applicable securities laws 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. Each Prospectus Supplement will
    be deemed to be incorporated by reference into this Prospectus
    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.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    <FONT style="white-space: nowrap">pre-clearing</FONT>
    with the applicable regulator the disclosure to be contained in
    the Prospectus Supplement pertaining to the distribution of such
    Securities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 &#147;Securities
    Currency&#148;) other than Canadian dollars will be translated
    into Canadian dollars at the date of issue of such Securities
    using the Bank of Canada noon rate of exchange of Canadian
    dollars with the Securities Currency in effect as of noon
    (Toronto time) on the date of issue of such Securities.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TELUS is incorporated under the laws of the Province of British
    Columbia. It maintains its registered office at Floor&#160;21,
    3777 Kingsway, Burnaby, British Columbia, V5H&#160;3Z7 and its
    executive office at Floor&#160;8, 555 Robson Street, Vancouver,
    British Columbia, V6B 3K9.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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 relating to periods
    ending on or before December&#160;31, 2010 have been prepared in
    accordance with Canadian generally accepted accounting
    principles and the financial statements included or incorporated
    herein relating to periods ending after December&#160;31, 2010
    have been prepared using International Financial Reporting
    Standards as issued by the International Accounting Standards
    Board (&#147;IFRS-IASB&#148;), and may not be comparable to
    financial statements of United States companies.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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 the Prospectus
    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.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brian Canfield, a director of the Company who is signing the
    certificate under Part&#160;5 of National Instrument
    <FONT style="white-space: nowrap">41-101,</FONT>
    resides outside of Canada. Although Mr.&#160;Canfield has
    appointed TELUS&#160;Corporation, 3777 Kingsway, Burnaby,
    British Columbia as his agent for service of process in Canada,
    it may not be possible for investors to enforce judgments
    obtained in Canada against Mr.&#160;Canfield.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 (&#147;Common Shares&#148;)
    and the non-voting shares (&#147;Non-Voting Shares&#148;) of
    TELUS are listed on the Toronto Stock Exchange (&#147;TSX&#148;)
    under the symbols &#147;T&#148; and &#147;T.A.&#148;,
    respectively, and the non-voting shares of TELUS are also listed
    on the New York Stock Exchange under the symbol &#147;TU&#148;.
    Unless otherwise specified in the applicable Prospectus
    Supplement, Securities other than the common shares and
    non-voting shares of TELUS will not be listed on any securities
    exchange.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The offering of Securities hereunder is subject to approval of
    certain legal matters on behalf of TELUS by Bennett Jones LLP,
    Toronto, Ontario and by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New York.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="O72154tocpage"></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Page</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 9pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154101'>DOCUMENTS INCORPORATED BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154102'>REFERENCE TO CURRENCY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154103'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154104'>TELUS CORPORATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154105'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154106'>EARNINGS COVERAGE RATIOS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154207'>PRIOR SALES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154208'>MARKET PRICE AND TRADING VOLUME</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154107'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154108'>DESCRIPTION OF SHARE CAPITAL</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154109'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154110'>DESCRIPTION OF SHARE PURCHASE CONTRACTS AND SHARE
    PURCHASE OR EQUITY UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154111'>DENOMINATIONS, REGISTRATION AND TRANSFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154112'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154113'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154114'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154115'>PURCHASERS&#146; STATUTORY RIGHTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O72154116'>DOCUMENTS FILED AS PART&#160;OF THE REGISTRATION
    STATEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Unless the context otherwise indicates, references in this
    Prospectus to &#147;TELUS&#148; or the &#147;Company&#148; are
    references to TELUS Corporation, its consolidated subsidiaries
    and predecessor companies.</I>
</DIV>

<A name='O72154101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following documents of the Company, which have 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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the Information Circular dated March&#160;11, 2011 prepared in
    connection with the Company&#146;s annual meeting held on
    May&#160;5, 2011;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the annual information form of the Company dated March&#160;16,
    2011 for the year ended December&#160;31, 2010;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    the audited consolidated financial statements of the Company as
    at and for the years ended December&#160;31, 2010 and 2009
    together with the report of the auditors thereon and the notes
    thereto;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    Management&#146;s Discussion and Analysis of financial results
    for the year ended December&#160;31, 2010;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    the unaudited condensed interim consolidated financial
    statements of the Company as at and for the three-month and
    <FONT style="white-space: nowrap">six-month</FONT>
    periods ended June&#160;30, 2011 and June&#160;30, 2010 together
    with the notes thereto; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (f)&#160;
</TD>
    <TD align="left">
    Management&#146;s Discussion and Analysis of financial results
    for the three-month and six-month periods ended June&#160;30,
    2011.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Any documents of the types referred to above, and similar
    material, together with any material change reports (excluding
    confidential reports), 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
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    filed with the United States Securities and Exchange Commission
    (the &#147;SEC&#148;) or in any Report on
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    filed with the SEC, any information included therein shall be
    deemed to be incorporated by reference in this Prospectus.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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  </B>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>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.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon a new annual information form and the related annual
    financial statements being filed 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&#146;s Discussion and Analysis, and
    material change reports filed prior to the commencement of the
    Company&#146;s financial year in which the new annual
    information form is filed, and information circulars and
    business acquisition reports filed prior to the commencement of
    the Company&#146;s financial year in respect of which the new
    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&#146;s Discussion and
    Analysis being filed with the applicable securities regulatory
    authorities during the currency of this Prospectus, all interim
    financial statements and the accompanying Management&#146;s
    Discussion and Analysis filed prior to the new 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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 <I>United States Securities
    Exchange Act of 1934</I>, 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, can be inspected and
    copied at the public reference facilities maintained by the SEC
    at 100 F Street, N.E., Washington, D.C., 20549. Copies of such
    material can be obtained at prescribed rates from such public
    reference facilities of the SEC at 100 F Street, N.E.,
    Washington, D.C., 20549. In addition, such materials are also
    available to the public on the SEC&#146;s website at
    <I>www.sec.gov</I>. Certain securities of TELUS are listed on
    The New York Stock Exchange and reports and other information
    concerning TELUS can be inspected at the offices of the New York
    Stock Exchange, 20 Broad Street, New York, New York, 10005.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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    <BR>
    2
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<A name='O72154102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REFERENCE
    TO CURRENCY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless the context otherwise requires, all references herein to
    currency 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.
</DIV>

<A name='O72154103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Prospectus, together with the documents incorporated by
    reference herein and therein, contain forward-looking statements
    about expected future events and the financial and operating
    performance of TELUS. By their nature, forward-looking
    statements require the Company to make assumptions, and
    forward-looking statements are subject to inherent risks and
    uncertainties. There is significant risk that assumptions,
    predictions and other 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 future performance, conditions, actions or events to
    differ materially from the targets, expectations, estimates or
    intentions expressed. Except as required by law, the Company
    disclaims any intention or obligation to update or revise any
    forward-looking statements, and reserves the right to change, at
    any time at its sole discretion, its current practice of
    updating annual targets and guidance. Annual targets, guidance
    and assumptions are described in the Company&#146;s
    Management&#146;s Discussion and Analysis of financial results
    in respect of the Company&#146;s most recent annual financial
    statements and in Management&#146;s Discussion and Analysis of
    financial results in respect of the Company&#146;s interim
    financial statements filed thereafter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><U>Factors that could cause actual performance to differ
    materially include, but are not limited to:</U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><U>Competition</U> (including the Company&#146;s ability to
    offer an enhanced customer service experience; more active price
    and brand competition; the expectation that new wireless entrant
    competitors will launch or expand services in 2011 or 2012 using
    advanced wireless services (AWS) spectrum or become stronger
    through amalgamation; industry growth rates including wireless
    penetration gain; actual network access line losses; subscriber
    additions and subscriber retention experience for wireless,
    TELUS
    TV<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    and Optik High
    Speed<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    Internet services; costs of subscriber acquisition and
    retention; variability in wireless average revenue per
    subscriber unit per month (ARPU) as well as variability in
    smartphone sales and subsidy levels; and TELUS TV programming
    cost and availability risk from increasing vertical integration
    by competitors into broadcast content ownership);
    <U>technological substitution</U> (contributing to reduced
    utilization and increased commoditization of traditional
    wireline voice local and long distance services, and increasing
    numbers of households that have only wireless telephone
    services; and
    <FONT style="white-space: nowrap">over-the-top</FONT>
    IP services that may cannibalize TV and entertainment services);
    <U>technology</U> (including subscriber demand for data that
    could challenge wireless network capacity, service levels and
    spectrum capacity in future; reliance on systems and information
    technology, broadband and wireless technology options and
    roll-out plans; choice of suppliers and suppliers&#146; ability
    to maintain and service their product lines; wireless handset
    supplier concentration and market power; expected technology and
    evolution paths; expected future benefits and performance of
    high-speed packet access plus (HSPA+) dual-cell technology and
    transition to long-term evolution (LTE) wireless technology;
    dependence of rural LTE rollout strategy on ability to acquire
    spectrum in the 700 MHz band; successful implementation of
    international roaming agreements; successful deployment and
    operation of new wireless networks and successful introduction
    of new products (such as new HSPA+, LTE and tablet devices), new
    services and supporting systems; and successful upgrades of
    TELUS TV technology); <U>economic growth and fluctuations</U>
    (including strength and persistence of the economic recovery in
    Canada, future interest rates, and pension performance, funding
    and expenses); <U>capital expenditure levels</U> in 2011 and
    beyond (due to the Company&#146;s wireline broadband
    initiatives, wireless deployment strategy for future
    technologies including LTE, and future Industry Canada wireless
    spectrum auctions, including auction of spectrum in the 700 MHz
    and 2.5/2.6 GHz bands); <U>financing and debt requirements</U>
    (including ability to carry out refinancing activities);
    <U>ability to sustain dividend growth model of circa 10% per
    annum to 2013</U> (including generating sufficient after-tax
    earnings and free cash flow which may be affected by factors
    such as capital expenditure and spectrum auction requirements,
    regulatory and government developments and decisions,
    competitive environment, and reasonable economic performance in
    Canada); <U>regulatory approvals and developments</U> (including
    the incumbent local exchange carriers&#146; (ILECs&#146;)
    obligation to serve; interpretation and application of tower
    sharing and roaming rules; the design and impact of future
    spectrum auctions (including the spectrum auction rules and cost
    of acquiring spectrum in the 700 MHz and 2.5/2.6 GHz bands);
    adequacy of regulatory safeguards regarding vertical </I>
</DIV>
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    <BR>
    3
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>integration by competitors into broadcast content ownership;
    and increased foreign control of wireless entrants pending
    federal policy decisions on foreign ownership restrictions);
    <U>human resource developments</U> (including employee retention
    and engagement matters); <U>ability to successfully implement
    cost reduction initiatives and realize expected savings, net of
    restructuring costs</U> (such as from business integrations,
    business process outsourcing, internal off-shoring and
    reorganizations, without losing customer service focus or
    negatively impacting client care); <U>process risks</U>
    (including reliance on legacy systems and ability to implement
    and support new product and services; and implementation of
    large enterprise deals that may be adversely impacted by
    available resources and degree of co-operation from other
    service providers); <U>tax matters</U> (including the
    possibility of increased corporate income taxes); <U>health,
    safety and environmental developments</U>; <U>litigation and
    legal matters</U>; <U>business continuity events</U> (including
    human-caused and natural threats); <U>acquisitions or
    divestitures</U> (including realizing expected strategic
    benefits); and <U>other risk factors</U> discussed herein and
    listed from time to time in TELUS&#146; reports and public
    disclosure documents including its annual report, annual
    information form, and other filings with securities commissions
    in Canada (on SEDAR at sedar.com) and in its filings in the
    United States, including
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    (on EDGAR at sec.gov).</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>For further information, see the section entitled &#147;Risks
    and risk management&#148; in the Company&#146;s
    Management&#146;s Discussion and Analysis of financial results
    for the year ended December&#160;31, 2010, as well as updates in
    Management&#146;s Discussion and Analysis of financial results
    in respect of the Company&#146;s interim financial statements
    filed thereafter.</I>
</DIV>

<A name='O72154104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TELUS
    CORPORATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TELUS was incorporated under the <I>Company Act</I> (British
    Columbia) (the &#147;BC Company Act&#148;) on October&#160;26,
    1998 under the name BCT.TELUS Communications Inc.
    (&#147;BCT&#148;). On January&#160;31, 1999, pursuant to a
    court-approved plan of arrangement under the <I>Canada Business
    Corporations Act</I> among BCT, BC TELECOM Inc. (&#147;BC
    TELECOM&#148;) and the former Alberta based TELUS Corporation
    (&#147;TC&#148;), 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&#160;3, 2000, BCT
    changed its name to TELUS Corporation and in February 2005, the
    Company transitioned under the <I>Business Corporations Act</I>
    (British Columbia), successor to the BC Company Act. TELUS
    maintains its registered office at Floor&#160;21,
    3777&#160;Kingsway, Burnaby, British Columbia and its executive
    office at Floor 8, 555 Robson Street, Vancouver, British
    Columbia.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TELUS is a leading national telecommunications company in
    Canada, offering a wide range of wireline and wireless
    communications products and services including data, voice and
    entertainment.
</DIV>

<A name='O72154105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<A name='O72154106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EARNINGS
    COVERAGE RATIOS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the
    <FONT style="white-space: nowrap">12-month</FONT>
    periods ended December&#160;31, 2010 and June&#160;30, 2011, the
    Company&#146;s consolidated net income attributable to Common
    Shares and Non-Voting Shares before gross interest expense and
    income taxes was $1,910&#160;million and $1,963&#160;million,
    respectively. Gross interest expense for each of these 12-month
    periods was $527&#160;million and $503&#160;million,
    respectively. The earnings coverage ratio refers to the ratio of
    (i)&#160;consolidated net income attributable to Common Shares
    and Non-Voting Shares before gross interest expense and income
    taxes, and (ii)&#160;gross interest expense. The following
    earnings coverage ratios were calculated on a consolidated basis
    for the
    <FONT style="white-space: nowrap">12-month</FONT>
    periods ended December&#160;31, 2010 and June&#160;30, 2011:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December 31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June 30, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings coverage ratios
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.6 times
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.9 times
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The earnings coverage ratios set out above do not give effect to
    any offering of Securities pursuant to this Prospectus or to any
    other change in indebtedness not reflected in the financial
    statements of the Company for the periods ended
</DIV>
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    <BR>
    4
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    December&#160;31, 2010 and June&#160;30, 2011. The earnings
    coverage ratio for the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ended June&#160;30, 2011 is based on unaudited financial
    information. The earning coverage ratios set out above have been
    prepared using
    <FONT style="white-space: nowrap">IFRS-IASB</FONT>
    and do not purport to be indicative of earnings coverage ratios
    for any future periods.
</DIV>

<A name='O72154207'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIOR
    SALES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Company&#146;s various employee stock option
    plans, during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ending on September&#160;30, 2011, the Company granted
    1,525,094 options to acquire an aggregate of 1,525,094
    Non-Voting Shares at a weighted average exercise price of $46.56
    per share, issued 1,262,398 Non-Voting Shares on the exercise of
    2,751,368 options at a weighted average price of $30.93 per
    share and issued 21,141  Common Shares on the exercise of 21,141
    options at a weighted average price of $38.38 per share.
    Pursuant to the Company&#146;s dividend reinvestment and share
    purchase plan, during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ending on September&#160;30, 2011, the Company issued
    2,521,637
    <FONT style="white-space: nowrap">Non-Voting</FONT>
    Shares at a weighted average price of $42.08 per share. On
    May&#160;25, 2011, the Company issued Notes due May&#160;25,
    2016 in an aggregate principal amount of $600&#160;million.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<A name='O72154208'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    PRICE AND TRADING VOLUME</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Common Shares and the Non-Voting Shares of the Company are
    listed for trading on the TSX under the symbols &#147;T&#148;
    and &#147;T.A&#148;, respectively. The following table
    summarizes the market price and trading volumes on the TSX for
    the previous 12&#160;months.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    ($)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    ($)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2010</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,949,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,757,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,422,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2011</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,468,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,842,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,348,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,854,363
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,521,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,160,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,840,783
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,733,376
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;54.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;50.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;14,351,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Voting
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    ($)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    ($)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2010</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,396,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,650,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,959,990
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2011</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,428,183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,314,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,996,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,257,455
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,177,888
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,154,862
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,072,779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,934,646
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,414,158
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<A name='O72154107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 will be filed. The
    particular terms and provisions of Debt Securities offered by
    any Prospectus Supplement will be described in the Prospectus
    Supplement filed in respect of such Debt Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt Securities will be issued under an indenture dated
    May&#160;22, 2001 (the &#147;Trust&#160;Indenture&#148;) between
    the Company and Computershare Trust&#160;Company of Canada (the
    &#147;Trustee&#148;), as supplemented by supplemental indentures
    applicable to specific Debt Securities (the
    &#147;Indenture&#148;). The following summary of certain
    provisions of the Trust&#160;Indenture does not purport to be
    complete and is qualified in its entirety by reference to the
    Trust&#160;Indenture and any applicable supplemental indentures.
    All capitalized terms are as defined in the Trust&#160;Indenture
    (unless otherwise defined herein).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture provides 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 Trust&#160;Indenture. The Debt
    Securities will be direct, unconditional and, unless otherwise
    indicated in the relevant Prospectus Supplement, unsecured
    obligations of the Company. As of September&#160;30, 2011,
    $5,100&#160;million principal amount of Debt Securities are
    outstanding under the Trust&#160;Indenture.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Prospectus Supplement relating to the particular Debt
    Securities offered thereby will describe the terms of such Debt
    Securities, including, where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the designation, aggregate principal amount and denominations of
    such Debt Securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the price at which such Debt Securities will be issued or
    whether such Debt Securities will be issued on a non-fixed price
    basis;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (viii)&#160;
</TD>
    <TD align="left">
    any special provisions for the payment of additional interest
    with respect to such Debt Securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ix)&#160;
</TD>
    <TD align="left">
    any additional covenants included for the benefit of holders of
    such Debt Securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (x)&#160;
</TD>
    <TD align="left">
    the general terms or provisions, if any, pursuant to which such
    Debt Securities are to be guaranteed or secured;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xi)&#160;
</TD>
    <TD align="left">
    any additional events of default provided with respect to such
    Debt Securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xii)&#160;
</TD>
    <TD align="left">
    any exchange on which Debt Securities of a series will be listed;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xiii)&#160;
</TD>
    <TD align="left">
    terms for any conversion or exchange into other securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xiv)&#160;
</TD>
    <TD align="left">
    subordination terms, if any, of the Debt Securities of such
    series;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xv)&#160;
</TD>
    <TD align="left">
    any special tax implications of or any special tax provision, or
    indemnities relating to Debt Securities of such series; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xvi)&#160;
</TD>
    <TD align="left">
    any other terms of such Debt Securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable Prospectus
    Supplement, 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 office of the Trustee
    in Toronto. Unless otherwise indicated in the Prospectus
    Supplement related thereto, payment of any instalment of
    interest on Debt Securities will be made to the Person (as
    defined below) in whose name such Debt Security is registered
    immediately prior to the close of business on the record date
    for such interest by electronic funds transfer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Negative
    Pledge</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture contains provisions to the effect that
    the Company will not, nor will it permit any Restricted
    Subsidiary (as defined below) to, create or assume any Lien (as
    defined below) upon any present or future Principal Property (as
    defined below), or any Property (as defined 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 below)
    of the Company or a Restricted Subsidiary 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 ratably with (or prior
    to) such other Indebtedness so long as such Lien is outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The restrictions set forth above shall not apply to
    &#147;Permitted Liens&#148;, which are defined in the
    Trust&#160;Indenture to include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    with respect to any series of Debt Securities, Liens existing on
    the Closing Date (as defined under &#147;&#151;&#160;Certain
    Definitions&#148; below) for such series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    Liens on any Property existing at the time such Property is
    acquired by the Company or a Restricted Subsidiary, or Liens to
    secure the payment of all or any part of the purchase price of
    such Property upon the acquisition of
</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    such Property by the Company or a Restricted Subsidiary or to
    secure any Indebtedness incurred prior to, at the time of, or
    within 270&#160;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;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    Liens securing any Indebtedness of a Restricted Subsidiary owing
    to the Company or to another Restricted Subsidiary;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    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 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;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    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&#160;Indenture;
    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;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    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 determined at such time of the
    then outstanding Unrestricted Sale and Lease-Back Transactions
    (as defined under &#147;&#151;&#160;Certain Definitions&#148;
    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 &#147;&#151;&#160;Certain
    Definitions&#148; below);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (viii)&#160;
</TD>
    <TD align="left">
    any interest or title of a lessor in the property subject to any
    capitalized lease or operating lease; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ix)&#160;
</TD>
    <TD align="left">
    any other Liens identified in the Prospectus Supplement relating
    to the series of Debt Securities issued.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Sale and Lease-Back Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Company nor any Restricted Subsidiary may enter into
    any Sale and Lease-Back Transaction (as defined under
    &#147;&#151;&#160;Certain Definitions&#148; below), except for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    any Sale and Lease-Back Transaction constituting a Permitted
    Lien under the Trust&#160;Indenture (other than clause
    (vii)&#160;or (viii)) under &#147;&#151;&#160;Negative
    Pledge&#148; above; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    any Sale and Lease-Back Transaction that is not otherwise
    permitted under clause (i)&#160;above or (iii)&#160;below, and
    in respect of which the Company or such Restricted Subsidiary
    would be entitled, in the manner described under
    &#147;&#151;&#160;Negative Pledge&#148; 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 ratably
    securing the Debt Securities (any Sale and Lease-Back
    Transaction entered into in compliance with this
    clause&#160;(ii) being an &#147;Unrestricted Sale and Lease-Back
    Transaction&#148;); or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    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)&#160;the retirement (other than any mandatory retirement),
    within 180&#160;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 of the Company,
    or (b)&#160;the
</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    purchase, construction or improvement of real property or
    personal property used by the Company or its Restricted
    Subsidiaries in the ordinary course of business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    of the Trust&#160;Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With certain exceptions, the Trust&#160;Indenture, 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; but no such modification
    may be made which would: (i)&#160;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)&#160;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)&#160;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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture provides that any one or more of the
    following events shall constitute an event of default with
    respect to any series of Debt Securities thereunder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    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
    Indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    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&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    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&#160;days after written notice to the Company
    by the Trustee or the holders of 25% or more in aggregate
    principal amount of the outstanding Debt Securities of such
    series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    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, such misrepresentation is not corrected within
    60&#160;days after written notice to the Company by the Trustee
    or the holders of 25% or more in aggregate principal amount of
    the outstanding Debt Securities of such series;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    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&#160;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&#160;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;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    a distress, attachment, execution or other similar legal process
    for any amount exceeding US$75&#160;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 is not paid out, satisfied or withdrawn within
    60&#160;days of the date of such levy or enforcement; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    certain events of bankruptcy, insolvency or reorganization of
    the Company or any Subsidiary.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company is required to file with the Trustee an annual
    officers&#146; certificate as to the absence of certain defaults
    under the Trust&#160;Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture provides that if an event of default
    (other than an event of default specified in clause
    (vii)&#160;above in relation to the Company) shall occur and be
    continuing with respect to a series of Debt Securities issued
    thereunder, the 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
</DIV>
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    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture further provides that if an event of
    default specified in clause (vii)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture contains a provision entitling the
    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 Trust&#160;Indenture at the request of
    such holders. The Trust&#160;Indenture provides that no holder
    of Debt Securities of any series may pursue a remedy with
    respect to the Trust&#160;Indenture except in the case of
    failure of the Trustee to act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Defeasance
    of Certain Obligations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the supplement to the Trust&#160;Indenture provides, the
    Company may elect, with respect to any series of Debt
    Securities, either to be discharged from its obligations or to
    be released from its obligations to comply with the terms,
    provisions or conditions relating to the negative pledge, the
    restriction on Sale and Lease-Back Transactions, the
    restrictions on amalgamations described below, any other
    covenants or any event of default (other than its covenant to
    maintain its existence and pay the principal, (premium, if any),
    interest and other amounts on such series of Debt Securities).
    Following such election, the Company will be so discharged,
    provided:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the Company has, at least 91&#160;days prior to such discharge
    becoming effective, irrevocably deposited with the Trustee, as
    specific security pledged for, and dedicated solely to, the due
    payment and ultimate satisfaction of all of its obligations
    under the Indenture with respect to the Debt Securities of the
    series affected, (a)&#160;funds in the currency or currencies in
    which such Debt Securities are payable, and/or (b)&#160;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)&#160;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)&#160;any mandatory prepayments on the day on which such
    prepayments are due and payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the Company shall have delivered to the 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&#146;s obligations and will be subject to
    Canadian federal income tax on the same basis as if such
    defeasance had not occurred;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    such deposit will not result in a breach or violation of, or
    constitute a default under, the Trust&#160;Indenture or any
    other material agreement or instrument to which the Company is a
    party or by which it is bound;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    if the Debt Securities affected are listed on any stock exchange
    or securities exchange, the Company shall have delivered to the
    Trustee an opinion of counsel to the effect that such deposit
    and defeasance will not cause such Debt Securities to be
    delisted; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    the Company shall have delivered to the Trustee an
    officers&#146; certificate and an opinion of counsel, each
    stating that all conditions precedent to the defeasance have
    been satisfied.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Defeasance Arrangements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Trustee of
    funds or obligations of the type referred to under
    &#147;&#151;Defeasance of Certain Obligations&#148; above. The
    Prospectus Supplement will more fully describe the provisions,
    if any, relating thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Amalgamation,
    Consolidation, Conveyance, Transfer or Lease</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture provides 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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    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 &#147;Successor Corporation&#148;) is a
    corporation organized and validly existing under the laws of
    Canada or any province thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the Successor Corporation shall expressly, by supplemental
    indenture, assume and become bound by the obligations of the
    Company under the terms of the Indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    after giving effect to, such transaction, no default or event of
    default shall have occurred and be continuing under the
    Trust&#160;Indenture or in respect of the Debt Securities of any
    series; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    the Successor Corporation delivers to the Trustee an
    officer&#146;s certificate and legal opinion confirming that the
    foregoing conditions have been met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#160;Indenture is governed by, and construed in
    accordance with, the laws of the Province of Ontario.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Affiliate&#148;</B> 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Attributable Debt&#148;</B> 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Capital Lease&#148;</B> means a lease that is required
    to be capitalized for financial reporting purposes in accordance
    with Canadian generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Capital Lease Obligations&#148;</B> 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Closing Date&#148;</B> means the date on which the Debt
    Securities are issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Consolidated Net Tangible Assets&#148;</B> means the
    consolidated total assets of TELUS and its Subsidiaries as
    reflected in TELUS&#146; most recent consolidated balance sheet
    preceding the date of determination prepared in accordance with
    Canadian generally accepted accounting principles consistently
    applied, less (a)&#160;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&#160;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)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Indebtedness&#148;</B> means, with respect to any
    Person, (without duplication) (a)&#160;any liability of such
    Person (1)&#160;for borrowed money, or under any reimbursement
    obligation relating to a letter of credit, or (2)&#160;evidenced
    by a bond, note, debenture or similar instrument (including a
    purchase money obligation arising in connection with the
    acquisition of any businesses,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    properties or assets of any kind, other than a trade payable or
    a current liability arising in the ordinary course of business),
    or (3)&#160;for the payment of Capital Lease Obligations;
    (b)&#160;any liability of others described in the preceding
    clause (a)&#160;that the Person has guaranteed or that is
    otherwise its legal liability; (c)&#160;any amendment,
    supplement, modification, deferral, renewal, extension or
    refunding of any liability of the types referred to in clauses
    (a)&#160;and (b)&#160;above; and (d)&#160;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).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Lien&#148;</B> 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&#160;days).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Person&#148;</B> 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Principal Property&#148;</B> means at any time any
    Property which has a fair market value or a book value in excess
    of US$5&#160;million (or its equivalent in any other currency or
    currencies).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Property&#148;</B> 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Restricted Subsidiary&#148;</B> means (a)&#160;TELUS
    Communications Inc. and (b)&#160;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
    Qu&#233;bec Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Sale and Lease-Back Transaction&#148;</B> 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)&#160;any Sale and Lease-Back Transaction between the
    Company and its Restricted Subsidiaries or between Restricted
    Subsidiaries, or (b)&#160;any Sale and Lease-Back Transaction
    where the term of the lease back is less than three years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Subsidiary&#148;</B> 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).
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='O72154108'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SHARE CAPITAL</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;shares of each class
    of first preferred shares (the &#147;First Preferred
    Shares&#148;), second preferred shares (the &#147;Second
    Preferred Shares&#148;), Non-Voting Shares or Common Shares.
    Certain of the rights and attributes of each class are described
    below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">First
    Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shares&#160;Issuable
    in Series</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
    12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Priority</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Non-Voting 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
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the Company, whether voluntary or involuntary, or any other
    distribution of the assets of the Company among its shareholders
    for the purpose of
    <FONT style="white-space: nowrap">winding-up</FONT>
    its affairs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Second
    Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shares&#160;Issuable
    in Series</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Priority</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 the Non-Voting 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
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the Company, whether voluntary or involuntary, or any other
    distribution of the assets of the Company among its shareholders
    for the purpose of
    <FONT style="white-space: nowrap">winding-up</FONT>
    its affairs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>
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    <BR>
    13
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares and Non-Voting Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Priority</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of Common Shares and Non-Voting 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 and
    Non-Voting 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
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the Company or other distribution of assets of the Company
    among its shareholders for the purpose of
    <FONT style="white-space: nowrap">winding-up</FONT>
    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 and Non-Voting Shares in respect
    of payment upon liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    of all amounts attributed and properly payable to such holders
    of such other shares in the event of such liquidation,
    dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    or distribution, shall be paid and distributed equally, share
    for share, to the holders of the Common Shares and the
    Non-Voting Shares, without preference or distinction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. The holders of
    Non-Voting 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 at
    separate meetings of the holders of shares of any other class of
    shares of the Company or of shares of any other series of shares
    of any such other class of shares other than the Common Shares)
    and shall be entitled to receive all notices of meetings,
    information circulars and other written information from the
    Company that the holders of Common Shares are entitled to
    receive from the Company but not to vote at such general
    meetings, unless otherwise required by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Anti-Dilution</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Common Shares nor the Non-Voting Shares shall be
    subdivided, consolidated, reclassified or otherwise changed
    unless contemporaneously therewith the other class is
    subdivided, consolidated, reclassified or otherwise changed in
    the same proportion and in the same manner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Voting
    Share Conversion Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event an offer is made to purchase Common Shares that
    (i)&#160;must, by reason of applicable securities legislation or
    the requirements of a stock exchange on which the Common Shares
    are listed, be made to all or substantially all of the holders
    of Common Shares who are in a province of Canada to which the
    requirement applies, and (ii)&#160;is not made concurrently with
    an offer to purchase Non-Voting Shares that is identical to the
    offer to purchase Common Shares in terms of price per share and
    percentage of outstanding shares to be taken up exclusive of
    shares owned immediately prior to the offer by the Offeror (as
    defined in the articles of the Company), and in all other
    material respects, and that has no condition attached thereto
    other than the right not to take up and pay for shares tendered
    if no shares are purchased pursuant to the offer for Common
    Shares, then each outstanding Non-Voting Share shall be
    convertible into one fully paid and non-assessable Common Share
    at the option of the holder thereof exercisable during the
    period commencing on the eighth day after the date on which the
    offer to purchase Common Shares was made or deemed to be made
    and expiring on the expiry date of such offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If all of the Telecommunications Regulations, the
    Radiocommunication Regulations and the Broadcasting Direction
    (each as defined below) are changed so that there is no
    restriction on any non-Canadians (as defined in the
    Telecommunications Regulations or the Broadcasting Direction, as
    applicable) holding Common Shares in the Company and no
    requirement that Canadians (as defined in the Radiocommunication
    Regulations) hold Common Shares in the Company, a holder of one
    or more Non-Voting Shares shall have the right, at his or her
    option, at any time after the date of the last to change of the
    Telecommunications Regulations, the Radiocommunication
    Regulations and the Broadcasting Direction; and prior to the
    closing of business 90&#160;days thereafter (the
    &#147;Regulatory Conversion Period&#148;) to convert any one or
    more of such Non-Voting Shares into Common Shares on a
    <FONT style="white-space: nowrap">one-for-one</FONT>
    basis. If all of the Telecommunications Regulations,
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Radiocommunication Regulations and the Broadcasting
    Direction are changed so that there is no restriction on any
    non-Canadians (as defined in the Telecommunications Regulations
    and the Broadcasting Direction, as applicable) holding Common
    Shares in the Company and no requirement that Canadians (as
    defined in the Radiocommunication Regulations) hold Common
    Shares in the Company and following the Regulatory Conversion
    Period there are Non-Voting Shares still outstanding, all
    holders of Non-Voting Shares shall be deemed to have exercised
    their right to convert the Non-Voting Shares held by them into
    Common Shares upon receipt by all of the holders of written
    notice by the Company stating that the Company is requiring all
    holders to convert their Non-Voting Shares to Common Shares on
    the date specified in such notice. &#147;Telecommunications
    Regulations&#148; mean the Canadian Telecommunication Common
    Carrier Ownership and Control Regulations made pursuant to the
    <I>Telecommunications Act</I> (Canada); &#147;Radiocommunication
    Regulations&#148; mean the Regulations respecting
    Radiocommunications, Radio Authorizations, Exemptions from
    Authorizations and the Operation of Radio Apparatus,
    Radio-Sensitive Equipment and Interface Causing Equipment, P.C.
    1996&#160;&#151; 1679 5&#160;November, 1996, as amended or
    replaced from time to time, whether by statute, regulation,
    direction or by any other form of legislative instrument, and
    includes any licences under the <I>Radiocommunication Act</I>
    (Canada) held by entities controlled (as defined in the
    foregoing Regulations) by the Company; and &#147;Broadcasting
    Direction&#148; means the Direction to the Canadian
    Radio-television and Telecommunications Commission
    (Ineligibility of Non-Canadians) P.C. 1997&#160;&#151; 486
    8&#160;April 1997, as amended from time to time and any
    replacement direction or regulation under the <I>Broadcasting
    Act</I> (Canada) or any other form of legislative instrument,
    with respect thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Share Conversion Right</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company shall provide notice to each holder of Common Shares
    at least 10&#160;days before the record date in respect of each
    general meeting of shareholders of the Company at which the
    holders of the Non-Voting Shares will be entitled to vote as a
    class. In such event and to the extent that, after taking into
    account the conversion, the class of persons, each of whom is a
    non-Canadian as defined in the Telecommunications Regulations or
    the Broadcasting Direction, or is not a Canadian as defined in
    the Radiocommunication Regulations (the &#147;Constrained
    Class&#148;), would continue to hold no more than the maximum
    number of Common Shares that may be owned and controlled by
    persons in the Constrained Class in accordance with the
    Telecommunications Regulations, the Radiocommunication
    Regulations or the Broadcasting Directions, whichever is the
    lowest so that, when added to all other voting shares (as
    defined in the Telecommunications Regulations, the
    Radiocommunication Regulations or the Broadcasting Direction, as
    the case may be) owned or controlled by the Constrained Class,
    the Company will be and will continue to be a &#147;qualified
    corporation&#148; as defined in the Telecommunications
    Regulations, a corporation that is Canadian (as defined in the
    Radiocommunication Regulations) that controls (as defined in the
    Radiocommunication Regulations) a person or entity that holds
    licences under the <I>Radiocommunication Act</I> (Canada) and a
    corporation that is qualified under the Broadcasting Direction
    to be the parent of a corporation that is a &#147;qualified
    corporation&#148; as defined in the Broadcasting Direction, each
    outstanding Common Share shall be convertible into one
    Non-Voting Share on a
    <FONT style="white-space: nowrap">one-for-one</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ownership
    and Voting Restrictions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Non-Canadian shareholders shall not beneficially own or control,
    other than by way of security only, more than
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    (or such other percentage as may then be prescribed by the
    Telecommunications Regulations, the Radiocommunication
    Regulations or the Broadcasting Directions, whichever is the
    lowest percentage, as the percentage of voting shares that may
    be beneficially owned or controlled, by non-Canadians, in order
    for a corporation to be a &#147;qualified corporation&#148; as
    defined in the Telecommunications Regulations, a corporation
    that is Canadian (as defined in the Radiocommunication
    Regulations) that controls (as defined in the Radiocommunication
    Regulations) a person or entity that holds licences under the
    <I>Radiocommunication Act</I> (Canada) and a corporation that is
    qualified under the Broadcasting Direction to be the parent of a
    corporation that is a &#147;qualified corporation&#148; as
    defined in the Broadcasting Direction, provided that if no such
    percentage is prescribed the relevant percentage shall be deemed
    to be 100%) (the &#147;Restricted Percentage&#148;) of the
    issued and outstanding Common Shares of the Company (the
    &#147;Non-Canadian Share Constraint&#148;). In the event that it
    appears from the central securities register of the Company
    that, or in the event of a Directors&#146; determination (as
    provided for in the articles of the Company) that there is a
    contravention of the Non-Canadian Share Constraint: (a)&#160;the
    Company may pursuant to a Directors&#146; determination make a
    public announcement, whether by press release, newspaper
    advertisements or otherwise, reasonably expected to inform the
    markets in which voting shares are traded of the contravention;
    and (b)&#160;the Company may refuse to (i)&#160;accept any
    subscription for voting shares from any non-Canadian,
    (ii)&#160;issue any voting shares to any non-Canadian,
    (iii)&#160;register or otherwise recognize the transfer of any
</DIV>
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    <BR>
    15
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    voting shares from any Canadian to any non-Canadian, or
    (iv)&#160;purchase or otherwise acquire any voting shares,
    except as provided in the articles of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of a Directors&#146; determination that there is a
    contravention of the Non-Canadian Share Constraint and that to
    do so would be practicable and would not be unfairly prejudicial
    to, and would not unfairly disregard the interests of, persons
    beneficially owning or controlling voting shares who are
    non-Canadians, the Company shall send a disposition notice to
    the registered holders of such of those voting shares as shall
    be chosen on the basis of inverse order of registration of all
    non-Canadians. The Company may, by Directors&#146;
    determination, suspend all rights of a shareholder to vote that
    would otherwise be attached to any voting shares beneficially
    owned, or controlled, by non-Canadians so that the proportion of
    the voting shares beneficially owned, or controlled, or
    considered by the Telecommunications Regulations, the
    Radiocommunication Regulations or the Broadcasting Direction to
    be beneficially owned, or controlled, by non-Canadians and with
    respect to which voting rights are not suspended is reduced to
    not more than the Restricted Percentage of the total issued and
    outstanding voting shares of the Company. Any disposition notice
    required to be sent to a registered holder of shares pursuant to
    the foregoing shall, among other things: (a)&#160;specify a
    date, which shall not be less than 60&#160;days, after the date
    of the disposition notice, by which the excess voting shares are
    to be sold or otherwise disposed of or, if the Directors
    determine it to be in the interest of the Company to permit a
    conversion, converted into Non-Voting Shares; and (b)&#160;state
    that unless (i)&#160;the registered holder either sells or
    otherwise disposes of or converts the excess voting shares into
    Non-Voting Shares by the date specified in the disposition
    notice on a basis that does not result in any contravention of
    the Non-Canadian Share Constraint and provides to the Company
    written evidence satisfactory to the Company of such sale, other
    disposition or conversion, or (ii)&#160;provides written
    evidence satisfactory to the Company that no such sale, other
    disposition or conversion of excess voting shares is required,
    such default shall result in the consequence of suspension of
    voting rights and may result in a consequence of sale or
    conversion or repurchase or redemption and the disposition
    notice shall specify in reasonable detail the nature and timing
    of those consequences.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">TELUS
    Shareholder Rights Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TELUS first adopted a shareholder rights plan in March 2000,
    which expired on March&#160;20, 2010. The Board of Directors
    adopted a substantially similar shareholder rights plan (the
    &#147;Rights Plan&#148;) on March&#160;12, 2010, which was
    ratified by shareholders of both classes at the May 2010 annual
    and special meeting. Under the Rights Plan, TELUS issued one
    right (a &#147;Series&#160;A Right&#148;) in respect of each
    Common Share outstanding as at such date and issued one right (a
    &#147;Series&#160;B Right&#148;) in respect of each Non-Voting
    Share outstanding as of such date. The Rights Plan has a term of
    just over nine years, subject to shareholder confirmation every
    three years. Each Series&#160;A Right or Series&#160;B Right,
    other than those held by an Acquiring Person (as defined in the
    Rights Plan) and certain of its related parties, entitles the
    holder in certain circumstances following the acquisition by an
    Acquiring Person of 20% or more of the Common Shares (otherwise
    than through the &#147;Permitted Bid&#148; requirements of the
    Rights Plan) to purchase from TELUS $320 worth of Common Shares
    or Non-Voting Shares for $160 (i.e., at a 50% discount)
    respectively.
</DIV>

<A name='O72154109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section describes the general terms that will apply to any
    warrants (the &#147;Warrants&#148;) for the purchase of Equity
    Securities (the &#147;Equity Warrants&#148;) or for the purchase
    of Debt Securities (the &#147;Debt Warrants&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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)&#160;the conversion, exchange or exercise takes place within
    180&#160;days of the date of the purchase of the convertible,
    exchangeable or exercisable security
</DIV>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
     under this Prospectus; and (ii)&#160;the right of rescission is
    exercised within 180&#160;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&#160;131 of the <I>Securities Act </I>(British
    Columbia), and is in addition to any other right or remedy
    available to original purchasers under section&#160;131 of the
    <I>Securities Act </I>(British Columbia) or otherwise at law.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Original purchasers are further advised that in certain
    provinces the statutory right of action for damages in
    connection with a prospectus misrepresentation is limited to the
    amount paid for the convertible, exchangeable or exercisable
    security that was purchased under a prospectus, and therefore a
    further payment at the time of conversion, exchange or exercise
    may not be recoverable in a statutory action for damages. The
    purchaser should refer to any applicable provisions of the
    securities legislation of the purchaser&#146;s province for the
    particulars of these rights, or consult with a legal advisor.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Equity
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The particular terms of each issue of Equity Warrants will be
    described in the related Prospectus Supplement. This description
    will include, where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the designation and aggregate number of Equity Warrants;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the price at which the Equity Warrants will be offered;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    the currency or currencies in which the Equity Warrants will be
    offered;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    the designation and terms of the Equity Securities purchasable
    upon exercise of the Equity Warrants;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Equity Warrants will
    commence and the date on which the right will expire;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (viii)&#160;
</TD>
    <TD align="left">
    the date or dates, if any, on or after which the Equity Warrants
    and the related securities will be transferable separately;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ix)&#160;
</TD>
    <TD align="left">
    whether the Warrants are subject to redemption or call and, if
    so, the terms of such redemption or call provisions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (x)&#160;
</TD>
    <TD align="left">
    material United States and Canadian tax consequences of owning
    the Warrants; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xi)&#160;
</TD>
    <TD align="left">
    any other material terms or conditions of the Warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Debt
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The particular terms of each issue of Debt Warrants will be
    described in the related Prospectus Supplement. This description
    will include, where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the designation and aggregate number of Debt Warrants;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the price at which the Debt Warrants will be offered;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    the currency or currencies in which the Debt Warrants will be
    offered;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    the date or dates, if any, on or after which the Debt Warrants
    and the related securities will be transferable separately;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>

</TABLE>
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    <BR>
    17
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (viii)&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Debt Warrants will
    commence and the date on which the right will expire;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ix)&#160;
</TD>
    <TD align="left">
    the minimum or maximum amount of Debt Warrants that may be
    exercised at any one time;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (x)&#160;
</TD>
    <TD align="left">
    whether the Warrants will be subject to redemption or call, and,
    if so, the terms of such redemption or call provisions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xi)&#160;
</TD>
    <TD align="left">
    material United States and Canadian tax consequences of owning
    the Debt Warrants; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (xii)&#160;
</TD>
    <TD align="left">
    any other material terms or conditions of the Debt Warrants.
</TD>
</TR>

</TABLE>

<A name='O72154110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SHARE PURCHASE CONTRACTS<BR>
    AND SHARE PURCHASE OR EQUITY UNITS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 &#147;prepaid&#148; basis (in each case, &#147;Share
    Purchase Contracts&#148;). 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 &#147;Share Purchase or Equity
    Units&#148;), and may or may not serve as collateral for a
    holder&#146;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 <I>vice versa,</I> and such payments
    may be unsecured or refunded on some basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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)&#160;the conversion,
    exchange or exercise takes place within 180&#160;days of the
    date of the purchase of the convertible, exchangeable or
    exercisable security under this Prospectus; and (ii)&#160;the
    right of rescission is exercised within 180&#160;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&#160;131 of the
    <I>Securities Act </I>(British Columbia), and is in addition to
    any other right or remedy available to original purchasers under
    section&#160;131 of the <I>Securities Act </I>(British Columbia)
    or otherwise at law.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Original purchasers are further advised that in certain
    provinces the statutory right of action for damages in
    connection with a prospectus misrepresentation is limited to the
    amount paid for the convertible, exchangeable or exercisable
    security that was purchased under a prospectus, and therefore a
    further payment at the time of conversion, exchange or exercise
    may not be recoverable in a statutory action for damages. The
    purchaser should refer to any applicable provisions of the
    securities legislation of the purchaser&#146;s province for the
    particulars of these rights, or consult with a legal advisor.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<A name='O72154111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DENOMINATIONS,
    REGISTRATION AND TRANSFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
    18
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    with respect to a particular series of Debt Securities pursuant
    to the provisions of the Trust&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<A name='O72154112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prospective investors in the Securities should consider
    carefully the matters set forth in the section entitled
    &#147;Risks and risk management&#148; in Management&#146;s
    Discussion and Analysis of financial results in respect of the
    Company&#146;s most recent annual financial statements and in
    Management&#146;s Discussion and Analysis of financial results
    in respect of the Company&#146;s interim financial statements
    filed thereafter, each of which is incorporated by reference in
    this Prospectus.
</DIV>

<A name='O72154113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with any 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.
</DIV>

<A name='O72154114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters in connection with any offering hereunder
    will be passed upon by Bennett Jones LLP, Toronto, Ontario and
    by Skadden, Arps, Slate, Meagher&#160;&#038; Flom LLP, New York,
    New York for the Company.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
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<!-- link1 "PART II" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO<BR>
OFFEREES OR PURCHASERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;160 to 163 of the Business Corporations Act (British Columbia) (successor to the
Company Act (British Columbia)) provide as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 Subject to section 163, a company may do one or both of the following:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;indemnify an eligible party against all eligible penalties to which the eligible party
is or may be liable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;after the final disposition of an eligible proceeding, pay the expenses actually and
reasonably incurred by an eligible party in respect of that proceeding.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;has not been reimbursed for those expenses, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 (1)&nbsp;Subject to section 163 and subsection (2)&nbsp;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.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;A company must not make the payments referred to in subsection (1)&nbsp;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.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 (1)&nbsp;A company must not indemnify an eligible party under section 160 (a)&nbsp;or pay the
expenses of an eligible party under section 160 (b), 161 or 162 if any of the following
circumstances apply:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;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&#146;s conduct in respect of
which the proceeding was brought was lawful.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;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:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;indemnify the eligible party under section 160 (a)&nbsp;in respect of the proceeding;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;pay the expenses of the eligible party under section 160 (b), 161 or 162 in respect of
the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;20 of the Articles of the Registrant provides as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indemnification</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Definitions</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Article&nbsp;20:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &#147;eligible penalty&#148; means a judgment, penalty or fine awarded or imposed in, or an amount
paid in settlement of, an eligible proceeding;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &#147;eligible party&#148; means a director or former director of the Company or any subsidiary of
the Company, or an officer or former officer of the Company or any subsidiary of the Company;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#147;eligible proceeding&#148; means a proceeding, in which an eligible party or any of the heirs
and legal personal representatives of the eligible party, by reason of the eligible party being or
having been a director, former director, officer or former officer of the Company or its
subsidiaries:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;is or may be joined as a party; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;is or may be liable for or in respect of a judgment, penalty or fine in, or expenses
related to, the proceeding;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &#147;expenses&#148; has the meaning set out in the Business Corporations Act;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) &#147;proceeding&#148; includes a legal proceeding or investigative action, whether current,
threatened, pending or completed; and</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &#147;subsidiary&#148; for this Article&nbsp;20 includes any partnership or joint venture which is
controlled, directly or indirectly by the Company.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 Mandatory Indemnification of Eligible Parties</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, after the final disposition of an eligible proceeding,
pay the expenses actually and reasonably incurred by such person in respect of that proceeding.
Each eligible person is deemed to have contracted with the Company on the terms of the indemnity
contained in this Article&nbsp;20.2.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 Indemnification of Other Persons</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to any restrictions in the Business Corporations Act, the Company may indemnify any
person.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 Non-Compliance with Business Corporations Act</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 Company May Purchase Insurance</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may purchase and maintain insurance for the benefit of any person (or his or her
heirs or legal personal representatives) who:</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;is or was a director, officer, employee or agent of the Company;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;is or was a director, officer, employee or agent of a corporation at a time when the
corporation is or was an affiliate of the Company;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;at the request of the Company, is or was a director, officer, employee or agent of a
corporation or of a partnership, trust, joint venture or other unincorporated entity; or</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;at the request of the Company, holds or held a position equivalent to that of a director
or officer of a partnership, trust, joint venture or other unincorporated entity;</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any liability incurred by him or her as such director, officer, employee or agent or
person who holds or held such equivalent position.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146; &#038; Officers&#146; 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.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended, 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 of 1933, as
amended, and is therefore unenforceable.</DIV>



<!-- link1 "Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibits</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Information Form of the Company, dated March&nbsp;16, 2011
(incorporated by reference to the Company&#146;s Form&nbsp;40-F filed on March
18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audited Consolidated Financial Statements of the Company, including
the notes thereto, as at and for the years ended December&nbsp;31, 2010 and
2009, together with the auditor&#146;s report thereon dated February&nbsp;24, 2011
(incorporated by reference to the Company&#146;s Form&nbsp;40-F filed on March&nbsp;18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of Financial Results of the
Company for the year ended December&nbsp;31, 2010 (incorporated by
reference to the Company&#146;s Form&nbsp;40-F filed on March&nbsp;18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information Circular of the Company, dated as of March&nbsp;11, 2011,
prepared in connection with the Company&#146;s annual meeting held on May
5, 2011 (incorporated by reference to the Company&#146;s Form&nbsp;6-K filed on
April&nbsp;11, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unaudited Condensed Interim Consolidated Financial Statements of the Company as
at June&nbsp;30, 2011 and for the three and six month periods ended June&nbsp;30,
2011 and June&nbsp;30, 2010 (incorporated by reference to the Company&#146;s
Form&nbsp;6-K filed on August 5, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of Financial Results of the
Company for the period ended June&nbsp;30, 2011 (incorporated by reference
to the Company&#146;s Form&nbsp;6-K filed on August 5, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6***
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (contained on the signature pages of this Registration
Statement on Form&nbsp;F-10)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.1**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture (incorporated by reference to the Company&#146;s Form&nbsp;F-10/A
filed on May&nbsp;22, 2001)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left">

<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference.</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed.</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "PART III" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B>
</DIV>
<!-- link2 "Item&nbsp;1. Undertaking" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;1.</TD>
    <TD>&nbsp;</TD>
    <TD>Undertaking</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>
<!-- link2 "Item&nbsp;2. Consent to Service of Process" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;2.</TD>
    <TD>&nbsp;</TD>
    <TD>Consent to Service of Process.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the filing of this Registration Statement on Form F-10, Computershare Trust
Company of Canada, as trustee under the indenture relating to the securities registered hereby,
shall file with the Commission a written irrevocable consent and power of attorney on Form F-X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any change to the name or address of the agent for service of the Registrant or the trustee
will be communicated promptly to the Commission by amendment to Form F-X referencing the file
number of this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, 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 3rd day of October, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TELUS CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren Entwistle</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Darren Entwistle</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert G. McFarlane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert G. McFarlane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and
Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities indicated on the dates indicated.
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Darren Entwistle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, President
and Chief Executive
Officer (Principal
Executive Officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert G. McFarlane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive
Vice-President and
Chief Financial
Officer (Principal
Financial and
Accounting Officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Brian A. Canfield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R.H. (Dick) Auchinleck
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Charles Baillie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Micheline Bouchard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. John Butler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Stockwell Day
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Pierre Y. Ducros
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ruston E.T. Goepel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John S. Lacey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William A. MacKinnon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ronald P. Triffo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald Woodley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;3, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Robert G. McFarlane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 3, 2011</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert G. McFarlane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTHORIZED REPRESENTATIVE</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, 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 3rd
day of October,&nbsp;2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Donald J. Puglisi
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Donald J. Puglisi
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Information Form of the Company, dated March&nbsp;16, 2011
(incorporated by reference to the Company&#146;s Form&nbsp;40-F filed on March
18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audited Consolidated Financial Statements of the Company, including
the notes thereto, as at and for the years ended December&nbsp;31, 2010 and
2009, together with the auditor&#146;s report thereon dated February&nbsp;24, 2011
(incorporated by reference to the Company&#146;s Form&nbsp;40-F filed on March&nbsp;18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of Financial Results of the
Company for the year ended December&nbsp;31, 2010 (incorporated by
reference to the Company&#146;s Form&nbsp;40-F filed on March&nbsp;18, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information Circular of the Company, dated as of March&nbsp;11, 2011,
prepared in connection with the Company&#146;s annual meeting held on May
5, 2011 (incorporated by reference to the Company&#146;s Form&nbsp;6-K filed on
April&nbsp;11, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unaudited Condensed Interim Consolidated Financial Statements of the Company as
at June&nbsp;30, 2011 and for the three and six month periods ended June&nbsp;30,
2011 and June&nbsp;30, 2010 (incorporated by reference to the Company&#146;s
Form&nbsp;6-K filed on August 5, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of Financial Results of the
Company for the period ended June&nbsp;30, 2011 (incorporated by reference
to the Company&#146;s Form&nbsp;6-K filed on August 5, 2011)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6***
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (contained on the signature pages of this Registration
Statement on Form&nbsp;F-10)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.1**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture (incorporated by reference to the Company&#146;s Form&nbsp;F-10/A
filed on May&nbsp;22, 2001)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left">

<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference.</TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed.</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-6<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>o72154xxexv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 5.1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent
to the incorporation by reference in this Amendment No. 1 to Registration Statement on Form F-10 (Registration Statement No. 333-176788) of our reports dated February&nbsp;24, 2011, relating to the consolidated
financial statements of TELUS Corporation and subsidiaries (the &#147;Company&#148;)  and the effectiveness of the Company&#146;s internal control over
financial reporting, appearing in the Company&#146;s Annual Report on Form 40-F for the year ended
December&nbsp;31, 2010.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Deloitte &#038; Touche LLP
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Independent Registered Chartered Accountants<BR>
Vancouver, Canada<BR>
October&nbsp;3, 2011
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
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