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TELUS, Clearnet Finalize Deal

[Burnaby, CANADA] TELUS Corporation and Clearnet Communications have created Canada's largest wireless company. The companies announced today that all of the conditions of the TELUS Offers to Purchase have been satisfied and TELUS will take up and pay for the Clearnet shares that have been deposited.

The TELUS Offers resulted in an overall tender of 98.5 percent of Clearnet's shares, consisting of 97.9 percent of the Class A shares, 99.97 percent of the Class B shares, and 100 percent of the Class C and D shares.

"The completion of the Clearnet acquisition since our announcement of our intent speaks volumes about the speed and focus with which TELUS will be operating as we move forward with our growth strategy," said Darren Entwistle, president and chief executive officer.

"In the 60 short days since the announcement, we met every one of our commitments. We successfully marketed the deal, secured four investment grade debt ratings, raised $6.25 billion in bank syndicated financing, listed our Non-Voting shares on the New York Stock Exchange and met the conditions of the Offers."

The new TELUS Mobility will have more than two million customers, more than 4,000 employees, a license to provide coverage to 31 million potential customers and existing digital network coverage for more than 21 million potential customers from coast to coast.

The combined company will become Canada's largest wireless company in terms of annual revenues, customer growth, and wireless spectrum position.

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