Exhibit 99.4

TELUS CORPORATION

as Issuer

and

COMPUTERSHARE TRUST COMPANY OF CANADA

as Indenture Trustee

FIFTY-SIXTH SERIES SUPPLEMENT

Dated as of December 9, 2025

Supplementing the Trust Indenture dated as of May 22, 2001

between TELUS Corporation, as Issuer and

Computershare Trust Company of Canada, as Indenture Trustee,

and providing for the issue of

5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056

in the aggregate principal amount of $400,000,000

TABLE OF CONTENTS

THIS IS THE FIFTY-SIXTH SERIES SUPPLEMENT dated as of December 9, 2025

BETWEEN:

- and-

WHEREAS the Issuer and the Indenture Trustee have entered into a trust indenture dated as of May 22, 2001 (the “Base Indenture”), as amended and supplemented by the forty-seventh supplement to the Base Indenture, dated January 2, 2024 between the Issuer and the Indenture Trustee (together, with the Base Indenture, the “Indenture” and the Indenture as further amended and supplemented by this Series Supplement, the “Supplemented Indenture”);

AND WHEREAS pursuant to Section 2.02 of the Base Indenture, the Issuer may from time to time create and issue one or more new Series of Debt Securities, subject to the satisfaction of certain conditions set forth in the Indenture and in the related Series Supplement;

AND WHEREAS the Principal Terms of any new Series of Debt Securities are to be set forth in a Series Supplement, which amends and supplements the Indenture in relation to such Series;

AND WHEREAS this Series Supplement relates to the Series of Debt Securities to be designated as 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 and the Issuer and the Indenture Trustee are entering into this Series Supplement in order to establish the Principal Terms of such Series and to provide for the issuance of such Series.

NOW THEREFORE THIS SERIES SUPPLEMENT WITNESSES and it is hereby covenanted, agreed and declared as follows:

Article One
Interpretation

This Series Supplement is supplemental to the Indenture, and the Indenture and this Series Supplement shall hereafter be read together and shall have effect, so far as practicable, with respect to the 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 as if all the provisions of the Indenture and this Series Supplement were contained in one instrument, which instrument shall be governed by and construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable in such Province. The parties hereto expressly request and require that this document be drawn up in English. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s’y rattachent soient rédigés en anglais.

“Business Day” shall mean a day other than a Saturday, Sunday or other day on which banking institutions in the Province of Ontario are authorized or required by law to close.

“Event of Default” shall have the meaning specified in Section 6.01 of this Series Supplement.

“Administrative Action” shall mean, with respect to a Tax Event (as defined herein), any judicial decision, administrative pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice, announcement, assessment or reassessment).

“Bankruptcy Law” shall mean the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) or any other similar applicable Canadian federal, provincial or territorial law or similar applicable law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors.

“Bankruptcy Order” shall mean any court order for liquidation, winding up, dissolution or reorganization, or appointing a Custodian of a debtor or of all or any substantial part of a debtor’s property, or providing for the staying, arrangement, adjustment or composition of indebtedness or other relief of a debtor.

“Base Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Bloomberg Screen GCAN5YR Page” shall mean the display designated as page “GCAN5YR<INDEX>” on the Bloomberg Financial L.P. service (or such other page as may replace the GCAN5YR page on that service for purposes of displaying Government of Canada bond yields).

“Calculation Agent” shall mean any Person, which may be the Issuer or any of the Issuer’s Affiliates, appointed by the Issuer from time to time to act as calculation agent with respect to the Notes.

“Common Shares” means the common shares in the capital of the Issuer.

“Custodian” shall mean any receiver, interim receiver, receiver and manager, trustee in bankruptcy, liquidator, sequestrator or similar official under any Bankruptcy Law or any other Person with like powers.

“DBRS” shall mean DBRS Limited.

“Deferral Period” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Deferral Right” shall have the meaning specified in Section 2.06 of this Series Supplement.

“Deferred Interest” shall have the meaning specified in Section 3.01 of this Series Supplement.

“Dividend Restricted Shares” shall mean the Common Shares and any preferred shares in the capital of the Issuer.

“First Reset Date” shall mean June 9, 2031.

“Five Year Government of Canada Yield” shall mean, as at any Interest Reset Determination Date for a Interest Reset Period, the bid yield to maturity on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, “Five Year Government of Canada Yield” means the average of the yields determined by two registered Canadian investment dealers (each of which is a member of the Canadian Investment Regulatory Organization), selected by the Issuer, as being the yield to maturity (assuming semi-annual compounding) on such date at or about 10:00 a.m. (Toronto time) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its principal amount on such date with a term to maturity of five years.

“Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Interest Payment Date” shall mean June 9 and December 9 of each year during which any Notes are outstanding until Maturity.

“Interest Period” shall mean the period commencing on the later of the date of issuance of the Notes or the last Interest Payment Date to, but excluding, the next Interest Payment Date.

“Interest Reset Date” shall mean the First Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.

“Interest Reset Determination Date” shall mean, for any Interest Reset Period, the day falling two Business Days prior to the applicable Interest Reset Date for such Interest Reset Period.

“Interest Reset Period” shall mean the period from, and including, the First Reset Date to, but excluding, the next succeeding Interest Reset Date, and thereafter each period from, and including, each Interest Reset Date to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity, or the Redemption Date, as the case may be.

“Moody’s” shall mean Moody’s Investors Service Inc.

“Notes” shall have the meaning specified in Section 2.01 of this Series Supplement.

“Parity Indebtedness” shall mean any class or series of the Issuer’s debt securities or any other indebtedness of the Issuer for borrowed money outstanding on the date hereof or hereafter created which ranks on a parity with the Notes as to distributions upon liquidation, dissolution or winding-up.

“Permitted Purchase” shall mean a redemption, purchase or other retirement for value of any Dividend Restricted Shares or Parity Indebtedness (i) pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of Dividend Restricted Shares or (ii) with respect to Dividend Restricted Shares, (a) out of the net cash proceeds of a substantially concurrent issuance and sale of, or made in exchange for (including by using), Dividend Restricted Shares or a substantially concurrent net cash capital contribution received by the Issuer (other than from a subsidiary of the Issuer), (b) deemed to occur upon the exercise or exchange of options, warrants or other convertible or exchangeable securities, to the extent such Dividend Restricted Shares represent all or a portion of the exercise, conversion or exchange price thereof, together with any withholding to pay for the taxes payable in connection therewith or (c) cash payments in lieu of issuing fractional shares in connection with share dividends, splits or business combinations or the exercise of warrants, options or other securities convertible into or exchangeable for Dividend Restricted Shares of the Issuer.

“Rating Event” shall mean, with respect to the Notes, any Specified Rating Agency amends, clarifies or changes the methodology or criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change results in (i) the shortening of the length of time the Notes are assigned a particular level of equity credit by that Specified Rating Agency as compared to the length of time they would have been assigned that level of equity credit by that Specified Rating Agency or its predecessor on the date of issuance, or (ii) the lowering of the equity credit assigned to the Notes by that Specified Rating Agency compared to the equity credit assigned by that Specified Rating Agency or its predecessor on the date of issuance.

“Redemption Date” means the date fixed for redemption of the Notes as specified in notice(s) of redemption delivered pursuant to Section 2.07 of this Series Supplement.

“S&P” shall mean Standard & Poor’s Rating Services, a business unit of S&P Global Canada Corp.

“Specified Rating Agency” shall mean each of Moody’s, S&P and DBRS or any other designated rating organization (as defined in National Instrument 44-101 – Short Form Prospectus Distributions), as applicable, that then publishes a rating for the Issuer and, in each case, their respective successors.

“Senior Creditor” shall mean a holder or holders of Senior Indebtedness and includes any representative or representatives or trustee or trustees of any such holder and such other lenders providing advances to the Issuer pursuant to Senior Indebtedness.

“Senior Indebtedness” shall mean all present and future indebtedness, liabilities and other obligations (other than Subordinated Indebtedness) of, or guaranteed or assumed by, the Issuer for borrowed money or evidenced by bonds, debentures or notes or obligations of the Issuer for or in respect of bankers’ acceptances (including the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refunding of any such indebtedness, liabilities or other obligations including, without limitation, the senior notes issued by the Issuer.

“Subordinated Indebtedness” shall mean the Notes or any other obligations that are, pursuant to the terms of the instrument or agreement creating or evidencing those obligations, expressly designated as being (i) subordinate in right of payment to Senior Indebtedness or (ii) pari passu with, or subordinate to, the Notes in right of payment.

“Stated Maturity” shall have the meaning specified in Section 2.05 of this Series Supplement.

“Supplemented Indenture” shall have the meaning specified in the recitals of this Series Supplement.

“Tax Event” shall mean, with respect to the Notes, the Issuer has received an opinion of counsel of a law firm that is nationally recognized in Canada or the U.S. and experienced in such matters (who may be counsel to the Issuer) to the effect that, as a result of (i) any amendment to, clarification of, or change (including any announced prospective amendment, clarification or change) in the laws, or any regulations or rulings thereunder, or any application or interpretation thereof, of Canada or the U.S. or any political subdivision or authority or agency thereof or therein having power to tax or any applicable tax treaty, (ii) any Administrative Action, or (iii) any amendment to, clarification of, or change in, the official position with respect to or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the theretofore generally accepted position, in each of case (i), (ii) or (iii), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority irrespective of the manner in which such amendment, clarification, change, Administrative Action, interpretation or pronouncement is made known, which amendment, clarification, change or Administrative Action is effective or which interpretation, pronouncement or Administrative Action is announced on or after the date of issuance of the Notes, there is a more than insubstantial risk (assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or Administrative Action is effective and applicable) that the Issuer is, or may be subject to more than a de minimis amount of additional taxes, duties or other governmental changes or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid-up capital with respect to the Notes (including the treatment or deductibility by the Issuer of interest on the Notes), as or as would be reflected in any tax return or form filed, to be filed, or that otherwise would have been filed, will not be respected by a taxing authority.

If any term or provision contained in this Series Supplement shall conflict or be inconsistent with any term or provision of the Indenture, the terms and provisions of this Series Supplement shall govern; provided, however, that the terms and provisions of this Series Supplement may modify or amend the terms of the Indenture solely as applied to the Notes.

This Series Supplement shall, unless the context otherwise requires, be subject to the interpretation provisions contained in Article One of the Base Indenture.

Exhibit A to this Series Supplement forms part of this Series Supplement.

Article Two
Debt Securities

The Issuer is hereby authorized to issue under the Indenture a Series of Debt Securities designated “5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056” (the “Notes”) having the terms set forth in this Article Two and Article Three.

The aggregate principal amount of the Notes that may be issued (except for Notes issued upon registration of transfer of, or in exchange for, or in lieu of, other Notes) shall be initially limited to $400,000,000. The Issuer may, from time to time, without the consent of any existing Holders of the Notes, create and issue additional Notes hereunder in such additional amounts as the Issuer may determine having the same terms and conditions as the Notes in all respects, except for such variations to such terms and conditions as may be required, in the reasonable and good faith opinion of the Issuer, to reflect the different issue dates of such additional Notes and the then existing Notes and the intention that all such additional Notes and then existing Notes be fungible for trading purposes from the issue date of such additional Notes (which variations may include, among other things, a different issue date, a different issue price, a different interest commencement date, a different first interest payment date, a different initial interest period, and a different interest payment calculation for the initial interest period). Additional Notes so created and issued will be consolidated with and form a single Series with the then existing Notes and, if the Issuer acting reasonably and in good faith determines that it is advisable or advantageous to do so, the Issuer may accept such additional Notes and then existing Notes (including any such Notes in global form held by a Depositary) in exchange for consolidated and restated replacement Notes reflecting the terms and conditions of such additional Notes and then existing Notes.

The Notes shall be denominated in, and all principal of, and premium, interest and other amounts on the Notes shall be payable in, Canadian Dollars. Unless expressly provided to the contrary in this Series Supplement, all amounts expressed in this Series Supplement and in each Note in terms of money refer to Canadian Dollars.

The Notes shall be denominated in integral multiples of $1,000.

The Series Issuance Date for the Notes shall be December 9, 2025 and the entire principal amount of the Notes shall become due and payable, together with any accrued and unpaid interest on the Notes, on June 9, 2056 (such date being the “Stated Maturity” of the outstanding principal amount of the Notes).

The Notes will not be subject to repurchase or redemption pursuant to any sinking fund.

The Notes will be subject to Defeasance and Covenant Defeasance as described in Article Thirteen of the Base Indenture.

For the purpose of this Series Supplement and the Notes:

Notwithstanding Section 1.07 of the Base Indenture or any other provision under the Indenture, if any Interest Payment Date or the date of Maturity is not a Business Day, such payment will be made on the next Business Day, and the Holders of such Notes shall not be entitled to any further interest or other payment in respect of such delay.

Article Three
Deferral Right and Dividend Stopper Undertaking

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event of Default or any other breach under the Supplemented Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

The Issuer will give the Indenture Trustee and the Holders of the Notes written notice of its election to commence or continue a Deferral Period at least 10 days and not more than 60 days before the next Interest Payment Date.

Unless the Issuer has paid all accrued and payable interest on the Notes (including Deferred Interest, if any), as applicable, the Issuer will not:

Article Four
Covenants and Representations and Warranties With Respect To The Notes

It is hereby acknowledged and agreed that Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture do not apply to this Series Supplement and the Notes issued hereunder. For greater certainty, the provisions and covenants contained in this Article Four, Article Five and Article Six apply to this Series Supplement and the Notes issued hereunder notwithstanding the provisions, covenants or anything to the contrary contained in Sections 4.02(3), 4.04(2), 4.04(3), 5.01 (Representations and Warranties), 5.02 (Positive Covenants), 5.03 (Negative Covenants), 5.04 (Indenture Trustee May Perform Covenants), 6.01 (Events of Default), 6.02(1) and 6.02(2) of the Base Indenture.

The Issuer hereby covenants and agrees with the Indenture Trustee for the benefit of the Indenture Trustee and the Holders of Notes as follows, so long as any Notes are Outstanding:

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer a Certificate of the Issuer stating that, as of the end of such fiscal year, the Issuer was in compliance in all material respects with all covenants and other requirements contained in the Supplemented Indenture, or giving particulars of any such non-compliance.

The Issuer will deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Issuer audited consolidated financial statements of the Issuer for such fiscal year including the consolidated balance sheet and statements of income, retained earnings and cash flow and within 60 days after the end of each fiscal quarter, other than the last fiscal quarter of each fiscal year, unaudited consolidated financial statements of the Issuer for such fiscal quarter consisting of a consolidated balance sheet and consolidated statements of income and cash flow.

The Issuer will pay such fees as are agreed upon in writing between the Issuer and the Indenture Trustee and all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in the administration or execution of the trusts created by the Supplemented Indenture (including the reasonable compensation and the disbursements of its counsel and all other advisers and assistants not regularly in its employ), both before and after any Default or Event of Default with respect to the Notes until all its duties shall be finally and fully performed, except any such expense, disbursement or advance as may arise from or in connection with the dishonesty, bad faith, wilful misconduct, gross negligence or reckless disregard of any duty by the Indenture Trustee, or the failure to comply with the standard of care referred to in Section 8.01 of the Base Indenture.

If the Issuer shall fail to perform any of its covenants set forth herein, the Indenture Trustee may in its discretion, but (subject to Section 6.02 of this Series Supplement or unless provided to the contrary in the Indenture) need not, notify the Holders of such failure, and itself may perform any such covenant that is capable of being performed by it, and if any such performance requires the payment of money, it may make such payment with its own funds or with money borrowed by it for such purpose, but shall be under no obligation to do so; provided however that no such performance or payment by the Indenture Trustee shall be deemed to release the Issuer from, the Issuer’s failure to perform its applicable covenant and any amounts so paid or expended by the Indenture Trustee shall be immediately repaid to the Indenture Trustee by the Issuer and shall bear interest until so repaid at a rate of interest that is 5% per annum above the highest rate of interest chargeable from time to time by the Indenture Trustee to its corporate trust customers.

Article Five
Subordination Of Notes

Any failure by the Issuer to make any payment on or perform any other obligation under Senior Indebtedness, other than any indebtedness incurred by the Issuer or assumed or guaranteed, directly or indirectly, by the Issuer for money borrowed (or any deferral, renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of this Section 5.02 shall have been waived by the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default under Section 5.01(c)(ii) of this Series Supplement if (a) the Issuer shall be disputing its obligation to make such payment or perform such obligation and (b) either (i) no final judgment relating to such dispute shall have been issued against the Issuer which is in full force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal or review, or (ii) in the event of a judgment that is subject to further review or appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review.

Subject to the payment in full of all Senior Indebtedness, the Holders of the Notes shall be subrogated (equally and ratably with the holders of all obligations of the Issuer which by their express terms are subordinated to Senior Indebtedness of the Issuer to the same extent as the Notes are subordinated and which are entitled to like rights of subrogation) to the rights of Senior Creditors to receive payments or distributions of cash, property or securities of the Issuer applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and as between the Issuer, its creditors other than Senior Creditors and the Holders, no such payment or distribution made to the Senior Creditors by virtue of this Article that otherwise would have been made to the Holders of Notes shall be deemed to be a payment by the Issuer on account of such Senior Indebtedness, it being understood that the provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the Senior Creditors, on the other hand.

Notwithstanding the provisions of this Article or any other provisions of the Supplemented Indenture, the Indenture Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Indenture Trustee, or the taking of any other action by the Indenture Trustee, unless and until the Indenture Trustee shall have received written notice thereof mailed or delivered to the Indenture Trustee from the Issuer, any Holder of Notes, any paying agent or the holder or representative of any class of Senior Indebtedness.

The Indenture Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in the Supplemented Indenture shall deprive the Indenture Trustee of any of its rights as such holder.

In case at any time any Paying Agent other than the Indenture Trustee shall have been appointed by the Issuer and be then acting hereunder, the term Indenture Trustee as used in this Article shall in such case (unless the context shall require otherwise) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Indenture Trustee; provided, however, that Sections 5.06 and 5.07 of this Series Supplement shall not apply to the Issuer if it acts as its own Paying Agent.

Nothing in this Article shall apply to claims of, or payments to, the Indenture Trustee pursuant to Section 4.05 of this Series Supplement.

Article Six
Events Of Default and Remedies

Notwithstanding anything in the Indenture to the contrary and solely with respect to the Notes (and not with respect to any other securities issued or outstanding under the Base Indenture), for so long as any of the Notes remain outstanding, “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by provisions of Article Six of this Series Supplement or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

Solely with respect to the Notes:

Article Seven
Miscellaneous Provisions

The Indenture, as amended and supplemented by this Series Supplement, is in all respects confirmed.

The Indenture Trustee hereby accepts the trusts in this Series Supplement declared and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Indenture.

This Series Supplement may be executed in any number of counterparts, and delivered via electronic means (including by way of pdf), each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date set forth on the first page of this Series Supplement.

[Remainder of page intentionally left blank]

IN WITNESS OF WHICH the Issuer and the Indenture Trustee have caused this Series Supplement to be duly executed by their duly authorized officers as of the date specified on the first page of this Series Supplement.

EXECUTION PAGE – SUPPLEMENTAL INDENTURE

Exhibit A To FIFTY-SIXTH Series Supplement

TELUS CORPORATION

5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056

TELUS Corporation (the “Issuer”) for value received hereby acknowledges itself indebted and promises to pay to the Holder hereof on presentation and surrender of this 5.375% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAT (the “Note”) at the principal office of Computershare Trust Company of Canada (the “Indenture Trustee”, which term shall include its successors under the Indenture hereinafter referred to) in Calgary, Alberta, Canada, the principal amount of ● dollars in lawful money of Canada ($●), and to pay interest on the outstanding principal amount hereof at the same place in like money (i) from, and including, December 9, 2025 to, but excluding, the First Reset Date at a rate of 5.375% per annum, and thereafter (ii) from, and including, each Interest Reset Date with respect to each Interest Reset Period to, but excluding, the next succeeding Interest Reset Date, the Stated Maturity or the Redemption Date, as the case may be, at a rate per annum equal to the Five Year Government of Canada Yield as of the most recent Interest Reset Determination Date plus a spread of 2.470%, to be reset on each Interest Reset Date; provided, that the interest rate will not reset below 5.375%, as well after as before maturity, default and judgment, with interest on overdue interest at the same rate as more particularly specified in the Indenture.

The outstanding principal amount of this Note is payable in one instalment on June 9, 2056. Subject to the Issuer’s right to defer interest payments as provided for in the Indenture (the “Deferral Right”), interest on this Note that accrues for the period from, and including, December 9, 2025 to, but excluding, June 9, 2026 is payable on the first Interest Payment Date (namely, June 9, 2026) in an aggregate amount equal to $●, and interest on this Note that accrues from and including June 9, 2026 is payable in arrears in equal semi-annual instalments on June 9 and December 9 of each year beginning December 9, 2026. All accrued and unpaid interest on this Note is payable on the Stated Maturity.

All payments made by the Issuer under or with respect to this Note will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or therein or by any authority or agency thereof or therein having power to tax (hereinafter “Taxes”) unless the Issuer is required to withhold or deduct Taxes by Applicable Law or by the interpretation or administration thereof by the relevant Governmental Authority.

This Note is one of a duly authorized Series of Debt Securities designated as 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 issued under a trust indenture dated as of May 22, 2001 (the “Base Indenture”) as amended and supplemented by the forty-seventh supplement to the Base Indenture, dated January 2, 2024 (the “Forty-Seventh Supplement”) and a fifty-sixth series supplement dated December 9, 2025 (the “Series Supplement”, and together with the Base Indenture and the Forty-Seventh Supplement, and as further amended, the “Indenture”), in each case between the Issuer and the Indenture Trustee. Reference is hereby made to the Indenture as to the nature and extent of the rights of the Holders of the Debt Securities of this Series, all to the same effect as if the provisions of the Indenture were herein set forth, to all of which provisions the Holder of this Note by acceptance hereof assents. All capitalized terms used but not defined herein have the meanings specified in the Indenture.

So long as no Event of Default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years (a “Deferral Period”). Such deferral will not constitute an Event of Default or any other breach under the Indenture. Any instalment of interest whose payment is deferred pursuant to the Deferral Right (“Deferred Interest”) will accrue, compounding on each subsequent Interest Payment Date, until paid, to the extent permitted by law. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Stated Maturity and, for greater certainty, all accrued and unpaid interest (including any Deferred Interest) shall be due and payable at the Stated Maturity or the Redemption Date, as the case may be. There shall be no limit on the number of Deferral Periods that may occur.

Each Debt Security of this Series, including this Note, may be redeemed by the Issuer, at its option and without the consent of any Holder, in whole or at any time in part from time to time on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holders, (i) on any day in the period commencing on and including the date that is 90 days prior to the First Reset Date and ending on and including the First Reset Date, and (ii) after the First Reset Date, on any Interest Payment Date, in each case, in accordance with the Indenture and at a Redemption Price equal to 100% of the principal amount of this Note redeemed, together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part, at any time within 90 days following the occurrence of a Tax Event at a Redemption Price equal to 100% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date.

In addition, the Issuer may, at its option and without the consent of any Holder, on giving not more than 60 days’ nor less than 10 days’ prior notice to the Holder, redeem this Note in whole, but not in part at any time within 90 days following the occurrence of a Rating Event at a Redemption Price equal to 102% of the outstanding principal amount of this Note together with accrued and unpaid interest (including Deferred Interest, if any) thereon to, but excluding, the Redemption Date

At the Issuer’s discretion, any redemption (including any redemption pursuant to a Tax Event or Rating Event) may be subject to one or more conditions precedent, and any such conditional redemption may be revoked in the event that any or all of such conditions have not been satisfied or waived by the Redemption Date.

The outstanding principal amount of this Note may become or be declared to be due and payable by the Indenture Trustee before maturity in the circumstances set out in the Indenture.

This Note is transferable only in accordance with the provisions of the Indenture and subject to the last two sentences of this paragraph. No transfer of this Note shall be valid unless made on the Register kept by and at the principal office of the Registrar in Calgary, Alberta, by the Holder hereof or its attorney duly appointed by instrument in writing in form and execution satisfactory to the Registrar upon compliance with such reasonable requirements as the Registrar may prescribe. Except as otherwise provided in the Indenture, this Note may be transferred, in whole but not in part, only to another nominee of the Depositary for the 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 or to a successor Depositary or to a nominee of such successor Depositary. Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc. (“CDS”) to TELUS Corporation (the “Issuer”) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.

The Indenture contains provisions making binding upon all Holders of the Debt Securities of this Series, or upon the Holders of all Series outstanding under the Indenture, certain Holder Actions taken by the Holders of a specified majority of the Debt Securities of this Series, or of all Series, as the case may be, then outstanding.

This Note shall not become obligatory for any purpose until certified by the Indenture Trustee.

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IN WITNESS OF WHICH TELUS Corporation has caused this 5.375% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAT due June 9, 2056 to be signed by its duly authorized officer on ●.

EXECUTION PAGE – GLOBAL NOTE

INDENTURE TRUSTEE’S CERTIFICATE

This 5.375% Fixed-to-Fixed Rate Junior Subordinated Note, Series CAT due June 9, 2056 is one of the 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 referred to in the Indenture (CUSIP No. 87971MCN1).

(Form of Registration Panel)

(No writing hereon except by the Indenture Trustee)