Telus Won't Proceed With Income Trust Conversion

Telus Corp.'s board has unanimously decided not to proceed with a planned conversion to an income trust in light of the Canadian Minister of Finance's announcement of a new tax plan that would increase the level of taxation on income trusts.

Telus, a Vancouver telecommunications company, said its board and management believe that it's no longer in the best interests of the company and its shareholders to proceed with the reorganization.

-Tara Zachariah; 416-306-2100; AskNewswires@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 25th November 2006