Offer to purchase CLEARNET.pdf - About TELUS

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TELUS CORPORATION PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO (JUNE 30, 2000) II-14
TELUS CORPORATION PRO FORMA CONSOLIDATED STATEMENT OF INCOME For the six months ended June 30, 2000 (unaudited) TELUS Combined Pro Forma Adjustments Pro Forma Corporation Clearnet 2(a) (millions) 2(b) Consolidated Operating Revenues Wireless ............................... $ 521.2 $ 244.5 $ 765.7 $ — $ 765.7 Other ................................ 2,485.5 — 2,485.5 — 2,485.5 3,006.7 244.5 3,251.2 — 3,251.2 Operating Expenses Wireless ............................... 322.4 327.4 649.8 — 649.8 Other ................................ 1,454.6 — 1,454.6 — 1,454.6 1,777.0 327.4 2,104.4 — 2,104.4 EBITDA* Wireless ............................... 198.8 (82.9) 115.9 — 115.9 Other ................................ 1,030.9 — 1,030.9 — 1,030.9 1,229.7 (82.9) 1,146.8 — 1,146.8 Depreciation and amortization .............. 548.3 113.5 661.8 — 661.8 Operating Income (Loss) .................. 681.4 (196.4) 485.0 — 485.0 Other income, net ....................... 10.7 — 10.7 — 10.7 Financing costs .......................... Income (Loss) Before Income Taxes and 103.1 125.4 228.5 100.4 328.9 Non-controlling Interest ................. 589.0 (321.8) 267.2 (100.4) 166.8 Income taxes ........................... 255.7 1.7 257.4 (188.4) 69.0 Income (Loss) Before Non- controlling Interest . . 333.3 (323.5) 9.8 88.0 97.8 Non-controlling interest ................... 2.9 — 2.9 — 2.9 Net Income (Loss) Before Goodwill Charges .... 330.4 (323.5) 6.9 88.0 94.9 Goodwill amortization .................... 3.0 — 3.0 120.8 123.8 Net Income (Loss) ....................... 327.4 (323.5) 3.9 (32.8) (28.9) Preference and preferred share dividends ....... 1.8 — 1.8 — 1.8 Common Share Income (Loss) .............. Earnings (Loss) per Share ($) $ 325.6 $(323.5) $ 2.1 $ (32.8) $ (30.7) Income before goodwill charges .............. 1.39 (5.57) — — 0.32 Common share income (loss) ............... Average Class A Equivalent Shares Outstanding 1.37 (5.57) — — (0.11) (millions) ............................ — 58.1 — — — Average Common Shares Outstanding (millions) . 236.9 — — 53.9 290.8 Effective tax rate ........................ 43.4% (0.5)% — — 41.4% * EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization. II-15
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No securities commission or similar
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QUESTIONS AND ANSWERS ABOUT THE OFF
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outstanding voting shares of Clearn
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WHERE YOU CAN OBTAIN MORE INFORMATI
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SUMMARY The following is a summary
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Commitment to Accept the Offers by
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Selected Historical and Pro Forma C
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DEFINITIONS In the accompanying Sum
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‘‘Governmental Entity’’ mea
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‘‘Shareholders Agreements’’
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Shares and the amount of cash recei
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shares into the Depositary’s acco
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the person or persons specified by
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(l) neither TELUS nor the Banks bec
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condition of the Offers specified u
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(f) the Holdco Shareholder properly
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Notice of any determination regardi
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The Offers are not being made to, n
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On July 14, 2000, Darren Entwistle,
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espect of such Acquisition Proposal
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etter positioned to take advantage
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The funds obtained pursuant to the
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part of its national strategy, TELU
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to require holders of TELUS Non-Vot
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‘‘Dividends’’ in TELUS’ A
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systems. Change in the regulation o
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(b) the management proxy circular o
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COMMITMENTS TO ACQUIRE SECURITIES O
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the proposed transaction is likely
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ACQUISITION OF CLEARNET SHARES NOT
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least equal in value to the conside
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Beneficial owners of Clearnet Conve
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separately dispose of the balance o
Page 67 and 68: also be taxable Canadian property w
Page 69 and 70: No brokerage fees or commissions wi
Page 71 and 72: CONSENT OF AUDITORS To: British Col
Page 73 and 74: CERTIFICATE OF 612459 B.C. LTD. The
Page 75 and 76: MANAGEMENT’S REPORT Management is
Page 77 and 78: TELUS CORPORATION (FORMERLY BCT.TEL
Page 87 and 88: 4. FINANCING COSTS TELUS CORPORATIO
Page 105 and 106: SCHEDULE II TELUS CORPORATION UNAUD
Page 107 and 108: COMPILATION REPORT To the Directors
Page 109 and 110: TELUS CORPORATION PRO FORMA CONSOLI
Page 111 and 112: TELUS CORPORATION NOTES TO THE PRO
Page 117: TELUS CORPORATION NOTES TO THE PRO
Page 127 and 128: SCHEDULE III TELUS CORPORATION U.S.
Page 129 and 130: The following table restates the ma
Page 131 and 132: ANNEX A ADDITIONAL INFORMATION ADDI
Page 133 and 134: Fares F. Salloum President — Inte
Page 135 and 136: Officers Name and Position held wit
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