Darren Entwistle,

Executive Chair

Joe Natale,

President and Chief Executive Officer

John Gossling,

EVP & Chief Financial Officer

Q1 2014 investor conference call May 8, 2014

TELUS forward looking statement

Today's presentation and answers to questions contain statements about financial and operating performance of TELUS (the Company) and future events, including with respect to future dividend increases and normal course issuer bids to 2016 and 2014 annual targets that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties.

There is significant risk that the 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 actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2014 annual targets, semi-annual dividend increases through 2016, ability to sustain and complete multi-year share purchase programs through 2016), qualifications and risk factors referred to in the first quarter Management’s discussion and analysis, in the 2013 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise 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.

2

Executing on our strategy

• Delivering strong first quarter results • Returning significant capital to shareholders • Investing for future sustainable growth • Advancing through world class leadership progression TELUS delivering strong results and returning significant cash to shareholders 3

Postpaid net adds (000s)

59

Healthy postpaid net additions

48

Wireless subscribers

1 13% 1.0M

prepaid 7.8M

total Q1-13 Q1-14 6.8M

postpaid 87% Continued healthy expansion of postpaid subscriber base and mix shift toward higher value postpaid 1 Wireless subscribers excludes Public Mobile prepaid subscribers as at March 31, 2014. 4

Industry-leading wireless churn Blended

1.55% 1.48% 1.39%

Postpaid

1.14% 1.11% 0.99% Q1-12 Q1-13 Q1-14 Q1-12 Q1-13 Q1-14 North American industry-leading postpaid churn results Lowest Q1 in seven years - third consecutive quarter with postpaid churn < 1% 5

Smartphone & data adoption driving ARPU growth

6.2

6.6

68% 6.8

78% 56% $58.87

$60.04

$61.24

Q1-12 Q1-13 Q1-14 Postpaid subscribers (millions) Smartphone % of postpaid Q1-12 Q1-13 Blended ARPU Q1-14 Q1 smartphone penetration up 10 points to 78% of postpaid base supporting continued strong ARPU growth of 2% 6

Industry-leading lifetime revenue per subscriber

1 $3,798 $4,057 $4,406 Q1-12 Q1-13 Q1-14 Customers First focus generating industry-leading lifetime revenue per subscriber 1 Lifetime revenue derived by dividing ARPU by blended churn rate 7

Strong Future Friendly Home subscriber growth

59K High-speed Internet TELUS TV Residential NALs 50K 16K 44K 13K 53K 19K 21K 48K 21K 31K 34K 38K 27K -34K -32K -33K -25K -24K

Total wireline customer net adds Q1-13

16K

Q2-13

12K

Q3-13

20K

Q4-13

34K

Q1-14

24K Combined TV and High-Speed net additions continue to exceed residential NAL losses by two times 8

Key first quarter operational highlights

• Leading postpaid wireless subscriber growth – 57% share of net adds generated by major national carriers • Lowest postpaid churn in Canada & North America • Industry leading ARPU and fastest growing network revenue • Industry leading lifetime revenue per customer • Most rapidly growing wireline business in Canada • Strong EBITDA performance and revenue growth in both wireless and wireline Supporting value creation for investors and return of significant cash to shareholders 9

Q1 2014 wireless financial results

($ millions, except margin) Revenue (external) 1 Network revenue EBITDA 2 EBITDA (excl. Public Mobile) EBITDA margin 3 EBITDA margin (excl. Public Mobile) Capital expenditures Q1 2014 1,555 1,443 690 700 44.0% 45.3% 165 y/y change +5.6% +5.3% +3.6% +5.1% (0.9) pts +0.4 pts +23% TELUS delivers another strong quarter of wireless results 1 Includes Public Mobile revenue of $24M, composed of network revenues of $21M and equipment and other revenues of $3M 2 For definition, see section 11.1 in Q1 2014 Management’s discussion and analysis.

3 EBITDA as a percentage of total revenue.

10

Q1 2014 wireline financial results

($ millions, except margin) Revenue (external) EBITDA EBITDA margin 1 Capital expenditures Q1 2014 1,340 387 28.0% 331 y/y change +4.4% +5.0% +0.2 pts (0.6)% Strong EBITDA growth and margin expansion reflecting continued revenue growth and focus on efficiency 1 EBITDA as a percentage of total revenue.

11

Q1 2014 consolidated financial results

($ millions, except EPS) Revenue EBITDA EBITDA (excl. Public Mobile) EPS (basic) Capital expenditures Simple cash flow (EBITDA less capex) Q1 2014 2,895 1,077 1,087 0.61

496 581 y/y change +5.0% +4.2% +5.1% +8.9% +6.2% +2.5% Strong growth in revenue and profitability driven by wireless and wireline 12

EPS continuity analysis $0.56

$0.06

$0.03

($0.02) ($0.01) ($0.01)

$0.61

Q1-13 (as reported)

EBITDA (ex. Public Mobile) Lower shares outstanding Financing costs and Depreciation & Amortization Higher income tax rates Public Mobile EPS growth driven by strong EBITDA growth and lower shares outstanding

Q1-14 (as reported)

13

TELUS financing update

• Successfully issued $1 billion in two tranche debt offering at attractive interest rates • Average cost of long-term debt 4.89% • Average term to maturity of long-term debt 10.3 years • Extended credit facility to May 2019 and expanded size from $2.0 billion to $2.25 billion TELUS balance sheet remains in strong position with significant liquidity 14

Returning significant cash to shareholders $10.1B

• Executing on multi-year dividend growth and share purchase programs • Dividend - $0.38/share or $1.52 annually up 11.8% over last year • 5.4M shares purchased in 2014 for $202M at average price of $37.45

$4.0B

Buybacks $6.1B

Dividends 2004 to mid-2014 cumulative Strong track record of returning capital to shareholders 15

Investor Relations 1-800-667-4871 telus.com/investors [email protected]

16

Appendix – Q1 2014 free cash flow comparison

EBITDA Capital expenditures (excluding spectrum licenses) Net employee defined benefit plans expense Employer contributions to employee defined benefit plans Interest expense paid, net Income taxes paid, net Share-based compensation Restructuring (disbursements) net of restructuring costs

Free Cash Flow

Dividends Purchase of Common Shares for cancellation Cash payments for 700 MHz spectrum licences Cash payments for acquisitions and related investments Real estate joint ventures Working Capital and other

Funds available for debt redemption

Net issuance (repayment) of debt

Decrease in cash 2014 Q1

1,077 (496) 22 (29) (60) (224) 16 (15)

291

(222) (159) (229) (37) (14) (240)

(610)

326

(284) 2013 Q1

1,034 (467) 26 (36) (57) (148) 12 (6)

358

(208) (26) (4) (139)

(19)

(66)

(85)

17

Appendix - definitions

• EBITDA does not have any standardized meaning prescribed by IFRS-IASB. We have issued guidance on and report EBITDA because it is a key measure used to evaluate performance at a consolidated level and the contribution of our two segments. For definition and explanation, see Section 11.1 in the 2014 first quarter Management’s discussion and analysis.

18