Q3 2014 investor conference call November 6, 2014

1. Darren Entwistle, Executive Chair Joe Natale, President and Chief Executive Officer John Gossling, EVP and Chief Financial Officer Q3 2014 investor conference call November 6, 2014

2. 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 and our ability to sustain and complete multi-year share purchase programs through 2016), qualifications and risk factors referred to in the first, second, and third 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.

3. Executing on our strategy • Increasing customer connections • Leading wireless lifetime revenue • Delivering exceptional customer experience • Investing for future sustainable growth • Returning significant cash to our shareholders TELUS consistently delivering strong results and returning significant cash to shareholders

4. Stronger wireless postpaid net additions Wireless subscribers1 Postpaid net adds (000s) 1.0M prepaid 113 106 12% 100 78 7.99M total 59 48 88% 6.99M postpaid Q2-13 Q2-14 Q3-13 Q3-14 Q1-13 Q1-14 Year over year postpaid net additions up for first time since Q2-12 • 1 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

5. Industry-leading wireless churn Postpaid Blended1 1.44% 1.36% 1.25% 1.10% 0.99% 0.90% Q3-13 Q3-14 Q3-12 Q3-12 Q3-13 Q3-14 Industry-leading postpaid churn matches record low. Fifth consecutive quarter with postpaid churn <1% • 1 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

6. Smartphone & data adoption driving ARPU growth $64.51 7.0 $62.49 6.7 $61.42 6.4 80% 75% 63% Q3-12 Q3-13 Q3-14 Q3-12 Q3-13 Q3-14 Postpaid subscribers (millions) Blended ARPU1 Smartphone % of postpaid Q3 smartphone penetration up five points to 80% of postpaid base supporting strong ARPU growth of 3.2% • 1 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

7. Industry-leading lifetime revenue per subscriber1,2 $5,161 $4,595 $4,265 Q3-12 Q3-13 Q3-14 Customers First focus supporting industry-leading lifetime revenue per subscriber – TELUS record, up 12% YoY 1Lifetime revenue derived by dividing ARPU by blended churn rate. 2 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

8. Growing wireline subscriber base RGU1 net adds (000s) 53 48 48 42 High-speed Internet TELUS TV Business NALs Residential NALs -19 -24 -24 -40 Q1-14 Q2-14 Q3-14 Q3-13 13 24 23 24 Total wireline RGU net adds Delivering positive wireline subscriber growth 1 Revenue generating units

9. Key third quarter operating highlights • Industry-leading postpaid wireless subscriber growth • Lowest postpaid churn in North America • Strong growth in industry-leading ARPU • Industry-leading and expanding lifetime revenue per customer • Most rapidly growing wireline business in Canada • Strong EBITDA1 performance and revenue growth in both wireless and wireline Strong customer-centric operating momentum in wireless and wireline supporting ongoing value creation for investors 1 For definition, see section 11.1 in Q3 2014 Management’s discussion and analysis.

10. Q3 2014 wireless financial results TELUS delivers another strong quarter of wireless results 1 Includes Public Mobile revenue of $19M, composed of network revenues of $17M and equipment and other revenues of $2M. 2 EBITDA as a percentage of total revenue.

11. Q3 2014 wireline financial results Strong EBITDA growth and margin expansion reflecting continued revenue growth momentum and efficiency flow-through 1 EBITDA as a percentage of total revenue.

12. Q3 2014 consolidated financial results Strength in both wireless and wireline delivering strong consolidated growth in revenue and profitability 1Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition.

13. EPS continuity analysis ($0.02) $0.64 $0.02 ($0.06) $0.06 $0.58 $0.58 $0.56 $0.02 Q3-14 items1 EBITDA (excluding restructuring & Public Mobile) Lower shares outstanding Higher Depreciation & Amortization & Public Mobile Q3-13 (as reported) Q3-13 (adjusted) Q3-14 (adjusted) Q3-14 (as reported) Q3-13 Restructuring costs EPS growth reflects strong EBITDA growth and lower shares outstanding from active NCIB program 1 Q3 2013 items include (after income taxes): 1) restructuring and other like costs of $0.04; and 2) long-term debt pre-payment premium of $0.02.

14. TELUS financing update • Successfully issued $1.2 billion in two tranche debt offering at attractive interest rates • Average cost of long-term debt now 4.72% • Average term to maturity of long-term debt now 11.2 years Balance sheet strength with significant liquidity, positioning TELUS to make strategic investments and return capital to shareholders

15. Returning significant cash to shareholders $10.7B • Executing on multi-year dividend growth and share purchase programs • 15 dividend increases since 2004 to current $0.40/share or $1.60 annually • 13.6M shares purchased YTD through October for $524M Buybacks $4.3B Dividends $6.4B 2004 to mid-2014 cumulative Strong track record of returning capital to shareholders

16. Investor Relations 1-800-667-4871 telus.com/investors ir@telus.com

17. Appendix – Q3 2014 free cash flow comparison

18. 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 third quarter Management’s discussion and analysis (MD&A). • Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. This term is defined in this presentation as excluding (after income taxes): 1) restructuring and other like costs; 2) long-term debt pre-payment premium; and 3) income tax-related adjustments. For further analysis of the aforementioned items see Section 1.3 in the 2014 third quarter MD&A.