Q2 2014 investor conference call August 7, 2014

1. Darren Entwistle, Executive Chair Joe Natale, President and Chief Executive Officer John Gossling, EVP & Chief Financial Officer Q2 2014 investor conference call August 7, 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 and second 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 • Delivering strong second quarter results • Returning significant capital to shareholders • Continuing track record of executing in dynamic marketplace TELUS consistently delivering strong results and returning significant cash to shareholders

4. Healthy postpaid net additions Wireless subscribers1 Postpaid net adds (000s) 1.0M prepaid 100 78 13% 7.9M total 87% 6.9M postpaid Q2-13 Q2-14 Continued expansion of postpaid subscriber base and mix shift toward higher value postpaid • 1 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

5. Industry-leading wireless churn Blended1 Postpaid 1.39% 1.40% 1.26% 1.00% 1.03% 0.90% Q2-13 Q2-14 Q2-12 Q2-13 Q2-14 Q2-12 Industry-leading postpaid churn matching record low set eight years ago Fourth 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 $62.51 6.8 $61.12 6.6 $60.29 6.3 79% 71% 59% Q2-12 Q2-13 Q2-14 Q2-12 Q2-13 Q2-14 Postpaid subscribers (millions) Blended ARPU1 Smartphone % of postpaid Q2 smartphone penetration up eight points to 79% of postpaid base supporting continued strong ARPU growth of >2% • 1 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

7. Industry-leading lifetime revenue per subscriber1,2 $4,961 $4,366 $4,337 Q2-12 Q2-13 Q2-14 Customers First focus supporting industry-leading lifetime revenue per subscriber - up a strong 14% YoY 1 Lifetime revenue derived by dividing ARPU by blended churn rate. 2 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid.

8. Future Friendly Home subscriber growth High-speed Internet TELUS TV 48K Residential NALs 44K 38K 21K 13K 15K 31K 23K 34K 27K -19K -24K -32K -33K Q2-14 Q1-14 Q2-13 Total wireline customer net adds 19K 24K 12K Combined TV and High-Speed net additions exceeded residential NAL losses by 2x for the third straight quarter

9. Key second quarter operational highlights • Lowest postpaid churn in Canada • Industry-leading ARPU • Industry-leading lifetime revenue per customer • Most rapidly growing wireline business in Canada • Strong EBITDA performance and revenue growth in both wireless and wireline Strong operating momentum in wireless and wireline supporting value creation and return of significant cash to shareholders

10. Q2 2014 wireless financial results TELUS delivers another strong quarter of wireless results 1 Includes Public Mobile revenue of $25M, composed of network revenues of $22M and equipment and other revenues of $3M 2 For definition, see section 11.1 in Q2 2014 Management’s discussion and analysis. 3 EBITDA as a percentage of total revenue.

11. Q2 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. Q2 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 $0.63 $0.62 ($0.01) $0.03 $0.06 $0.54 $0.10 $0.44 Q2-14 (as reported) Q2-13 (as reported) Q2 2013 items1 Q2-13 (adjusted) EBITDA (excluding restructuring) Lower shares outstanding Q2-14 (adjusted) Restructuring costs EPS growth reflects strong EBITDA growth and lower shares outstanding from active NCIB program 1 Q2 2013 items include (after income taxes): 1) restructuring and other like costs of $0.04; 2) long-term debt pre-payment premium of $0.03; and 3) unfavourable income tax-related adjustments of $0.03. See appendix for definition.

14. Returning significant cash to shareholders $10.3B • Executing on multi-year dividend growth and share purchase programs • 14 dividend increases since 2004 to current $0.38/share or $1.52 annually • 10.7M shares purchased in 2014 for $410M Buybacks $4.2B Dividends $6.1B 2004 to mid-2014 cumulative Strong track record of returning capital to shareholders

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

16. Appendix – Q2 2014 free cash flow comparison

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. • 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 second quarter MD&A.