1. Q1 2014 investor conference call May 8, 2014 Darren Entwistle, Executive Chair Joe Natale, President and Chief Executive Officer John Gossling, EVP & Chief Financial Officer

2. 2 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. TELUS forward looking statement

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

4. Healthy postpaid net additions 4 Postpaid net adds (000s) Q1-13 59 Q1-14 Wireless subscribers 1 7.8M total 1.0M prepaid 87% 13% 6.8M postpaid 48 1 Wireless subscribers excludes Public Mobile prepaid subscribers as at March 31, 2014. Continued healthy expansion of postpaid subscriber base and mix shift toward higher value postpaid

5. Industry-leading wireless churn 5 1.48% Q1-13 1.39% Q1-14 BlendedPostpaid 1.11% Q1-13 0.99% Q1-14 Q1-12 1.55% 1.14% North American industry-leading postpaid churn results Lowest Q1 in seven years - third consecutive quarter with postpaid churn < 1%

6. Smartphone & data adoption driving ARPU growth 6 Q1-12Q1-13Q1-14 6.2 6.6 6.8 Postpaid subscribers (millions) Smartphone % of postpaid $60.04 $61.24 $58.87 Blended ARPU Q1-12Q1-13Q1-14 56% 68% 78% Q1 smartphone penetration up 10 points to 78% of postpaid base supporting continued strong ARPU growth of 2%

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

8. Strong Future Friendly Home subscriber growth 8 Combined TV and High-Speed net additions continue to exceed residential NAL losses by two times TELUS TV Residential NALs High-speed Internet Q3-13 Q4-13 Q2-13 53K 59K 44K -32K-33K 31K 34K 38K 19K 21K -34K 34K 16K 50K Q1-13 -25K-24K 27K Q1-14 21K 48K 13K 20K 34K 12K 16K 24K Total wireline customer net adds 34K

9. Key first quarter operational highlights 9 Supporting value creation for investors and return of significant cash to shareholders 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

10. Q1 2014 wireless financial results 10 ($ millions, except margin) Q1 2014y/y change Revenue (external) 1 1,555+5.6% Network revenue1,443+5.3% EBITDA 2 690+3.6% EBITDA (excl. Public Mobile) 700+5.1% EBITDA margin 3 44.0%(0.9) pts EBITDA margin (excl. Public Mobile) 45.3%+0.4 pts Capital expenditures165+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.

11. Q1 2014 wireline financial results 11 ($ millions, except margin) Q1 2014y/y change Revenue (external)1,340+4.4% EBITDA387+5.0% EBITDA margin 1 28.0%+0.2 pts Capital expenditures331(0.6)% Strong EBITDA growth and margin expansion reflecting continued revenue growth and focus on efficiency 1 EBITDA as a percentage of total revenue.

12. Q1 2014 consolidated financial results 12 ($ millions, except EPS) Q1 2014y/y change Revenue2,895+5.0% EBITDA1,077+4.2% EBITDA (excl. Public Mobile) 1,087+5.1% EPS (basic)0.61+8.9% Capital expenditures496+6.2% Simple cash flow (EBITDA less capex)581+2.5% Strong growth in revenue and profitability driven by wireless and wireline

13. EPS continuity analysis 13 EPS growth driven by strong EBITDA growth and lower shares outstanding Q1-13 (as reported) EBITDA (ex. Public Mobile) Lower shares outstanding Q1-14 (as reported) Financing costs and Depreciation & Amortization $0.56 $0.06 $0.03 ($0.02) ($0.01) Public Mobile $0.61 ($0.01) Higher income tax rates

14. 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 14 TELUS balance sheet remains in strong position with significant liquidity

15. Returning significant cash to shareholders 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 15 2004 to mid-2014 cumulative $10.1B $4.0B $6.1B Buybacks Dividends Strong track record of returning capital to shareholders

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

17. Appendix – Q1 2014 free cash flow comparison 17 20142013 Q1 EBITDA1,0771,034 Capital expenditures (excluding spectrum licenses)(496)(467) Net employee defined benefit plans expense2226 Employer contributions to employee defined benefit plans(29)(36) Interest expense paid, net(60)(57) Income taxes paid, net(224)(148) Share-based compensation1612 Restructuring (disbursements) net of restructuring costs(15)(6) Free Cash Flow291358 Dividends(222)(208) Purchase of Common Shares for cancellation(159)- Cash payments for 700 MHz spectrum licences(229)- Cash payments for acquisitions and related investments(37)(26) Real estate joint ventures(14)(4) Working Capital and other(240)(139) Funds available for debt redemption(610)(19) Net issuance (repayment) of debt326(66) Decrease in cash(284)(85)

18. 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 first quarter Management’s discussion and analysis.