1. Q2 2014 investor conference call August 7, 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 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. TELUS forward looking statement

3. Executing on our strategy 3 TELUS consistently delivering strong results and returning significant cash to shareholders Delivering strong second quarter results Returning significant capital to shareholders Continuing track record of executing in dynamic marketplace

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

5. Industry-leading wireless churn 5 1.40% Q2-13 1.26% Q2-14 Blended 1 Postpaid 1.03% Q2-13 0.90% Q2-14 Q2-12 1.39% 1.00% 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 6 Q2-12Q2-13Q2-14 6.3 6.6 6.8 Postpaid subscribers (millions) Smartphone % of postpaid $61.12 $62.51 $60.29 Blended ARPU 1 Q2-12Q2-13Q2-14 59% 71% 79% 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 subscriber 1,2 7 Q2-13Q2-14 $4,961 $4,366 1 Lifetime revenue derived by dividing ARPU by blended churn rate. 2 Wireless operating indicators exclude Public Mobile subscribers, which are all prepaid. Q2-12 $4,337 Customers First focus supporting industry-leading lifetime revenue per subscriber - up a strong 14% YoY

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

9. Key second quarter operational highlights 9 Strong operating momentum in wireless and wireline supporting value creation and return of significant cash to shareholders 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

10. Q2 2014 wireless financial results 10 ($ millions, except margin) Q2 2014y/y change Revenue (external) 1 1,604+6.2% Network revenue1,478+6.1% EBITDA 2 708+6.3% EBITDA (excl. Public Mobile and restructuring) 714+5.7% EBITDA margin 3 43.8%+0.1 pts EBITDA margin (excl. Public Mobile and restructuring) 44.8%+0.4 pts Capital expenditures228+33% 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 11 ($ millions, except margin) Q2 2014y/y change Revenue (external) 1,347+2.4% EBITDA365+9.8% EBITDA (excl. restructuring) 373+3.1% EBITDA margin 1 26.2%+1.7 pts EBITDA margin (excl. restructuring) 26.8%+0.2 pts Capital expenditures408+20% 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 12 ($ millions, except EPS) Q2 2014y/y change Revenue2,951+4.4% EBITDA1,073+7.5% EBITDA (excl. Public Mobile and restructuring) 1,087+4.8% EPS (basic)0.62+41% Adjusted EPS 1 0.63+17% Capital expenditures636+25% Simple cash flow (EBITDA less capex) 437(10)% Strength in both wireless and wireline delivering strong consolidated growth in revenue and profitability 1 Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition.

13. EPS continuity analysis 13 EPS growth reflects strong EBITDA growth and lower shares outstanding from active NCIB program Q2-13 (as reported) Q2 2013 items 1 Lower shares outstanding Q2-14 (adjusted) $0.44 $0.10 $0.03 $0.63 $0.54 Q2-13 (adjusted) $0.06 EBITDA (excluding restructuring) ($0.01) Restructuring costs Q2-14 (as reported) $0.62 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 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 14 2004 to mid-2014 cumulative $10.3B $4.2B $6.1B Buybacks Dividends Strong track record of returning capital to shareholders

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

16. Appendix – Q2 2014 free cash flow comparison 16 20142013 Q2 EBITDA1,073998 Capital expenditures (excluding spectrum licenses)(636)(511) Net employee defined benefit plans expense2228 Employer contributions to employee defined benefit plans(22)(130) Interest expense paid, net(124)(128) Income taxes paid, net(122)(82) Share-based compensation2313 Restructuring (disbursements) net of restructuring costs(4)4 Free Cash Flow210192 Spectrum(914)- Dividends(224)(209) Purchase of Common Shares for cancellation(177)(238) Cash payments for acquisitions and related investments(3) Real estate joint ventures(10)(6) Working Capital and other49- Funds available for debt redemption(1,069)(264) Net issuance of debt1,074514 Increase in cash5250

17. 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.