1. Q2 2015 investor conference call Friday, August 7, 2015 Darren Entwistle, Executive Chair Joe Natale, President & CEO John Gossling, EVP & CFO

2. Caution regarding forward looking statements 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 through 2016 and the 2015 annual targets and guidance 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 those expressed in the forward-looking statements. Accordingly, this presentation is subject to the disclaimer and qualified by the assumptions (including assumptions for the 2015 annual targets and guidance, semi-annual dividend increases through 2016 and our ability to sustain and complete our multi-year share purchase program through 2016), qualifications and risk factors referred to in the first and second quarter Management’s discussion and analysis and in the 2014 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

3. Delivering strong financial and leading operating results Focusing on exceptional customer service culture Investing for sustainable long-term future growth Returning significant capital to our shareholders 3 Driving success by executing on long-term strategy

4. 44 Operating results

5. Strong wireless postpaid net additions 5 Postpaid net adds (000s) Wireless subscribers 8.35M total 1.1M prepaid 86% 14% 7.2M postpaid Q2-15 76 78 Q2-14 Continued expansion of postpaid base 47% share of postpaid net additions among national carriers

6. Industry-leading customer loyalty 6 Postpaid churn below 1% for an impressive two full years Blended churn down 20 bps to a low 1.17% 1.37% Q2-14 1.17% Q2-15 BlendedPostpaid 0.90% Q2-14 0.86% Q2-15

7. Industry-leading wireless ARPU 7 19th consecutive quarter of y/y blended ARPU growth as demand for data continues to grow Q2-14Q2-15 $63.48 $61.69

8. Industry-leading lifetime revenue per subscriber 1 8 Customers First culture delivering industry-leading lifetime revenue per subscriber – up 20% y/y Q2-14Q2-15 $5,426 $4,503 1 Lifetime revenue derived by dividing ARPU by blended churn rate.

9. Growing Internet, TV offsetting residential NAL losses 9 Delivering positive subscriber growth TELUS TV Residential NALs High-speed Internet Net additions (000s) Total Internet, TV, Residential NALs Q3-14 2130 Q4-14Q1-15 2419 Q2-14 -24 -20 -19 50 44 39 45 38 Q2-15 19 -20

10. Key second quarter operating highlights 10 Strong second quarter performance demonstrates execution of strategy and powerful customers first culture Leading postpaid wireless subscriber growth Lowest postpaid wireless churn in North America Industry-leading and growing ARPU Industry-leading and growing lifetime revenue per customer Most rapidly growing wireline business in Canada

11. 11 Financial results

12. Second quarter 2015 wireless financial results 12 ($ millions, except margin) Q2 2015y/y change Revenue (external) 1,722+7.4% Network revenue1,568+6.1% EBITDA 1 719+1.5% EBITDA (excluding restructuring)755+6.3% EBITDA margin 2 41.4%(2.4) pts EBITDA margin (excluding restructuring)43.5%(0.5) pts Capital expenditures227(0.4)% Momentum continues with strong revenue and underlying EBITDA growth 1 EBITDA does not have any standardized meaning prescribed by IFRS-IASB. Please see the appendix for the definition. 2 EBITDA as a percentage of total revenue.

13. Second quarter 2015 wireline financial results 13 ($ millions, except margin) Q2 2015y/y change Revenue (external) 1,380+2.4% EBITDA362(0.9)% EBITDA (excluding restructuring)385+2.9% EBITDA margin25.4%(0.8) pts EBITDA margin (excluding restructuring)27.0%+0.2 pts Capital expenditures437+7.1% Steady trends continue with revenue and underlying EBITDA

14. Second quarter 2015 consolidated financial results 14 ($ millions, except EPS) Q2 2015y/y change Revenue3,102+5.1% EBITDA1,081+0.7% EBITDA (excluding restructuring)1,140+5.1% EPS (basic)0.56(9.7)% Adjusted EPS 1 0.66+4.8% Capital expenditures664+4.4% Free cash flow300+43% 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. Please see the appendix for the definition.

15. 15 Questions? Investor relations 1-800-667-4871 telus.com/investors ir@telus.com

16. Appendix - free cash flow comparison 16 Q2 - 2014Q2 - 20152014 YTD2015 YTD EBITDA1,0731,0812,1502,216 Capex (excluding spectrum licenses)(636)(664)(1,132)(1,299) Net employee defined benefit plans expense22264454 Employer contributions to employee defined benefit plans(22)(21)(51)(48) Interest expense paid, net(124)(126)(184)(211) Income taxes paid, net of refunds(122)(63)(346)(178) Share-based compensation2325392 Restructuring (disbursements) net of restructuring costs(4)42(19)35 Free Cash Flow210300501571 Spectrum(914)(1,688)(1,143)(1,990) Common Shares and Non-Voting Shares issued---- Purchase of Common Shares for cancellation(177)(106)(336)(262) Dividends paid to holders of equity shares(224)(243)(446)(487) Cash payments for acquisitions and related investments(3)(1)(40)(5) Real estate joint ventures(10)(15)(24)(22) Working Capital and Other49(30)(191)(205) Funds available for debt redemption(1,069)(1,783)(1,679)(2,400) Net issuance of debt1,0742811,4002,417 Increase (decrease) in cash5(1,502)(279)17

17. Appendix - EPS analysis 17 EPS Q2-2014 as reported$0.62 Restructuring and other like costs 0.01 EPS Q2-2014 adjusted$0.63 Higher EBITDA excluding restructuring and other like costs 0.07 Lower shares outstanding from NCIB 0.01 Higher financing and other 1 (0.03) Higher depreciation and amortization (0.02) EPS Q2-2015 adjusted$0.66 Restructuring and other like costs (0.07) Income tax-related adjustments (0.02) Asset retirement from Black’s Photography (0.01) EPS Q2-2015 as reported$0.56 1 Excludes interest income from the settlement of prior years’ income tax-related matters, as it is reflected in the ‘Income tax-related adjustments’ line.

18. Appendix - definitions 18 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 2015 second 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) income tax-related adjustments; and 3) asset impairment from the planned closure of all Black’s Photography retail stores. For further analysis of the aforementioned items see Section 1.3 in the 2015 second quarter Management’s discussion and analysis.