Q TELUS investor conference call November 9, 2012 Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer Darren Entwistle President & Chief Executive Officer

TELUS Forward Looking Statement Today's presentation and answers to questions contain statements about expected future events and financial and operating performance of TELUS 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 2012 annual guidance), qualifications and risk factors (including the potential for a future non-voting to common share exchange proposal on a one-for-one basis, the ability over time to sustain dividend growth of circa 10% per annum with semi-annual dividend increases to 2013, and CEO three year goals for EPS and free cash flow growth excluding spectrum costs to 2013) referred to in the Management’s discussion and analysis in the 2011 annual report, and in the 2012 first, second and third quarter reports. 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 Agenda  Wireless and wireline segment review  Consolidated financial review  Updates  Dividend increase  2012 guidance  Share exchange proposal  Operational highlights  Questions and Answers

CEO introduction  Reporting strong third quarter 2012 results  Increasing dividend, consistent with semi-annual growth model  Thanking shareholders for decisive support of share exchange proposal  Celebrating Bob McFarlane’s outstanding career at TELUS  Welcoming new CFO, John Gossling, to TELUS leadership team 4

Q wireless financial results ($M)Q3-11Q3-12change Revenue (external)1,3971,5017.4% EBITDA % EBITDA margin 1 (total revenue) 40.5%42.4%1.9 pts Capex % EBITDA less capex %   1 Margins on network revenue in Q3-12 and Q3-11 were 46.6% and 44.2%, respectively.  Strong double digit EBITDA growth leading to cash flow growth of 13% 5  

Wireless subscriber results Wireless subscribers Postpaid net adds 7.6M total 1.1M prepaid Q K 116K Q3-12 Total net adds Q K 111K Q3-12 Healthy net additions reflecting continued postpaid growth Smartphones now 63% of postpaid base, up from 48% a year ago 85% 15% 6.4M postpaid 6

Blended ARPU analysis Data Q3-12 $61.42 Voice $60.52 Q3-11 % of ARPU Q3-12Q % 40% ARPU up 1.5% led by data ARPU growth of 17% Voice ARPU decline stable at (6.8)% % 35% 7

Wireless data revenue Q3-11 $444M Q3-12 $546M $291M Q3-10 Q3 data revenue growth of 23% year-over-year Data now 40% of wireless network revenue 8

Marketing and retention Q3-11Q3-12change Gross adds (000s)472434(8.1)% Blended churn1.67%1.44% (0.23) pts COA per gross add$397$4021.3% COA expense$187M$175M (6.4)% Retention expense$155M$152M(2.2)% Lifetime revenue$3,624$4,26518%      Lower churn rate combined with continued ARPU growth leading to 18% increase industry-leading lifetime revenue  9

Q wireline financial results ($M)Q3-11Q3-12change Revenue (external)1,2251,2733.9% EBITDA398378(5.0)% EBITDA margins (total revenue) 31.4%28.7%(2.7) pts Capex313296(5.4)% EBITDA less capex8582(3.5)%    Wireline revenue reflects data growth exceeding voice declines EBITDA and margin down due to decline in high margin legacy services  10 

TELUS TV customer growth Q K 42K Q3-12 TELUS TV net additions * TELUS TV subscribers* * Includes both IP TV and TELUS Satellite TV subscribers Q3-12Q K 637K Good TV net adds of 42K Total TV subscribers up 41% year-over-year 11

Q M TELUS high-speed Internet customer growth Q K Q K Excellent high-speed Internet net adds up 18% Subscriber base up 85,000 year-over-year to surpass 1.3 million High-speed subscribers Q M High-speed net additions 12

TELUS network access line losses Q K -13K -9K Q3-11 BusinessResidential Residential NAL losses flat year-over-year and lowest since Q1/06 Business lines improved y/y but continue to be impacted by competition 13

Q consolidated financial results ($M, except EPS)Q3-11Q3-12change Revenue (external)2,6222,7745.8% EBITDA9681,0185.2% EPS (basic) % Capex % EBITDA less capex % Free cash flow %     Consolidated revenue, EBITDA and EPS growth driven by wireless Strong double digit free cash flow growth of 23%   14

EPS continuity analysis $1.00 $0.01 ($0.04)$0.01 ($0.02) $1.07 ($0.01) $0.13 $1.08 Higher Normalized EBITDA 1 Higher Pension Lower Financing Costs Higher Dep & Amort Incr in Tax Exp Tax Adj. Q3-12 reported Q3-11 reported Q3-12 adjusted Adjusted EPS growth of 7% from $1.00 to $1.07 when excluding tax adjustments 1 Normalized EBITDA excludes higher pension costs. 15

TELUS raises quarterly dividend to 64 cents  January 2, 2013 dividend of 64 cents declared  Up 3 cents from October dividend  Up 6 cents or 10.3% from year ago  $2.56 annualized Q1Q2Q3Q4Q1Q2Q3Q * See forward looking statement caution. Dividend decisions will continue to be subject to the Board’s assessment and determination of the Company’s financial situation and outlook on a quarterly basis. Fourth of six semi-annual dividend increases targeted Consistent with TELUS’ dividend growth model to

2012 consolidated guidance* 2012 guidance reaffirmed due to strong financial and operational performance year-to-date 2012 guidance Revenue (external)$10.75 to 11.05B EBITDA$3.9 to 4.05B EPS (basic)$3.75 to 4.15 CapexApprox $1.95B 17  Last updated August 3 with revenue, EBITDA, and capex raised as compared to initial targets announced in December 2011 * See forward looking statement caution and assumptions in Section 9 of Q3-12 MD&A.

TELUS share exchange proposal – key dates 18 Court approval needed for share exchange proposal to proceed  Oct. 12, 2012 BC Court of Appeal allows Mason meeting requisition and four resolutions to proceed.  Oct. 15 Supreme Court of B.C. (Court) rejects Mason’s attempt to set aside TELUS’ interim order and confirmed validity of the order it granted TELUS in August.  Oct. 15 Court orders joint meeting to consider TELUS’ proposal and Mason Capital’s resolutions.  Oct. 17 At meeting TELUS shareholders voted strongly in favour of share exchange proposal. None of Mason’s resolutions passed.  Oct. 23 Court granted TELUS’ adjournment application for Mason’s appeals and TELUS’ final order application be heard beginning Nov. 7  Nov. 7 Court hearing begins on Mason appeals and TELUS’ final order application for the share exchange plan of arrangement

October 17 shareholders meeting 19  81.1% of total shares voted were in favour of TELUS’ share exchange proposal  62.9% of million common shares voted were in favour  99.5% of million non-voting shares voted were in favour  Excluding Mason’s most recently reported (Aug 31) voting block  84.4% of common shares voted were in favour  93.0% of total shares voted were in favour of the exchange  None of Mason’s four resolutions voted on only by Common shareholders passed TELUS shareholders decisively approve one-for-one share exchange proposal

Q highlights  Continued strong wireless results including double digit EBITDA growth  Focus on Customer First drives lowest third quarter wireless churn rate in five years  Pleased with wireline subscriber results and data growth, but ongoing focus on efficiency required  Double digit free cash flow growth  Quarterly dividend increased to 64 cents, up 10.3% year-over-year Continued positive outlook for achieving previously raised guidance 20

Strong smartphone adoption, ARPU growth continues 21 Q3 smartphone base up 43% to 4.0 million y/y Data ARPU growth driven by smartphones & 23% increase in data revenue Q3-10Q3-11Q Postpaid subscribers (millions) Smartphone % of postpaid $14.53 $20.90 $24.51 Q3-10Q3-11Q3-12 Wireless Data ARPU 28% 48% 63%

Low and improving churn 22 Industry leading churn continues to improve Low churn generates industry leading lifetime revenue per subscriber 1.44% Wireless Churn 1 Lifetime Revenue Per Subscriber 1 Normalized wireless churn for Q3-11 was 1.58% excluding loss of Government of Canada Contract 23pts 18%

Future friendly home – continued strength in Optik 23 TV and High-Speed Internet loading exceeding residential NAL losses for ninth consecutive quarter TELUS TV Residential NALs High-speed Internet Q3-11 Q3-12 Q K 68K -30K 38K 50K 53K -39K-30K 38K 50K42K 15K 22K 26K

Optik TV innovations continues 24  Launched Optik Smart Remote App  Change channels with tap on an iPhone or iPad  Channel surf or browse interactive guide without interrupting what you are watching  Added 10 new HD channels  Optik offers >550 channels, including 135 in HD Further introduction of innovative new services supports premium, differentiated customer experience and steady momentum

Appendix – free cash flow 2012 Q Q3 C$ millions EBITDA 9681,018 Capex (470)(471) Net Employee Defined Benefit Plans Expense (Recovery)(8)(4) Employer Contributions to Employee Defined Benefit Plans (13) (14) Interest expense paid, net (62) (56) Income taxes paid, net (43) (58) Share-based compensation 8 13 Restructuring payments (net of expense) (35) (2) Free Cash Flow 426 (178)(198) Dividends Working Capital and Other Funds Available for debt redemption Net Issuance (Repayment) of debt (186) (304) Increase in cash 35(27) Cash payments for acquisitions and related investments (3) 345 (7)

Appendix – definitions  EBITDA: Earnings before interest, taxes, depreciation and amortization  Capital intensity: capital expenditures divided by total revenue  Cash flow: EBITDA less capex  Free cash flow: EBITDA, adding Restructuring costs, net employee defined benefit plans expense, cash interest received and excess of share-based compensation expense over share-based compensation payments, subtracting the non-cash gain on Transactel, cash interest paid, cash taxes, capital expenditures, restructuring payments and employer contributions to employee defined benefit plans.  Cost of retention (COR): total costs to retain existing subscribers, often presented as a percentage of network revenue

IAS 19 Q3 and year-to-date impacts (2012 & 2011) 3-month periods ended September 30 (millions except per share amounts) As currently reported Amended IAS 19 effectsPro forma As currently reported Amended IAS 19 effectsPro forma OPERATING EXPENSES Employee benefits expense$534 $28 $562 $476 $28 $504 FINANCING COSTS$86 10 $96 $92 1 $93 INCOME TAXES$120 (10)$110 $107 (7)$100 NET INCOME(28)(22) OTHER COMPREHENSIVE INCOME Item never subsequently reclassified to income Defined benefit plans re-measurements$94 28 $122 $(360)22 $(338) COMPREHENSIVE INCOME$— NET INCOME PER COMMON SHARE AND NON-VOTING SHARE Basic$1.08 $(0.09)$0.99 $1.00 $(0.06)$0.94 Diluted$1.07 $(0.09)$0.98 $1.00 $(0.07)$ month periods ended September 30 (millions except per share amounts) As currently reported Amended IAS 19 effectsPro forma As currently reported Amended IAS 19 effectsPro forma OPERATING EXPENSES Employee benefits expense$1,555 $84 $1,639 $1,393 $85 $1,478 FINANCING COSTS$ $278 $290 4 $294 INCOME TAXES$365 (30)$335 $307 (22)$285 NET INCOME(86)(67) OTHER COMPREHENSIVE INCOME Item never subsequently reclassified to income Defined benefit plans re-measurements$82 86 $168 $(443)67 $(376) COMPREHENSIVE INCOME$— NET INCOME PER COMMON SHARE AND NON-VOTING SHARE Basic$3.16 $(0.27)$2.89 $3.00 $(0.20)$2.80 Diluted$3.14 $(0.27)$2.87 $2.98 $(0.20)$2.78