Q investor conference call November 5, 2015 Darren Entwistle, President & CEO John Gossling, EVP & CFO

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 2015 first, second and third 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

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

Solid wireless postpaid net additions 4 Postpaid net adds (000s) Wireless subscribers 8.4M total 1.1M prepaid 87% 13% 7.3M postpaid Q Q3-14 Continued expansion of postpaid base Postpaid churn below 1% for ninth consecutive quarter despite double cohort 0.90% 0.97% Q3-15 Q3-14 Postpaid churn rate (%)

Investing in retention 5 Retention volume (000s) Q Q3-14 Retention costs increased by 2.8 pts to 14.3% of network revenue in period of heightened market activity Q3-15 Q3-14 Cost of Retention ($M)

Industry-leading lifetime revenue per subscriber 6 Lifetime revenue driven by 20th consecutive quarter of y/y blended ARPU growth due to data, and blended churn rate improvement Q3-14Q3-15 $64.22 $63.52 Blended 1 Lifetime revenue derived by dividing ARPU by blended churn rate. Q3-14Q % 1.32% Q3-14Q3-15 $5,017 $4,812 Churn Average lifetime revenue ARPU

Continued positive wireline subscriber (RGU) growth 7 Growing Internet, TV subs offsetting residential NAL losses Economic slowdown and IP conversion impacting business NALs TELUS TV Residential NALs High-speed Internet Net additions (000s) Total Internet, TV, Residential NALs Q Q1-15Q Q3-14Q

Returning significant cash to shareholders… In 2015 Purchased 9.9 million shares for $412 million through October $1.4 billion returned to shareholders through October 2016 NCIB To purchase and cancel up to 16 million shares or $500 million Since 2004 Sixteen dividend increases from 2004 through Nov 2015 Purchased 176 million shares for $4.8 billion Returned $12.2 billion or more than $20 per share 8 Share Purchases Dividends – 2015 Cumulative ($B) Consistent track record of growth while returning capital to shareholders

…alongside significant investments in capex, spectrum and efficiency 9 Capex & spectrum 2015E $4.5B $3.5B 2014 Meaningful, consistent and disciplined commitment to long-term wireless, wireline and efficiency investments Efficiency (Includes restructuring & other like costs) ($M) 2015E

10 Financial results

Third quarter 2015 wireless financial results 11 ($ millions, except margin) Q3 2015y/y change Revenue (external) 1, % Network revenue1, % EBITDA % EBITDA (excluding restructuring) % EBITDA margin %(1.1) pts EBITDA margin (excluding restructuring)40.9%(1.4) pts Capital expenditures209(17)% Revenue growth continued while EBITDA growth negatively impacted by increased COR from double-cohort 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.

Third quarter 2015 wireline financial results 12 ($ millions, except margin) Q3 2015y/y change Revenue (external) 1, % EBITDA353(3.2)% EBITDA (excluding restructuring) % EBITDA margin24.7%(1.6) pts EBITDA margin (excluding restructuring)27.3%+0.1 pts Capital expenditures % Steady trends continue with revenue and underlying EBITDA

Third quarter 2015 consolidated financial results 13 ($ millions, except EPS) Q3 2015y/y change Revenue3, % EBITDA1, % EBITDA (excluding restructuring)1, % EPS (basic) % Adjusted EPS % Capital expenditures623(5.2)% Free cash flow310+42% Wireless and wireline delivering continued profitable growth although impacted by double-cohort and economic slowdown 1 Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. Please see the appendix for the definition.

14 Questions? Investor relations telus.com/investors

Appendix - free cash flow comparison 15 Q3–2014Q3– YTD2015-YTD EBITDA 1,0651,0683,2153,284 Capex (excluding spectrum licenses) (657)(623)(1,789)(1,922) Net employee defined benefit plans expense Employer contributions to employee defined benefit plans (22)(20)(73)(68) Interest expense paid, net (98)(115)(282)(326) Income taxes paid, net of refunds (119)(71)(465)(249) Share-based compensation (net) Restructuring costs net of disbursements 96(10)41 Free Cash Flow Spectrum -(12)(1,143)(2,002) Purchase of Common Shares for cancellation (164)(140)(500)(402) Dividends paid to holders of equity shares (234)(253)(680)(740) Cash payments for acquisitions and related investments (6)(5)(46)(10) Real estate joint ventures (13)81(37)59 Working Capital and Other (110) Funds available for debt redemption 2176(1,658)(2,324) Net issuance of debt 148(12)1,5482,405 Increase in cash 16964(110)81

Appendix - EPS analysis 16 EPS Q as reported$0.58 Restructuring and other like costs 0.04 Long-term debt prepayment premium 0.02 EPS Q adjusted$0.64 Higher EBITDA excluding restructuring and other like costs 0.03 Lower shares outstanding from NCIB 0.01 Higher depreciation and other (0.02) EPS Q adjusted$0.66 Restructuring and other like costs (0.06) Favourable income tax-related adjustments 0.01 EPS Q as reported$0.61

Appendix - definitions 17 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 third 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 prepayment premium; 3) favourable income tax-related adjustments; and 4) asset retirement costs from the closure of all Black’s Photography retail stores. For further analysis of the aforementioned items see Section 1.3 in the 2015 third quarter Management’s discussion and analysis.