Q3 2013

investor conference call

November 8, 2013

Darren Entwistle

President & Chief Executive Officer

Joe Natale

EVP & Chief Commercial Officer

John Gossling

EVP & Chief Financial Officer

TELUS forward looking statement

2

Today's presentation and answers to questions contain statements about financial and operating performance of TELUS and future events, including with respect to future dividend increases and normal course issuer bids to 2016 and the annual 2013 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 that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2013 annual guidance, CEO three-year goals to 2013 for EPS and free cash flow growth excluding spectrum costs, semi-annual dividend increases to 2016, ability to sustain and complete multi-year share purchase programs to 2016), qualifications and risk factors referred to in the first, second and third quarter Management’s discussion and analysis and in the 2012 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.

Agenda

CEO Introduction

Q3 operational highlights

Q3 financial results

Questions and Answers

3

Reporting solid Q3 results driven by wireless and wireline

Returning significant capital to shareholders

Furthering our strategy with Public Mobile transaction

Delivering a differentiated customer service experience

CEO introduction

4

TELUS demonstrating strong results and executing on shareholder friendly initiatives

Robust postpaid net additions

5

Postpaid net adds (000s)

Q3-12

116

Q3-13

Solid postpaid net adds with postpaid base up 5% y/y

Wireless subscribers

7.8M total

1.1Mprepaid

86%

14%

6.7Mpostpaid

106

Strong smartphone adoption and ARPU growth

6

Q3-11 Q3-12 Q3-13

6.0 6.4 6.7

Postpaid subscribers (millions)

Smartphone % of postpaid

$61.42 $62.49$60.52

Voice ARPU

Data ARPU

Q3 smartphone penetration up 12 points to 75% of postpaid base supporting ARPU growth of 1.7%

Q3-11 Q3-12 Q3-13

20.90

39.62

24.51

36.91

27.72

34.7748%

63%75%

Industry leading wireless churn

7

1.44%

Q3-12

1.36%

Q3-13

Blended Postpaid

1.10%

Q3-12

0.99%

Q3-13Q3-11Q3-11

1.67%

1.33%

Industry-leading churn resultsPostpaid down 11 basis points to reach lowest level in over six years

Industry leading lifetime revenue per susbcriber1

8

Q3-12 Q3-13

$4,595$4,265

1 Lifetime revenue derived by dividing ARPU by blended churn rate

Q3-11

$3,624

Customers First focus generating industry-leading lifetime revenue per subscriber

Healthy TV and Internet growth

9

776637

22%

TELUS TV (000s) High-speed Internet (000s)

1,3741,3035.4%

453

1,218

Continued healthy Internet and TV subscriber growthbalanced with focus on enhanced profitability

Q3-12 Q3-13Q3-11 Q3-12 Q3-13Q3-11

Q3 2013 wireless financial results

10

($M, except margins) Q3 2013 Change

Revenue (external) 1,563 4.1%

Network revenue 1,443 5.2%

EBITDA1 680 6.6%

EBITDA excluding restructuring & other like costs 684 7.0%

EBITDA margin2 46.8% 0.6 pts

EBITDA margin excluding restructuring & other like costs 47.0% 0.8 pts

Capital expenditures 194 11%

TELUS delivers another solid quarter of wireless results

1 EBITDA does not have any standardized meaning prescribed by IFRS-IASB. For definition and explanation, see Section 11.1 in the 2013 third quarter Management’s discussion and analysis (MD&A).2 EBITDA as percentage of total network revenue

Wireless data revenue ($M)

Q3-12

546

Q3-13

637

444

Q3-11

Strong Q3 data revenue growth of 17% year-over-yearData now 44% of wireless network revenue, up 4 points

11

Q3 2013 wireline financial results

($M, except margins) Q3 2013 Change

Revenue (external) 1,311 3.0%

EBITDA 355 0.8%

EBITDA excluding restructuring & other like costs 366 3.4%

EBITDA margin1 26.2% (0.5) pts

EBITDA margin excluding restructuring & other like costs 27.0% 0.1 pt

Capital expenditures 361 22%

Strong revenue growth driven by DataEBITDA excluding restructuring up 3.4%

121. EBITDA as percentage of total revenue.

Wireline data revenue ($M)

Q3-12

737

Q3-13

801

644

Q3-11

Data revenue growth of 8.7% driven by TV and InternetData revenue 61% of external revenue, up 3 points

13

Q3 2013 consolidated financial results

($M, except EPS) Q3 2013 Change

Revenue (external) 2,874 3.6%

EBITDA 1,035 4.6%

EBITDA excluding restructuring & other like costs 1,050 5.7%

EPS (basic) 0.56 14%

Adjusted EPS1 0.58 18%

Capital expenditures (capex) 555 18%

Simple cash flow (EBITDA less capex) 480 (7.5%)

Strong growth in revenue and profitabilityContinued capex investments to support sustainable growth

141. Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition.

EPS continuity analysis

Strong double digit EPS growth

15

Q3-12 EBITDA Depr &Amort

Lower O/S shares

Q3-13Higher financing

costs

Higher income tax

$0.02 $0.56

2013 guidance changes1

16

($B)2013 guidance

changesY/Y change

Wireless revenue (external) $6.1 to 6.2 4 to 6%

Consolidated capex Approx $2.0

All other segmented and consolidated targets remain unchanged and reaffirmed today.

1. See forward looking statement caution and assumptions in Section 9 of the Q3-13 Managements Discussion and Analysis. Revised guidance excludes any impacts of the proposed Public Mobile acquisition.

2013 targets for profitability remain unchanged

investor relations1-800-667-4871telus.com/investorsir@telus.com

2012 2013      Q3 Q3

EBITDA 990 1,035

Capital expenditures (471) (555)

Net employee defined benefit plans expense 24 27

Employer contributions to employee defined benefit plans (14) (7)

Interest expense paid, net (55) (62)

Income taxes paid, net (58) (88)

Share-based compensation 13 21

Restructuring costs net of cash payments (2) (6)

Other (1) -

Free Cash Flow 426 365

Cash payments for spectrum licences - (67)

Purchase of shares for cancellation - (762)

Dividends (198) (222)

Cash payments for acquisitions and related investments (7) (3)

Real Estate joint ventures - (5)

Working capital and other 56 242

Funds available for debt redemption 277 (452)

Net issuance (repayment) of debt (304) 212

Increase (decrease) in cash (27) (240)

Appendix – Q3 2013 free cash flow comparison

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) unfavourable income tax-related adjustments. For further analysis of the aforementioned items see Section 1.3 in the 2013 third quarter MD&A.

Glossary

19