Q4 2013 and 2014 targetsinvestor conference call February 13, 2014

Darren EntwistlePresident & Chief Executive OfficerJoe NataleEVP & Chief Commercial OfficerJohn GosslingEVP & Chief Financial Officer

TELUS forward looking statement

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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 the 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 the 2014 annual targets, semi-annual dividend increases through 2016, ability to sustain and complete multi-year share purchase programs through 2016), qualifications and risk factors referred to in the fourth quarter Management’s review of operations and Management’s discussion and analysis in the other 2013 quarterly reports, 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 Q4 operational highlights Q4 financial results 2014 annual targets and key assumptions Questions and Answers

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Executing on our strategy focused on wireless and data Building on momentum – 2014 targets Investing for future sustainable growth Delivering our 2014 corporate priorities

CEO introduction

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TELUS demonstrating strong results and executing on shareholder friendly initiatives

2014 Corporate Priorities

1. Delivering on TELUS’ future friendly brand promise by putting customers first and pursuing global leadership in the likelihood of our clients to recommend our products, services and people

2. Elevating our winning culture for a sustained competitive advantage

3. Strengthening our operational reliability, including our speed and resiliency

4. Increasing our competitive advantage through reliable and client-centric technology leadership

5. Driving TELUS’ leadership position in its chosen business and public sector markets

6. Advancing TELUS’ leadership in healthcare information management

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Healthy postpaid net additions

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Postpaid net adds (000s)

Q4-12

123

Q4-13

Healthy postpaid net adds with postpaid base up 3% y/y

Wireless subscribers1

7.8M total

1.06Mprepaid

86%

14%

6.75Mpostpaid

113

1. Wireless subscribers excludes 222K prepaid subscribers from Public Mobile at December 31, 2013.

Industry-leading wireless churn

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1.51%

Q4-12

1.41%

Q4-13

Blended Postpaid

1.12%

Q4-12

0.97%

Q4-13Q4-11Q4-11

1.67%

1.23%

Industry-leading low churn resultsPostpaid down 15 basis points to reach lowest level in seven years

Smartphone & data adoption driving ARPU growth

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Q4-11 Q4-12 Q4-13

6.1 6.5 6.8

Postpaid subscribers (millions)Smartphone % of postpaid

$60.95 $61.86$59.08

Voice ARPUData ARPU

Q4 smartphone penetration up 11 points to 77% of postpaid base supporting data ARPU growth of 11%

Q4-11 Q4-12 Q4-13

21.65

37.43

25.29

35.66

28.17

33.6953%

66%77%

Industry-leading lifetime revenue per susbcriber1

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Q4-12 Q4-13

$4,387$4,036

1 Lifetime revenue derived by dividing ARPU by blended churn rate

Q4-11

$3,538

Customers First focus generating industry-leading lifetime revenue per subscriber

Strong Future Friendly Home subscriber growth

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Combined TV and high-speed Internet net additions exceeded residential NAL losses by 2.4 times – best ratio in over 2 years

TELUS TV

Residential NALs

High-speed Internet

16K 13K 19K 21K

34K 31K34K 38K

(34)K (32)K (33)K(25)K

53K59K

44K50K

Q2-13 Q3-13Q1-13 Q4-13

Continued Optik TV innovations

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Now offering Optik on the go with live TV

Q4 2013 wireless financial results

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($M, except margins) Q4 2013 ChangeRevenue (external) 1,585 3.4%

Network revenue 1,434 4.1%

EBITDA1 592 4.4%

EBITDA excluding restructuring & other like costs1 604 6.0%

EBITDA margin2 40.9% 0.1 pts

EBITDA margin excluding restructuring & other like costs2 41.7% 0.6 pts

Capital expenditures 213 11.5%

TELUS delivers another solid quarter of wireless results

1 EBITDA does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition.2 EBITDA as percentage of total network revenue.

Wireless data revenue ($M)

Q4-12

570

Q4-13

648

466

Q4-11

Strong Q4 data revenue growth of 14% year-over-yearData now 45% of wireless network revenue, up 4 points

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Q4 2013 wireline financial results

($M, except margins) Q4 2013 Change

Revenue (external) 1,363 3.4%

EBITDA 359 2.1%

EBITDA excluding restructuring & other like costs 380 3.5%

EBITDA margin1 25.6% (0.3) ptsEBITDA margin excluding restructuring & other like costs 27.0% No change

Capital expenditures 364 10.3%

Strong revenue growth driven by Data EBITDA excluding restructuring up 3.5% and stable margin of 27%

141. EBITDA as percentage of total revenue.

Wireline data revenue ($M)

Q4-12

770

Q4-13

851

680

Q4-11

Data revenue growth of over 10% driven by TV and InternetData revenue 62% of external revenue, up 4 points

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Q4 2013 consolidated financial results

($M, except EPS) Q4 2013 ChangeRevenue 2,948 3.4%

EBITDA 951 3.6%

EBITDA excluding restructuring & other like costs 984 5.0%

EPS (basic) 0.47 17.5%

Adjusted EPS1 0.49 22.5%

Capital expenditures (capex) 577 10.7%

Simple cash flow (EBITDA less capex) 374 (5.8)%

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

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

EPS continuity analysis

Strong double digit EPS growth

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Q4-12(as reported)

EBITDA(ex. Public

Mobile)

Depr &Amort

Lower O/S shares

Q4-13(as reported)

Financing & Other

$0.40$0.05 $0.02 $0.02 ($0.01) ($0.01)

Public Mobile

$0.47

2014 targetsand key assumptions

See forward-looking statement in TELUS fourth quarter 2013 and

2014 targets news release

2014 segmented targets1,2

Wireless ($B) 2014 targets Targeted change

Network revenue (external) $5.9 to $6.0B 5 to 7%

EBITDA $2.725 to $2.825B 4 to 8%

Wireline ($B)

Revenue (external) $5.45 to $5.55B 3 to 5%

EBITDA $1.425 to $1.525B 1 to 8%

1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations.

2 2014 wireless targets and growth rates exclude Public Mobile.

Segmented targets building on our strong momentum achieved in 2013

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$B, except EPS 2014 targets Targeted change

Revenue $11.9 to $12.1 4 to 6%

EBITDA $4.150 to $4.350 3 to 8%

EPS $2.25 to $2.45 11 to 21%

Capital expenditures Approx. $2.2

Targets demonstrate benefits of ongoing network and service-related investments, combined with customer-focused operational execution

2014 consolidated targets1,2

1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations.

2 2014 consolidated targets and growth rates exclude Public Mobile.20

Pension accounting discount rate of 4.75% Defined benefit pension expense of approx. $87M (approx. $85M in

operating expenses and $2M in financing costs) Defined benefit pension plan cash funding of approx. $105M Restructuring and other like costs of approx. $75M Cash taxes in the range of $540 to $600M Statutory income tax rate of 26.0 to 26.5%

Integration of Public Mobile is expected to negatively impact consolidated and wireless EBITDA by approx. $40M and EPS by approx. 6 cents

Key assumptions and sensitivities listed in section 1.5 in Q4 Management’s review of operations

2014 key assumptions1

1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations 21

Our balance sheet strength

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Long-term net debt to EBITDA ratio of 1.8x at year end 2013

Excellent debt maturity schedule with average maturity at 9.4 years and average cost of debt at approx. 5%

Over $2 billion of available liquidity

Investment grade credit ratings providing ready access to capital market funding

Strong balance sheet supporting broadband investments, spectrum purchases and returning capital to shareholders

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

Appendix – Q4 2013 free cash flow comparison

2012 2013  Q4 Q4EBITDA 918 951Capital expenditures (excluding spectrum licenses) (521) (577)Net employee defined benefit plans expense 26 27Employer contributions to employee defined benefit plans (28) (27)Interest expense paid, net (108) (113)Income taxes paid, net (13) (120)Share-based compensation (20) (22)Restructuring costs net of cash payments 9 17Free Cash Flow 263 136Non-voting shares issued 1 -Dividends (199) (213)Cash payments for acquisitions and related investments (6) (229)Real estate joint ventures (5) (8)Working Capital and other (68) 33Funds available for debt redemption (13) (281)

Net issuance of debt 76 585Increase in cash 62 304

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 7.1 in the 2013 fourth quarter Management’s review of operations.

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) favourable income tax-related adjustments. For further analysis of the aforementioned items see Section 1.3 in the 2013 fourth quarter Management’s review of operations.

Appendix - Glossary

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