Q1 2015 investor conference call
May 7, 2015
Darren Entwistle, Executive Chair
Joe Natale, 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 first 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.
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Driving our success
• Delivering strong financial and operating results
• Focusing on exceptional customer service culture
• Investing for sustainable future growth
• Returning significant cash to shareholders
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Returning significant cash to shareholders
• Quarterly dividend of $0.42/share up
10.5% over last year
• 16 dividend increases since 2004, including 9 dividend increases since
May 2011
• 7.1M shares purchased through our
2015 NCIB program through April
2015 for $292M
$4.8B
$2.8B
$11.5B
$4.6B
$6.9B
2004 to 2015 cumulative
Buybacks
Dividends
Strong track record of returning capital to shareholders
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Strong wireless postpaid additions
Postpaid net adds (000s)
48
37
Q1-14 Q1-15
Wireless subscribers
14%
1.14M
prepaid
8.29M
total
86%
7.15M
postpaid
Continued expansion of postpaid base
80% share of industry postpaid net additions 6

Industry-leading wireless churn
Postpaid
0.99%
0.91%
Blended
1.50%
1.28%
Q1-14 Q1-15 Q1-14 Q1-15
Seventh consecutive quarter with postpaid churn below 1%
Blended churn down 22 bps to 1.28% 7

Industry-leading wireless ARPU
$60.42
$62.34
Q1-14 Q1-15
18th consecutive quarter of y/y blended ARPU growth as data usage continues to grow 8

Industry-leading lifetime revenue per subscriber 1
$4,028
$4,870
Q1-14 Q1-15
1 Lifetime revenue derived by dividing ARPU by blended churn rate.
Customers First focus supporting industry-leading lifetime revenue per subscriber – up 21% YoY 9

Growing wireline subscriber base
48
50
44
RGU 1 net adds (000s)
High-speed Internet
TELUS TV
Business NALs
Residential NALs
42
48
-24
-19
-24 -25 -25
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
24 23 24 25 19 Total wireline RGU net adds
1 Revenue generating units
Delivering positive wireline subscriber growth
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Key first quarter operating highlights
• Strong postpaid wireless subscriber growth
• Lowest postpaid churn in North America
• Industry-leading and growing ARPU
• Industry-leading and growing lifetime revenue per customer
• Most rapidly growing wireline business in Canada
Strong first quarter performance demonstrates execution of strategy and powerful customer-focused culture 11

First quarter 2015 wireless financial results
($ millions, except margin)
Revenue (external)
Network revenue
EBITDA 1
EBITDA (excluding restructuring)
EBITDA margin 2
EBITDA margin (excluding restructuring)
Capital expenditures
1 EBITDA does not have any standardized meaning prescribed by IFRS-IASB.
2 EBITDA as a percentage of total revenue.
Q1 2015 y/y change
1,672 +7.5%
1,535
744
750
44.1%
44.5%
248
+6.4%
+7.8%
+8.0%
+0.1 pts
+0.3 pts
+50%
Wireless momentum continues with strong data revenue growth of 19%
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First quarter 2015 wireline financial results
($ millions, except margin)
Revenue (external)
EBITDA
EBITDA (excluding restructuring)
EBITDA margin
EBITDA margin (excluding restructuring)
Capital expenditures
Q1 2015
1,356
391
402
28.0%
28.8%
387 y/y change
+1.2%
+1.3%
+2.8%
-
+0.5 pts
+17%
Delivering profitable growth with a focus on margins
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First quarter 2015 consolidated financial results
($ millions, except EPS)
Revenue
EBITDA
EBITDA (excluding restructuring)
EPS (basic)
Capital expenditures
Free cash flow 1
1 Free cash flow does not have any standardized meaning prescribed by IFRS-IASB.
Q1 2015
3,028
1,135
1,152
0.68
635
271 y/y change
+4.6%
+5.4%
+6.2%
+11%
+28%
(6.9)%
Strength in both wireless and wireline delivering strong consolidated growth in revenue and profitability 15

Our balance sheet strength
• Successfully issued $1.75 billion in three tranche debt offering at attractive interest rates
• Average term to maturity of long-term debt 11.1 years
• Average cost of long-term debt 4.42%
• Long term net debt to EBITDA policy guideline revised upwards to 2.00-2.50x
Strong balance sheet supporting broadband investments, valuable spectrum purchases and returning capital to shareholders 16

Investor relations
1-800-667-4871 telus.com/investors ir@telus.com
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Appendix - free cash flow comparison
EBITDA
Capex (excluding spectrum licenses)
Net employee defined benefit plans expense
Employer contributions to employee defined benefit plans
Interest expense paid, net
Income taxes paid, net of refunds
Share-based compensation
Restructuring (disbursements) net of restructuring costs
Free Cash Flow
Spectrum
Purchase of Common Shares for cancellation
Dividends paid to holders of equity shares
Cash payments for acquisitions and related investments
Real estate joint ventures
Working Capital and Other
Funds available for debt redemption
Net issuance of debt
Increase in cash
Q1 - 2014
1,077
(496)
22
(29)
(60)
(224)
16
(15)
291
(229)
(159)
(222)
(37)
(14)
(240)
(610)
326
(284)
Q1 - 2015
1,135
(635)
28
(27)
(85)
(115)
(23)
(7)
271
(302)
(156)
(244)
(4)
(7)
(175)
(617)
2,136
1,519
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Appendix - EPS continuity analysis
$0.61
$0.07
$0.02
$0.01
($0.03) $0.68
Q1-14
(as reported)
EBITDA Lower O/S shares (NCIB)
Depreciation Financing
& Other
Q1-15
(as reported)
Double digit EPS growth reflects higher EBITDA and lower shares outstanding from active share buyback program 19

Appendix - definitions
• 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 first quarter Management’s discussion and analysis
• Free cash flow does not have any standardized meaning prescribed by IFRS-IASB. For definition and explanation, see
Section 11.1 in the 2015 first quarter Management’s discussion and analysis.
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