2019 ANNUAL GENERAL MEETING Dick Auchinleck

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2019 ANNUAL GENERAL MEETING Dick Auchinleck 2019 ANNUAL GENERAL MEETING Dick Auchinleck Chair of the Board WELCOME TO THE 2019 ANNUAL GENERAL MEETING TELUS Garden Vancouver, British Columbia COMMITMENT TO DIVERSITY ● Adopted our Board diversity policy in 2013 ● Current Board diversity targets: ● To have diversity represented by not less than 30% of independent members ● To have a minimum representation of 30% of each gender Welcome! Christine Magee and Denise Pickett Target: 30% Actual: 50% Target: 30% Actual: 42% OVERALL GENDER DIVERSITY DIVERSITY THE LEADING SOCIAL CAPITALISM COMPANY Darren Entwistle President and CEO, TELUS Andrea Wood Chief Legal and Governance Officer CAUTION REGARDING FORWARD-LOOKING STATEMENTS CAUTION REGARDING FORWARD-LOOKING STATEMENTS This meeting and answers to questions contain forward-looking statements about our objectives and our strategies to achieve those objectives, including statements relating to our 2019 targets, multi-year dividend growth plan, fibre network and other capital investments, leverage ratios, and the performance of TELUS. By their nature, forward-looking statements do not refer to historical facts and require the Company to make assumptions and predictions, and are subject to inherent risks. There is significant risk that the forward-looking statements will not prove to be accurate. There can be no assurances that TELUS will meet its 2019 targets and outlook, or that TELUS will maintain its multi-year dividend growth program. Readers and listeners of this presentation are cautioned not to place undue reliance on forward-looking statements as a number of factors (such as regulatory developments and government decisions, competition, technological substitution, economic performance in Canada, our cost reduction initiatives, our earnings and free cash flow, our capital expenditures and decisions regarding our dividend) could cause actual future performance and events to differ materially from those expressed in the forward-looking statements. Accordingly, all forward-looking statements made today are subject to the cautionary note and qualified by the assumptions (including assumptions for the 2019 annual targets, and semi-annual dividend increases through 2022), qualifications and risk factors as set out in our first quarter 2019 Management’s discussion and analysis (MD&A) and in our 2018 annual MD&A, especially Sections 9 and 10, 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. The forward-looking statements in this presentation are presented for the purpose of assisting our investors and others in understanding certain key elements of our expected 2019 financial results as well as our objectives, strategic priorities and business outlook. Such information may not be appropriate for other purposes. 2019 ANNUAL GENERAL MEETING INDUSTRY-LEADING RESULTS ● 474,000 net new customers ● 0.89% postpaid churn, 5 consecutive years below 1% ● 24% free cash flow growth ● Highest dividend growth in the industry WORLD-LEADING SHAREHOLDER RETURN ● Total shareholder return of 495% since 2000 ● More than double TSX Index at 212% ● Eclipsed the MSCI World Telecom Index at 9% UNPARALLELED SHAREHOLDER VALUE ● Returned circa $17 billion, or $28 per share, to investors since 2004 ● Including $11.5 billion in dividends paid during this time ● Increased dividend 17 times since 2011 ● Extending dividend growth program targeting 7-10% annually through 2022 WIRELESS NETWORK EXCELLENCE ● #1 in quality ● Fastest network in North America ● Second fastest in the world TELUS PUREFIBRE SUPERIORITY ● 40% YoY growth in customer connections ● Exceeded OECD average growth rate by > 2.5x ● 37% of broadband customers on PureFibre ● Outpaced OECD average of fibre connections by 1,200 bps Internet for Good Health for Good LEVERAGING TECHNOLOGY FOR GOOD Mobility for Good Assistive Tech for Good MOST GIVING COMPANY IN THE WORLD ● Donated $690 million ● Volunteered 1.3 million days ● Contributed $41 billion in tax and spectrum fees LARGEST EVER DONATION IN CANADA AND ONE OF THE LARGEST IN NORTH AMERICA ● Donated $120 million to launch the 2019 FINANCIAL TARGETS ● Up to 5% revenue growth and 6% EBITDA growth ● Up to 10% earnings per share growth ● Up to 29% free cash flow growth ● Capex of $2.85 billion 2019 SOCIAL IMPACT TARGETS ● 1.1 million hours by 40,000 volunteers ● 60,000 vulnerable Canadians connected ● $50 million in giving ● $4 million raised for the TELUS Friendly Future Foundation THANK YOU 2019 ANNUAL GENERAL MEETING TODAY’S AGENDA ● Business items ● Tabling of financial statements ● Ratification and confirmation of our ● Election of directors Shareholder Rights Plan ● Appointment of auditors ● Approval of our Restricted Share Unit Plan ● Advisory vote on say on pay ● Approval of our Performance Share Unit Plan ● Voting results ● Conclusion MEETING PROCEDURES ● Quorum ● Declaration of mailing ● Appointment of scrutineers Thank you! Bill MacKinnon and Sabi Marwah OUR BOARD OF DIRECTORS Ray Chan Former Chair and Lead Independent Director, Baytex Energy Corp. The Honourable Stockwell Day Strategic Advisor, former Federal Cabinet Minister and Chair of our Pension Committee Lisa de Wilde Chief Executive Officer, TVO Mary Jo Haddad Strategic Consultant, former CEO, The Hospital for Sick Children (SickKids) and Chair of our Human Resources and Compensation Committee Kathy Kinloch President, British Columbia Institute of Technology Christine Magee Co-Founder and Co-Chair, Sleep Country Canada The Honourable John Manley Chair of CIBC and Chair of CAE Inc, former President and CEO, Business Council of Canada and Chair of our Corporate Governance Committee Claude Mongeau Former President and CEO, Canadian National Railway Company David Mowat Former President and CEO, ATB Financial, and Chair of our Audit Committee Marc Parent President and CEO, CAE Inc. Denise Pickett Chief Risk Officer and President, Global Risk, Banking and Compliance, American Express Dick Auchinleck Chair, TELUS OUR EXECUTIVE TEAM Josh Blair Group President and Chief Corporate Officer, TELUS Tony Geheran Executive Vice-President (EVP) and Chief Customer Officer François Gratton Group President, TELUS and Chair, TELUS Québec Zainul Mawji President, Home and Small Business Solutions Sandy McIntosh EVP, People and Culture, and Chief Human Resources Officer Jeff Puritt TELUS EVP and TELUS International President and CEO Doug French EVP and Chief Financial Officer Jim Senko President, Mobility Solutions Eros Spadotto EVP, Technology Strategy and Business Transformation 2019 ANNUAL GENERAL MEETING 2018 CONSOLIDATED FINANCIAL STATEMENTS VOTING PROCEDURES VOTING PROCEDURES ● Insert the smartcard into the handset ● A welcome message will appear VOTING PROCEDURES On the first two motions: ● Vote FOR the motion or WITHHOLD your vote On the next four motions: ● Vote FOR or AGAINST the motion MOTION TO NOMINATE AND ELECT DIRECTORS “I nominate the 13 individuals named in the information circular for election as directors of the Company, to hold office for the ensuing year.” MOTION TO APPOINT AUDITORS “I move that Deloitte LLP, Chartered Professional Accountants, be appointed as the auditors of the Company for the ensuing year at a remuneration to be fixed by the directors.” ELECTION OF DIRECTORS To vote on these two motions: ● Dick Auchinleck ● Christine Magee ● Press 1 to vote FOR ● Ray Chan ● John Manley ● Press 3 to ● Stockwell Day ● Claude Mongeau WITHHOLD vote ● Lisa de Wilde ● David Mowat ● Darren Entwistle ● Marc Parent ● Mary Jo Haddad ● Denise Pickett ● Kathy Kinloch APPOINTMENT OF AUDITORS VOTING IN PROGRESS ELECTION OF DIRECTORS To vote on these two motions: ● Dick Auchinleck ● Christine Magee ● Press 1 to vote FOR ● Ray Chan ● John Manley ● Press 3 to ● Stockwell Day ● Claude Mongeau WITHHOLD vote ● Lisa de Wilde ● David Mowat ● Darren Entwistle ● Marc Parent ● Mary Jo Haddad ● Denise Pickett ● Kathy Kinloch APPOINTMENT OF AUDITORS MOTION REGARDING SAY ON PAY “I move, on an advisory basis, that the shareholders accept the approach to executive compensation disclosed in the Company’s information circular delivered in advance of the 2019 annual general meeting of shareholders.” To vote on this motion: ● Press 1 to vote FOR ● Press 2 to vote AGAINST MOTION REGARDING SHAREHOLDER RIGHTS PLAN “I move that the resolution set out in the information circular dated March 13, 2019, ratifying and confirming the New Rights Plan be approved.” To vote on this motion: ● Press 1 to vote FOR ● Press 2 to vote AGAINST MOTION REGARDING RESTRICTED SHARE UNIT PLAN “I move that the RSU Plan and the shares issuable from treasury thereunder be approved.” To vote on this motion: ● Press 1 to vote FOR ● Press 2 to vote AGAINST MOTION REGARDING PERFORMANCE SHARE UNIT PLAN “I move that the PSU Plan and the shares issuable from treasury thereunder be approved.” To vote on this motion: ● Press 1 to vote FOR ● Press 2 to vote AGAINST VOTING RESULTS ● Election of directors ● Appointment of auditors ● Advisory vote on say on pay ● Approval of the Shareholder Rights Plan ● Approval of the Restricted Share Unit Plan ● Approval of the Performance Share Unit Plan VOTING RESULTS ● sedar.com ● telus.com 2019 ANNUAL GENERAL MEETING THANK YOU 2019 ANNUAL GENERAL MEETING.
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