Dividend information

TELUS announced its intention to target ongoing semi-annual dividend increases, with the annual increase in the range of 7 to 10% from 2017 through to the end of 2019. This announcement further extends TELUS’ multi-year dividend growth program originally announced in May 2011 and initially extended in May 2013 and provides investors with ongoing clarity with respect to TELUS’ dividend growth model.

Notwithstanding this target, dividend decisions will continue to be subject to our Board’s assessment and the determination of our financial situation and outlook on a quarterly basis. Our long-term dividend payout ratio guideline is 65 to 75 per cent of prospective net earnings. There can be no assurance that we will maintain a dividend growth program through 2019.

In November 2018, the TELUS Board of Directors has declared a quarterly dividend of $0.545 cents Canadian per share on the issued and outstanding Common Shares of the Company payable on January 2, 2019 to holders of record at the close of business on December 11, 2018.

Changes to settlement cycles for Canadian and US securities

Please note that effective September 5, 2017, the settlement dates for all Canadian and US securities (including TELUS) is being shortened from trade date plus three business days to trade date plus two business days. Please see the following notice from the Toronto Stock Exchange for further information.

Eligible dividends

TELUS Corporation ("TELUS") advises that unless stated below, all Common and Non-Voting share quarterly dividends paid since January 2006 are "eligible dividends" as defined by subsection 89(1) of the Income Tax Act. Under this legislation individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable.

Exceptions

The following portion of Common and Non-voting share dividends paid on April 1, 2007 are eligible dividends.

*Dividend amounts reflected above have been adjusted for 2-for-1 stock split effective April 16, 2013.

Dividend reinvestment and share purchase plan

Investors may take advantage of the automatic dividend reinvestment and share purchase plan to acquire additional common shares without fees. Under this plan, eligible shareholders can have their dividends reinvested automatically into additional shares.

We also offer a share purchase feature, under which eligible shareholders can, on a monthly basis, buy TELUS shares (maximum $20,000 per calendar year and minimum $100 per transaction) without brokerage commissions or service charges.

*Dividend payments prior to the July 2, 2013 dividend payment adjusted for 2-for-1 stock split effective April 16, 2013.