TELUS Corporation: Rating Report

On February 28, 2018, DBRS Limited (DBRS) confirmed the Issuer Rating and Notes rating of TELUS Corporation (TELUS
or the Company) at BBB (high), the Commercial Paper rating of TELUS at R-2 (high) and the Senior Debentures rating of TELUS Communications Inc. (TCI) at BBB (high). All trends are Stable. The confirmations acknowledge and incorporate a recovery in profitability and corresponding improvement in financial metrics year over year (YOY). The ratings continue to be supported by TELUS’s well-entrenched market position and proven track record of profitable growth, while also reflecting intensifying competition, risks associated with regulatory and technological change as well as the industry’s capital-intensive nature.