Mr. Darren Entwistle reports

TELUS REPORTS STRONG OPERATIONAL AND FINANCIAL RESULTS FOR FIRST QUARTER 2023

Telus Corp. has released its unaudited results for the first quarter of 2023. Consolidated operating revenues and other income increased by 16 per cent over the same period a year ago to $5-billion. This growth was driven by higher service revenues in its two reportable segments: Telus technology solutions (TTech) and digitally led customer experiences -- Telus International (DLCX). TTech service revenue increased due to: (i) growth in health services revenues mainly driven by Telus's acquisition of LifeWorks on Sept. 1, 2022; (ii) higher mobile network revenues attributable to roaming revenue improvements and subscriber growth; and (iii) an increase in fixed data service revenues, resulting from subscriber growth, business acquisitions and higher revenue per Internet customer. These factors were partly offset by lower TV and fixed legacy voice services revenues, primarily due to technological substitution. Growth in DLCX operating revenues resulted from expanded services for existing clients and growth from new clients, including new clients from Telus's acquisition of WillowTree on Jan. 3, 2023, and favourable foreign exchange impacts. See first quarter 2023 operating highlights within this news release for a discussion on TTech and DLCX results.

"In the first quarter, our Telus team once again demonstrated our hallmark execution excellence, characterized by the potent combination of leading customer growth and strong financial results," said Darren Entwistle, president and chief executive officer. "Our robust performance is underpinned by our globally leading broadband networks and customer-centric culture, which enabled our strongest first quarter on record, with total customer net additions of 163,000, up 10 per cent year-over-year. This included strong mobile phone net additions of 47,000, our best first quarter result since 2010; healthy connected device net additions of 58,000; and record first quarter total fixed net additions of 58,000, inclusive of reaching our one-millionth security subscriber. Our leading customer growth is reflective of our consistent, industry-best client loyalty across our mobile and fixed product lines. In this regard, our team's passion for delivering customer experience excellence contributed to strong client loyalty across our key product lines once again this quarter, including blended mobile phone, PureFibre Internet, Optik TV, security and voice churn at or below 1 per cent. Moreover, our industry-leading postpaid mobile phone churn of 0.70 per cent represents the ninth quarter out of the last 13 below 0.80 per cent.

"Our results are backed by our highly differentiated and powerful asset mix geared towards high-growth, technology-oriented verticals," continued Mr. Entwistle. "Despite a challenging global macroeconomic environment, earlier today Telus International (TI) once again announced strong double-digit revenue growth and solid profitability for the first quarter. TI's resilient results and outlook reflect the important relationship with Telus as an anchor customer, enabling Telus's customer service excellence and powering our digitization strategy -- a unique relationship that significantly benefits both organizations. TI's continued focus on profitable growth, powered by attractive end-to-end digital capabilities, position it as a trusted adviser for premier digital customer experiences and IT services for its over 650 global clients.

"At Telus Health, significant growth in first quarter revenues of $423-million reflects the enhanced scale of our health operations driven by our acquisition of LifeWorks, which is enabling us to make meaningful progress in respect of our goal to be the most trusted well-being company in the world. This includes: our health care programs, now covering 67 million lives; executing 149 million digital health transactions in the first quarter, up 7 per cent year-over-year; and welcoming close to two million new virtual health care members in the last 12 months, increasing our membership to 5.2 million, up nearly 60 per cent over the prior year. We anticipate continued strong growth in Telus Health, buttressed by the integration of our synergistic product suite that enables us to not only meet, but exceed the diverse and evolving needs of our customers, with a differentiated and comprehensive range of innovative health care solutions. Looking at the over $200-million in synergies we initially identified with respect to the integration of LifeWorks, inclusive of revenues and costs, we have now achieved more than the $50-million in expected nearer-term annual cost savings. Furthermore, we have identified additional annual cost-efficiencies approaching $70-million, for a total of approximately $120-million in cost synergies by 2025. Moreover, our combined organizations are fully ramped up and delivering on revenue synergies, with in-market efforts pursuing value creation through organic growth throughout 2023 and beyond.

"At Telus Agriculture & Consumer Goods, first quarter revenues of $84-million were relatively flat year-over-year, reflecting transient headwinds, including one-time sales last year and some softness related to macroeconomic challenges. This was mostly offset by growth within our consumer goods and animal health verticals, as our team continues to integrate and grow this compelling global business. We continue to expect strong progress and double-digit revenue growth in this business in 2023, reflective of the significant long-term value we are creating as a globally leading provider of agriculture and consumer goods technology solutions around the world. Thanks to the efforts of our team, we will continue to advance the sector's efficiency and effectiveness -- including quality food production, waste reduction, food and retail execution, and trade promotion optimization -- through data analytics.

"Our consistently strong operational and financial performance is buttressed by our highly engaged team, who passionately deliver superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks," Mr. Entwistle further commented. "In April, our Telus PureFibre network was recognized by global analytics company Opensignal as the best fixed broadband network in Western Canada, in their inaugural April, 2023, Canada fixed broadband experience report. Furthermore, in March, Telus was named Canada's inaugural 2023 Reader's Choice Award winner, according to a survey conducted by U.S.-based PCMag. In particular, Telus was recognized as Canada's best major mobile carrier, and Public Mobile was named Canada's best digital mobile carrier. In addition, Telus was awarded Canada's best mobile carrier for business in PCMag's Business Choice Awards for 2023. Complementing these wins, in February, Telus was once again named Canada's most-awarded network by Opensignal for the 12th consecutive time. The consistent recognition from a range of independent organizations reinforces the superiority of Telus's world-leading networks in terms of offering customers the fastest, most expansive and reliable service in Canada across both our wireless and PureFibre networks. Indeed, these accolades underscore the tremendous value of our generational investments in global-best network technologies, including our now-completed accelerated broadband expansion program, which will continue to drive extensive socio-economic benefits for Canadians from coast to coast to coast, for decades to come.

"Telus's global leadership in broadband fibre is owing to our unique, innovation-centric culture, as well as the determination and skill of our team as we built and rapidly expanded our PureFibre network over the past 10 years. This generational investment is the cornerstone of our leading customer growth and the significant market share gains we have driven over many years. Moreover, Telus PureFibre has fundamentally transformed the way we do business; it supports our social purpose and sustainability promises; and it positions us for decades of robust free cash flow generation, in the way we reaped a century of return from copper. Our ongoing broadband network investments further enable the continued advancement of our financial and operational performance, strengthening our confidence in the robust outlook for our business, and the long-term affordability and sustainability of our industry-leading dividend growth program. The 7.4-per-cent year-over-year dividend increase announced today represents the 24th increase since we initiated our multiyear dividend growth program in 2011, with our program now in its 13th year and extended through 2025. Since 2004, Telus has returned more than $23-billion to shareholders, including over $18-billion in dividends, representing over $16 per share. Future dividend growth and affordability will be supported by strong EBITDA [earnings before interest, taxes, depreciation and amortization] and free cash flow growth; value creation across our TI, health, and agriculture and consumer goods businesses; as well as the significant reduction in annual capital expenditures beginning this year, leading to meaningful and sustainable free cash flow expansion.

"At Telus, our award-winning culture of caring is epitomized by our heartfelt philosophy to give where we live," said Mr. Entwistle. "In this regard, since its inception in 2018, Telus Friendly Future Foundation (TFFF) has granted $38-million in cash donations to charities in our communities, making a positive impact on the lives of 14 million youth. This includes $2.1-million in grants so far in 2023 alone. Moreover, in February, TFFF launched its $1-million Livable Communities for our Youth challenge to improve the lives of young Canadians by connecting innovative entrepreneurs to local charities overwhelmed by increasing demand. Thanks to the combined efforts of our Telus and Telus Friendly Future Foundation teams, we are ensuring even more youth have the opportunity to realize their full potential."

Doug French, executive vice-president and chief financial officer, said: "In the first quarter of 2023, our team achieved strong operational and financial results, building upon our long-standing track record of execution excellence. As we progress towards our consolidated financial targets for 2023, which we reiterated today, we delivered double-digit consolidated operating revenue, adjusted EBITDA and free cash flow growth. These strong results reinforce our positive outlook for the year and are driven by our consistent focus on profitable customer growth over our leading mobile and fixed broadband networks, and supported by our highly differentiated and global asset mix. Net income in the quarter was down 45 per cent, driven by an increase in depreciation and amortization reflecting a higher asset base from organic and inorganic investments, an increase to financing costs, and higher restructuring costs inclusive of lump sum payments of $67-million from the ratification of the new collective agreement with the TWU and costs related to the ongoing integration of LifeWorks. Within our TTech segment, we delivered strong operating revenue growth of over 15 per cent, or approximately 8 per cent excluding LifeWorks, powered by healthy mobile network revenue growth of almost 8 per cent, and fixed data revenue growth of nearly 7 per cent, while adjusted EBITDA was up 11 per cent. This performance reflects the powerful attributes of our superior bundled offerings over our world-leading networks, underpinned by our unrelenting focus to deliver leading customer experiences. As we progress through 2023 and beyond, our team will remain focused on empowering our customers with technology innovations to enable meaningful outcomes. This will be supported by our ongoing focus on reducing our cost structure, on a permanent basis, from our investments in digitization as we make steady progress decommissioning our legacy copper infrastructure and move toward a singular PureFibre network.

"During the first quarter, our team advanced our leadership position in sustainability, issuing our fourth sustainability-linked bond (SLB), linking our financing to the achievement of ambitious environmental targets," added Mr. French. "Furthermore, our latest SLB offering affirms Telus as having the largest SLB program in the Canadian fixed-income market and reinforces our sustainability commitments as a global leader in ESG [environmental, social, governance]. At the end of the quarter, our average cost of long-term debt remains favourable at 4.18 per cent, while our average term to maturity of long-term debt is 11.8 years. Continuing to secure cost-efficient financing remains critical in driving the success of our strategic initiatives and generational investments. As we progress through 2023, we anticipate the profile of our capital expenditures to be greater in the first half of the year, as we drive incremental operational and financial benefits in-year, while decelerating our investment profile in line with our annual target of approximately $2.6-billion.

"Our leading growth profile and robust balance sheet position support our well-established dividend growth program. Our ability to deliver on our dividend growth program reflects our confidence in executing our growth strategy, on a global basis, and our ability to drive meaningful free cash flow growth on a sustained basis from our leading EBITDA growth profile and lower capital intensity. Returning capital to shareholders is balanced against our continued focus to invest strategically to unlock transformational benefits for all of our stakeholders, while maintaining a strong balance sheet to support critical investments that will further advance our growth strategy and support our long-term success today and well into the future," concluded Mr. French.

For the first quarter, net income of $224-million and basic earnings per share (EPS) decreased by 45 per cent and 46 per cent, respectively, over the same period last year. These decreases were driven by the impacts from: (i) higher depreciation and amortization reflecting increases related to capital assets acquired in business acquisitions; growth in capital assets in support of the expansion of Telus's broadband footprint, including its generational investment to connect homes and businesses to Telus PureFibre and 5G technology coverage; and growth in Internet, TV and security subscriber loading; (ii) higher financing costs primarily from greater long-term debt outstanding; and (iii) higher restructuring and other costs of $120-million, inclusive of lump sum amounts recorded of $67-million from the ratification of the new collective agreement between the TWU and Telus. As it relates to EPS, the trends also reflect the effect of a higher number of common shares outstanding. When excluding the effects of restructuring and other costs, income tax-related adjustments, other equity (income) losses related to real estate joint ventures, long-term debt prepayment premium, and other adjustments, adjusted net income of $386-million decreased by 7 per cent over the same period last year, while adjusted basic EPS of 27 cents was down 10 per cent over the same period last year. Adjusted net income is a non-GAAP (generally accepted accounting principles) financial measure and adjusted basic EPS is a non-GAAP ratio.

Compared with the same period last year, consolidated EBITDA increased by 3.3 per cent to approximately $1.6-billion and adjusted EBITDA increased by 11 per cent to approximately $1.8-billion. This growth reflects: (i) higher mobile network revenues driven by Telus's roaming recovery and subscriber growth; (ii) increased fixed data services margins; (iii) the EBITDA contribution from the company's acquisition of LifeWorks on Sept. 1, 2022; and (iv) an increase in Telus's DLCX segment contribution, largely from the acquisition of WillowTree. These factors were partly offset by: (i) higher costs related to business acquisitions, inclusive of a greater number of team members; (ii) higher costs related to the scaling of Telus's digital capabilities, inclusive of increased subscription-based licences and contractor costs; (iii) merit-based compensation increases; and (iv) declining TV and fixed legacy voice margins.

In the first quarter, Telus added 163,000 net customer additions, up 15,000 over the same period last year, and inclusive of 47,000 mobile phones and 58,000 connected devices, in addition to 35,000 Internet, 22,000 security and 9,000 TV customer connections. This was partly offset by residential voice losses of 8,000. Telus's total TTech subscriber base of approximately 18.2 million is up 7.3 per cent over the past 12 months, reflecting a 3.8-per-cent increase in its mobile phones subscriber base to 9.7 million, and a 22-per-cent increase in its connected devices subscriber base to 2.6 million. Additionally, Telus's Internet connections grew by 9.4 per cent over the past 12 months to over 2.5 million customer connections, its security customer base expanded by 21 per cent to one million customers and its TV subscriber base increased by 4.6 per cent to more than 1.3 million customers. Lastly, Telus's residential voice subscriber base declined slightly by 2.2 per cent to 1.1 million.

In health services, as of the end of the first quarter of 2023, virtual care members were 5.2 million and health care lives covered were 67 million, up 58 per cent and 45.1 million over the past 12 months, respectively. Digital health transactions in the first quarter of 2023 were 148.9 million, up 6.7 per cent over the first quarter of 2022.

Cash provided by operating activities of $761-million decreased by 33 per cent in the first quarter of 2023, primarily driven by other working capital changes and an increase in interest paid. These factors were partially offset by lower restructuring and other disbursements and growth in EBITDA.

Free cash flow of $535-million increased by 29 per cent compared with the same period a year ago. The increase in free cash flow primarily reflects lower capital expenditures and lower restructuring and other disbursements, partly offset by an increase in cash interest paid. Telus's definition of free cash flow, for which there is no industry alignment, is unaffected by accounting changes that do not impact cash, such as IFRS (international financial reporting standards) 15 and IFRS 16.

Consolidated capital expenditures of $713-million, including $5-million related to real estate development, decreased by 14 per cent in the first quarter of 2023. TTech drove $109-million of this decrease, primarily due to a planned slowdown of fibre and wireless network build, which is consistent with 2023 build targets when compared with Telus's accelerated investments in the first quarter of 2022. The company's capital investments have enabled: (i) Telus's Internet, TV and security subscriber growth, as well as more premises connected to its fibre network; (ii) increased coverage of its 5G network; (iii) the expansion of its health product offerings and capabilities, including its acquisition of LifeWorks on Sept. 1, 2022, as well as to support business integration; and (iv) enhancement of its product and digital development to increase its system capacity and reliability. By March 31, 2023, Telus's 5G network covered over 30.6 million Canadians, representing approximately 83 per cent of the population.

First quarter 2023 operating highlights

Telus technology solutions (TTech):

• TTech operating revenues (arising from contracts with customers) increased by 15 per cent in the first quarter of 2023, primarily reflecting increases in mobile network revenue, mobile equipment and other service revenues, fixed data services revenue, fixed equipment and other service revenues, and health services revenues, as described below. This growth was partly offset by lower fixed voice services revenue.
• TTech EBITDA increased by 3.7 per cent in the first quarter of 2023, while TTech adjusted EBITDA increased by 11 per cent, reflecting an increase in direct contribution from mobile and fixed products and services, as outlined below. This was partially offset by: (i) higher costs related to business acquisitions, inclusive of a greater number of team members; (ii) higher costs related to the scaling of Telus's digital capabilities, inclusive of increased subscription-based licences and contractor costs; and (iii) merit-based compensation increases.

Mobile products and services:

• Mobile network revenue increased by 7.6 per cent in the first quarter of 2023, largely due to roaming revenue recovery attributed to the easing of pandemic-related restrictions which principally started in the second quarter of 2022, bolstered by mobile phone and connected device subscriber base growth as well as contribution from higher base rate plans.
• Mobile equipment and other service revenues increased by 18 per cent in the first quarter of 2023, largely attributable to the impact of higher-value smart phones in the sales mix and increased contract volumes.
• TTech mobile products and services direct contribution increased by 9.4 per cent in the first quarter of 2023, largely reflecting higher roaming margins associated with an increase in international travel volumes, mobile subscriber growth and higher equipment margins. These were partly offset by higher commissions attributed to increased levels of retail traffic.
• Mobile phone ARPU (average revenue per user) was $58.61 in the first quarter of 2023, an increase of 3.8 per cent, largely due to roaming improvements as a result of increased international travel. Domestic ARPU has modestly increased as Telus continues to focus its efforts on driving higher-value loading, partly offset by family discounts and bundling credits offered to its customers and lower overage revenues as customers continue to adopt larger or unlimited data and voice allotments in their rate plans.
• Mobile phone gross additions were 300,000 in the first quarter of 2023, an increase of 28,000, driven by growth in high-value customer additions due to increased levels of retail traffic as compared with the prior year when pandemic-related restrictions were still in place, successful promotions, including bundling of Telus's mobility and home services, and growth in the Canadian population.
• Mobile phone net additions were 47,000 in the first quarter of 2023, an increase of 1,000, driven by higher mobile phone gross additions, partially offset by higher mobile phone churn, as described below.
• Telus's mobile phone churn rate was 0.88 per cent in the first quarter of 2023, compared with 0.81 per cent in the first quarter of 2022, which grew largely due to increased customer switching activity corresponding with higher levels of retail traffic as compared with the prior year when pandemic-related restrictions were still in place, in addition to increased travel-related prepaid deactivations, mitigated by the company's continued focus on customer retention through promotions and bundled offerings.
• Connected device net additions were 58,000 in the first quarter of 2023, an increase of 12,000, attributable to increased Internet of Things connections, as well as sales of other connected devices, such as tablets and mobile Internet.

Fixed products and services:

• Fixed data services revenues increased by 6.7 per cent in the first quarter of 2023. The increase was driven by: (i) an increase in Telus's Internet, security and TV subscribers; (ii) business acquisitions; and (iii) higher revenue per customer as a result of Internet speed upgrades, Internet rate plans with larger allotted data amounts and rate changes. This growth was partially offset by lower TV revenue per customer, reflecting an increased mix of customers selecting smaller TV combination packages and technological substitution.
• Fixed voice services revenues decreased by 4 per cent in the first quarter of 2023, reflecting the continuing decline in legacy voice revenues as a result of technological substitution and price plan changes. Declines were partly mitigated by the success of Telus's bundled product offerings, retention efforts and the migration from legacy to Internet protocol services offerings.
• Fixed equipment and other service revenues increased by 13 per cent in the first quarter of 2023, reflecting higher sales volumes and lower discounts on business and consumer premise equipment.
• TTech fixed products and services direct contribution increased by 14 per cent in the first quarter of 2023, reflecting growth in health, inclusive of business acquisitions and organic growth, as well as increased margins for Internet, data and security, primarily driven by subscriber growth. These were partly offset by declining TV and legacy voice margins, principally due to technological substitution.
• Internet net additions were 35,000 in the first quarter of 2023, an increase of 5,000, due to Telus's success in driving strong gross additions through bundled product offerings, partly offset by a modestly higher churn rate driven by macroeconomic pressures impacting consumer purchasing decisions.
• TV net additions were 9,000 in the first quarter of 2023, a decrease of 1,000, due to modestly higher churn related to the same factors as Internet, offset by Telus's diverse offerings.
• Security net additions were 22,000 in the first quarter of 2023, a decrease of 4,000, due to higher churn related to the same factors as Internet, partly offset by increased demand for Telus's bundled product offerings and diverse suite of products and services.
• Residential voice net losses were 8,000 in the first quarter of 2023, an improvement of 2,000, due to Telus's bundled product and lower-priced offerings, as well as its strong retention efforts, partly offset by the substitution to mobile and Internet-based services.

Health services:

• Through Telus Health, the company is leveraging technology to deliver connected solutions and services, improving access to care, and revolutionizing the flow of information while facilitating collaboration, efficiency and productivity across the health care ecosystem, progressing Telus's vision of transforming health care and empowering people to live healthier lives.
• Health services revenues increased by $283-million in the first quarter of 2023, driven by: (i) Telus's acquisition of LifeWorks on Sept. 1, 2022; (ii) continued adoption of the company's virtual solutions; and (iii) growth in health benefits management services, with plan members continuing to increase their use of elective health services, partly offset by rate changes associated with a contract renewal.
• At the end of the first quarter of 2023, Telus's health care programs covered 67 million lives, an increase of 45.1 million over the past 12 months, mainly due to the addition of 36.9 million lives covered from Telus's third quarter 2022 acquisition of LifeWorks, as well as healthy postacquisition growth resulting from both new and existing clients across all of the company's regions. Organically, lives covered also increased due to continued demand for virtual solutions and personal health records.
• At the end of the first quarter of 2023, 5.2 million members were enrolled in Telus's virtual care services, an increase of 1.9 million over the past 12 months, attributable to the continued adoption of virtual solutions that keep Canadians and others safely connected to health and wellness care.
• Digital health transactions were 148.9 million in the first quarter of 2023, an increase of 9.3 million, largely driven by increased demand for elective health services.

Agriculture and consumer goods services:

• Through Telus Agriculture & Consumer Goods, Telus provides innovative digital solutions and actionable data insights that better connect the global supply chain, driving more efficient production processes and improving the safety, quality and sustainability of food and consumer goods. Importantly, these efforts are also enabling better traceability to the end consumer, further supporting improved food outcomes.
• Agriculture and consumer goods services revenues decreased by $1-million in the first quarter of 2023, reflecting transient headwinds, including one-time sales last year and some softness related to macroeconomic challenges, mostly offset by the company's diverse collection of offerings including software-as-a-service-based (SaaS) revenue management software for consumer goods manufacturers and animal health pharmacy and research. Telus's agriculture and consumer goods revenues are largely earned in U.S. dollars, and in the first quarter of 2023 compared with the first quarter of 2022, the Canadian dollar weakened against the U.S. dollar, resulting in higher reported revenues in the period.

Digitally led customer experiences -- Telus International (DLCX):

• DLCX operating revenues (arising from contracts with customers) increased by 17 per cent in the first quarter of 2023. The increase was primarily attributable to growth in Telus's tech and games, banking, financial services and insurance, and other industry vertical clients, arising from additional services provided to existing clients and new clients added since the prior year, including new clients from the acquisition of WillowTree. In addition, the strengthening of the U.S. dollar against the Canadian dollar resulted in a favourable foreign currency impact on the company's DLCX operating results. Revenues from contracts denominated in U.S. dollars, European euros and other currencies will be affected by changes in foreign exchange rates.
• DLCX EBITDA in the first quarter of 2023 was essentially flat as compared with the same period a year ago, while DLCX adjusted EBITDA increased by 8.1 per cent. The increase in adjusted EBITDA was primarily due to the addition of WillowTree, partly offset by higher operating expenses in goods and services purchased and employee benefits expense.

Corporate highlights

Telus makes significant contributions and investments in the communities where team members live, work and serve and to the Canadian economy on behalf of customers, shareholders and team members. These include:

• Paying, collecting and remitting approximately $618-million in the first quarter of 2023 to federal, provincial and municipal governments in Canada consisting of corporate income taxes, sales taxes, property taxes, employer portion of payroll taxes and various regulatory fees. Since 2000, Telus has remitted approximately $34-billion in these taxes.
• Investing $713-million in capital expenditures in the first quarter of 2023 and over $51-billion since 2000.
• Disbursing spectrum renewal fees of approximately $53-million to Innovation, Science and Economic Development Canada in the first quarter of 2023. Since 2000, Telus's total tax and spectrum remittances to federal, provincial and municipal governments in Canada have totalled more than $42-billion.
• Spending $2.8-billion in total operating expenses in the first quarter of 2023, including goods and services purchased of approximately $1.6-billion. Since 2000, Telus has spent $152-billion and $103-billion, respectively, in these areas.
• Generating a total team member payroll of approximately $1-billion in the first quarter of 2023, including wages and other employee benefits, and payroll taxes of $75-million. Since 2000, total team member payroll totals $58-billion.
• Returning approximately $500-million in dividends declared in the first four months of 2023 to individual shareholders, mutual fund owners, pensioners and institutional investors. Since 2004, Telus has returned more than $23-billion to shareholders through its dividend and share purchase programs, including over $18-billion in dividends and $5.2-billion in share purchases, representing more than $16 per share.

Dividend declaration

The Telus board of directors declared a quarterly dividend of 36.36 cents per share on the issued and outstanding common shares of the company payable on July 4, 2023, to holders of record at the close of business on June 9, 2023. This quarterly dividend reflects an increase of 7.4 per cent from the 33.86-cent-per-share dividend declared one year earlier and consistent with the company's multiyear dividend growth program.

Access to quarterly results information

Interested investors, the media and others may review this quarterly earnings news release, management's discussion and analysis, quarterly results slides, audio and transcript of the investor webcast call, and supplementary financial information on the Telus website.

Telus's first quarter 2023 conference call is scheduled for Thursday, May 4, 2023, at 1:30 p.m. ET (10:30 a.m. PT) and will feature a presentation followed by a question-and-answer period with investment analysts. Interested parties can access the webcast on the Telus website. An audio recording will be available approximately 60 minutes after the call until June 4, 2023, at 1-855-201-2300. Please quote conference access code 77357 followed by the pound key and playback access code 0113302 followed by the pound key. An archive of the webcast will also be available on the Telus website and a transcript will be posted on the website within a few business days.

About Telus Corp.

Telus is a dynamic, world-leading communications technology company with $18-billion in annual revenue and 18 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security. Its social purpose is to leverage its global-leading technology and compassion to drive social change and enable remarkable human outcomes. Telus's long-standing commitment to putting its customers first fuels every aspect of its business, making the company a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades Telus has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of Telus's global leading networks, reinforcing the company's commitment to provide Canadians with access to superior technology that connects it to the people, resources and information that make people's lives better.

Operating in 31 countries around the world, Telus International is a leading digital customer experience innovator that designs, builds and delivers next-generation solutions, including artificial intelligence and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications and media, e-commerce and fintech, banking, financial services and insurance, health care, and others.

Telus Health is a global health care leader, which provides employee and family primary and preventive health care and wellness solutions. The Telus team, along with its 100,000 health professionals, are leveraging the combination of Telus's strong digital and data analytics capabilities with the company's unsurpassed client service to dramatically improve remedial, preventive and mental health outcomes covering 67 million lives, and growing, around the world. As the largest provider of digital solutions and digital insights of its kind, Telus Agriculture & Consumer Goods enables efficient and sustainable production from seed to store, helping improve the safety and quality of food and other goods in a way that is traceable to end consumers.

Driven by its determination and vision to connect all citizens for good, Telus's deeply meaningful and enduring philosophy to give where it lives has inspired Telus and its team to contribute $1.5-billion, including two million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made Telus the most giving company in the world.

We seek Safe Harbor.