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KINGSDALEShareholder Services Inc.

The Exchange Tower130 King Street West, Suite 2950, P.O. Box 361Toronto, OntarioM5X 1E2 www.kingsdaleshareholder.com

North American Toll Free Phone:

1-888-518-1565

Email: [e-mail] Facsimile: 416-867-2271 Toll Free Facsimile: 1-866-545-5580 Outside North America, Banks and Brokers Call Collect: 416-867-2272

¹ Affidavit of Ronald J. Gilson; September 24, 2012; No. S125864, Vancouver Registry

² “Equity Decoupling and Empty Voting: The Telus Zero-Premium Share Swap,” Bernard C. Black; September 28, 2012

Forward looking statements:

This letter to shareholders contains statements about expected future events that are forward-looking. By their nature, forward-looking statements require Mason to make assumptions and predictions and are subject to inherent risks and uncertainties. Whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation, risks, assumptions and uncertainties related to: the approval of the Proposal by shareholders, the consummation of the Proposal by TELUS; actions taken by TELUS to frustrate Mason’s actions or objectives; changes in market conditions; the market value and trading price of the Common Shares; the level of foreign ownership of TELUS; actions taken by TELUS to remedy a breach of the foreign ownership levels; intervention by regulators or the courts; and other factors set out in TELUS’ Management Circular. In evaluating any forward-looking statements in this letter to shareholders, we caution readers not to place undue reliance on any forward-looking statements. Readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by our forward-looking statements. There is significant risk that the forward-looking statements will not prove to be accurate. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this letter to shareholders to reflect subsequent information, events, results or circumstances or otherwise.

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