Investor Meetings March 2010

 Strategic overview 3  Wireless developments 7  Wireline developments 19  Financial review 30  Summary 37 Agenda 2 Slide

Strategic overview

Revenue $9.6B $6.0B Wireless 18% Wireline Local 49% Wireline LD 23% Data 10% 28% 71% Wireline Data 22% Data 9% Wireless Wireline Local and 22% 6% LD 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively Wireless 40% Strategic focus on data and wireless TELUS revenues up 60% since Wireline other

$3.5B EBITDA evolution Executing strategy drives wireless growth, now 55% of operating profit Executing strategy drives wireless growth, now 55% of operating profit $2.3B Wireless 17% Wireline 83% Wireless 55% Wireline 45% 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively

Wireless Voice - Network Access Lines Data - Internet and TV (millions) 65% Internet, TV and wireless TELUS total customer connections Client connections doubled since % 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively

Wireless developments

TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues 8 TELUS launches Canada’s largest 3G+ network  HSPA network launched November 5, 2009  Service to more than 31 million Canadians  Enabling wireless applications with fast download speeds  Access to international roaming to more than 200 countries  Clear strategic and competitive advantages  Level playing field due to availability of latest smartphones  Data growth  International roaming revenues

3G+ coverage (West) Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered. *Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors. Coverage area are approximate as of November Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services. Leapfrogged past Rogers to have the fastest and largest HSPA+ network

3G+ coverage (East) Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered. *Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors. Coverage area are approximate as of November Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services.

19% Wireless subscribers 1 81% Total net additions 6.5 million total 5.3M 1.2M High quality postpaid net adds reflected 89% of subscriber mix compared to 80% a year ago High quality postpaid net adds reflected 89% of subscriber mix compared to 80% a year ago Q K 11 Wireless subscriber results Q K 109K 119K Postpaid Prepaid 1 Opening balances for postpaid and total wireless subscribers for Q4-09 were reduced by 11K to reflect prior period reporting adjustments.

Data growth of 20% driven by continued smartphone adoption and to be enhanced with HSPA smartphones Data growth of 20% driven by continued smartphone adoption and to be enhanced with HSPA smartphones 12 Q4-08 $203M Wireless data revenue Q4-09 $243M $131M Q4-07 BlackBerry Bold

Q4-08Q4-09Change Gross adds (000s)441431(2.3)% Churn1.62%1.60%(0.02) pts COA per gross add ($) % COA expense ($M)164163(0.6)% Retention expense ($M) %  Increased investments in retention focused on continued smartphone adoption Increased investments in retention focused on continued smartphone adoption 13    Wireless marketing and retention Note: Measurement of costs of acquisition and retention refined in Prior year comparisons restated. 

Smartphone subscriber base increased 61% and expected to be a positive factor for future ARPU Smartphone subscriber base increased 61% and expected to be a positive factor for future ARPU 14 Q4 smartphone mix  Smartphone subscribers represent 20% of postpaid base compared to 13% a year ago  Post HSPA network & device launch on November 5:  More than 40% of gross postpaid loading came from smartphones  More than 100% increase in retention subscriber upgrades to smartphones

TELUS launched iPhone 3GS 15 Running on Canada’s fastest and largest 3G+ network Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered.

 Fewer and simpler rate plans introduced Nov  Clear Choice™ suite of consumer rate plans  Clear and Simple™ business rate plans  Designs based on feedback from Canadians  Consistent with TELUS’ future friendly brand promise  No SAF or carrier 911 fees  General rate plan increase of $5 with basic voic 3  Expect loading, churn and cost efficiency benefits 16 TELUS’ simple and clear wireless pricing Simplified rate plan structure supports focus on AMPU TELUS’ simple and clear wireless pricing

 2008 launch expanded mall distribution  103 Koodo kiosks and growing  Realising 77% awareness nationally  93% in core demographic  Earning industry recognition from J.D. Power and Associates: “ Highest in customer satisfaction with postpaid wireless service” 17 Strengthening wireless distribution Providing flexibility to serve various customer needs  In 2009, acquired 113 retail stores across Canada  Most in premium mall locations  72% are Ontario based

British Columbia Alberta Saskatchewan Manitoba Ontario Québec Newfoundland New Brunswick Nova Scotia P.E.I.  Wireless distribution augmented by Koodo launch and acquisition of Black’s Building TELUS’ wireless distribution National distribution outlets doubled to 1, points of distribution 2009 points of distribution 18

Wireline developments

 Supporting Future Friendly Home services with ongoing wireline broadband capital investments  Satellite TV service launched mid-2009  Investing in operational efficiency review of operations – wireless 20 Wireline investments Supporting efficiency and new TELUS services

21 Broadband build update 21 Continued ramp-up in broadband coverage  Expanded FTTN coverage to > 75% of households in top 48 communities in Western Canada at YE 2009  Greater Vancouver coverage increased to >70% in Q4  Expect coverage of up to 90% of households in top 48 communities in Western Canada by YE 2010  Cost effective upgrade to VDSL2 technology underway  Provides data download speeds of up to 30 Mbps  Enables expanded IPTV coverage and features  Continuing FTTH to new developments and FTTB to MDU’s

TELUS TV net additions 1 Q4-08Q K 33K 22 TTV continues to show strong results with net adds up 120% and total subscriber base up 118% TELUS TV subscribers Q4-08Q K 170K TELUS TV subscribers 1 1 Includes both TELUS IP TV and TELUS Satellite TV subscribers

23 In Q4/09 TELUS TV and Internet loading exceeded residential NAL losses In Q4/09 TELUS TV and Internet loading exceeded residential NAL losses Stabilized residential NAL losses Q K Q2-09Q1-09Q K Q K 44K 31K 20K 34K TELUS TV & high-speed Internet Residential NAL’s

% -5.5% -3.6% -9.7% -9.8% Other -9.3% -10% -4.5% Network Access Line losses vs. peers Best performance by an incumbent in North America Resilient network access line loss

25 Our opportunity - the future of TELUS TV 25  Microsoft Mediaroom launched Feb across various B.C. and Alberta communities  PVR Anywhere – record and watch on any connected TV  Multiple TV’s in a home with multiple HD streams  Superior picture quality  Enhanced channel guide with picture in picture display  Instantaneous channel changing  Faster Internet speeds Introduced innovative new features that differentiates against cable-TV Introduced innovative new features that differentiates against cable-TV

Investing in and focusing on key industry verticals  Public sector  Financial services  Energy  Healthcare  Wholesale Implementation track record led to contract wins Our opportunity on large enterprise deals National Defence 26

 TELUS #1 Healthcare IT Company in Canada by Branham Group  2009 Canadian HealthCare Transformation Award (ITAC Health)  Emergis purchased January 2008  Electronic Health Records for 5 million Canadians  4.1 million Emergis Assure drug cards covering 8.5 million Canadians  3,000+ pharmacies using our pharmacy management software  Exclusive partner to host and operate Microsoft HealthVault in Canada Enhancing our leadership position in healthcare Leading the evolution of healthcare delivery in Canada 27

Investing in operational efficiency E* $1.2B $1.1B Cumulative Restructuring costs 28 Efficiency initiatives result in ~11K position net reductions EBITDA savings help offset near term dilution of strategic initiatives Efficiency initiatives result in ~11K position net reductions EBITDA savings help offset near term dilution of strategic initiatives E* Cumulative annual EBITDA savings Restructuring costs $M E* * See forward looking statement caution 1,117Total

Operating efficiency - domestic FTE reductions Q Q Q3-09Q4-09 Approx. 1, E* 2,150 domestic FTE reduction in 2009 Targeting approx. 1,000 FTE reduction in ,150 domestic FTE reduction in 2009 Targeting approx. 1,000 FTE reduction in 2010 * See forward looking statement caution ,150

Financial review

TELUS forward looking statements This slide deck and our answers to questions contain statements about expected future events and financial and operating performance of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2010 targets), qualifications and risk factors (including those associated with the deployment and operation of the new national high-speed packet access network and associated introduction of new products, services and systems) referred to in the Management’s discussion and analysis in the 2008 annual report, and in the 2009 quarterly reports. 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.

Fourth Quarter 2009TELUS Confidential32 1 Normalized EBITDA excludes ($0.28) and ($0.25) for restructuring and pension costs, respectively, as these are identified separately. 2 Normalized Financing expense excludes ($0.22) for debt redemption costs identified separately. 1 2 TELUS 2009 consolidated EPS $3.52 ($0.28) ($0.25) ($0.22) ($0.09) ($0.02) $0.06 $0.02 $ as Reported Restr. Pension Costs Debt Redemption Other 2008 as Reported Normalized EBITDA Norm. Financing Lower Tax Rates and O/S Shares $2.59 Excl. Tax Adj. $0.55 Tax Adj. $3.37 Excl. Tax Adj. $0.15 Tax Adj EPS impacted primarily by restructuring, pension costs and debt redemption 2009 EPS impacted primarily by restructuring, pension costs and debt redemption

33 TELUS capital expenditure history Over $16.9 B invested into core businesses in Canada Wireline Wireless $1.75 B $2.25 B $1.69 B $1.25 B $1.32 B $1.62 B $1.77 B $1.86 B $2.1 B 2010* Expected 2010 $1.7 B * See forward looking statement

34 * See forward looking statement impacted by increased capex, pension and restructuring costs, and start of cash taxes Free cash flow after spectrum purchases ($M) Wireless spectrum purchased ($M) TELUS generating strong free cash flow 1, , , ,243 (910) 2001 (1,266) ,345 1,336 (249) E* 750 to impacted by reduced capex and restructuring costs, partially offset by higher cash taxes

5.5B Returning cash to TELUS shareholders Total return of $5.1 billion to shareholders over past 5 years or approx. $16 per share Total return of $5.1 billion to shareholders over past 5 years or approx. $16 per share NCIB Dividends $340 M $330 M $140 M $170 M $330 M $1.20 B $1.21 B $1.27 B $860 M $602 M

TELUS refinancing update  In December, successfully issued $1B senior unsecured notes  5.05% 10 year notes, maturing December 2019  Proceeds used to fund partial redemption of notes due in June 2011  Redeemed US$577M (Cdn$607M) of 8% US$1.925B notes  Paid $315M to terminate associated cross-currency interest rate swaps  As expected, recorded pre-tax charge of $99M for early partial redemption and associated swaps  After-tax impact of $69M or 22 cents per share Completed successful $1B debt issue in December 36

Summary

 Invested strategically in 2009 for enhanced competitiveness and future growth  Launched 3G+ wireless network  Expanded wireline broadband reach  Improved organizational cost efficiency through accelerating OEP initiatives to address J-curve dilution and recessionary impacts  Benefits from strategic investments in 2010*  Leverage 3G+ wireless network to accelerate data and roaming growth  Leverage enhanced broadband network and Mediaroom for TV growth  Lower cost structure with estimated EBITDA savings of $135M  Targeting $400M reduction in capital spending  Estimating 50%+ growth in free cash flow due to decrease in capex, despite peak year of cash taxes 38 Expect significant FCF growth in 2010 * See forward looking statement caution

2010 TELUS corporate priorities  Capitalize on the full potential of TELUS’ leading wireless and wireline broadband networks  Enhance TELUS’ position in the Small and Medium Business (SMB) market  Deliver on our future friendly brand promise to clients  Continue to improve TELUS’ operational efficiency to effectively compete in the market and fund future growth  Invigorate TELUS Team engagement and continue to drive the philosophy of “Our Customers, Our Business, Our Team, My Responsibility 39 Opportunity to build value from strategic investments made in 2009 Opportunity to build value from strategic investments made in 2009

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