Q TELUS investor conference call November 2, 2007

This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2007 guidance, competition, financing, financial and operating results, and regulation that are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate so do not place undue reliance on them. Factors that could cause actual results to differ materially include but are not limited to: competition; capital expenditure levels (including possible spectrum purchases); financing and debt requirements (including share repurchases); tax matters (including acceleration or deferral of payment of significant cash taxes); regulatory developments (including local forbearance, wireless number portability, the timing, rules, process and cost of future spectrum auctions, and possible changes to foreign ownership restrictions); process risks (including conversion of legacy systems and billing system integrations); and other risk factors discussed herein and listed from time to time in TELUS’ reports. There are many factors that could cause actual results to differ materially. For a full listing and description of the potential risk factors and assumptions, please refer to the TELUS 2006 annual report and updates in the 2007 quarterly reports (see Section 10 Risks and Risk Management in Management’s discussion and analysis), and other filings with securities commissions in Canada (sedar.com) and the United States (sec.gov). All dollars referenced are in C$ unless otherwise specified. TELUS forward looking statements 2

Darren Entwistle member of the TELUS team November 2, 2007 Q TELUS investor conference call

Wireline highlights – Q Wireline performance improves sequentially  Resilient wireline revenue as per operating strategy  Data growth continues to be strong at 9%  Moderate NAL loss at 3%  New billing and client care system impacts Q3 to lesser degree  Costs reduced by 50% to $8 million in Q3 from Q2  125% sequential improvement in high-speed net adds  Operating Profit (EBITDA adjusted) down 3% year over year

Wireless highlights – Q  Wireless revenue growth of 9%  Wireless subscriber base up 11%  Data revenue growth up 56%  Wireless Number Portability impacts improving sequentially  Acquisition and retention costs reduced $29 million  EBITDA margin (adjusted) of 47% increased 4 pts from Q2  ARPU decreased 1%  Wireless guidance adjusted downward Continued resiliency in wireline Sequential improvement in wireless performance

Positive deregulatory developments - wireline 6  New regulatory framework based on market forces  Residential forbearance in 6 urban markets  Business phone service deregulated in 35 exchanges in Alberta, BC and Quebec or approx two-thirds of total business lines  Wholesale services hearing has potential to reduce restrictive regulation  Regulatory freedom increases overall competitiveness Continued resiliency in wireline Regulation based on competitive realities

Wireline regulated revenue analysis Consumer and Business Retail Revenue Price caps 2006Forbearance Post 2007 Deregulation enhances TELUS’ competitive flexibility 7 RegulatedUnregulated 39%61% Unregulated Regulated 72% 28% Unregulated Regulated

Advanced wireless spectrum auction 8  Government directive promotes reliance on market forces  Competition Bureau ruled that three wireless carriers is competitive for Canada  Declining voice ARPU demonstrates competitive intensity  Spectrum auction rules should not deviate from policy direction Continued resiliency in wireline TELUS advocates an open and fair auction process

Consolidated highlights – Q Strongly positioned for ongoing investment  Revenue growth of 5% led by wireless and data  Operating profit (EBITDA adjusted) up 3%  EPS up 32% quarter over quarter and up 11% normalized  Adjusted annual consolidated 2007 guidance 1  Revenue range adjusted slightly downward  EBITDA range narrowed towards lower half  EPS range increased and narrowed to $3.55 to $3.65  Free cash flow remains strong at over $500 million 1. See forward looking statement caution.

Strong record of returning capital 10  Shares repurchased in quarter  4.3 million shares  $232 million  Shares repurchased since Dec  50 million shares  $2.4 billion  New quarterly dividend of 45 cents New dividend up 20% to $1.80 annualized $0.80 $1.50 $1.80 $ E 1 33%  38%  36%  20%  Annualized Dividend Growth 1. See forward looking statement caution.

Robert McFarlane EVP & Chief Financial Officer November 2, 2007 Q TELUS investor conference call

Wireless segment – Q financial results 12 ($M) Q3-06Q3-07Change Revenue1,010 1,1059.4% EBITDA % EBITDA (as adjusted) % Capital expenditures % 1 EBITDA includes $2.3M expense in Q3-07 for net cash settlement feature of options granted prior to Excluding this charge, EBITDA (as adjusted) increased by 8.3%. Q3-07 also includes $2.9M in working capital write-off related to Amp’d. Adjusted for both items, EBITDA increased 8.8%    Subscriber growth drives revenue higher while COA and retention costs improve 

total wireless subscribers Postpaid 80% Prepaid 20% net additions Q3-06Q million 4.3M 1.1M Wireless subscriber results Continued strong net additions 13 prepaid postpaid 135K 137K 73% 79% 73%

Wireless ARPU Data ARPU Q3-07 $64.80 Increase in data ARPU offset by voice decline 14 Voice $65.67 Q

ARPU analysis Positive factors  Data revenues up 56% - increased usage, increased adoption  Migration of voice centric subs adopting full featured devices/PDAs Negative factors  Impact of prepaid on subscriber mix  Maturing Mike (iDEN) subscriber platform  Increased in-bucket usage and continued competitive pressures  Reduced roaming growth Overall ARPU down 1.3% in the second quarter 15

Q3-07 wireless churn, except T-Mobile USA and BCE which reflect Q2-07 Source: Company reports, analyst reports Q wireless churn 1 (%) TELUS churn stable post WNP introduction and remains at near best in class levels

Wireless operating metrics improvement  Gross additions up 9% despite COA of $379, down 2% YoY and 11% sequentially  Retention spend as % of network revenue down 0.4 pts YoY to 6.3% and 1.9 pts sequentially while maintaining low churn  EBITDA margin increased 4.1 pts sequentially to 47% Sequential improvement in key operating metrics 17

2007 guidance * - wireless 2007 previous guidance revised guidance Revenue$4.325 to 4.375B $4.275 to 4.3B EBITDA (as adjusted) 2 $1.95 to 2.0B $1.925 to 1.95B Capexapprox. $550 M no change Subscriber net adds> 550K approx. 530K Wireless guidance updated to reflect year-to-date results * See forward looking statement caution 2 Excludes expense of approx. $25 million in 2007 for net cash settlement feature for options 1 Last updated on August 3,

Wireline segment – Q financial results 19 ($M) Q3-06Q3-07Change Revenue1,200 1,2050.4% EBITDA (reported) (0.7)% EBITDA (adjusted) (2.7)% Capital expenditures (2.8)% Revenues stable while profitability remains challenging    1 EBITDA includes expense recovery of $9.5M in Q3-07 for forfeiture of options previously expensed under net-cash settlement feature. Excluding this recovery EBITDA (as adjusted) decreased 2.7% 

Wireline revenue profile 20 ($M) Q3-06Q3-07Change Voice – Local (4.1)% Voice – Long Distance (8.9)% Data % Other % Total External Revenue1,200 1,2050.4% Good data growth leads to positive wireline revenue growth     

Wireline EBITDA normalization 21 ($M) Q3-06Q3-07Change EBITDA (adjusted) (2.7)% System implementation impacts: Increased labour costs - 8 Quality-of-Service decisions - (5) EBITDA (normalized) (2.1)% EBITDA impacted by incremental expenses related to new billing & client care system in AB   1 EBITDA as adjusted includes expense recovery of $9.5M in Q3-07 for forfeiture of options previously expensed under net cash settlement feature

1.16 million total Internet subscribers High-speed 86% Dial-up 14% High-speed Internet net additions (sequential) Q2-07Q K 165K High-speed Internet subscribers Results reflect significant rebound in subscriber loading due to renewed marketing efforts post system implementation in AB 22 14K 31K

% of network access lines lost (yr. over yr.) Q1-06Q % Q % Q % Network access line results -2.9% Q1-07 Stable overall line losses % Q2-07Q % -2.7%

2007 guidance * - wireline 2007 previous guidance revised guidance Revenue$4.85 to 4.9B $4.85 to 4.875B EBITDA (as adjusted) 2 $1.775 to 1.825B $1.8 to 1.825B Capexapprox. $1.2B no change High-speed Internet net adds> 125K approx. 110K Wireline EBITDA tightened to high end of range * See forward looking statement caution 2 Excludes expense of approx. $145 million in 2007 for net cash settlement feature for options 24 1 Last updated on August 3, 2007

Consolidated – Q financial results 25 ($M excluding EPS) Q3-06Q3-07Change Revenue2,211 2,3104.5% EBITDA (as adjusted) % EPS (as adjusted) % EPS (as adj. excl. tax adjustments) % Capital Expenditures % Q3-07 results reflect rebound from Q EBITDA and EPS exclude expense recovery of $7.2M, and 1 cent, respectively, in Q3-07 for net cash settlement feature of options granted prior to Including this recovery, reported EBITDA and EPS increased by 3.6% and 32% respectively     

Q3-06  Other (incl. lower avg o/s shares) Net tax related adj. EPS continuity 26 Q3-07 Reported Financing exp. $1.24  EBITDA (Adjusted)     Dep’n & Amort $ $1.23 Cash settled option expense recovery Q3-07 Adj.

Share buy backs – 3rd Normal Course Issuer Bid 27 Q3-07Q3-07 YTD Since NCIB inception Total investment (M) $232$602$2,372 Total shares (M) Outstanding shares (M) % change in o/s shares (end of period) 3.9% YoY 8.7% since Dec-04 Shares outstanding down 4% YoY and 9% since inception    Cash settlement of options has avoided 2.7M shares issuance YTD

Return of capital update ($ per share) E 1,2 Dividends Share repurchases See forward looking statement caution. 3. Annualized dividend 1. Annualized dividend, plus YTD NCIB share repurchases as at Sept.30/07, annualized Strong record of returning capital to shareholders 2008E

2007 guidance * - consolidated 2007 previous guidance revised guidance Change over 2006 Revenue$9.175 to 9.275B$9.125 to 9.175B 5 to 6% EBITDA (as adjusted) 2 $3.725 to 3.825B$3.725 to 3.775B 4 to 5% EPS (as adjusted) 3 $3.25 to 3.45$3.55 to to 12% Capexapprox. $1.75Bno change 8% Full year 2007 consolidated guidance updated EPS up to reflect tax-related adjustments * See forward looking statement caution 2 Excludes expense of approx. $170 million in 2007 for net-cash settlement feature for options 3 Excludes an after-tax charge per share of approx $0.32 for net-cash settlement feature for options 1 Last updated on August 3,    

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$128.1 $519.9 (1.2) (0.8) (423.9) $952.3 Q3-06 $119.8 $ (1.1) (434.1) $987.0 Q3-07 Funds avail. for debt redemption Free cash flow (before cash settled option pmt) Restructuring payments (net of expense) Cash income taxes; and other Capex EBITDA ($M) (12.4)(39.7) Interest expense paid Non-cash portion of share-based compensation (93.8)0.0 Dividends Share Issuance (non-public) ($6.8)($1.2) Net change in cash 50.1 (171.0) Net debt issuance / (repayment) Working capital & other (215.5) (151.0) (119.7) (232.2) Purchase of shares for cancellation (NCIB) Appendix – Free cash flow (2007 definition) (8.5)(9.2) Cash related to other expenses Free cash flow $519.9$502.9 Cash settled options paid - (6.8) (185.0) 50.0 Accounts Receivable Securitization

 EBITDA: Earnings, after restructuring and workforce reduction costs, before interest, taxes, depreciation and amortization  Capital intensity: capex divided by total revenue  Cash flow: EBITDA less capex  Free cash flow: EBITDA, adding Restructuring and workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, cash restructuring payments, and cash related to Other expenses such as charitable donations and securitization fees  Cost of retention (COR): total costs to retain existing subscribers, often presented as a percentage of network revenue Appendix - definitions TELUS definitions for non-GAAP measure