November 6, 2009 Q TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer Darren Entwistle President & CEO Joe Natale EVP & President, Consumer Solutions

Today's session and our answers to questions contain statements about expected future events and financial and operating results 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 results 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 2009 guidance and a preliminary assessment of expected 2010 capital expenditure levels), 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 first, second and third quarter 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. TELUS forward looking statements

 Wireless and wireline segment review  Consolidated financial review  Updates  OEP  2009 guidance  Corporate developments  Questions and Answers 3 Agenda

($M) Q3-08Q3-09Change Revenue (external)1,2021,2060.3% Operational expenses % Restructuring costs13n.m. EBITDA526517(1.7)% Capex (excl. spectrum) %  Data revenue & subscriber growth offset by voice ARPU erosion Capex reflects investments in HSPA network build Data revenue & subscriber growth offset by voice ARPU erosion Capex reflects investments in HSPA network build 4  Wireless segment – Q financial results   

Prepaid 19% Wireless subscribers Postpaid 81% Total net additions 6.4 million total 5.2M 1.2M Postpaid additions stable at 131K and represented 105% of mix Postpaid additions stable at 131K and represented 105% of mix Q K 5 Wireless subscriber results Q K 1 Includes the impact from analogue network turndown of 27.6K subscribers.

Data Q3-09 $59.45 Voice $64.14 Q Q3-09Q3-08 % of ARPU Wireless ARPU ARPU consistent with YTD trend down 7% due to voice erosion partially offset by good data growth ARPU consistent with YTD trend down 7% due to voice erosion partially offset by good data growth 20% 16% % 80%

Blended wireless ARPU trend ARPU has been stable to slightly increasing YTD since significant drop in Q4-08 ARPU has been stable to slightly increasing YTD since significant drop in Q4-08 Q1-08Q2-08Q3-08Q4-08Q1-09Q2-09Q3-09 $61.88 $62.73 $64.14 $62.16 $58.39 $58.61 $

27% annualized data growth driven by continued smartphone adoption and to be enhanced by iPhone launch 8 Q3-08 $181M Wireless data revenue Q3-09 $229M $116M Q3-07 BlackBerry Tour

Q3-08Q3-09Change Gross adds (000s)447420(6)% Churn %1.55%(13) bps COA per gross add ($)358320(11)% COA expense ($M)160135(16)% Retention expense ($M) %  COA decrease due to lower marketing expenses and commissions Investments in retention focused on smartphones 9    Wireless marketing and retention Note: Measurement of costs of acquisition and retention refined in Prior year comparisons restated. 1 Q3-08 includes impact from analogue network turndown of 27.6K subscribers, otherwise churn was 1.52%. 

($M) Q3-08Q3-09Change Revenue (external)1,2481,205(3.4)% Operational expenses (2.3)% Restructuring costs929n.m. EBITDA449406(9.6)% Capital expenditures % 10 EBITDA impacted by restructuring and pension costs Continued higher capex to support broadband expansion EBITDA impacted by restructuring and pension costs Continued higher capex to support broadband expansion   Wireline segment – Q financial results    1 Excluding defined benefit pension expenses from both periods, operating expenses down 5.4%

($M) Q3-08Q3-09Change EBITDA449406(9.6)% Defined Benefit pension expense/(recovery) (23)4 Restructuring costs 929 EBITDA normalized % 11 Wireline segment – EBITDA normalized   Underlying EBITDA up 1% when excluding DB pension expense and restructuring costs Underlying EBITDA up 1% when excluding DB pension expense and restructuring costs

1.2 million total Internet subscribers Dial-up 8% High-speed Internet net additions Q3-08Q M 96K 13K 9K 12 High-speed 92% HSIA net adds improved sequentially but lower YoY Internet subscribers

TELUS TV net additions 1 Q3-08Q K 22K 13 Strong subscriber growth with net adds up 83% Total subscriber base up 117% Strong subscriber growth with net adds up 83% Total subscriber base up 117% TELUS TV subscribers Q3-08Q K 137K TELUS TV subscribers 1 1 Includes both TELUS IP TV and TELUS Satellite TV subscribers

14 4th consecutive quarter of YoY improved residential line loss Stabilizing due to effective winbacks and bundling efforts 4th consecutive quarter of YoY improved residential line loss Stabilizing due to effective winbacks and bundling efforts Stabilized residential NAL losses Q3-08Q K -41K Q2-09Q1-09Q K Q K Q K

($M excluding EPS) Q3-08Q3-09Change Revenue2,4502,411(1.6)% Operating expenses1,4651,456(0.6)% Restructuring costs1032n.m. EBITDA975923(5.3)% EPS (1.1)% Capital Expenditures %   Consolidated results impacted by economic softness and increased restructuring and pension costs Consolidated results impacted by economic softness and increased restructuring and pension costs 15  Consolidated – Q financial results    1 Q3-08 capital expenditures exclude $882 million payment for AWS spectrum licenses otherwise capital expenditures down 59%.

($M) Q3-08Q3-09Change EBITDA975923(5.3)% DB pension expense/(recovery) (25)4 Restructuring costs 1032 EBITDA (normalized) Consolidated – EBITDA normalized  Normalized EBITDA flat when excluding DB pension expenses and restructuring Normalized EBITDA flat when excluding DB pension expenses and restructuring

Q3-09 Investing in operational efficiency Emphasis on operational efficiency initiatives driving increased restructuring costs Emphasis on operational efficiency initiatives driving increased restructuring costs 17 Q2-08 Q3-08 Q4-08 Q Total restructuring costs ($M) 2008A2009E* approx. $ Q $113 * See forward looking statement caution 32 Expected Actual

Exceeding YE target of >1500* reduction in domestic FTEs YE 2008Q Change Total (domestic) 1 27,90026,300(1,600) TELUS International 7,9507,800(150) Black’s Photography 700 Total 35,85034,800(1,050) Analysis of full time equivalent employees * See forward looking statement caution 18    TELUS International reduction not necessarily indicative of full year trend 1 Total (domestic) excludes 700 FTEs from the Black’s Photography acquisition.  

Dep’n and Amort Q3-08 Reported Lower shares o/s & lower tax rates Restr. costs Pension costs EPS up 7% excluding restructuring & pension costs and four cents of positive tax-related adjustments EPS up 7% excluding restructuring & pension costs and four cents of positive tax-related adjustments Q3-09 Reported 19 $0.89  ($0.05)  ($0.06) Other  $0.02 $0.88 $0.84 Excl. Tax Adj.  $0.02 EPS continuity

($M, excluding EPS) 2009 revised guidance* Revenue $9,600 to $9,700 EBITDA 1 $3,475 to $3,575 EPS (reported) $3.10 to $3.30 Capex approx. $2,100 * See forward looking statement caution 20 Consolidated guidance update 1 Underlying EBITDA growth would be (2)% to flat adjusted for restructuring of $59M and approx. $160M in 2008 and 2009E respectively, and a $118M increase in 2009 defined benefit pension expense Revised guidance reflects revisions to both wireless and wireline segments Revised guidance reflects revisions to both wireless and wireline segments

Preliminary 2010E capex outlook ($B) 2006 – 2008 average E* $1.75 ~$ E* Expecting 2010E capex to be as low as $1.7 billion returning to average historical levels * See forward looking statement caution excludes payment for wireless spectrum.

 Balancing interests of equity and debt holders  Dividend maintained and moving to 3% discount on dividend reinvestment and treasury share issuance  CRTC’s Globalive foreign ownership and control decision  CRTC had no choice but to uphold federal law and clearly outlined the nature of Globalive’s considerable non-compliance  Globalive can restructure its affairs to remedy their situation  Political interference is not appropriate to remedy situation, but in any event, any possible Cabinet review should be a public process  TELUS never against foreign ownership, just that rules should apply uniformly to all communications companies in Canada  Situation highlights need to pre-qualify bidders in future auctions as TELUS has consistently advocated 22 Other developments

Darren Entwistle President & CEO Joe Natale EVP & President, Consumer Solutions

Black’s Photography 24  In September, acquired 113 retail stores across Canada  Most in premium mall locations  72% based in Ontario  Launched camera phone sales November 5 Addition of Black’s stores strengthens TELUS’ wireless distribution Addition of Black’s stores strengthens TELUS’ wireless distribution

TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues 25 TELUS launches Canada’s largest 3G+ network  HSPA network launched November 5  Provides service to more than 30 million Canadians  Enabling wireless applications with fast download speeds  International roaming to more than 200 countries  Clear strategic and competitive advantages

26 TELUS vs Rogers - HSPA east coverage * Based on Rogers’ Sept. 14, 2009 public announcement of HSPA+ coverage within the cities indicated (using associated census metropolitan areas). ** Based on coverage maps made publicly available by Rogers on Oct. 23, Coverage areas are approximate as of October Actual coverage and network service can vary and are subject to change.

27 TELUS vs Rogers - HSPA west coverage * Based on Rogers’ Sept. 14, 2009 public announcement of HSPA+ coverage within the cities indicated (using associated census metropolitan areas). ** Based on coverage maps made publicly available by Rogers on Oct. 23, Coverage areas are approximate as of October Actual coverage and network service can vary and are subject to change

TELUS launches iPhone 3GS 28 Running on Canada’s largest 3G+ network

TELUS launches BlackBerry Bold 9700 Running on Canada’s largest 3G+ network 29  Full QWERTY keyboard  Easy HTML browsing with trackpad navigation  3.2 megapixel camera

TELUS’ a leader in smartphones HTC Hero Nokia E71 Running on Canada’s largest 3G+ network LG New Chocolate 30 Sierra 306 Internet Key

 New Clear Choice™ suite of wireless consumer rate plans  New Clear and Simple™ business rate plans  Based on feedback from Canadians  Consistent with TELUS’ future friendly brand promise  Fewer and simpler rate plans  No SAF or carrier 911 fees  General rate plan increase of $5 with basic voic 3  Expect loading, churn and cost efficiency benefits 31 TELUS’ simple and clear wireless pricing Simplified rate plan structure supports focus on AMPU

 Results and guidance impacted by recession, competitive intensity and introduction of new devices  Continued execution on operating cost efficiency  Strategic investments in broadband coming to fruition  Early launch of HSPA network and device offerings  Acceleration of TELUS TV service  Leading change in wireless market for benefit of Canadians 32 Summary Strategic project execution is significantly improving TELUS’ operational and competitive position Strategic project execution is significantly improving TELUS’ operational and competitive position

Questions? investor relations telus.com

2009 Q Q3 C$ millions Appendix – free cash flow EBITDA Capex (473)(558) Net Employee Defined Benefit Plans Expense (Recovery) (25) 3 Employer Contributions to Employee Defined Benefit Plans (27) (31) Interest expense paid (includes income tax interest income) (43) (19) Cash Income Taxes and Other (2) (48) Non-cash portion of share-based compensation 12 5 Restructuring payments (net of expense) (9) 3 Donations and securitization fees included in other expense (5) (4) Free Cash Flow (before share-based compensation payment) (479) 274 Share Based Compensation Paid (3) (8) Free Cash Flow (per current public guidance methodology) (482) 266 Purchase of shares for cancellation (NCIB) (75) - Dividends (Q2-08 dividend remitted June 30, 2008) - (149) Acquisitions (includes proceeds from sale of property and other assets for Q3’08) 5 (26) Working Capital and Other 9 (13) Funds Available for debt redemption (543) 78 A/R Securitization 100- Net Issuance (Repayment) of debt 433 (70) Increase (Decrease) in cash (10)8 34 Spectrum (882) -

~(415) 2009E Net Cash Interest $3,475 to 3,575 EBITDA (after restructuring) ($M) 20 Other Free Cash Flow 1 see Free Cash flow definition on Appendix slide ~(2,100) Capex $710 to 810 Appendix – 2009E Free cash flow Net cash tax payment ~(270) Cash pension contribution (in excess of expense) ~(175) Free Cash Flow 1 (pre-dividend payments) $535 to 635 Appendix E Free cash flow* 35 * See forward looking statement caution

 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, net employee defined benefit plans expense, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, cash restructuring payments, employer contributions to employee defined benefit plans, 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 TELUS definitions for non-GAAP measures Appendix – definitions