1. August 7, 2009 Q2 2009 TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer Darren Entwistle President & CEO

2. 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 those expressed in the forward-looking statements. Accordingly our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2009 guidance), qualifications and risk factors (including those associated with the shared build, operation and deployment of the national high-speed packet access network) referred to in the Management’s discussion and analysis in the 2008 annual report, and in the 2009 first and second 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

3.  Wireless and wireline segment review  Consolidated financial review  Updates  TELUS TV  Operating Efficiency Program  Financing  2009 guidance  Questions and Answers 3 Agenda

4. ($M) Q2-08Q2-09Change Revenue (external)1,1421,1460.4% Operating expenses664656(1.2)% Restructuring costs14 EBITDA4844931.9% Capital expenditures11418966%  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 – Q2 2009 financial results   

5. Prepaid 20% Wireless subscribers Postpaid 80% Net additions 6.3 million total 5.1M 1.2M prepaid postpaid Sequential improvement in net adds but less than Q2-08 due to Koodo launch and recession Sequential improvement in net adds but less than Q2-08 due to Koodo launch and recession 89% Q2-08 Q1-09 176K 5 Wireless subscriber results Q2-09 111K 48K 92% 86% Q1-08 88K 82%

6. Data Q2-09 $58.61 Voice $62.73 Q2-08 6 Q2-09Q2-08 % of ARPU Wireless ARPU 9.17 Good data growth offset by 12% voice ARPU erosion Good data growth offset by 12% voice ARPU erosion 20% 15% 11.56 53.56 47.05

7. Strong 37% annualized data growth driven by continued smartphone adoption Strong 37% annualized data growth driven by continued smartphone adoption 7 Q2-08 $159M Wireless data revenue Q2-09 $217M $103M Q2-07 BlackBerry Tour

8. Q2-08Q2-09Change Gross adds (000s)422402(4.7)% Churn1.43%1.55%12 bps COA per gross add ($)342311(9.1)% COA expense ($M)145125(14)% Retention expense ($M)9811618%   COA lower due to lower marketing expenses and commissions Investments in retention focused on smartphones COA lower due to lower marketing expenses and commissions Investments in retention focused on smartphones 8    Wireless marketing and retention Note: Measurement of costs of acquisition and retention have been refined in 2009. Prior year comparisons have been restated.

9. ($M) 2009 revised guidance* Change from 2008 Revenue (external)$4,650 to $4,7000 to 1% EBITDA$1,975 to $2,025(1) to 1% * See forward looking statement caution 9 Projecting flat wireless revenue and EBITDA in weak Canadian economy Projecting flat wireless revenue and EBITDA in weak Canadian economy Wireless guidance update

10. ($M) Q2-08Q2-09Change Revenue (external)1,2571,231(2.1)% Operating expenses852833(2.2)% Restructuring costs349 EBITDA434380(12)% Capital expenditures32136815% 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 – Q2 2009 financial results   

11. ($M) Q2-08Q2-09Change EBITDA434380(12)% Restructuring costs 349 DB pension expense/(recovery) (22)6 EBITDA normalized4154354.8% 11 Wireline segment – EBITDA normalized   Underlying EBITDA up nearly 5% when excluding restructuring and DB pension costs Underlying EBITDA up nearly 5% when excluding restructuring and DB pension costs

12. 1.2 million total Internet subscribers Dial-up 9% High-speed Internet net additions Q2-08Q2-09 1.1M 105K 24K 3K 12 High-speed 91% High-speed Internet net adds slowed substantially due to economic weakness and market share loss High-speed Internet net adds slowed substantially due to economic weakness and market share loss Internet subscribers

13. TELUS TV net additions Q2-08Q2-09 10K 17K 13 Good subscriber growth with net adds up 70% to 17K Total subscriber base up 125% to 115K Good subscriber growth with net adds up 70% to 17K Total subscriber base up 125% to 115K TELUS TV subscribers Q2-08Q2-09 51K 115K TELUS TV subscribers

14.  TELUS Satellite TV successfully launched in B.C. and Alberta, end of June  Increases TELUS TV home bundle footprint to >90%  Enhances TELUS’ competitive position  Provides TELUS with capex flexibility in future years  Permits expansion in previously uneconomic areas  Improves mass advertising efficiency 14 TELUS Satellite TV update TELUS Satellite TV complements existing TELUS TV over broadband service/entertainment portfolio TELUS Satellite TV complements existing TELUS TV over broadband service/entertainment portfolio

15. 15 -3.4% -8.1% -4.2% -10.1% Q2 2008 Q2 2009 Other 1 Weighted average of reported NALs for Bell and Bell Aliant and an estimate for MTS for Q2/09. TELUS continues to compare favourably to North American peers TELUS continues to compare favourably to North American peers 1 -8.6% -9.9% -7.6% Moderate Network Access Line losses vs. peers -4.7%

16. 16 3rd consecutive quarter of YoY residential line loss stabilizing due to winbacks and bundling 3rd consecutive quarter of YoY residential line loss stabilizing due to winbacks and bundling Stabilized residential NAL losses Q2-08 Q2-09 -48K -41K Q1-08 Q1-09 -51K -41K Q4-07 Q4-08 -47K -42K

17. ($M) 2009 revised guidance* Change from 2008 Revenue (external) $5,000 to $5,100 0 to 2% EBITDA 1 $1,625 to $1,675(8) to (6)% * See forward looking statement caution 17 Expected underlying EBITDA growth of 3 to 6% excluding restructuring and pension costs Expected underlying EBITDA growth of 3 to 6% excluding restructuring and pension costs Wireline guidance update (unchanged) 1 Underlying EBITDA growth would be 3 to 6% adjusted for wireline restructuring costs of $51M and approx. $135M in 2008 and 2009E respectively, and a $110M increase in 2009 wireline defined benefit pension expense

18. ($M excluding EPS) Q2-08Q2-09Change Revenue2,3992,377(0.9)% Operating expenses1,4771,451(1.8)% Restructuring costs453 EBITDA918873(4.9)% EPS0.830.77(7.2)% Capital Expenditures43555728%   Consolidated results impacted by economic softness and increased restructuring and pension costs Consolidated results impacted by economic softness and increased restructuring and pension costs 18  Consolidated – Q2 2009 financial results   

19. ($M) Q2-08Q2-09Change EBITDA918873(4.9)% Restructuring costs 453 DB pension expense/(recovery) (25)5 EBITDA (normalized)8979313.8% 19 Consolidated – EBITDA normalized   Normalized EBITDA up nearly 4% when excluding restructuring and DB pension costs Normalized EBITDA up nearly 4% when excluding restructuring and DB pension costs

20. Dep’n and Amort & other Q2-08 Reported Lower shares o/s & lower tax rates Restr. costs Pension costs EPS up 5% excluding restructuring & pension costs and six cents of tax adjustments EPS up 5% excluding restructuring & pension costs and six cents of tax adjustments Q2-09 Reported 20 EBITDA (excl pension & restr. costs) EPS continuity $0.83  ($0.10)  ($0.06)  ($0.04) Financing  ($0.01)  $0.07  $0.02 $0.77 $0.71 Excl. Tax Adj.

21. ($M, excluding EPS) 2009 revised guidance* Change from 2008 Revenue $9,650 to $9,8000 to 2% EBITDA 1 $3,600 to $3,700(5) to (2)% EPS (excl. income-tax related adj.) $3.10 to $3.30(8) to (2)% Capex approx. $2,050 10% * See forward looking statement caution 21 Consolidated guidance update (unchanged) 1 Underlying EBITDA growth would be 1 to 3% adjusted for restructuring of $59M and approx. $150M in 2008 and 2009E respectively, and a $118M increase in 2009 defined benefit pension expense Expect underlying EBITDA growth of up to 3% excluding restructuring and DB pension costs Expect underlying EBITDA growth of up to 3% excluding restructuring and DB pension costs

22. Investing in operational efficiency Acceleration of operational efficiency initiatives driving increased restructuring costs Acceleration of operational efficiency initiatives driving increased restructuring costs 22 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 4 10 7 38 28 Total restructuring costs ($M) 2008A2009E* approx. $150 59 Q2-09 53 81 * See forward looking statement caution

23. Q2-09 43.1% EBITDA margin (excl. restructuring costs) 42.2% Q2-08 23 Q2-09Q2-08 wireline Underlying EBITDA margin improvement Operating expense control leads to improved margins wireless 34.0% 33.9%

24. Making significant progress towards YE target of >1500* reduction in domestic FTEs Making significant progress towards YE target of >1500* reduction in domestic FTEs YE 2008Q2 2009 Change Total (domestic) 27,90026,900(1,000) TELUS International 7,9507,500(450) Total 35,85034,400(1,450) Analysis of full time equivalent employees * See forward looking statement caution 24     2009 YTD permanent domestic FTE reduction is 900 and balance is seasonality  TELUS International YTD decline not necessarily indicative of full year trend

25. TELUS has strong financial position, liquidity, and access to capital markets TELUS has strong financial position, liquidity, and access to capital markets 25  In May, successfully closed $700M senior unsecured debt offering  4.95% five year notes, maturing May 2014  Paid down 2012 credit facility and reduced commercial paper  >70 new and existing buyers  Amended & extended 364-day credit facility to end of 2010  Now $300 million (undrawn), down from $700 million  Strong position with sustainable cash flows and >$1B liquidity  2009 cash taxes outlook reduced to $270-$310 million*  1.9x net debt to EBITDA within 1.5 to 2.0x long-term guideline  Strong investment grade ratings (BBB+/A-) stable outlook TELUS funding position * See forward looking statement caution

26.  Wireless and wireline results impacted by recession and competitive intensity  Company executing on improved cost efficiency  Encouraging TELUS TV growth  Making continued strategic investments in wireless and wireline broadband, and success based enterprise contracts  Strong balance sheet and long-standing adherence to financial policies 26 Summary Investing to strengthen future operational and competitive position Investing to strengthen future operational and competitive position

27. Questions? investor relations 1-800-667-4871 telus.com ir@telus.com

28. 2009 Q2 2008 Q2 C$ millions Appendix – free cash flow EBITDA 918873 Capex (435)(557) Net Employee Defined Benefit Plans Expense (Recovery) (25)5 Employer Contributions to Employee Defined Benefit Plans (24)(51) Interest expense paid (includes income tax interest income) (175)(149) Cash Income Taxes and Other (6)(8) Non-cash portion of share-based compensation 1415 Restructuring payments (net of expense) (2)31 Donations and securitization fees included in other expense (7)(11) Free Cash Flow (before share-based compensation payment) 258148 Share Based Compensation Paid (4) Free Cash Flow (per current public guidance methodology) 254144 Purchase of shares for cancellation (NCIB) (77)- Dividends (Note: Q1/08 dividend paid in Q2/08; Q2/08 dividend remitted June 30, 2008) (289)(151) Acquisitions (4)- Working Capital and Other 12552 Funds Available for debt redemption 945 A/R Securitization (350)100 Net Issuance (Repayment) of debt 338(184) Increase (Decrease) in cash (3)(39) 28

29. ~(410) 2009E Net Cash Interest $3,600 to 3,700 EBITDA (after restructuring) ($M) ~0 Other Free Cash Flow 1 see Free Cash flow definition on Appendix slide ~(2,050) Capex 850 to 950 Appendix – 2009E Free cash flow Net cash tax payment (270) to (310) Cash pension contribution (in excess of expense) ~(175) Free Cash Flow 1 (incl. cash pension contribution) 675 to 775 Appendix - 2009E Free cash flow* 29 * See forward looking statement caution

30.  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