1. Montreal investor luncheon June 28, 2006 Darren Entwistle President & Chief Executive Officer Robert McFarlane EVP & Chief Financial Officer

2. Forward-looking statements Presentations and answers to questions today contain forward-looking statements that require assumptions about expected future events including competition, financing, financial and operating results, and guidance and targets dated May 3, 2006, 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. 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 2005 annual report, updates in the 2006 first quarter report, and other filings with securities commissions in Canada and the United States.

3. Table of contents  About TELUS4  Strategy 5  Corporate priorities 14  Financial update 29  Investor considerations 38  Appendix 49 slides starting

4. About TELUS  Executing national growth strategy focused on data, IP & wireless  2006 financial targets  Revenue$8.6 to 8.7B 6 to 7%  EBITDA$3.5 to 3.6B 6 to 9%  EPS$2.40 to 2.60 22 to 33%  FCF$1.55 to 1.65B 5 to 12%  Daily trading: 1.4M shares (recent 90 day avg)  Enterprise value: ~$21B (equity ~$15.5B)  Listings: Common: TSX T; non-voting: TSX T.A; NYSE TU  Reporting segments: wireless and wireline     Best performing Canadian telco 4

5. Leading the way with a proven strategy  Focusing on growth markets of data & wireless  Building national capabilities  Providing integrated solutions  Investing in internal capabilities  Partnering, acquiring and divesting as necessary  Going to market as one team strategic intent… to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move. Consistent strategy and execution 2000  2006 5

6.  Advance our industry leading strategy  Achieve meaningful commercial differentiation in the market  Capitalize on technology convergence of wireless and wireline  Drive continued operating efficiency and effectiveness One team, united behind one strategy, defined by one brand Wireless-wireline merger rationale Recent strategic developments Separate wireless and wireline reporting to continue 6

7. Strategic journey highlights  purchase of Quebec Tel  purchase of national wireless operator Clearnet  divestiture of non-core assets  completion of national IP backbone & fibre network  first in N.A. to launch Next Generation Network, enabling IP based solutions for customers  won landmark national managed data solutions contract with IBM Canada for TD Bank  Verizon divested 20.5% ($2.2B) equity interest increasing TELUS liquidity by 26%  #1 or #2 North American wireless operator for past 8 quarters  five year (2010) progressive collective agreement ratified  staged launch of TELUS TV ® in certain western markets  wireless merger into customer facing business units 2000 2006 7

8. Build national capabilities TELUS’ infrastructure - 2000 8

9. Wireless Jan 2000today 1 PoPs covered (millions)730.6 Mike (iDEN) (millions)-25.6 Generation1G3G Wireline Ont/Que cities341 Co-locations294 Customer POPs5904 Fibre lit (km)014,320 PlatformStentorTELUS NetworkCircuit-basedNext Generation (NGN) National transformation 1 as of March 31, 2006 9

10. Build national capabilities TELUS’ infrastructure - today 10

11. Price Cap Regulatory Framework Competitive Intensity Technological Substitution + + Non-ILEC Growth Future Friendly Home Organization Effectiveness + + Strive to hold wireline EBITDA (before restructuring) flat over medium term  = Growth in revenues and EBITDA from large exposure to wireless business Continued improvements in consolidated results Growth opportunities Challenges Short-term dilutive Wireline Framework for long term growth 11

12. Strategic focus on data and wireless Data and wireless now represent 60% of revenue $8.2B Voice Wireless Data 29% 41% 19% 11% LD 2006 2 Revenue 2000 1 $5.7B 49% 18% 10% LD Wireless Voice 23% Data 2 12 months ending Mar. 2006 12 60% 1 12 months ending Jun. 2000

13. Strategic focus on wireless Wireless now represents 57% of Cash Flow $1.9B 2006 2 2000 1 $1.1B 1 12 months ending Jun. 2000 2 12 months ending Mar. 2006 13 Wireless 57% Wireline 43% Wireless 22% Wireline 78% Cash Flow (EBITDA less capex)

14. Corporate priorities

15.  Advance TELUS’ leadership position in the Consumer market  Advance TELUS position in the Business market  Advance TELUS position in the Wholesale market  Drive improvements in productivity and service excellence  Strengthen the spirit of the TELUS team and brand, and develop the best talent in global communications industry 2006 priorities support national growth strategy Continued on strategy execution for benefit of investors 15

16. Staying ahead on wireless data Launched high speed wireless service  17 major urban markets have EVDO  Cool applications  Music downloads and video games  Watch 15 channels on Mobile TV  Five times faster Fostering continued data growth 16

17. Total wireless subscribers Postpaid 81% Prepaid 19% Subscriber results Net additions Wireless net adds up 15% over first quarter of 2005 17 Review of operations – wireless Q1-05Q1-06 80K 93K 4.6 million 3.7M 876K

18. Industry ARPU comparison $58 $48 $46 $60 $52 $48 TELUS Rogers WirelessBCE Wireless review of operations – wireless Increased usage and data driving positive industry trend 18 Q1-05 Q1-06 Review of operations – wireless

19. Source: Company reports TELUS Low churn relative to North American peers Q1 2006 wireless churn (%) VerizonT-mobileBCE Cingular 1.9 Rogers Wireless 2.1 1.6 1.3 1.2 2.7 Sprint Nextel 2.1 Growing brand value through superior customer experience 19 Review of operations – wireless

20. $394$410$429COA per gross add 1.6%2.0% 1 1.33%Blended churn BCERogersTELUS $3000$2600$4500 Avg. lifetime revenue per sub 13.1%15.8%9.5%COA / lifetime revenue Q1-06 $48$52$60ARPU Review of operations - wireless Profitable growth strategy TELUS subscriber economics remain very attractive 20 1 Calculated using prepaid and postpaid churn

21. TELUS wireless EBITDA & cash flow growth 2000¹ 173 (360) 356 2001² (288) 535 75 2002 815 455 2003 1,142 788 2004 2005 ¹ Pro forma acquisition of Clearnet ² EBITDA (excluding restructuring) for 2001 & 2002 ³ Midpoints of 2006 targets. See forward looking statement caution. 1,443 1,038 EBITDA ($M) EBITDA less Capex ($M) 2006E ³ ~1,725 ~1,275 21

22. Increasing Canadian wireless penetration review of operations 4 to 5 million net additions expected over next 3 years 22 Source: Industry analysts 2003 42% 2008E* 65 - 68% 2005 53%53% Penetration: 13.4M 21 - 22M 16.8M Subscribers: * See forward looking statement caution

23. Collective agreement highlights  Ratified collective agreement Nov. 2005  Five year agreement to 2010  Improved flexibility to serve customers  Allows management to productively run the business  outsourcing, consolidating, scheduling  Supports a performance culture not one of seniority  New Common Interest Forum meetings  CIRB* and legal proceedings to be dismissed or withdrawn New constructive era for TELUS and our team * Canada Industrial Relations Board 23

24. 1.03 million Total Internet subscribers High-speed 78% Dial up 22% High-speed Internet subscriber growth 22K 39K High-speed Internet net additions Net additions up 74% to 39K leading to 25% increase in guidance to more than 125K 24 Review of operations – wireline Q1-05Q1-06 802K 228K

25.  Launched suite of IP applications:  Home Networking (wireless LAN)  HomeSitter TM  TELUS TV moving to next stage with targeted roll-outs in  Edmonton and Calgary 2005/2006  Vancouver lower mainland 2006/2007 Future Friendly Home 25

26. Launching TELUS TV financial review 26  Offering customers differentiated entertainment  Choice of 200+ digital stations  Customized channel packaging  Interactive programming guide  Video on demand  myTELUS channel  Call display Targeted launch in Edmonton and Calgary in 2005

27. TELUS TV – interactive programming guide 27

28. 20052006E 1 632 650-700 EBITDA ($M)Revenue ($M) 2004 561 20052006E 1 21 25-40 2004 (22) 2003 555 2003 (29) Non-ILEC revenue & EBITDA 1 May 3, 2006 guidance. See forward looking statement caution. Advance TELUS’ position in business market Continued focus on profitable, long-term growth in Central Canada 28

29. Financial update

30. 13%  $640M$567MFree Cash Flow 17%  $321M$273MCapital expenditures 0.8%  $863M$856MEBITDA 1 5.4%  $2.08B$1.97BRevenue ChangeQ1-06Q1-05 TELUS Consolidated 2006 – first quarter review Strong gains in normalized EPS and free cash flow 1 Includes restructuring costs of $9 million and $17 million in Q1-05 and Q1-06 respectively 10%  $0.60$0.67EPS 2 20%  $0.60$0.50EPS (excl. non-recurring items) 2 Q1-05 includes favourable impacts for tax related adjustments of $0.15 per share, and regulatory decisions of $0.02 per share 30

31. 20%  $334M$278MCash flow (EBITDA less capex) 3.2%  $62M $60MCapital expenditures 17%  $396M$337MEBITDA 1 17%  $882M$753MRevenue ChangeQ1-06Q1-05 Wireless segment – financial results 2006 – first quarter review Excellent results with strong revenue and EBITDA growth 1 Includes $2M in restructuring & workforce reduction costs in Q1-06 31

32. 32%  $208M$305MCash flow (EBITDA less capex) 21%  $259M$214MCapital expenditures 10%  $467M$519MEBITDA 1 1.9%  $1.20B$1.22BRevenue ChangeQ1-06Q1-05 Wireline segment – financial results 2006 – first quarter review 32 Wireline results reflect increased competition and investments for growth 1 Includes $9M and $15M in wireline restructuring costs in Q1-05 and Q1-06 respectively

33. 2006 consolidated guidance summary 1 May 3, 2006 guidance. See forward looking statement caution 2 Including restructuring & workforce reduction costs of $54M in 2005 and up to $100M in 2006 $1.55 to 1.65BFree Cash Flow $1.5 to 1.55BCapex $2.40 to 2.60EPS Change EBITDA 2 Revenue 2006 guidance 1 $3.5 to 3.6B $8.6 to 8.7B  5 to 12%  14 to 17%  22 to 33%  6 to 9%  6 to 7% Guidance builds upon track record of strong operational execution 33

34. 2006 wireless guidance summary >550KWireless net adds approx. $450MCapex Change EBITDA Revenue 2006 guidance 1 $1.7 to 1.75B $3.775 to 3.825B  6%  11%  18 to 21%  15 to 16% 1 May 3, 2006 guidance. See forward looking statement caution. 2006 wireless guidance builds upon track record of strong growth 34

35. 2006 wireline guidance summary >125KHigh speed net adds $1.05 to 1.1BCapex $1.8 to 1.85BEBITDA 2 Change non-ILEC revenue Revenue 2006 guidance 1 $650 to 700M $4.825 to 4.875B  71%  15 to 20% (3) to 0%  3 to 11%  0 to 1% $25 to 40M non-ILEC EBITDA  19 to 90% 1 May 3, 2006 guidance. See forward looking statement caution. 2 Includes restructuring costs. 2006 wireline guidance shows resiliency 35

36. 1.7x 1.5 to 2.0xNet Debt : EBITDA Q1-06 Long-term financial policy target 1 Net debt to EBITDA target updated November 10, 2005 Target 1 Net Debt : Total Cap45 to 50% 45.7% Met Financial update Strong balance sheet consistent with policy targets 36  TELUS early redeemed $1.6B of debt in December 2005

37. Credit rating changes in 2005  All four rating agencies upgraded TELUS ratings in 2005  Bond rating policy target: BBB+ to A- Credit profile AgencyRatingOutlook DBRSBBB (high)Stable S&PBBB+Stable FitchBBB+Stable Moody’s“BBB (mid)” 1 Positive Credit rating overview for TELUS Corporation 37 1 Moody’s rating is Baa2

38. Investor considerations

39. 2006 regulatory update  Deferral account  95% of accumulated funds to be used to expand broadband facilities in rural areas  Telecom Policy Review (TPR) recommendations  Rely on market forces over regulation  No obligation on incumbents to subsidize broadband expansion  Foreign ownership restrictions should be liberalized 39

40. 2006 regulatory update  Forbearance decision  Geographic forbearance when 25% market share lost  Elimination of marketing restrictions when 20% share lost  Winback restrictions reduced to 90 days from 1 year  TELUS & other ILECS appealed decision to cabinet  CRTC to review measurement of market share loss  Mobile television broadcasting  Unregulated, to fall under existing new media exemption order 40

41. 2006 regulatory update  Government refers VOIP decision back to CRTC  Government policy direction on June 13  Tabled proposed policy direction in Parliament  CRTC would be required to “rely on market forces to maximum extent feasible”  Direction in line with TPR recommendations  Definition of essential facilities to be reviewed  Price Caps review proceeding  Underway in 2006 for May 2007 41

42. 2.5% 6.4% 5.1% 4.8% 2.3% 5.8% 1.1% 0.4% TELUSMTSAT&T (SBC) VerizonBCEAlltel 2005 return of capital - comparables Dividend Share repurchase Source: Company reports and filings, up to Dec. 15, 2005 Note: Share repurchases based on LTM. Dividend yield based on last dividend annualized. 8.3% 6.4% 6.2% 5.1% 4.8% 2.7% BellSouth 4.2% TELUS best in class shareholder return of capital in 2005 42

43.  38% quarterly dividend increase to 27.5 cents per share for Jan., Apr. and Jul. 2006 payments  Consistent with dividend payout ratio guideline of 45 to 55% of sustainable net earnings  Repurchased 30.5M shares for $1.3B under two NCIB programs (Dec 2004 – May 2006)  Second 24M share NCIB effective Dec. 20, 2005 for 12 mos.  Authorized for up to 12M common and 12M non-voting (up to 7.1% of total shares outstanding)  Repurchased 8.8M shares (Dec 2005 - May 2006) Return of capital summary TELUS has strong track record for returning capital to investors 43

44. 1 EBITDA less capital expenditures * See forward looking statement caution Source: TD Securities data on major global incumbent telecoms Leading global telecom performance Met or exceeded 88% targets since 2000 20052004 Growth in 2003 Cash flow 1 #1 Operating profit #1 Revenue EPS top 25% #1 - top 25% #1# 2 top 25% 44

45. Annual Report on Annual Reports  TELUS 2004 AR ranked 2 nd in world of 1,100 reviewed Canadian Institute of Chartered Accountants (CICA)  Best Corporate Governance Disclosure in Canada  2004 Annual Report received Award of Excellence  Corporate Reporting - Communications & Media sector  11 consecutive years of recognition IR Magazine (Canada) awards  2006: Best annual report & disclosure policy  2005: Best mgmt. communications & web site e.Com Report Watch 45 TELUS recognized as a leader in disclosure

46.  Member of 2006 Dow Jones Sustainability Index  only North American telco in global index  one of nine Canadian companies  2004 Corporate Social Responsibility Report ranked 2 nd in Canada by Stratos  TELUS Board ranked 3rd best in Canada by. magazine – Aug. 2005 TELUS excellence in sustainability & governance 46

47. Why invest in TELUS?  Strong revenue growth  EBITDA growth driven by wireless  Significant EPS growth  driven by EBITDA growth and lower financing costs  Significant Free Cash Flow generation  Continued subscriber growth  Track record of returning capital to investors  Excellence in reporting, transparency and governance Strong execution against consistent national growth strategy 47

48. Investor Relations 1-800-667-4871 telus.com ir@telus.com 48

49. Appendix 49

50. $1,550 to 1,650 ~(500) (1,500 to 1,550) $3,500 to 3,600 2006E Free Cash Flow Net Cash Interest Capex EBITDA ($M) 50 to 100 Other 1 : Free cash flow 1 Restructuring expense (net of cash payments), non-cash share based compensation, & net cash tax recoveries TELUS consolidated Continued strong free cash flow generation 50

51.  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, and cash restructuring payments Definitions Appendix TELUS definitions for non-GAAP measures 51