Q4 2006 TELUS investor conference call Darren Entwistle • member of the TELUS team February 16, 2007

Agenda 2006 annual highlights Uses of cash flow Regulatory developments Q4 2006 review 4

Continued on strategy performance 2006 highlights - annual Consolidated Strong revenue growth of 7% led by wireless and data EBITDA up 9% to $3.6 billion Net income up $422 million to $1.1 billion Free cash flow up 9% to $1.6 billion Achieved 4 of 5 original consolidated targets 87% in last 7 years Continued on strategy performance 5

Leading global telecom performance Growth in 2003 2004 2005 2006 top 25% #1 top 25% - Revenue top 25% EBITDA top 25% EPS Source: Bloomberg and TD Securities, for major global incumbent telecoms TELUS performing well relative to global telecom peers 6

Comparative resiliency in wireline 2006 highlights - annual Wireline Strong data revenue growth of 7% (9% in Q4) 154,000 net adds in high-speed Internet Best performance in 4 years High-speed Internet sub base up 20% Total NALs down 3% Residential down 5% and business up 0.6% Revenue and EBITDA down < 1% Comparative resiliency in wireline 7

Continued leading performance 2006 highlights - annual Wireless Strong revenue growth of 17% Wireless sub base up 12% and ARPU up 3% Data revenue up 114% to $280 million Record lifetime revenue $4,850 EBITDA up 21% Cash flow up $285 million to $1.3 billion High cash flow yield 34% Continued leading performance 8

2006 wireless cash flow yield1 comparison (%) 36 34 32 32 30 28 25 19 19 17 TELUS* 135% 56% 56% 102% 82% 104% 56% 76% 76% 88% population penetration 1 EBITDA less capital expenditures divided by revenue Source: Merrill Lynch, UBS. TELUS actual results. Other wireless carriers estimated. Cash yield helps drive valuation 9

TELUS track record of wireless subscriber additions Gross additions (000s) Net additions (000s) 1,293 1,279 1,121 1,017 987 985 924 550+ 584 535 512 474 418 418 431 2000 2001 2002 2003 2004 2005 2006 2007E 2006: Record gross additions / net 2nd best in 7 years Net additions > 500K for third consecutive year 10

Canadian industry subscriber growth 2003 2004 2005 2006* Net subscriber adds 1.5M 1.6M 1.8M 1.7M TELUS share of adds 28% 33% 32% 32% Population penetration 42.3% 46.7% 51.8% 56.4% Penetration gain 4.1pts 4.4pts 5.1pts 4.6pts Source: Company reports, CWTA * Does not include wholesale figures Expect growth of 4.5 - 5 points per year for foreseeable future 11

On strategy use of cash flow Debt repayment $1.6 billion paid out early in Dec. 2005 Dividend growth model 3 sizeable annual increases – 33%, 38%, 36% Annualized $500 million in 2007 Ongoing share repurchases 3 successive programs since Dec. 2004 39.4M shares for $1.77 billion On strategy capital expenditures Investing for long term growth Balancing interests of shareholders and debt holders 12

Investing capital in 2007 for long-term growth Wireless capex increase of $125 million to approx. $550 million Within 11-13% intensity range Wireline capex unchanged at approx. $1.2 billion Strong housing formation in West Broadband network enhancement program Implementing IT customer system consolidation Success based capex for contracts such as Govt. of Ontario Investing to create future value 13

Regulatory developments Deregulation by federal government Local forbearance decision effective April 2007 Based on competitive choice Directive to CRTC now in force Rely on market forces to maximum extent Ensure competitive and technological neutrality Wireless local number portability effective Spring 2007 Opportunity in business market in Central Canada Regulation based on competitive realities 14