Q TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer Darren Entwistle President & Chief Executive Officer Joe Natale EVP & Chief Commercial Officer November 5, 2010

2 TELUS forward looking statements Today's presentation and answers to questions contain statements about expected future events and financial and operating performance of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions 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 performance 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 2010 guidance), qualifications and risk factors referred to in the Management’s discussion and analysis in the 2009 annual report and in the 2010 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.

3 agenda  Wireless and wireline segment reviews  Consolidated financial review  Updates  Regulatory  IFRS  Financing  Dividend  2010 guidance  Question and answers 3

Q wireless financial results 4 Wireless cash flow up significantly due to lower capex and EBITDA increase despite record subscriber loads ($M)Q3-09Q3-10change Revenue (external)1,2061,2826.3% EBITDA % EBITDA margins* (total revenue) 42.6%41.5%(1.1) pts Capex193113(41)% EBITDA less capex %      * Margins on network revenue in Q3/10 and Q3/09 are 45.1% and 45.9%, respectively.

subscriber results 5 Strong total net adds growth of 22% y/y with higher value postpaid representing 86% of net adds prepaid 18% Wireless subscribers postpaid 82% Postpaid net adds 6.9M total 5.6M 1.3M Q K 132K Q3-10 Total net adds Q K 153K Q3-10

smartphone subscriber mix 6 Smartphone base increased 67% y/y to 1.6M and to be enhanced with suite of new exciting HSPA devices  Smartphone subs represent 28% of postpaid base compared to 18% a year ago  In Q3, 38% of all postpaid gross additions were on smartphones compared to 22% a year ago  BlackBerries and iPhones continue to dominate retention loading HTC 7 Surround Samsung Galaxy Fascinate LG Optimus 7

data revenue 7 Strong data growth of 29% driven by continued smartphone adoption Q3-09 $226M Q3-10 $291M $178M Q3-08 BlackBerry Torch

marketing and retention 8 Record gross additions and stable churn reflect availability of new HSPA handsets and continued marketing success Q3-09Q3-10change Gross adds (000s) % Churn1.55%1.54% (0.01) pts COA per gross add$320$ % COA expense$135M$158M 17% Retention expense$116M$127M 9.5%     

blended ARPU analysis 9 Strong data growth continuing to help improve trend in overall ARPU down 1.2% y/y vs. 1.9% in Q2 Data Q3-10 $58.75 Voice $59.45 Q3-09 % of ARPU Q3-10Q % 80% 75% 25%

Q wireline financial results 10 Revenue decline slows and is offset by expense control and lower restructuring costs ($M)Q3-09Q3-10Change Revenue (external)1,2051,173(2.7)% Operational expenses (1.1)% Restructuring costs2915(48)% EBITDA406402(1)% EBITDA margins (total revenue) 32.8%33.2%0.4 pts Capex365336(7.9)% EBITDA less capex416661%       

wireline data strategy reinforced 11 Wireline data revenue exceeds local & LD revenue for first time ever Q3-2000Q % Local & LD 22% Data 49% Local & LD 51% Data $1,109M $1,165M

TELUS TV subscribers 12 Strong TV loading reflects June launch of Optik TV brand Net adds up 73% y/y and total TV subscribers up 94% Q K 38K Q3-10 TELUS TV net additions * TELUS TV subscribers* * Includes both TELUS IP TV and TELUS Satellite TV subscribers Q3-10Q K 266K

improved wireline operating stats 13 Growth in TV & increased HSIA this quarter greater than NAL declines Q K Q3-09 * Historic NALs restated for prior periods starting in 2007 as a result of a periodic subscriber measurement review and correction. 31K -51K 53K TELUS TV loading and HSIA Total NAL losses*

Q consolidated financial results 14 Strong cash flow expansion driven by improved profitability and capex decline ($M excl. EPS)Q3-09Q3-10change Revenue (external)2,4112,4551.8% Operating expenses1,4561, % Restructuring costs3217(47)% EBITDA % EPS (basic) (13)% Capex558449(20)% Free cash flow %       

EPS continuity ($) 15 Reported EPS negatively impacted by debt redemption costs related to successful debt issue Excl. Tax Adj. Q3-09 reported Normalized EBITDA 1 Restr. costs Normalized Financing costs 2 Pension, Dep & Amort 1 Normalized EBITDA excludes restructuring and pension costs. 2 Q3 Normalized Financing excludes early debt redemption penalty, CRTC deferral account Interest, and excludes interest income for Q3/09 identified in Q3/09 tax adjustment Q3-10 reported Lower tax rates & other Excl. Tax Adj Tax adjustment 2010 debt redemption CRTC Deferral Acc’t charge

EPS normalization 16 Normalized EPS up 6% to $0.89 per share Q3-09Q3-10 Change EPS - basic $0.88$0.77(13)% Early debt redemption Deferral Acc’t Interest Income-tax related adjs (0.04) (0.03) EPS normalized $0.84$ %  

 TELUS’ strategy is to aggregate, integrate and make accessible content and applications for customers’ enjoyment  Not necessary to own content to make it accessible to customers on economically attractive basis  Not clear to TELUS that synergies of ownership for carriers outweigh negative synergies of limiting audience through exclusives and impact on other supplier relationship  Caution warranted based on past transactions, execution risk related to different expertise requirement, and legacy nature of content assets in play TELUS’ vertical integration strategy Consistent with our strategy to “unleash the power of the Internet to Canadians at home, in workplace and on the move” 17

 TELUS pleased with CRTC’s Shaw / Canwest decision to support the pre-existing principle of programming content non- exclusivity on reasonable commercial terms  Public policy hearing called for May 2011 on effects of consolidation and vertical integration in Canadian broadcasting industry  TELUS believes CRTC needs regulatory tools and measures to effectively address and deter any anti-competitive behaviour Industry vertical integration update CRTC’s Shaw / Canwest decision reinforces pre-exisitng principle that consumers need protection from undue preference by carriers who own content 18

TELUS update on Cdn GAAP to IFRS transition 19  Comprehensive IFRS disclosure in section 8.2 of Q3-10 MD&A  Quantified impacts on key financial statement line items and other measures in Q3-10 MD&A including  Pro forma Q3-10 YTD net income and EPS per IFRS higher by $15M or $0.05  Statement of Financial Position (i.e. Balance Sheet) impacts including recognition of cumulative unamortized gains and losses for employee defined benefit plans and asset impairment reversal are set out  Net impact of $220M or 3% reduction in Owners’ Equity  2011 guidance in mid-December to be provided according to IFRS TELUS well prepared for IFRS conversion as outlined in comprehensive disclosure in section 8.2 of MD&A

TELUS financing update 20  In August, TELUS cancelled its unused $300M, 364-day revolving credit facility set to expire December 31, 2010  Available liquidity of $1.7B exceeds $1B objective  In September, TELUS successfully completed its early partial redemption of notes due in June 2011 following successful $1B 5.05%10-year debt issue in July  Redeemed US$607M of 8% US$1.3615B notes due June 2011  As expected, recorded pre-tax charge of $52M or after-tax impact of $37M or 12 cents per share  Average maturity of long-term debt 5.9 years at end of Q3-10, up from 4.0 years a year ago Another very successful debt refinancing, lowering future interest rate expense by circa 350 bps

TELUS raises dividend  Based on management confidence in mid-term outlook  Quarterly dividend increased 5% to $0.525 per share for January 4, 2011 (from $0.50 cents)  Second dividend increase in 2010 and reflects 11% increase over January 2010 dividend payment  TELUS to change dividend reinvestment program to open market purchases at full price  Dividend reinvestment program (DRIP) to purchase shares on open market rather than issue from treasury  Will no longer offer 3% discount from avg. market price  Changes come into effect March 1, 2011 after dividend payment on January 4, 2011 Dividend increase of 5% reflects our confidence in prospect for continued future earnings and free cash flow growth 21

2010 annual guidance* update earnings guidance increased on raised wireless EBITDA Consolidated2010 guidancechangey/y growth Revenue (external) $9.7 to 9.95Bno change1 to 4% EBITDA$3.6 to 3.7B up $100M on low end 3 to 6% EPS – basic 1 $3.10 to 3.30 up $0.20 on low end (1) to 5% CapexApprox. $1.7Bno change(19)% 1 Normalized EPS y/y growth of 9 to 16%. See appendix. * See forward looking statement caution

Q summary 23 Good Q3 results build on positive momentum  Wireless  Strong wireless subscriber growth and stable churn  ARPU trend continuing to improve  Continued revenue and EBITDA growth despite record loading activity  Wireline  Record TELUS TV subscriber growth  Improved residential and business NAL losses and HSIA loading  Cost control offsetting continued legacy declines  Dividend increased by 5%  Positive changes to 2010 earnings guidance

appendix – free cash flow 2010 Q Q3 C$ millions EBITDA Capex (558)(449) Net Employee Defined Benefit Plans Expense (Recovery) 3 7 Employer Contributions to Employee Defined Benefit Plans (31) (21) Interest expense paid (includes income tax interest income) (19) (106) Cash Income Taxes and Other (48) (30) Non-cash portion of share-based compensation 5 10 Restructuring payments (net of expense) 3 5 Donations and securitization fees included in other expense (4) (7) Free Cash Flow (before share-based compensation payment) Share Based Compensation Paid (8) (7) Free Cash Flow (per current public guidance methodology) (149) (162) Dividends Working Capital and Other (13) 120 Funds Available for debt redemption A/R Securitization Net Issuance (Repayment) of debt (70) (339) Increase (Decrease) in cash 89 Issuance of non-voting shares* - 46 * Non-voting share issuance from treasury for shareholders in the DRIP - Issuance of common shares - 5 Proceeds from sale of property and other assets (acquisitions) (26) - -

appendix – definitions TELUS definitions for non-GAAP measures  EBITDA: earnings, after restructuring and workforce reduction costs, before interest, taxes, depreciation and amortization  Capital intensity: capital expenditures 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  EPS normalized: growth rates are based on 2010 expected EPS ($3.10 to $3.30) compared with 2009 actual results when excluding 52 cents of positive income tax-related adjustments and a 22 cent loss on early partial redemption of long-term debt