Q TELUS investor conference call February 16, 2007

TELUS forward looking statements This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2007 targets, competition, financing, financial and operating results, and regulation 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. Factors that could cause actual results to differ materially include but are not limited to: competition; capital expenditure levels (including possible spectrum purchases); financing and debt requirements (including share repurchases, debt redemptions and refinancing plans); tax matters (including deferral of payment of significant cash taxes); regulatory developments (including local forbearance, local price cap regulation and wireless number portability); process risks (including conversion of legacy systems and billing system integrations); and other risk factors discussed herein and listed from time to time in TELUS’ reports. 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 and updates in the 2006 quarterly reports (see Section 10 Risks and Risk Management in Management’s discussion and analysis), 2007 targets news release issued on Dec. 14, 2006 and other filings with securities commissions in Canada (sedar.com) and the United States (sec.gov). All dollars referenced are in C$ unless otherwise specified.

Q TELUS investor conference call Darren Entwistle member of the TELUS team February 16, 2007

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

2006 highlights - annual 5 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

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

2006 highlights - annual 7 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

2006 highlights - annual 8 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

wireless cash flow yield 1 comparison (%) TELUS* 1 EBITDA less capital expenditures divided by revenue Source: Merrill Lynch, UBS. TELUS actual results. Other wireless carriers estimated Cash yield helps drive valuation population penetration 76% 56% 104%82%102%135%88%

TELUS track record of wireless subscriber additions , ,121 1,279 1, Gross additions (000s) Net additions (000s) E 2006: Record gross additions / net 2 nd best in 7 years Net additions > 500K for third consecutive year

Canadian industry subscriber growth 5.1pts4.4pts Penetration gain 1.8M1.6M Net subscriber adds %46.7% Population penetration Source: Company reports, CWTA * Does not include wholesale figures 4.1pts % 4.6pts 1.7M 2006* 56.4% 1.5M 11 Expect growth of points per year for foreseeable future TELUS share of adds 28%33%32%

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

 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 capital in 2007 for long-term growth 13 Investing to create future value

Regulatory developments 14 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

Q TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer February 16, 2006

26%  106M144MCapital expenditures 33%  432M326MEBITDA 1 16%  $1.02B$877MRevenue ChangeQ4-06Q4-05 Wireless segment – financial results 2006 – fourth quarter wireless review Record fourth quarter EBITDA 1 Q4-06 includes $3M in restructuring & workforce reduction costs 16

Total wireless subscribers Postpaid 81% Prepaid 19% Net additions Total subscribers up 12% and strong postpaid mix million total 4.1M 977K Wireless subscriber results Q4-05Q K 143K 235K 182K 61% 71% 92K 52K

Wireless ARPU growth ARPU growth driven by 94% increase in data 18 Data ARPU Q4-05Q4-06 $62.54 $64.50 $3.17 $

9 bps  1.33%1.42%Blended churn 3.1%  $64.50$62.54ARPU ChangeQ4-06Q4-05 TELUS subscriber economics improving & remain best in class Profitable growth strategy 19 $4850$4404 Lifetime revenue 3.0%$436$449  COA 9.0% 10.2%COA/lifetime revenue  120 bps 10% 

2006 wireless results compared to original targets approx. $450MCapex EBITDA Revenue $1.75B $3.86B Met or exceeded three of four targets actual results 2006 original targets 1 Wireless net adds> 550K 1 Provided on December 16, 2005 $1.7 to $1.75B $3.775 to $3.825B 535K $427M met or exceeded 

21%74M61MOther 8.8%  435M400MData 6.7%  198M212MVoice – Long Distance 1.7%$528M$537MVoice – Local ChangeQ4-06Q4-05 External Revenue$1.21B$1.23B2.0% Wireline revenue profile 21  Solid data growth offsets erosion in local and LD   2006 – fourth quarter wireline review

1.1 million total Total Internet subscribers High-speed 83% Dial-up 17% High-speed Internet subscriber growth 27K 44K High-speed Internet net additions 22 Q4-05Q K 194K Continued strong net addition growth

34%  309M230MCapital expenditures 9.2%  447M409MEBITDA 1 2.0%$1.23B$1.21BRevenue ChangeQ4-06Q4-05 Wireline segment – financial results 23 1 Includes $36M and $5M in wireline restructuring costs in Q4-05 and Q4-06 respectively; Q4-05 EBITDA includes $50M net expense impact of labour disruption.  34%  309M230MCapital expenditures

Labour disruption impact 9.2%$447M EBITDA (reported) % Change Q4-06Q4-05 Wireline EBITDA normalization  M36M $409M Restructuring costs 50M Adjusted EBITDA down 4.3% EBITDA (adjusted for cost of sales related to FFH)  4.3% EBITDA (subtotal) 1 $494M$452M

Non-ILEC revenue and EBITDA 25 Central Canada Non-ILEC profitability continues to improve Q4-05Q Q4-05Q EBITDARevenue ($M)

26 Network access line results Increased residential losses due to increased competition, partially offset by business line growth % of network access lines lost, YoY Q % Q % Q % Q % Q %

TELUS total subscriber connections Connections increasing with strong wireless and Internet growth 27 Wireless High-speed Internet Dial-up Internet Res NALs Bus NALs (millions) Q4-06Q4-05 Q4-04

2006 wireline results compared to original targets $25 to $40M Capex EBITDA Revenue $1.84B $4.82B Met original EBITDA and non-ILEC targets with significant outperformance in high speed Internet additions actual results 2006 original targets 1 High-speed net adds $1.05 to $1.1B 1 Provided on December 16, 2005 $1.8 to $1.85B $4.825 to $4.875B 154K $1.19B met or exceeded Non-ILEC Revenue$657M $650 to $700M Non-ILEC EBITDA$32M  > 100K 

20%  $878M$734MEBITDA 1 8.0%  $2.25B$2.09BRevenue ChangeQ4-06Q4-05 TELUS Consolidated 2006 – fourth quarter consolidated review Strong growth in revenue driven by data and wireless %$0.70$0.22EPS 1 Q4-05 EBITDA includes $52M net expenses, excluding any revenue or indirect impacts, from labour disruption  11%$415M$374MCapex 

Labour disruption impact 20%$878M EBITDA (reported) % Change Q4-06Q4-05 Consolidated EBITDA normalization  M36M $734M Restructuring costs 52M Adjusted for acquisition costs, EBITDA up 6.1% EBITDA (adjusted for (wireless/FFH) cost of sales)  6.1% EBITDA (subtotal) 822M886M

Labour disruption impact 218%$0.70 EPS (reported) % Change Q4-06Q4-05 EPS (Adjusted) 1 $0.39$0.64  64% EPS normalization 31 - (0.06) 1 Adjusted further for restructuring costs, EPS would have been $0.46 and $0.66 for Q4-05 and Q4-06, respectively, up 43% 0.01 $0.22 Tax related adjustments 0.10 Adjusted EPS up 64% Early bond redemption 

Tremendous growth evident in underlying EPS, led by EBITDA 32 $0.22 Q4-05  $ lab. dis. costs  $0.10  $0.01  $0.08  $0.07 $0.02  $0.03 $0.70 Lower depr’n & amortiz’n Lower financing costs Tax- related adjustments Decr. in avg o/s shares OtherEBITDA growth Q4-06  EPS continuity

2006 consolidated results compared to original targets $2.40 to $2.60 Capex EBITDA 2 Revenue $3.59B $8.68B TELUS achieved 4 out of 5 original targets driven by wireless actual results 2006 original targets 1 Free cash flow $1.5 to $1.55B 1 Provided on December 16, 2005 $3.5 to $3.6B $8.6 to $8.7B $1.60B $1.62B met or exceeded EPS 3 $3.27  $1.55 to $1.65B 2 Original targets included restructuring & workforce reduction costs of approx. $100M, vs. actual EPS includes $0.48 of positive tax-related adjustments 2006 results of $68M

Share repurchase programs Total cost ($M) $78 Track record of share repurchases leading to 6% reduction in shares outstanding $1,770 1 Twelve month 25.5 million share repurchase program to Dec. 19, Twelve month 24 million share repurchase program to Dec. 19, 2006 Total shares (M) % of total program Total $892$ % 1 73% 2 79% Total end of period shares outstanding (M) 

E 1, Dividends Share repurchases $ per share 1 Annualized dividend, plus share repurchases in 2006 as estimate for Assumes lower average shares outstanding of 330 million to 335 million in Strong record of returning capital See forward looking statement caution. Assumes continuation of share repurchase program

Cash settled options program update 36  Introducing cash settlement for vested options  Mitigates share dilution by avoiding treasury issuance  Expect  non-recurring, non-cash pre-tax operating expense of $150M to $200M in Q1-07  $120M to $150M in wireline, $30M to $50M in wireless  Reported EPS impact of $0.30 to $0.40  Cash payments deductible for tax purposes when options exercised and cash paid out  Cash tax savings of up to $70M over 3 years Shareholder friendly initiative

 Strong investment performance in 2006  In aggregate, TELUS pension funds are now in going concern surplus  Expect to make $112M in cash contributions in 2007 (DB plans)  Major pension assumptions unchanged  Discount rate of 5.0%  Long term rate of return of 7.25% TELUS pension plans fully funded in aggregate 37 Pension update

 TELUS has commitments from 18 financial institutions for new $2 billion credit facility  More favourable terms and extends maturity to 2012  Can be utilized to back up CP issuance  Replaces $1.6 billion of existing credit facilities  $800 million facility expiring May 2008  $800 million facility expiring May 2010  Accounts receivable securitization agreement extended by one year to July 18, 2008  Current plan for $1.5B 2007 note refinancing is through combination of L-T debt issuance and new CP program TELUS liquidity position remains very strong 38 Financing update

Corporate governance update 39 Stock option issuance practices, backdating  Voluntary internal audit of stock option and long term incentive practices resulted in a “well controlled” rating Sarbanes-Oxley  Have completed all work required for SOX 404 compliance  90 processes and 740 key controls addressed  Ready to certify compliance with SOX 404 on internal control over financial reporting for Dec. 31, 2006 audited financial statements Leading the way in corporate governance

2007 Consolidated targets summary approx. $1.75BCapex Revenue$9.175 to 9.275B 2007 targets reflect healthy performance expected in wireless targetschange 8% 6 to 7%   Normalized EBITDA 1 $3.725 to 3.825B  4 to 7% Normalized EPS 1,2 $3.25 to 3.45  16 to 24% 1 Excluding $150M to $200M of non-recurring, non-cash expenses associated with cash settlement of options, EPS impact of $0.30 to $ Year over year growth rate normalized for $0.48 of positive tax-related adjustments in 2006

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$ $ (306) (374) $734 Q4-05 $ $233 5 (218) (415) $878 Q4-06 Funds avail. for debt redemption Accounts Receivable Securitization Free cash flow Net Cash Tax Recovery Net Cash Interest Capex EBITDA ($M) 5(6)Cash Restructuring Payments (in excess of expense) 3(10)Non-Cash Share Based Compensation (97)(127)Dividends 1922Share Issuance (non-public) ($1,313)$14 Net change in cash (1,437) (6) Funds applied to redemption of debt Free cash flow Appendix Working capital & other (30)(58) 42 (229)(200) Purchase of shares for cancellation (NCIB)

 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 Appendix Definitions TELUS definitions for non-GAAP measures