Q TELUS investor conference call August 3, 2007

This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2007 guidance, 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 acceleration or deferral of payment of significant cash taxes); regulatory developments (including local forbearance, local number portability, the timing, rules, process and cost of future spectrum auctions, and possible changes to foreign ownership restrictions); 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 2006 annual report and updates in the 2007 quarterly reports (see Section 10 Risks and Risk Management in Management’s discussion and analysis), 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. TELUS forward looking statements 2

Darren Entwistle member of the TELUS team August 3, 2007 Q TELUS investor conference call

 TELUS pursued discussions on benefits of acquisition to June 26  Potential for TELUS to pursue offer on investment grade model  Completed assessment of this opportunity considering  Disadvantageous auction process  Substantive price offered by private equity consortium  Deteriorating debt market conditions  Positive benefits of not bidding  Timeline and uncertain outcome of competition approval  Risk to TELUS shareholders  TELUS does not intend to submit a competing offer Decision on BCE acquisition 4 Stand-alone TELUS can continue to create future value

Wireline highlights – Q Committed to consolidated care platform and its benefits  Resilient wireline revenue as per operating strategy  Data growth continues to be strong at 8%  Moderate NAL loss at 3%  Converted Alberta consumers to new customer care platform  Critical billing function performed well  Initial difficulties reduced capability for new orders  Additional resources impacted EBITDA by $29 million  Backlogs and call centre operations returning to normal

 Major $200 million contract with Department of National Defence  Local forbearance in key markets beginning  Fort McMurray residential service deregulated July 25 th  Large urban markets waiting for deregulation decisions  Vancouver, Victoria, Calgary, Edmonton, and Rimouski Wireline highlights – Q Continued resiliency in wireline New regulatory framework based on market forces

Wireless highlights – Q  Wireless Number Portability impacts  Churn increased 15 basis points  Higher gross and net additions contributed to higher COA  Investment in customer retention increased 32%  Wireless revenue growth of 11%  18 th consecutive quarter of increased year over year ARPU  Data revenue growth up 64%  Operating profit (EBITDA) increased by 3% Continued resiliency in wireline Reiterating full year wireless segment guidance

Wireless highlights – Q  AMP’D Mobile entered bankruptcy proceedings in U.S.  TELUS discontinuing sales in Canada  Continued rollout of high-speed EVDO and EVDO Rev A network  Introduction of new CDMA/GSM Blackberry World Edition  Advanced Wireless Services spectrum auction  Rules expected in fall for auction early 2008  TELUS advocates an open and fair auction process Continued resiliency in wireline Canadian wireless industry remains competitive and successful

Consolidated highlights – Q Strongly positioned to advance growth strategy  Committed to improving performance in coming quarters  Second quarter impacted by special events  Committed to original consolidated guidance for 2007  Balancing interests of debt and equity holders  Refinanced $1.5 billion 7.5% notes at lower interest cost  Repurchased $170 million of shares in quarter  Repurchased 45.6 million shares for $2.1 billion since 2004  Quarterly per share dividend 37.5 cents, up 36%

Robert McFarlane EVP & Chief Financial Officer August 3, 2007 Q TELUS investor conference call

Wireless segment – Q financial results 11 ($M) Q2-06Q2-07Change Revenue945 1,04811% EBITDA % Capital expenditures % 1 EBITDA includes non-cash charge of $1.8M in Q2-07 for net cash settlement feature of options granted prior to Excluding this charge EBITDA (as adjusted) increased by 2.7%    Higher COA & retention costs related to WNP impacted EBITDA while EVDO Rev A investments contribute to capex increase

WNP update 12 Results reflect first full quarter of WNP Industry 1 TELUS Gross additions8.0 % 16% Net additions1.6% 3.5% Churn6 bps 15 bps COA3.0% 7.9%         1 Based on Q2-07 wireless results from Rogers, Bell, and TELUS

Wireless EBITDA normalization 13 ($M) Q2-06Q2-07Change EBITDA (as adjusted) % Incremental COA (due to higher loading) - 20 Incremental cost of retention (COR) - 27 EBITDA (excl. incremental COA & COR) % With advent of WNP, higher COA and COR significantly affected EBITDA growth 1 Excludes non-cash charge of $1.8M in Q2-07 for net cash settlement feature of options granted prior to  

Amp’d Mobile Canada Update 14  Parent Amp’d Mobile, Inc. entered bankruptcy in U.S. in June  Disruptions of Amp’d Live content expected - Amp’d Mobile sales discontinued in Canada  Voice and basic messaging services continue for Amp’d clients  Migration of Amp’d Canada subscribers now underway  No notable impact expected on reported revenue or subscribers  Impact of writedowns on Q2-07 results:  $11.8M write-off in ‘other expenses’ for Amp’d US venture capital investment  Approx. $2M opex impact on EBITDA  $5M for accelerated depreciation of assets used to support Amp’d  Negative EPS impact of approximately 4 cents Amp’d Mobile subscribers being migrated to TELUS

total wireless subscribers Postpaid 80% Prepaid 20% net additions Q2-06Q million 4.2M 1.0M Wireless subscriber results Continued strong net additions 15 prepaid postpaid 128K 124K 77%83%

Wireless ARPU growth Data ARPU Q2-07 $ % increase in data more than offsetting voice decline Voice $ Q2-06

Source: Company reports, analyst reports. Sprint Nextel and T-Mobile USA Q1-07. * TELUS estimates for Rogers blended churn – not including 90K TDMA subscriber write down in Q * Q wireless churn (%) Churn remains at best in class levels

Wireline segment – Q financial results 18 ($M) Q2-06Q2-07Change Revenue1,190 1,180(0.8)% EBITDA (reported) (4.9)% Capital expenditures (0.9)% Results impacted by implementation of new wireline billing and client care system in Alberta   

Wireline revenue profile 19 ($M) Q2-06Q2-07Change Voice – Local (1.5)% Voice – Long Distance (19)% Data % Other % Total External Revenue1,190 1,180(0.8)%     Continued solid data growth offsets local and LD erosion 

Long distance revenue normalized ($M) Q2-06Q2-07Change Long distance revenue (reported) (19)% One-time system implementation adjustment (13) Long distance revenue (normalized) (12)% 20 Flat to positive wireline revenue growth adjusted for system implementation impact   Total external revenue (excl. system impacts) 1,1901,1930.3% 

Wireline EBITDA normalization 21 ($M) Q2-06Q2-07Change EBITDA456434(4.9)% System implementation impacts: LD revenue adjustment Increased labour costs ---- (13) (16) EBITDA (excl. system impacts) % System implementation significantly impacted wireline EBITDA  

1.13 million total Internet subscribers High-speed 85% Dial-up 15% High-speed Internet net additions Q2-06Q K 172K High-speed Internet subscribers Results reflect system implementation in Alberta Lowering annual guidance from > 135K to > 125K 22 29K 14K

% of network access lines lost (yr. over yr.) Q % Q % Q % Q % Network access line results -2.9% Q1-07 Stable overall line losses due to business line growth % Q2-07

Wireless High-speed Internet Dial-up Internet Res NALs Bus NALs (millions) Q2-07Q Q2-05 TELUS total subscriber connections 24 Connections increasing with wireless and Internet growth

Consolidated – Q financial results 25 ($M excluding EPS) Q2-06Q2-07Change Revenue2,135 2,2284.4% EBITDA (1.4)% EPS (reported) (26)% EPS (excl. tax adjustments) % Capital Expenditures % Increased expenses related to WNP, new system implementation & Amp’d affected results 1 EBITDA includes non-cash charge of $1.8M in 2007 for net cash settlement feature of options granted prior to Excluding this charge EBITDA (as adjusted) decreased by 1.2%     

$1.03 Q2-06   Other (incl. lower avg o/s shares) Net tax related adjustments EPS continuity 26 Billing & client care system Q2-07 Amp’d write-down $0.31 $0.14 $0.04 COA & COR $0.76  Normalized EBITDA 1 1 Normalized to exclude billing system, restructuring, acquisition & retention, and AMP’d impacts $0.13  $0.06  $0.08  $0.05  Restructuring costs

Share buy backs – 3rd Normal Course Issuer Bid 27 Q2-07In 2007 Since NCIB inception Total investment (M) $170$370$2,140 Total shares (M) Shares outstanding (M) % change in o/s shares (end of period) 1.8% Year to date 7.5% since Dec-04 Outstanding shares already 2% lower than at 2006 year end  

Strong record of returning capital E 1,2 Dividends Share repurchases $ per share See forward looking statement caution. 1 Annualized dividend, plus YTD NCIB share repurchases as at June 30/07, annualized

 Launched unsecured commercial paper program in Q2  Backstopped by credit facility  Can issue up to $800 million  $664 million issued, as at June 30  Successfully raised $1 billion in March at 4.8% blended  Redeemed $1.5 billion 7.5% Notes on June 2007 maturity Financing update 29 Strong balance sheet with extended maturities and lower interest

TELUS debt maturity schedule ($M) No significant debt maturities until 2011 DebtDeferred FX Hedge Liability ,000 1,500 2,000 2,500 3,000 $ 3,

2007 guidance * - consolidated 2007 guidance 1 YoY growth Revenue $9.175 to $9.275B6 to 7% EBITDA (as adjusted) 2 $3.725 to $3.825B4 to 7% EPS (as adjusted) 3 $3.25 to $ to 24% Capital expenditures approx. $1.75B8% Original consolidated guidance reconfirmed * See forward looking statement caution 2 Excludes expense of approx. $180 million in 2007 for net cash settlement feature for options. 3 Excludes an after-tax charge per share of approx $0.33 for cash settlement feature for options. Year over year growth rate normalized for $0.48 of positive tax-related adjustments in     1 Confirmed August 3,

Questions? investor relations telus.com

($8) 135 $ (0.7) (459) $897 Q2-06 $ $186 (7) (3) (482) $885 Q2-07 Funds avail. for debt redemption Accounts Receivable Securitization Free cash flow (before cash settled option pmt) Restructuring payments (net of expense) Cash income taxes; and other Capex EBITDA ($M) (271)(213) Interest expense paid Non-cash portion of share-based compensation (95)(125) Dividends Share Issuance (non-public) ($18)($532) Net change in cash (10) (817) Net debt issuance / (repayment) Working capital & other (2) 68 (249) (170) Purchase of shares for cancellation (NCIB) Appendix – Free cash flow (2007 definition) (8)(9) Cash related to other expenses Free cash flow $191$162 Cash settled options paid - (24)

 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, cash restructuring payments, 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 Appendix - definitions TELUS definitions for non-GAAP measures