1 the future is friendly 2005 third quarter review & conference call November 10, 2005

2 all dollars in C$ unless otherwise specified forward-looking statements This presentation and answers to questions contain forward-looking statements that require assumptions about expected future events including competition, financing, labour relations developments, and financial and operating results and guidance that are subject to inherent risks and uncertainties. TELUS’ actual results, conditions, actions or events could differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include but are not limited to: competition; economic fluctuations; redemption, financing and debt requirements; tax matters; human resources (including ongoing impact and outcome of labour relations issues and duration and impact on operating expenses, customer service and revenue due to current labour disruption); technology (including reliance on systems and information technology); regulatory developments; process risks (including conversion of legacy systems); health and safety; litigation; business continuity events (including manmade and natural threats); and other risk factors discussed herein and listed from time to time in TELUS’ reports. For additional information on potential risk factors and assumptions, see TELUS’ 2004 Annual Report, updates in 2005 quarterly interim reports and other filings with securities commissions in Canada and the United States.

third quarter review & conference call November 10, 2005 Darren Entwistle member of the TELUS team the future is friendly

4 Q highlights  Company demonstrated resilience of underlying business in face of labour disruption  Solid TELUS consolidated results  Revenue 6%  EBITDA 3%  Net income 21%  Free cash flow 16%   Benefits of consistent growth strategy continue  

5 Q highlights  TELUS Mobility on strategy with continued excellent results  Revenue up 16% & EBITDA up 28%  Higher ARPU and lower churn  Improved COA efficiency  Cash flow* up 49% to $327 million  TELUS Communications results impacted by non- recurring labour disruption  Revenue flat with data up 5%, LD down 5%  EBITDA down 14%  Cash flow* of $250 million * EBITDA less capex

6  Emergency plan working extremely well  59% of Alberta union employees working  Various expenses temporarily higher  Temporary benefit to cash flow as capex deferred Progressing to return to more normal levels of customer service despite work disruption labour relations disruption impacts

7  Oct 10 - TELUS & TWU reached tentative agreement supported by TWU leadership  3 week ratification process of town hall meetings  Oct 30 - TWU members vote narrowly against agreement  53 vote difference of over 9,000 cast  Nov 6 – tentative agreement supported by TWU leadership  Mail-in ballot process with vote result expected next week Goal to achieve improved flexibility & competitiveness for benefit of all labour relations events update

8 new product launches continuing TELUS Mobility’s launching EVDO business applications  National launch in five cities next week  EVDO-capable products  Sierra Wireless AirCard 580  PDAs, devices, new data cards TELUS Communications expanding Future Friendly Home services  TELUS TV moving to next stage with targeted roll-out this month

9 summary  2005 guidance revisions demonstrate strength and resilience in spite of labour disruption  Continued focus on returning capital to investors  December debt redemption $1.6 billion  Share repurchases total $742 million  Second step of dividend growth model with 37.5% increase for January 2006 payment Continued on strategy execution for benefit of investors

third quarter review & conference call November 10, 2005 Robert McFarlane EVP & Chief Financial Officer

11 Continued excellent results despite labour disruption in West 49%  Cash Flow (EBITDA less capex) 16%  87103Capex 28%  EBITDA 1 16%  Revenue ChangeQ3-05Q Q3-05 EBITDA excluding $3M net expense savings from labour disruption is $411M, or 27% YoY growth. This excludes any revenue or indirect impacts of labour disruption. ($M) Mobility segment financial results

12 subscriber results Record third quarter net additions despite labour disruption net additions Q3-04Q K 138K 4.3 M total wireless subscribers postpaid 82% prepaid 18% 3.5 M 0.8 M Mobility segment postpaid prepaid

13 industry subscriber growth 5.0%4.5%Penetration gain 1.8M1.5MNet subscriber additions 32.3MPopulation31.8M 16.2MCdn wireless market14.4M Q3-05Q %45.2%Penetration 12ME Source: Company reports, CWTA. Includes subscriber results for Bell Wireless Alliance, Rogers Wireless p.f. Microcell, and TELUS Mobility. Canadian wireless market growth continues to accelerate Mobility segment

14 Source: Company reports TELUS MobilityRogers Wireless 1 BCE Wireless $62 $51 $50 $64 $55 $51 Q3-04 Q Pro forma Microcell Increased data usage driving TELUS Mobility’s ARPU growth industry ARPU Mobility segment

15 Excellent subscriber economics continue to improve 0.8%  $371$374COA per gross add 1 bps  1.33%1.34%Blended churn 3.2%  $64$62ARPU ChangeQ3-05Q3-04 profitable growth Mobility segment 4.3%  $4800$4600Avg. lifetime revenue per sub 40 bps  7.7%8.1%COA / lifetime revenue

16 industry subscriber & EBITDA growth 1.7M 12ME Q3-05 net additions Source: Company reports. EBITDA is sum of reported EBITDA for BCE, Rogers Wireless p.f. Microcell, and TELUS Mobility. TELUS Mobility 31% Capturing disproportionate share of industry EBITDA growth $803M 12ME Q3-05 EBITDA growth TELUS Mobility 44% Mobility segment

17 North American leader in wireless EBITDA margins leading North American performance Mobility segment TELUSOther Cdn 47.5% Q3-05 wireless EBITDA margins 1 (%) 40% 32% US Average Source: Company reports 1 EBITDA divided by total revenue

18 Revenue & EBITDA guidance changes reflect continued ARPU growth 2005 guidance summary 1 Provided on August 5, Updated November 10, 2005 > 525KWireless Net Adds approx. $400MCapex updated 2005 guidance 2 EBITDA Revenue previous 2005 guidance 1 $1.375 to $1.400B $3.2 to $3.25B Mobility segment no change $1.425 to $1.450B $3.275 to 3.3B

19 Total wireline revenue remarkably stable despite labour disruption 16%  5970Other 5.1%  Data 5.1%222234Voice – Long Distance 0.7%  Voice – Local ChangeQ3-05Q3-04 Total Revenue$1,200$1,199 ($M) Communications segment revenue profile 0.1%  

20 Increased expenses & deferred capex due to labour disruption 10%  $250M$278MCash Flow (EBITDA less capex) 18%$177M$216MCapex 14%$426M$494MEBITDA 1 -$1.20B Revenue ChangeQ3-05Q3-04 financial results  Communications segment  1 Q3-05 EBITDA excluding $68M net expense impact of labour disruption is $494M, flat YoY. This excludes any revenue or indirect impacts of labour disruption.

21 Continued profitable growth & on track to achieve 2005 guidance non-ILEC revenue & EBITDA Communications segment Q3-04Q Q3-04Q3-05 (3.0) 2.7 EBITDArevenue ($M)

22 high-speed Internet subscriber growth Labour disruption impacted marketing and demand high-speed Internet net additions Q3-04Q K 7K 986K total Internet subscribers high-speed 75% dial-up 25% 736K 250K Communications segment

23 Q3-04Q % -1.3% NAL results impacted by labour disruption & increased competition % of network access lines lost, YoY network access line results Communications segment Q % Q % Q %

24 Changes reflect bullish revenue trends and one-time impacts from labour disruption 2005 guidance summary 1 Provided on August 5, Updated November 10, Including restructuring & workforce reduction costs of $20 to 50M $15 to $20MNon-ILEC EBITDA $1.875 to $1.925BEBITDA 3 updated 2005 guidance 2 Non-ILEC Revenue Revenue previous 2005 guidance 1 $625 to $650M $4.75 to $4.80B Communications segment Capex High-Speed Net Adds approx. $1.0B approx. 100K no change $1.80 to $1.875B no change $4.825 to $4.85B approx. $900M approx. 65K

25 Consolidated revenues reflect resilience despite labour disruption $263M $320M Capex 20%  $0.53$0.44EPS 2.7%  $840M$818MEBITDA 1 6.0%  $2.06B$1.95BRevenue ChangeQ3-05 Q3-04 financial results TELUS consolidated 18%  1 Q3-05 EBITDA excluding $65M net expense impact of labour disruption is $905M, or 11% YoY growth. This excludes any revenue or indirect impacts of labour disruption.

26 Normalized EPS increased 28% EPS continuity ($0.05) - Tax related matters 20%  $0.53 $0.44EPS reported Change Q3-05Q3-04 TELUS consolidated $ Labour disruption impact $0.00 $0.03 Restr. & workforce reduction EPS normalized$0.47 $0.6028% 

27 $ (21) (320) $818 Q3-04 $581 3 (3) (263) $840 Q3-05 Free Cash Flow Net Cash Tax Recovery Net Cash Interest Capex EBITDA ($M) 7(6)Cash Restruct. Payments (in excess of expense) 710Non-Cash Share Based Compensation free cash flow TELUS consolidated Free cash flow increased 16%

28 Repurchased 70% of shares permitted under current NCIB return of capital update - share buy back No. of Shares Repurchased Total Authorized % Repurchased vs. Auth. Since Inception Common2.5M8.4M14.0M60% Non-Voting2.6M9.6M11.5M83% Total5.1M17.9M25.5M70% Total cost$233M$742M TELUS consolidated Q3-05Since inception

29  Quarterly dividend increased by 37.5% to 27.5 cents per share per quarter for Jan 1, 2006 payment  Consistent with dividend growth approach, targeting a payout ratio guideline of 45 to 55% of sustainable net earnings Annualized dividend increased by 37.5% to $1.10 return of capital update - dividend TELUS consolidated

30  Issued notice of early redemption of $1.6B 7.5% Series CA Notes due June 1, 2006  Payable December 1, 2005  Redemption price to be set Nov. 28/05 based on yield of GoC bond with equivalent maturity plus 35 bps Positive NPV, but estimated after tax charge of 6 to 7 cents per share in Q4-05 early redemption of Notes TELUS consolidated

31 All four rating agencies have upgraded TELUS this year credit ratings & financial policy target update TELUS consolidated Previous RatingCurrent RatingDate of Change Moody’s Baa3 (stable)  Baa2 (stable) June 27 S&P BBB (positive)  BBB+ (stable) Sept 27 Fitch BBB (positive)  BBB+ (stable) Oct 18 DBRS BBB / BBB high (stable)  BBB high/ A low (stable) Oct to 2.0x previous <2.2xNet Debt : EBITDA newLong-term financial policy target

outlook reflects continued operating strength regardless of duration of labour disruption 2005 consolidated guidance summary 1 Provided on August 5, Updated November 10, Including restructuring & workforce reduction costs of $20 to $50M 4 Including favourable year-to-date impacts for tax related matters of $0.21, and estimated Q4 impact of note redemption $1.25 to 1.35BFree Cash Flow approx. $1.4BCapex $1.85 to 2.05EPS 4 updated 2005 guidance 2 EBITDA 3 Revenue previous 2005 guidance 1 $3.250 to 3.325B $7.950 to 8.050B TELUS consolidated $1.4 to 1.5B approx. $1.3B $1.90 to 2.00 no change $8.1 to 8.15B

third quarter review questions? investor relations TELUS.com

34  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