1. Investor Meetings March 2010

2. Agenda Strategic overview 3 Wireless developments 7
Slide
Strategic overview
Wireless developments
Wireline developments
Financial review
Summary 2 2

3. Strategic overview

4. TELUS revenues up 60% since 2000
Strategic focus on data and wireless
Revenue
$9.6B
$6.0B
Wireless
Wireline LD
Wireline
40%
23% LD 6%
Wireless
18%
28%
71%
Wireless
Wireline
Data
Data
Local and
Wireline
Local 9%
10%
other
Wireline
49%
22%
Data
22%
20001
20091
1 12 months ending June 30, 2000 and Dec 31, 2009, respectively
TELUS revenues up 60% since 2000 4

5. EBITDA evolution Executing strategy drives wireless growth,
17%
Wireline
45%
Wireless
55%
Wireline
83%
20001
20091
1 12 months ending June 30, 2000 and Dec 31, 2009, respectively
Executing strategy drives wireless growth,
now 55% of operating profit 5 5

6. Client connections doubled since 2000
TELUS total customer connections
(millions)
12.0
Voice - Network Access Lines
Data - Internet and TV
6.0
Wireless
65%
Internet, TV and wireless
24%
20001
20091
1 12 months ending June 30, 2000 and Dec 31, 2009, respectively
Client connections doubled since 2000 6

7. Wireless developments7

8. TELUS launches Canada’s largest 3G+ network
HSPA network launched November 5, 2009
Service to more than 31 million Canadians
Enabling wireless applications with fast download speeds
Access to international roaming to more than 200 countries
Clear strategic and competitive advantages
Level playing field due to availability of latest smartphones
Data growth
International roaming revenues
TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues 8 8 8

9. Leapfrogged past Rogers to have the fastest and largest HSPA+ network
3G+ coverage (West)
Leapfrogged past Rogers to have the fastest and largest HSPA+ network
Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered.
*Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors.
Coverage area are approximate as of November Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services.

10. 3G+ coverage (East)
Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered.
*Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors.
Coverage area are approximate as of November Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services.

11. Wireless subscriber results
Wireless subscribers1
Total
net additions
Postpaid
1.2M
Prepaid
19%
148K
122K
81%
119K
109K
5.3M
Q4-08
Q4-09
6.5 million total
1 Opening balances for postpaid and total wireless subscribers for Q4-09 were reduced by 11K to reflect prior period reporting adjustments.
High quality postpaid net adds reflected 89%
of subscriber mix compared to 80% a year ago 11 11 11

12. Wireless data revenue
$243M
$203M
$131M
BlackBerry
Bold
Q4-07
Q4-08
Q4-09
Data growth of 20% driven by continued smartphone
adoption and to be enhanced with HSPA smartphones 12 12 12

13. Wireless marketing and retention
Q4-08
Q4-09
Change
Gross adds (000s)
441
431
(2.3)%
Churn
1.62%
1.60%
(0.02) pts
COA per gross add ($)
372
380
2.2%
COA expense ($M)
164
163
(0.6)%
Retention expense ($M)
105
133
27%     
Note: Measurement of costs of acquisition and retention refined in Prior year comparisons restated.
Increased investments in retention
focused on continued smartphone adoption 13 13 13

14. Q4 smartphone mix
Smartphone subscribers represent 20% of postpaid base compared to 13% a year ago
Post HSPA network & device launch on November 5:
More than 40% of gross postpaid loading came from smartphones
More than 100% increase in retention subscriber upgrades to smartphones
Smartphone subscriber base increased 61%
and expected to be a positive factor for future ARPU 14 14 14

15. Running on Canada’s fastest and largest 3G+ network
TELUS launched iPhone 3GS
Running on Canada’s fastest and largest 3G+ network
Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered. 15 15

16. TELUS’ simple and clear wireless pricing
Fewer and simpler rate plans introduced Nov. 2009
Clear Choice™ suite of consumer rate plans
Clear and Simple™ business rate plans
Designs based on feedback from Canadians
Consistent with TELUS’ future friendly brand promise
No SAF or carrier 911 fees
General rate plan increase of $5 with basic voic 3
Expect loading, churn and cost efficiency benefits
Simplified rate plan structure supports focus on AMPU 16 16

17. Providing flexibility to serve various customer needs
Strengthening wireless distribution
2008 launch expanded mall distribution
103 Koodo kiosks and growing
Realising 77% awareness nationally
93% in core demographic
Earning industry recognition from J.D. Power and Associates:
“Highest in customer satisfaction with postpaid wireless service”
In 2009, acquired 113 retail stores across Canada
Most in premium mall locations
72% are Ontario based
Providing flexibility to serve various customer needs 17

18. National distribution outlets doubled to 1,616
Building TELUS’ wireless distribution
2009 points of distribution
2000 points of distribution
Newfoundland 18
British
Columbia
Québec
Alberta
Manitoba
323
267
327 27 32 5
Ontario
265
P.E.I.
Nova
Scotia
245
547 30 40 30
New
Brunswick
Saskatchewan
Wireless distribution augmented by Koodo launch and acquisition of Black’s
National distribution outlets doubled to 1,616 18

19. Wireline developments

20. Wireline investments Supporting efficiency and new TELUS services
review of operations – wireless
Supporting Future Friendly Home services with ongoing wireline broadband capital investments
Satellite TV service launched mid-2009
Investing in operational efficiency
Supporting efficiency and new TELUS services 20 20

21. Continued ramp-up in broadband coverage
Broadband build update 21
Expanded FTTN coverage to > 75% of households in top 48 communities in Western Canada at YE 2009
Greater Vancouver coverage increased to >70% in Q4
Expect coverage of up to 90% of households in top 48 communities in Western Canada by YE 2010
Cost effective upgrade to VDSL2 technology underway
Provides data download speeds of up to 30 Mbps
Enables expanded IPTV coverage and features
Continuing FTTH to new developments and FTTB to MDU’s
Continued ramp-up in broadband coverage 21 21

22. 1 Includes both TELUS IP TV and TELUS Satellite TV subscribers
TELUS TV subscribers
TELUS TV net additions1
TELUS TV
subscribers1
170K
33K
78K
15K
Q4-08
Q4-09
Q4-08
Q4-09
1 Includes both TELUS IP TV and TELUS Satellite TV subscribers
TTV continues to show strong results with net adds up 120% and total subscriber base up 118% 22 22 22

23. Stabilized residential NAL losses
TELUS TV & high-speed Internet
Residential NAL’s
44K
34K
34K
31K
20K
Q4-08
Q1-09
Q2-09
Q3-09
Q4-09
-42K
-41K
-41K
-41K
-41K
In Q4/09 TELUS TV and Internet loading
exceeded residential NAL losses 23 23

24. Best performance by an incumbent in North America
Resilient network access line loss 24
Network Access Line losses vs. peers
Other
-3.6%
-4.5%
-4.7%
-5.5%
To illustrate, TELUS’ next generation, high speed wireless data network now covers more than 50 regions across the country, reaching two-thirds of the Canadian population.
This national initiative involves an investment of $150 million dollars.
Ici au Quebec, en deux mille six, TELUS a investi dix millions de dollars, pour étendre son réseau sans fil numérique, dans plusieurs régions.
Je suis fier d’annoncer que nous allons investir vingt trois millions de dollars supplémentaires, pour que trente nouvelles communautés benéficient de notre réseau sans fil.
Building on TELUS' unique mobile entertainment and messaging services under the SPARK portfolio, or Euphorique ici au Quebec, our high speed wireless network provides a suite of differentiated, value-add solutions for consumers and businesses that want to do more with their mobile devices. This includes:
downloading digital music;
playing interactive video games in colour;
trading multimedia messages; or
watching 24 channels of mobile TV on your handset.
Moreover, in very responsible fashion socially, we recently introduced Kid Find, a new GPS locating service, bringing increased security and peace of mind to parents.
2008
-9.3%
-9.7%
2009
-9.8%
-10%
Best performance by an incumbent in North America 24

25. Our opportunity - the future of TELUS TV25
Microsoft Mediaroom launched Feb across various B.C. and Alberta communities
PVR Anywhere – record and watch on any connected TV
Multiple TV’s in a home with multiple HD streams
Superior picture quality
Enhanced channel guide with picture in picture display
Instantaneous channel changing
Faster Internet speeds
Introduced innovative new features
that differentiates against cable-TV 25 25

26. Implementation track record led to contract wins
Our opportunity on large enterprise deals
Investing in and focusing on key industry verticals
Public sector
Financial services
Energy
Healthcare
Wholesale
National
Defence
Implementation track record led to contract wins 26 26

27. Leading the evolution of healthcare delivery in Canada
Enhancing our leadership position in healthcare
TELUS #1 Healthcare IT Company in Canada by Branham Group
2009 Canadian HealthCare Transformation Award (ITAC Health)
Emergis purchased January 2008
Electronic Health Records for 5 million Canadians
4.1 million Emergis Assure drug cards covering 8.5 million Canadians
3,000+ pharmacies using our pharmacy management software
Exclusive partner to host and operate Microsoft HealthVault in Canada
Leading the evolution of healthcare delivery in Canada 27 27

28. Investing in operational efficiency$M
Restructuring
costs
2002
Cumulative Restructuring costs
Cumulative annual EBITDA savings
570
2003 28
$1.2B
$1.1B
2004 53
2005 54
2006 68
2007 20
2008 59
2009
190
2010E* 75
Total
1,117 E* E*
* See forward looking statement caution
Efficiency initiatives result in ~11K position net reductions
EBITDA savings help offset near term dilution of strategic initiatives 28 28

29. Operating efficiency - domestic FTE reductions
2,150
Approx.1,000
700
550
500
400
Q1-09
Q2-09
Q3-09
Q4-09
2009
2010E*
2,150 domestic FTE reduction in 2009
Targeting approx. 1,000 FTE reduction in 2010
* See forward looking statement caution 29 29

30. Financial review

31. TELUS forward looking statements
This slide deck and our 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 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 targets), qualifications and risk factors (including those associated with the deployment and operation of the new national high-speed packet access network and associated introduction of new products, services and systems) referred to in the Management’s discussion and analysis in the 2008 annual report, and in the 2009 quarterly 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. 31

32. 2009 EPS impacted primarily by restructuring, pension costs
TELUS 2009 consolidated EPS
2008
2009 as as
Reported
Reported
$3.52
$0.15
($0.28)
Tax Adj.
$3.14
($0.25)
Restr.
($0.22)
$0.55
$3.37
Tax Adj.
Pension
Excl.
($0.09)
Costs
$0.02
Tax Adj.
$0.06
($0.02)
Debt
Redemption
Other
Normalized
Norm.
Lower Tax 1
EBITDA 2
Financing
Rates and
$2.59
O/S Shares
Excl.
Tax Adj.
1 Normalized EBITDA excludes ($0.28) and ($0.25) for restructuring and pension costs, respectively, as these are identified separately.
2 Normalized Financing expense excludes ($0.22) for debt redemption costs identified separately.
2009 EPS impacted primarily by restructuring, pension costs
and debt redemption
Fourth Quarter 2009
TELUS Confidential 32 32

33. Over $16.9 B invested into core businesses in Canada
TELUS capital expenditure history
Wireline
$2.25 B
Wireless
Expected 2010
$2.1 B
$1.86 B
$1.75 B
$1.77 B
$1.7 B
$1.69 B
$1.62 B
$1.32 B
$1.32 B
$1.25 B
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010*
* See forward looking statement
Over $16.9 B invested into core businesses in Canada 33

34. TELUS generating strong free cash flow34
Free cash flow after spectrum purchases ($M)
Wireless spectrum purchased ($M)
1,443
1,345
1,388
1,243
1,167
1,336
750 to 950
776
500
144
361
2001
2002
2000
2003
2004
2005
2006
2007
2008
2009
2010E*
(249)
impacted by increased capex, pension and restructuring costs, and start of cash taxes
(910)
impacted by reduced capex and restructuring costs, partially offset by higher cash taxes
(1,266)
* See forward looking statement. 34 34

35. Returning cash to TELUS shareholders
5.5B
NCIB
$1.27 B
Dividends
$1.20 B
$1.21 B
$860 M
$602 M
$340 M
$330 M
$330 M
$170 M
$140 M
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Total return of $5.1 billion to shareholders
over past 5 years or approx. $16 per share 35 35 35

36. Completed successful $1B debt issue in December
TELUS refinancing update
In December, successfully issued $1B senior unsecured notes
5.05% 10 year notes, maturing December 2019
Proceeds used to fund partial redemption of notes due in June 2011
Redeemed US$577M (Cdn$607M) of 8% US$1.925B notes
Paid $315M to terminate associated cross-currency interest rate swaps
As expected, recorded pre-tax charge of $99M for early partial redemption and associated swaps
After-tax impact of $69M or 22 cents per share
Completed successful $1B debt issue in December 36 36

37. Summary 37

38. Expect significant FCF growth in 2010
Summary
Invested strategically in 2009 for enhanced competitiveness and future growth
Launched 3G+ wireless network
Expanded wireline broadband reach
Improved organizational cost efficiency through accelerating OEP initiatives to address J-curve dilution and recessionary impacts
Benefits from strategic investments in 2010*
Leverage 3G+ wireless network to accelerate data and roaming growth
Leverage enhanced broadband network and Mediaroom for TV growth
Lower cost structure with estimated EBITDA savings of $135M
Targeting $400M reduction in capital spending
Estimating 50%+ growth in free cash flow due to decrease in capex, despite peak year of cash taxes
Expect significant FCF growth in 2010
* See forward looking statement caution 38 38

39. 2010 TELUS corporate priorities
Capitalize on the full potential of TELUS’ leading wireless and wireline broadband networks
Enhance TELUS’ position in the Small and Medium Business (SMB) market
Deliver on our future friendly brand promise to clients
Continue to improve TELUS’ operational efficiency to effectively compete in the market and fund future growth
Invigorate TELUS Team engagement and continue to drive the philosophy of “Our Customers, Our Business, Our Team, My Responsibility
Opportunity to build value from
strategic investments made in 2009 39 39

40. Investor relations
telus.com 40