1. Q4 2006 TELUS investor conference call
Darren Entwistle • member of the TELUS team
February 16, 2007

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

3. Continued on strategy performance
2006 highlights - annual
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 5

4. Leading global telecom performance
Growth in
2003
2004
2005
2006
top 25% #1
top 25% -
Revenue
top 25%
EBITDA
top 25%
EPS
Source: Bloomberg and TD Securities, for major global incumbent telecoms
TELUS performing well relative to global telecom peers 6

5. Comparative resiliency in wireline
2006 highlights - annual
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 7

6. Continued leading performance
2006 highlights - annual
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 8

7. 2006 wireless cash flow yield1 comparison (%)36 34 32 32 30 28 25 19 19 17
TELUS*
135%
56%
56%
102%
82%
104%
56%
76%
76%
88%
population penetration
1 EBITDA less capital expenditures divided by revenue
Source: Merrill Lynch, UBS. TELUS actual results. Other wireless carriers estimated.
Cash yield helps drive valuation 9

8. TELUS track record of wireless subscriber additions
Gross additions (000s)
Net additions (000s)
1,293
1,279
1,121
1,017
987
985
924
550+
584
535
512
474
418
418
431
2000
2001
2002
2003
2004
2005
2006
2007E
2006: Record gross additions / net 2nd best in 7 years
Net additions > 500K for third consecutive year 10

9. Canadian industry subscriber growth
2003
2004
2005
2006*
Net subscriber adds
1.5M
1.6M
1.8M
1.7M
TELUS share of adds
28%
33%
32%
32%
Population penetration
42.3%
46.7%
51.8%
56.4%
Penetration gain
4.1pts
4.4pts
5.1pts
4.6pts
Source: Company reports, CWTA
* Does not include wholesale figures
Expect growth of points per year for foreseeable future 11

10. On strategy use of cash flow
Debt repayment
$1.6 billion paid out early in Dec. 2005
Dividend growth model
3 sizeable annual increases – 33%, 38%, 36%
Annualized $500 million in 2007
Ongoing share repurchases
3 successive programs since Dec. 2004
39.4M shares for $1.77 billion
On strategy capital expenditures
Investing for long term growth
Balancing interests of shareholders and debt holders 12

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

12. Regulatory developments
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 14