1. Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer Darren Entwistle President & Chief Executive Officer November 4, 2011 Q3 2011 TELUS investor conference call

2. 2 TELUS Forward Looking Statement Today's presentation and 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 predictions 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 2011 annual guidance), qualifications and risk factors (including the ability to sustain dividend growth model of circa 10% per annum with semi-annual dividend increases to 2013) referred to in the Management’s discussion and analysis in the 2010 annual report, and in the 2011 first, second, and third quarter 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.

3. 3 Agenda  Wireless and wireline segment review  Consolidated financial review  Updates  Dividend  Financing  Regulatory  Operations  Questions and Answers

4. Q3 2011 wireless financial results 4 Strong revenue and EBITDA growth Higher capex reflecting investments in urban LTE networks ($M)Q3-10Q3-11change Revenue (external)1,2821,3979.0% EBITDA5345706.7% EBITDA margins 1 (total revenue) 41.4%40.5% (0.9) pts Capex11315739% EBITDA less capex421413(1.9)%    1 Margins on network revenue in Q3/11 & Q3/10 were 44.2% and 45.0%, respectively  

5. Wireless subscriber results 5 Continued strong postpaid net additions represent >100% of Q3-11 total net adds given decrease in prepaid subscribers prepaid 17% Wireless subscribers postpaid 83% Postpaid net adds 7.2M total 6.0M 1.2M Q3-10 132K 133K Q3-11 Total net adds Q3-10 153K 114K Q3-11

6. Marketing and retention 6 Investments in COA/COR reflect record Q3 smartphone loading associated with industry leading churn Q3-10Q3-11change Gross adds (000s)4664721.3% Churn1.54%1.67% 1 0.13 pts COA per gross add$339$397 17% COA expense$158M$187M 18% Retention expense$128M$155M21%      1 Q3/11 churn of 1.58% when normalized for loss of Government of Canada contract

7. Blended ARPU analysis 7 ARPU up 3% - fourth consecutive quarter of growth Data Q3-11 $60.52 Voice $58.75 Q3-10 % of ARPU Q3-11Q3-10 25% 75% 65% 35% 14.53 20.90 44.22 39.62

8. Wireless data revenue 8 Impressive data revenue growth of 53% Seven consecutive quarters of accelerating y/y data growth Q3-10 $291M Q3-11 $444M $226M Q3-09

9. Q3 2011 wireline financial results 9 Results reflect strong subscriber growth, investments in Optik services and continued erosion of high margin legacy services ($M)Q3-10Q3-11change Revenue (external)1,1791,2253.9% EBITDA407398(2.2)% EBITDA margins (total revenue) 33.4%31.4%(2.0) pts Capex336313(6.8)% EBITDA less capex718520%     

10. TELUS TV subscribers 10 Strong momentum continues with TV net adds up 32% y/y and total subscribers up 70% to surpass 450K Q3-10 38K 50K Q3-11 TELUS TV net additions * TELUS TV subscribers* * Includes both IP TV and TELUS Satellite TV subscribers Q3-11Q3-10 266K 453K

11. TELUS high-speed Internet net additions 11 Strong growth in HSIA net adds reflects success of enhanced Optik services and bundling since brand launch in June 2010 Q1-10 3K Q2-10 15K Q3-10Q4-10Q1-11 18K 16K 13K Q2-11Q3-11 22K

12. TELUS network access lines 12 Residential line losses improved 23% for best result in 5 ½ yrs reflecting success of bundling Optik services Q3-11 -39K -30K -12K -13K Q3-10 BusinessResidential

13. Q3 2011 consolidated financial results 13 ($M, except EPS)Q3-10Q3-11change Revenue (external)2,4612,6226.5% EBITDA9419682.9% EPS (basic)0.781.0028% Capex4494704.7% EBITDA less capex4924981.2% Free cash flow3383452.1%       Growth across the board driven by strong subscriber and data growth

14. EPS continuity analysis ($) 14 0.78 Higher Normalized EBITDA 2 Lower Pension & Restr. costs 2010 debt redemption Q3-11 reported 1.00 Lower Tax Rates & Other 0.12 Higher Dep & Amort 0.06 0.05 - 0.02 Q3-10 reported 0.03 Higher O/S shares 0.75 Excl. Tax Adj. Positive income tax-related adjustments Normalized financing 1 2010 Deferral Acc’t Interest related exp 0.01 - 0.01 1 Normalized Financing excludes $0.12 for 2010 debt redemption and $0.03 for 2010 deferral account interest related expense. 2 Normalized EBITDA excludes $0.05 combined for restructuring and pension costs. EPS up 28% aided by lower financing costs When excluding non-recurring items, EPS higher by 11%

15. TELUS raises quarterly dividend to 58 cents 15 Second of six semi-annual dividend increases targeted - consistent with TELUS’ dividend growth model to 2013  January 3, 2012 dividend of 58 cents declared  Consistent with May announcement  Semi-annual dividend declarations to 2013*  Circa 10% annual increases Q1Q2Q3Q4Q1Q2Q3Q4 20102011  Up 3 cents or 5.5% from October dividend  Up 5.5 cents or 10.5% from year ago 47.5 50 52.5 55 58 * See forward looking statement caution. Dividend decisions will continue to be subject to the Board’s assessment and determination of the Company’s financial situation and outlook on a quarterly basis.

16. TELUS enters into new long-term bank facility 16  In November, TELUS successfully completed a new five-year $2 billion bank credit facility  New facility replaced TELUS’ existing $2 billion credit facility expiring May 2012  New facility to be used for general corporate purposes including backstop of TELUS’ ongoing low interest cost commercial paper program Wide participation in syndicated facility an indication of TELUS’ strong credit ratings and adherence to prudent financial policies

17. CRTC sets framework to address vertical integration 17 CRTC’s new policy protects consumer choice and ensures competition in TV distribution market  In September, CRTC released its policy framework to address concerns regarding vertical Integration in the broadcasting industry  New policy ensures that consumers will have greater access to television content on all platforms, regardless of their service provider  Regulatory framework includes following elements:  Prohibition on offering TV programs on an exclusive basis that applies to all platforms including wireless and Internet  Code of conduct for better business practices that sets out what constitutes commercially unreasonable terms  Availability of CRTC dispute resolution when necessary and no head starts or withholding of signals when disputes arise

18. Q3 2011 summary 18 Strong results across the board bodes well for future  Consolidated revenue growth driven by both wireless and wireline  Strong subscriber growth in wireless and wireline  Double digit EPS growth aided by lower financing costs  TELUS enters into new five-year $2 billion bank facility  Consistent with dividend growth model, January 2012 quarterly dividend increased to 58 cents – up 10.5% from year ago  2011 guidance reaffirmed

19. 3Q 2011 Smartphone base up 80% to 2.8 million year over year Data ARPU expansion driven by 53% growth in data revenue Strong smartphone adoption driving ARPU growth 19 Q3-09Q3-10Q3-11 5.2 5.6 6.0 18% 28% 48% Postpaid subscribers (millions) Smartphone % of postpaid $12.05 $14.53 $20.90 Q3-09Q3-10Q3-11 Wireless Data ARPU

20. Future Friendly Home generating Optik momentum 20 TELUS TV Residential NALs High-speed Internet TV and High-Speed Internet loading exceeding residential NAL losses for fifth consecutive quarter Q3-10 Q3-11 Q3-09 53K -39K 72K -30K 38K 50K 31K -43K -39K -30K 22K 38K 50K 9K 15K 22K

21. Continuing to improve operational efficiency  Key initiatives enabling call driver reduction  Savings in handset and customer equipment procurement  Leveraging web channels and e-billing  Driving call centre and field quality improvements Clear and Simple approach driving customer loyalty and differentiation while enhancing operating efficiency 21

22. Developments in SMB & Enterprise  TELUS Business Freedom  Integrated wireless and wireline bundles for SMBs in BC/AB  Business Anywhere for businesses in the office and on the go  Business Select for businesses working primarily in a single location  Positions TELUS well in SMB space and leverages wireless  Government of British Columbia  10-year, $100-million-a-year contract  TELUS to continue to provide telecom services  To extend advanced wired and wireless communications infrastructure in urban and rural BC communities Government of BC contract renewal and expansion strong testimonial to leading capabilities of TELUS’ enterprise solutions 22

24. Appendix – free cash flow 2011 Q3 2010 Q3 C$ millions EBITDA 941968 Capex (449)(470) Net Employee Defined Benefit Plans Expense (Recovery)(3)(8) Employer Contributions to Employee Defined Benefit Plans (21) (13) Interest expense paid (108) (62) Cash Income Taxes and Other (30) (43) Share-based compensation 3 8 Restructuring payments (net of expense) 5 (35) Free Cash Flow 345 (161)(178) Dividends Working Capital and Other 113 83 Funds Available for debt redemption 340221 Net Issuance (Repayment) of debt (331) (186) Increase in cash 935 Dividends reinvested (DRIP) 45 Common and Non-voting shares issued 5 - Acquisitions - (29) - 338

25. Appendix – definitions  EBITDA: Earnings before interest, taxes, depreciation and amortization  Capital intensity: capital expenditures divided by total revenue  Cash flow: EBITDA less capex  Free cash flow: EBITDA, adding Restructuring costs, net employee defined benefit plans expense, cash interest received and excess of share-based compensation expense over share-based compensation payments, subtracting the non-cash gain on Transactel, cash interest paid, cash taxes, capital expenditures, restructuring payments and employer contributions to employee defined benefit plans.  Cost of retention (COR): total costs to retain existing subscribers, often presented as a percentage of network revenue