1. Robert McFarlane EVP & Chief Financial Officer December 13, 2007 2008 Targets TELUS investor conference call

2. This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2008 targets, 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. See Key Assumptions and Forward Looking Statements in TELUS Dec. 13, 2007 Targets news release. Factors that could cause actual results to differ materially include but are not limited to: competition (including more active price competition); economic growth and fluctuations (including pension performance, funding and expenses); capital expenditure levels (including possible wireless spectrum asset purchases); financing and debt requirements (including funding acquisition purchases, share repurchases and debt financings); tax matters (including acceleration or deferral of required payments of significant amounts of cash taxes); human resource developments; completion of the announced acquisition of Emergis; business integrations and internal reorganizations (including post-acquisition integration); technology (including reliance on systems and information technology); regulatory approvals (including acceptance of the share repurchase program); regulatory developments (including the essential services proceeding, spectrum auction, tower sharing and roaming rules, and new media proceeding); process risks (including conversion of legacy systems and billing system integrations); health, safety and environmental developments; litigation and legal matters; business continuity events (including man-made and natural threats); any prospective acquisitions or divestitures; and other risk factors discussed herein and listed from time to time in TELUS’ reports, comprehensive public disclosure documents including the 2006 Annual Report, 2007 quarterly reports and in other filings with securities commissions in Canada (filed on SEDAR at www.sedar.com) and the United States (filed on EDGAR at www.sec.gov).www.sedar.comwww.sec.gov For further information, see Section 10: Risks and risk management in TELUS’ annual 2006 Management discussion and analysis, as well as updates reported in section 10 of TELUS’ 2007 first, second and third quarter Management’s discussion and analyses. TELUS forward looking statements 2

3.  2007 guidance update  Recent corporate developments  TELUS and Emergis  AWS auction  2008 targets  Summary  Questions and answers Agenda

4. 2007 guidance update Revenue revised downward for wireless and wireline EBITDA and EPS remain unchanged 4 Updated 2007 guidance 1 Change over 2006 Revenue$9.05 to 9.1B4 to 5% EBITDA (as adjusted) 2 $3.725 to 3.775B4 to 5% EPS (as adjusted) 3 $3.55 to 3.659 to 12% Capexapprox. $1.75B8%     * See forward looking statement caution 2 Excludes expense of approx. $170 million in 2007 for net-cash settlement feature for options 3 Excludes an after-tax charge per share of approx $0.32 for net-cash settlement feature for options 1 Last updated on November 2, 2007

5. Emergis acquisition update  TELUS agreed to acquire Emergis for $8.25 cash per share or $766 million, announced Nov. 29, 2007  Take-over bid circular & other documents mailed Dec. 11, 2007  Offer open for acceptance until Jan. 16, 2008  Deal expected to close Q1- 2008  10 months of Emergis’ results included in TELUS’ 2008 targets  Preliminary estimate of $10M of restructuring costs Takeover circular mailed Dec. 11 for acceptance by Emergis shareholders by January 16, 2008 5

6. Advanced Wireless Spectrum auction update  105 MHz of spectrum made available for auction in May 2008  40 MHz set-aside exclusively for bidding by new entrants  Mandated national/in-territory digital roaming and tower sharing at commercially negotiated rates subject to binding arbitration  Build out targets of 30 to 50% (larger markets) in 5 years  Minimum bids required by region Possible AWS spectrum expenditures not included in 2008 capex target 6

7. 2008 targets

8.  2.8% GDP growth consistent with Conf. Board of Canada  CAD/USD forecasted at parity  Increased competitive activity from cable-TV / VoIP players  Wireless industry penetration growth similar to 2007 of 4.5 to 5 points and downward pricing pressure on ARPU to continue  Assume no new competitive wireless entry in 2008  Potential TELUS participation in AWS spectrum auction not included in capex target  10 months results for Emergis included in wireline and consolidated targets 2008 target assumptions 8

9.  $50M restructuring & workforce reduction costs (approx. $25M in 2007)  Discount rate of 5.5% (50 bps higher than 2007) and expected return of 7.25% (unchanged) for pension accounting  Average shares outstanding of approx. 320M shares  Statutory tax rate of 31 to 32% expected in 2008  Based on an updated review of the company’s tax position, TELUS now expects minimal cash tax payments in 2007 and 2008  Payment of significant cash taxes to commence in 2009 2008 targets assumptions (con’t) 9

10.  Net debt to EBITDA of 1.5 to 2.0 times  Dividend payout ratio of 45 to 55% of earnings  Maintain credit ratings in range of BBB+ to A- or equivalent Financial policy guidelines Maintaining consistent long-term financial policy guidelines 10

11. 2007E2008E 4.25 to 4.275 4.625 to 4.725 2008 wireless revenue target ($B) Wireless revenue growth of 9 to 11% driven by subscriber and data ARPU growth 11

12. 2007E2008E 1.925 to 1.95 2.075 to 2.150 2008 wireless EBITDA target ($B) EBITDA growth target range of 7 to 11% 12

13. 2007E2008E 4.8 to 4.825 4.975 to 5.075 2008 wireline revenue target ($B) Wireline revenue growth of 3 to 5% as inclusion of Emergis & data growth to more than offset increasing competitive intensity 13

14. 1 includes an incremental $25M in restructuring costs 2007E2008E 1 1.8 to 1.825 1.725 to 1.8 2008 wireline EBITDA target ($B) Wireline EBITDA target reflects competitive environment and continued introduction of growth services 14 EBITDA EBITDA (excl. restr) 2007E2008E 1.825 to 1.85 1.775 to 1.85

15. 2007E 2008E 8.681 9.05 to 9.1 2006 8.143 2005 2008 consolidated revenue target ($B) Revenue growth of 6 to 8% driven by wireless as well as modest wireline growth 15 9.6 to 9.8

16. 2007E2008E 3.59 3.725 to 3.775 2006 3.295 2005 Target represents EBITDA growth of up to 5% 3.8 to 3.95 2008 consolidated EBITDA target ($B) 16

17. 2007E 1 2008E 3.55 to 3.65 3.50 to 3.80 2006 1.96 2005 2008 EPS ($) Up to 6% increase in reported EPS Underlying EPS growth of 7 to 16% 17 3.27 Positive tax related adjustments 0.48 0.32 1 2007 EPS (adjusted) excludes non-cash charge for the net cash settlement feature of options 0.20 2.79 3.23 to 3.33 1.76

18. 2007E 1 ~$3.60 Higher dep. Higher fin. costs Decr. in avg o/s shares & other EBITDA growth Tax- related adjust. 2  2007E normal.     2008E $3.50 to 3.80 1 Midpoint of updated 2007 guidance 2 Q3 YTD * 2007 EPS (adjusted) excludes non-cash charge for the net cash settlement feature of options 2008 EPS continuity Strong normalized EPS growth of 7 to 16% 18 $0.32 ~$3.28 $0.10 to 0.40 $0.14 to 0.15 $0.02 $0.17 Tax rate reduction $0.12 to 0.13 

19. 2007E 2008E ~1.75 ~1.9 2008 consolidated capex target ($B) TELUS continues to invest appropriately for future growth 19

20. 2008 capex components Increased investment focused on longer-term growth areas 20  Significant investments in network infrastructure to improve broadband capability, develop new applications  Support continued strong housing growth in AB/BC  Success based investments to support new contract wins  Investments in our internal systems and processes to enhance our customer service and cost efficiencies  Support continued high-speed wireless coverage and capacity

21. Share buy backs – 3rd Normal Course Issuer Bid 21 Nov 07Nov-07 YTD Since NCIB* inception Total investment (M) $95.4$697$2,467 Total shares (M) 1.912.451.8 Outstanding shares (M) -325.532.9 % change in o/s shares (end of period) 3.7%9.2% since Dec-04 Shares outstanding down 4% YoY and 9% since inception   * Normal Course Issuer Bid

22.  Anticipated renewal of NCIB as early as Dec. 20, 2007 1  Authorized to repurchase up to 8M common and 12M non-voting (up to 6% of total shares outstanding)  Quarterly dividend previously increased by 20% to 45 cents per share per quarter for Jan 1, 2008 payment, consistent with dividend growth approach  In line with targeted payout ratio guideline of 45 to 55% of sustainable net earnings 1 Subject to acceptance by TSX Return of capital summary Annualized dividend now at $1.80 22

23. Return of capital update ($ per share) 20042005 2006 2007E 1,2 Dividends Share repurchases 1.50 2. See forward looking statement caution. 3. Annualized dividend 1. Annualized dividend, plus YTD NCIB share repurchases as at Nov.30/07, annualized 2.29 23 2.10 0.82 3.30 3.43 3.79 0.22 0.60 2.50 0.80 1.10 2.33 Strong track record of returning capital to shareholders 2008E 3 1.80

24.  2007 guidance update:  Consolidated and segmented revenue guidance revised downward, while re-affirming profitability and capex guidance  Material cash taxes not expected to be payable until 2009  2008 targets reflect:  Solid revenue growth  Good normalized EPS growth 2008 targets consistent with execution of long-standing national growth strategy Highlights 24

25. investor relations 1-800-667-4871 telus.com ir@telus.com

26. appendix

27.  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 Appendix - definitions TELUS definitions for non-GAAP measure

28. ~(460) 2008E Net Cash Interest $3,800 to 3,950 EBITDA ($M) ~(40) Other 1 : Free Cash Flow (before spectrum investments) 1 Includes restructuring expense (net of cash payments), net cash taxes, share based compensation (net of cash payments) and cash payments related to charitable donations and securitization fees ~(1,900) Capex 2008E free cash flow detail $1,400 to 1,550