1. Q1 review & conference call Robert McFarlane EVP & Chief Financial Officer May 4, 2006

2. 20%  $334M$278MCash flow (EBITDA less capex) 3.2%  $62M $60MCapital expenditures 17%  $396M$337MEBITDA 1 17%  $882M$753MRevenue ChangeQ1-06Q1-05 wireless segment – financial results 2006 – first quarter review Excellent results with strong revenue and EBITDA growth 1 Includes $2M in restructuring & workforce reduction costs in Q1-06 4

3. total wireless subscribers Postpaid 81% Prepaid 19% subscriber results net additions Wireless net adds up 15% over first quarter of 2005 5 review of operations – wireless Q1-05Q1-06 80K 93K 4.6 million 3.7M 876K

4. industry ARPU comparison $58 $48 $46 $60 $52 $48 TELUS Rogers WirelessBCE Wireless review of operations – wireless Increased usage and data driving positive industry trend 6 Q1-05 Q1-06 review of operations – wireless

5. 12 bps  1.33%1.45%Blended churn 3.4%  $60$58ARPU 15%  93K 80K Net additions ChangeQ1-06Q1-05 review of operations - wireless Strong wireless subscriber operating metrics profitable growth strategy 7 13%$4500$4000  Avg. lifetime revenue per sub

6. $394$410$429COA per gross add 1.6%2.0% 1 1.33%Blended churn BCERogersTELUS $3000$2600$4500 Avg. lifetime revenue per sub 13.1%15.8%9.5%COA / lifetime revenue Q1-06 $48$52$60ARPU review of operations - wireless profitable growth strategy TELUS subscriber economics remain very attractive 8 1 Calculated using prepaid and postpaid churn

7. 32%  $208M$305MCash flow (EBITDA less capex) 21%  $259M$214MCapital expenditures 10%  $467M$519MEBITDA 1 1.9%  $1.20B$1.22BRevenue ChangeQ1-06Q1-05 wireline segment – financial results 2006 – first quarter review 9 Wireline results reflect increased competition and investments for growth 1 Includes $9M and $15M in wireline restructuring costs in Q1-05 and Q1-06 respectively

8. 5.8%  $62M$65MOther 4.2%  $394M$378MData 8.2%  $208M$226MVoice – Long Distance 3.1%$536M$553MVoice – Local ChangeQ1-06Q1-05 External Revenue$1.22B$1.20B1.9% 2006 – first quarter review wireline revenue profile Total revenue affected by lower regulatory recoveries this quarter and continued competitive activity 10  

9. -(7) Regulatory impacts  0.6%525528Local revenue (normalized) (11)(18) CDNS - def. account  3.1%536553Local revenue (reported) 1118CDNS impact - data  2.3%405396Data revenue (normalized)  4.2%394378Data revenue (reported) ChangeQ1-06Q1-05 ($M) 2006 – first quarter review local and data revenue - normalized Normalized local revenue only down 0.6% 11

10. 1.03 million Total Internet subscribers High-speed 78% Dial up 22% high-speed Internet subscriber growth 22K 39K High-speed Internet net additions Net additions up 74% to 39K leading to 25% increase in guidance to more than 125K 12 review of operations – wireline Q1-05Q1-06 802K 228K

11. 13%  $640M$567MFree Cash Flow 17%  $321M$273MCapital expenditures 0.8%  $863M$856MEBITDA 1 5.4%  $2.08B$1.97BRevenue ChangeQ1-06Q1-05 TELUS Consolidated 2006 – first quarter review Strong gains in EBITDA, normalized EPS and free cash flow 1 Includes restructuring costs of $9 million and $17 million in Q1-05 and Q1-06 respectively 10%  $0.60$0.67EPS 2 20%  $0.60$0.50EPS (excl. non-recurring items) 2 Q1-05 includes favourable impacts for tax related adjustments of $0.15 per share, and regulatory decisions of $0.02 per share 13

12. ($0.15)Tax-related adjustments 10%$0.60$0.67 EPS reported % Change Q1-06Q1-05 EPS (normalized) 1 $0.50$0.60  20% EPS continuity  Normalized quarterly EPS increase of 20% 14 Regulatory decisions($0.02) - - 2006 – first quarter review 1 Normalized for $0.02 and $0.03 in restructuring costs in Q1-05 & Q1-06, EPS would have been $0.52 and $0.63, up 21%

13. Common1.8M2.4M12.0M20% Non-Voting3.3M3.9M12.0M33% Total5.1M6.4M24.0M27% Total cost$232M$289M share buy back update – second NCIB TELUS repurchased $232M of shares Repurchased this quarter Repurchased since inception Total Authorized % of authorized repurchased since inception (Shares) 15 review of operations - consolidated

14. 1.7x 1.5 to 2.0xNet Debt : EBITDA Q1-06 Long-term financial policy target 1 Net debt to EBITDA target updated November 10, 2005 Target 1 Net Debt : Total Cap45 to 50% 45.7% Met financial update review of operations - consolidated Strong balance sheet consistent with policy targets 16

15. regulatory update  Deferral account  95% of funds in account used to expand broadband facilities  No further amounts to be added  Telecom Policy Review (TPR) recommendations  Rely on market forces over regulation  No obligation on incumbents to subsidize broadband expansion  Foreign ownership restrictions should be liberalized 17 review of operations - consolidated

16. regulatory update (con’t)  Forbearance decision  Demonstrates need for TPR  Winback restrictions reduced to 90 days from 1 yr.  TELUS evaluating options  Mobile television broadcasting  Unregulated, to fall under existing new media exemption order 18 review of operations - consolidated

17. Q1 strategic & operational update  Customer service  Backlogs cleared  Improved customer care service levels  Exceeded virtually all CRTC service indicators in March 19 review of operations - consolidated Good levels of customer service being provided

18. Q1 strategic & operational update (con’t)  Competitive efficiency update  500 positions reduced by outsourcing & office consolidations  Wireless/wireline integration on-going  Legal entities merged, March 1  Acquired Assurent Secure Technologies  Cdn leader in IT security technology 20 review of operations - consolidated

19. Q1 strategic & operational update (con’t)  EVDO network expansion continues  Now in Whistler, Fort McMurray, Hamilton, Golden Horseshoe, Ottawa, Quebec City, Mont-Tremblant and Saint-Jovite  TELUS TV progressing  Large library of first run movies, plus new channels  Now more external subscribers than employees  BC head-end construction underway  Employee trials to begin in BC 21 review of operations - consolidated

20. 2006 outlook 1 – consolidated $1.5 to $1.55BCapex $1.55 to $1.65BFree cash flow $2.40 to $2.60EPS (basic) EBITDA Revenue $3.5 to $3.6B $8.6 to $8.7B High-speed net add guidance raised for more than 70% growth 22 Original 2006 targets Updated 2006 guidance Wireless net adds> 550K High-speed net adds> 100K reiterated 2006 – outlook > 125K YoY Growth 6 to 7%   6 to 9%  22 to 33%  14 to 17% 5 to 12%  1 see forward looking statement caution

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

22. $352 - (158) $567 (1) (7) (273) $856 Q1-05 $63 (100) (232) $640 96 9 (321) $863 Q1-06 Funds avail. for pref. share & debt redemp. Accounts Receivable Securitization Purchase of shares for cancellation (NCIB) Free Cash Flow Net Cash Tax Recovery Net Cash Interest Capex EBITDA ($M) (12)(16)Cash Restructuring Payments (in excess of expense) 48Non-Cash Share Based Compensation -(96)Dividends 8833Share Issuance (non-public) $351($10) Net change in cash (1)(72) Funds for redemption of debt free cash flow appendix Working capital & other (144)(183) 24

23.  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 appendix definitions TELUS definitions for non-GAAP measures