1. Robert McFarlane EVP & Chief Financial Officer May 14, 2010 RBC Capital Markets Telecommunications & Media Fixed Income Conference

2. 2 TELUS forward looking statements Today's presentation and answers to questions contain statements about expected future events and financial and operating results 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 results 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 2010 guidance), qualifications and risk factors referred to in the Management’s discussion and analysis in the 2009 annual report and in the 2010 first quarter report. 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. Successful and strategic transformation strategic focus on data and wireless 3 Revenue $6.0B 2010 1 2000 $9.6B Data & Wireless 28% Local & Long Distance 72% Data & Wireless 72% 28% Local & Long Distance

4. Simple cash flow returning to more historical levels in 2010 following peak capital investments in 2009 cash flow by segment 4 2001 1 2002200320042005200620072008 1 0.1 Wireline Wireless 1 Wireless excludes payment for wireless spectrum of $356M in 2001 and $882M in 2008 2 See forward looking statement – midpoint of 2010 guidance 0.3 1.6 1.8 2.0 1.9 EBITDA less capex ($billions) 1.4 2009 1.9 2010E 2

5. strategic investment in new 3G+ wireless network  HSPA network launched November 5 th, 2009  Provides service to more than 31 million or 93% of Canadians  Enabling wireless applications with faster download speeds  Access to international roaming to more than 200 countries  Access to latest smartphones 5 Generating strategic and competitive benefits BlackBerry Bold

6. Q1 wireless metrics 6 Wireless KPIs demonstrated significant improvement in Q1 Q1-09Q1-10change Net adds (000s)48516.3% Postpaid net adds (000s)446548% ARPU$58.39$55.80(4.4)% Churn1.62%1.55% (7) pts COA per gross add$336$322 (4.2)%     

7. business and residential NALs 7 Stable business NAL losses. Residential NAL decline reflects aggressive price competition from cable-TV competitor Q1-10 -50K -44K -8K Q1-09 Q1-10Q1-09 -9K Business* NAL losses Residential* NAL losses * Historic NALs restated for prior periods starting in 2007 as a result of a periodic subscriber measurement review and correction.

8. strategic investment in wireline broadband  1.8 million homes now passed with Fibre to the node in AB and BC  Expect 90% coverage of top 48 communities in AB/BC by end of 2010  Cost effective upgrade to VDSL2 underway with speeds up to 30Mbps  Continuing fibre to the home in new residential developments  Fibre to the building (ethernet to the suite) in multi dwelling units 8 Continued increases in broadband coverage to 1.8 million homes

9. building TELUS TV momentum  Launched Microsoft Mediaroom in February 2010  Exclusive provider of PVR Anywhere in Western Canada  Launched TELUS Satellite TV in mid-2009 9 TELUS TV is available to over 90% of homes in Alberta and BC TELUS TV customers (000s) Q1 2009 41 98 199 Q1 2010 Q1 2008

10. focus on operational efficiency 10 Domestic telecom staff count down 8% in 2009 $135M in annual EBITDA savings expected in 2010 Total restructuring costs and savings ($M) 20 190 59 2007200820092010E 75 335 2007-2010E 135 EBITDA savings Restructuring

11. TELUS’ strong balance sheet and credit policies 11 Long term policies & guidelines Q1-10Met Net debt to EBITDA (excluding restructuring) 1.5 to 2.0X2.0X√ Minimum available liquidity $1 billion$1.7 billion √ Credit RatingBBB+ to A- BBB+/A–, stable trend √ Decade long track record of prudent financial policies  New dividend payout ratio is 55 to 65% of sustainable net earnings

12. 2010 annual guidance* 12 2010 guidance confirmed on May 5, 2010 * 2010 guidance as at May 5 th 2010. See forward looking statement caution ($B, excl. EPS) 2010 guidance 12 Change Revenue $9.8 to $10.12 to 5% EBITDA $3.5 to $3.7flat to 6% EPS 1 $2.90 to $3.303 to 17% Capex Approx $1.7(19)%  Expect 50% or greater increase in 2010 free cash flow

14. long-term debt maturities 14 Average term to maturity of debt is 4.8 years 20102011201220132014201520162017201820192021+ C$ millions 81 2,065 795 300 700 622 690 989 616 2020 Deferred FX Hedge Liability

15. defined benefit pension plans 15 99% funded on accounting basis 20092010E* Discount rate7.25%5.85% Long-term expected return7.25%No change Pension expense ($M)$18$28 Pension funding ($M)$179$143 * See forward looking statement caution.

16. IFRS changeover update 16 Fulsome changeover plans and status in section 8.2 in MD&A  Beginning Q1/10, TELUS began preparing Canadian GAAP to IFRS for internal use  Starting January 1, 2011 TELUS will prepare and report interim and annual 2011 financial statements  The company has completed its initial identification, evaluation and selection of accounting policies necessary to change over to IFRS

17. Q1 2010 consolidated financial results 17 Growth in earnings and free cash flow resulting from expense control and reduced capital expenditures ($M excl. EPS)Q1-09Q1-10change Revenue (external)2,375 - Operating expenses1,4411,429 (0.8)% Restructuring costs286n.m. EBITDA9069403.8% EPS1.010.84(17)% EPS – excluding tax adj.0.810.832.5% Capex474311(34)% Free cash flow125246 97%      

18. Q1 free cash flow 2010 Q1 2009 Q1 C$ millions EBITDA 906940 Capex (474)(311) Net Employee Defined Benefit Plans Expense (Recovery) 4 7 Employer Contributions to Employee Defined Benefit Plans (53) (45) Interest expense paid (includes income tax interest income) (49) (36) Cash Income Taxes and Other (214) (251) Non-cash portion of share-based compensation 13 8 Restructuring payments (net of expense) (1) (49) Donations and securitization fees included in other expense (3) (10) Free Cash Flow (before share-based compensation payment) 129 253 Share Based Compensation Paid (4) (7) Free Cash Flow (per current public guidance methodology) 125 246 Proceeds from sale of property and other assets (Acquisitions) (151) Dividends - 3 Working Capital and Other 12 (42) Funds Available for debt redemption (14) 77 A/R Securitization -(100) Net Issuance (Repayment) of debt 75 28 Increase (Decrease) in cash 615 Issuance of non-voting shares* 0 21 * Non-voting share issuance from treasury for shareholders in the DRIP