Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer

1. Q2 2011 TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer Darren Entwistle President & Chief Executive Officer August 5, 2011

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 and second 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. Agenda • Wireless and wireline segment review • Consolidated financial review • Updates • Guidance • Financing • Regulatory • Operations • Questions and Answers

4. Q2 2011 wireless financial results      Strong revenue and EBITDA growth driving cash flow growth of 9% 1 Margins on network revenue in Q2/11 and Q2/10 were 45.7% and 45.8%, respectively

5. Wireless subscriber results Total net adds Postpaid net adds Wireless subscribers 1.2M 124K prepaid 18% 109K 94K 92K postpaid 82% 5.9M Q2-11 Q2-10 Q2-11 Q2-10 7.1M total Healthy postpaid net additions despite loss of 32K Federal Government subscribers

6. Wireless data revenue $402M $270M $212M Q2-10 Q2-09 Q2-11 Data revenue growth of 49% Six consecutive quarters of accelerating y/y data growth

7. Marketing and retention      Churn of 1.51% excluding loss of federal contract. Investments in COA/COR expense reflects record Q2 smartphone loading and competitive market dynamics

8. Blended ARPU analysis Data % of ARPU Voice $58.88 $57.47 19.25 33% 24% 13.80 76% 43.67 67% 39.63 Q2-10 Q2-11 Q2-10 Q2-11 ARPU up 2.5% driven by strong data ARPU growth of 39% partially offset by 9% voice decline

9. 2011 wireless annual guidance* update  Strong start to 2011 leads to increased wireless revenue guidance * See forward looking statement caution

10. Q2 2011 wireline financial results      Results reflect strong subscriber growth and investments in Optik services and continued erosion of high margin legacy services

11. TELUS TV subscribers TELUS TV net additions* TELUS TV subscribers* 403K 46K 228K 29K Q2-10 Q2-11 Q2-10 Q2-11 Strong momentum continues with TV net adds up 59% y/y and total subscribers up 77% surpassing 400K milestone * Includes both IP TV and TELUS Satellite TV subscribers

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

13. TELUS network access lines Residential Business 7K Q2-10 Q2-11 Q2-10 Q2-11 -12K -31K -51K Residential line losses improved 39% y/y – best result in 5 years Business line increase reflects gain in wholesale customers

14. 2011 wireline annual guidance* update  Wireline revenue increase reflects subscriber growth in Optik services * See forward looking statement caution

15. Q2 2011 consolidated financial results       Strong revenue growth driven by wireless and wireline data Free cash flow up 20%

16. EPS continuity analysis ($) Positive income tax-related adjustments 0.03 0.03 0.03 0.99 0.05 0.94 -0.07 - 0.02 0.96 Excl. Tax Adj. 0.91 Excl. Tax Adj. Q2-10 reported Lower Financing costs Higher Normalized EBITDA1 Lower Pension & Restr. costs Lower Tax rates & Other Higher Dep & Amort Higher O/S shares Q2-11 reported EPS growth driven by lower financing costs and EBITDA growth 1Normalized EBITDA excludes pension and restructuring costs

17. TELUS successfully refinances U.S. dollar notes • In May successfully issued $600M senior unsecured notes • 3.65% 5-year notes, maturing May 2016 • Proceeds used, in combination with commercial paper, to redeem maturing 8% U.S. dollar notes and associated cross currency interest rates swaps (effective cost 8.5%) • Final of three tranches undertaken since December 2009 Well staggered debt maturity profile out 9 years with lower financing costs in future

18. 2011 consolidated annual guidance* update   Increasing 2011 revenue and capex guidance * See forward looking statement caution

19. Industry vertical integration update • In June TELUS presented its views on Vertical Integration to CRTC • Hearing proceeded as TELUS expected • Independent distributors, including TELUS, presented at request of CRTC, a Code of Conduct, which includes: • A prohibition on exclusive distribution of TV content on any platform • Access to content on commercially reasonable terms • Where a dispute arises, complainant must be “held harmless” pending resolution • Restrictions on sharing confidential info between broadcasting and carrier side of Vertically Integrated company • TELUS expects CRTC decision this Fall • CRTC has issued temporary policy decision prohibiting • withholding of signals that are subject of negotiations

20. Q2 2011 summary • Strong consolidated revenue growth driven by both wireless and wireline • Good wireless and Optik subscriber results with improved residential NAL losses • Free cash flow growth of 20% • Dividend declared of $0.55 up 10% consistent with dividend growth model • Increased 2011 revenue and capex guidance TELUS successfully advancing its 2011 priorities

21. Strong smartphone adoption driving ARPU growth Wireless Data ARPU Postpaid subscribers (millions) Smartphone % of postpaid $19.25 5.9 5.5 $13.80 5.1 $11.56 42% 25% 16% Q2-09 Q2-10 Q2-11 Q2-09 Q2-10 Q2-11 Smartphone base increased 80% to 2.5 million Data ARPU increased by 39% year over year

22. Future Friendly Home - continued Optik momentum High-speed Internet TELUS TV 59K Residential NALs 32K 46K 20K 29K 17K -31K -43K -51K Q2-09 Q2-10 Q2-11 TV and High-Speed Internet loading more than offsetting residential NAL losses for fourth consecutive quarter

23. Evolution of Clear and Simple • Transformed contracts via device ownership agreements • Simplified and lowered international roaming rates • Offer best customer experience for key over-the-top partners • Clear and Simple philosophy extends across TELUS Clear and Simple approach driving customer loyalty and differentiation while enhancing operating efficiency

25. Appendix – free cash flow 2010 Q2 2011 Q2 C$ millions EBITDA 925 950 Capex (397) (456) Net Employee Defined Benefit Plans Expense (Recovery) (3) (7) Employer Contributions to Employee Defined Benefit Plans (44) (15) Interest expense paid (187) (145) Cash Income Taxes and Other (58) (50) Share-based compensation 6 5 Restructuring payments (net of expense) (3) 4 Free Cash Flow 286 239 2 2 Common and Non-voting shares issued Dividends (152) (170) - 32 Dividends reinvested (DRIP) - Acquisitions (51) Working Capital and Other (241) (105) Funds Available for debt redemption 16 (174) Net Issuance (Repayment) of debt (21) 172 Decrease in cash (5) (2)

26. 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