Investor Meetings March 2010

1. Investor MeetingsMarch 2010

2. Strategic overview 3 Wireless developments 7 Wireline developments 19 Financial review 30 Summary 37 Agenda • Slide 2

3. Strategic overview

4. Strategic focus on data and wireless $9.6B Revenue $6.0B Wireless Wireline LD 40% Wireline LD 23% 6% Wireless 28% 18% 71% Wireless Wireline Data Data Local and 9% Wireline Local 10% other Wireline 49% Data 22% 22% 20001 20091 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively TELUS revenues up 60% since 2000 4

5. EBITDA evolution Wireless Wireless Wireline Wireline 17% 83% 55% 45% $3.5B $2.3B 20091 20001 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively Executing strategy drives wireless growth, now 55% of operating profit 5

6. TELUS total customer connections 12.0 (millions) Voice - Network Access Lines Data - Internet and TV 6.0 Wireless 65% Internet, TV and wireless 24% 20091 20001 1 12 months ending June 30, 2000 and Dec 31, 2009, respectively Client connections doubled since 2000 6

7. Wireless developments

8. TELUS launches Canada’s largest 3G+ network • HSPA network launched November 5, 2009 • Service to more than 31 million Canadians • Enabling wireless applications with fast download speeds • Access to international roaming to more than 200 countries • Clear strategic and competitive advantages • Level playing field due to availability of latest smartphones • Data growth • International roaming revenues TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues 8

9. 3G+ coverage (West) Leapfrogged past Rogers to have the fastest and largest HSPA+ network Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered. *Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors. Coverage area are approximate as of November 2009. Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services.

10. 3G+ coverage (East) Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered. *Manufacturer rated peak data download speeds of up to 21 mbps (HSPA+) and up to 14 mbps (HSPA). Compatible device required. Actual speed may vary by device being used, topography and environmental conditions, network congestion, signal strength, and other factors. Coverage area are approximate as of November 2009. Actual coverage and network service can vary and are subject to change. Map does not indicate CDMA or Mike service coverage. Visit us at TELUS/mobility.com/coverage for our most recent coverage maps for all services.

11. Wireless subscriber results Wireless subscribers1 Total net additions Postpaid 1.2M Prepaid 19% 148K 122K 81% 119K 109K 5.3M Q4-08 Q4-09 6.5 million total 1 Opening balances for postpaid and total wireless subscribers for Q4-09 were reduced by 11K to reflect prior period reporting adjustments. High quality postpaid net adds reflected 89% of subscriber mix compared to 80% a year ago 11

12. Wireless data revenue $243M $203M $131M BlackBerry Bold Q4-08 Q4-09 Q4-07 Data growth of 20% driven by continued smartphone adoption and to be enhanced with HSPA smartphones 12

13. Wireless marketing and retention      Note: Measurement of costs of acquisition and retention refined in 2009. Prior year comparisons restated. Increased investments in retention focused on continued smartphone adoption 13

14. Q4 smartphone mix • Smartphone subscribers represent 20% of postpaid base compared to 13% a year ago • Post HSPA network & device launch on November 5: • More than 40% of gross postpaid loading came from smartphones • More than 100% increase in retention subscriber upgrades to smartphones Smartphone subscriber base increased 61% and expected to be a positive factor for future ARPU 14

15. TELUS launched iPhone 3GS Running on Canada’s fastest and largest 3G+ network 15 Comparing HSPA/HSPA+ national networks as of January 2010: “fastest” according to tests of data throughput speeds in large Canadian urban centres and “largest” based on geographic coverage and population covered.

16. Fewer and simpler rate plans introduced Nov. 2009 Clear Choice™ suite of consumer rate plans Clear and Simple™ business rate plans Designs based on feedback from Canadians Consistent with TELUS’ future friendly brand promise No SAF or carrier 911 fees Generalrate plan increase of $5 with basic voicemail 3 Expect loading, churn and cost efficiency benefits TELUS’ simple and clear wireless pricing TELUS’ simple and clear wireless pricing Simplified rate plan structure supports focus on AMPU 16

17. Strengthening wireless distribution • 2008 launch expanded mall distribution • 103 Koodo kiosks and growing • Realising 77% awareness nationally • 93% in core demographic • Earning industry recognition from J.D. Power and Associates: “Highest in customer satisfaction with postpaid wireless service” • In 2009, acquired 113 retail stores across Canada • Most in premium mall locations • 72% are Ontario based Providing flexibility to serve various customer needs 17

18. Building TELUS’ wireless distribution 2009 points of distribution 2000 points of distribution Newfoundland 18 British Columbia Québec 0 Alberta Manitoba 323 267 5 327 27 32 Ontario P.E.I. 0 265 0 Nova Scotia 547 30 245 0 0 0 40 30 New Brunswick 0 Saskatchewan • Wireless distribution augmented by Koodo launch and acquisition of Black’s National distribution outlets doubled to 1,616 18

19. Wireline developments

20. Wireline investments review of operations – wireless • Supporting Future Friendly Home services with ongoing wireline broadband capital investments • Satellite TV service launched mid-2009 • Investing in operational efficiency Supporting efficiency and new TELUS services 20

21. Broadband build update 21 • Expanded FTTN coverage to > 75% of households in top 48 communities in Western Canada at YE 2009 • Greater Vancouver coverage increased to >70% in Q4 • Expect coverage of up to 90% of households in top 48 communities in Western Canada by YE 2010 • Cost effective upgrade to VDSL2 technology underway • Provides data download speeds of up to 30 Mbps • Enables expanded IPTV coverage and features • Continuing FTTH to new developments and FTTB to MDU’s Continued ramp-up in broadband coverage 21

22. TELUS TV subscribers TELUS TV net additions1 TELUS TV subscribers1 170K 33K 78K 15K Q4-08 Q4-09 Q4-08 Q4-09 1 Includes both TELUS IP TV and TELUS Satellite TV subscribers TTV continues to show strong results with net adds up 120% and total subscriber base up 118% 22

23. Stabilized residential NAL losses TELUS TV & high-speed Internet Residential NAL’s 44K 34K 34K 31K 20K Q4-09 Q4-08 Q1-09 Q2-09 Q3-09 -41K -41K -41K -41K -42K In Q4/09 TELUS TV and Internet loading exceeded residential NAL losses 23

24. Resilient network access line loss 24 Network Access Line losses vs. peers Other -3.6% -4.5% -4.7% -5.5% 2008 -9.3% -9.7% -9.8% 2009 -10% Best performance by an incumbent in North America

25. Our opportunity - the future of TELUS TV 25 • Microsoft Mediaroom launched Feb. 2010 across various B.C. and Alberta communities • PVR Anywhere – record and watch on any connected TV • Multiple TV’s in a home with multiple HD streams • Superior picture quality • Enhanced channel guide with picture in picture display • Instantaneous channel changing • Faster Internet speeds Introduced innovative new features that differentiates against cable-TV 25

26. Investing in and focusing on key industry verticals Public sector Financial services Energy Healthcare Wholesale Our opportunity on large enterprise deals National Defence Implementation track record led to contract wins 26

27. Enhancing our leadership position in healthcare • TELUS #1 Healthcare IT Company in Canada by Branham Group • 2009 Canadian HealthCare Transformation Award (ITAC Health) • Emergis purchased January 2008 • Electronic Health Records for 5 million Canadians • 4.1 million Emergis Assure drug cards covering 8.5 million Canadians • 3,000+ pharmacies using our pharmacy management software • Exclusive partner to host and operate Microsoft HealthVault in Canada Leading the evolution of healthcare delivery in Canada 27

28. Investing in operational efficiency Restructuring costs $M Cumulative annual EBITDA savings Cumulative Restructuring costs 2002 570 $1.2B 2003 28 $1.1B 2004 53 2005 54 2006 68 2007 20 2008 59 2009 190 2010E* 75 Total 1,117 2002-2010E* 2002-2010E* * See forward looking statement caution Efficiency initiatives result in ~11K position net reductions EBITDA savings help offset near term dilution of strategic initiatives 28

29. Operating efficiency - domestic FTE reductions 2,150 Approx.1,000 700 550 500 400 2010E* Q3-09 Q4-09 2009 Q2-09 Q1-09 2,150 domestic FTE reduction in 2009 Targeting approx. 1,000 FTE reduction in 2010 29 * See forward looking statement caution

30. Financial review

31. TELUS forward looking statements This slide deck and our 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 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 2010 targets), qualifications and risk factors (including those associated with the deployment and operation of the new national high-speed packet access network and associated introduction of new products, services and systems) referred to in the Management’s discussion and analysis in the 2008 annual report, and in the 2009 quarterly 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.

32. TELUS 2009 consolidated EPS 2009 2008 as as Reported Reported $3.52 $0.15 ($0.28) Tax Adj. $3.14 ($0.25) Restr. ($0.22) $0.55 Tax Adj. $3.37 Pension Excl. ($0.09) $0.02 Costs $0.06 Tax Adj. ($0.02) Debt Other Redemption Normalized Lower Tax Norm. 1 2 EBITDA Rates and $2.59 Financing O/S Shares Excl. Tax Adj. 1 Normalized EBITDA excludes ($0.28) and ($0.25) for restructuring and pension costs, respectively, as these are identified separately. 2 Normalized Financing expense excludes ($0.22) for debt redemption costs identified separately. 2009 EPS impacted primarily by restructuring, pension costs and debt redemption Fourth Quarter 2009 TELUS Confidential 32

33. TELUS capital expenditure history Wireline Wireless $2.25 B Expected 2010 $2.1 B $1.86 B $1.75 B $1.77 B $1.7 B $1.69 B $1.62 B $1.32 B $1.32 B $1.25 B 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* * See forward looking statement Over $16.9 B invested into core businesses in Canada 33

34. TELUS generating strong free cash flow Free cash flow after spectrum purchases ($M) Wireless spectrum purchased ($M) 34 1,443 1,388 1,345 1,243 1,167 1,336 750 to 950 776 500 144 361 2001 2002 2000 2004 2005 2006 2007 2008 2010E* 2009 2003 (249) 2009 - impacted by increased capex, pension and restructuring costs, and start of cash taxes (910) 2010 - impacted by reduced capex and restructuring costs, partially offset by higher cash taxes (1,266) 34 * See forward looking statement.

35. Returning cash to TELUS shareholders 5.5B NCIB $1.27 B $1.21 B Dividends $1.20 B $860 M $602 M $340 M $330 M $330 M $170 M $140 M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total return of $5.1 billion to shareholders over past 5 years or approx. $16 per share 35

36. TELUS refinancing update • In December, successfully issued $1B senior unsecured notes • 5.05% 10 year notes, maturing December 2019 • Proceeds used to fund partial redemption of notes due in June 2011 • Redeemed US$577M (Cdn$607M) of 8% US$1.925B notes • Paid $315M to terminate associated cross-currency interest rate swaps • As expected, recorded pre-tax charge of $99M for early partial redemption and associated swaps • After-tax impact of $69M or 22 cents per share Completed successful $1B debt issue in December 36

37. Summary

38. Summary • Invested strategically in 2009 for enhanced competitiveness and future growth • Launched 3G+ wireless network • Expanded wireline broadband reach • Improved organizational cost efficiency through accelerating OEP initiatives to address J-curve dilution and recessionary impacts • Benefits from strategic investments in 2010* • Leverage 3G+ wireless network to accelerate data and roaming growth • Leverage enhanced broadband network and Mediaroom for TV growth • Lower cost structure with estimated EBITDA savings of $135M • Targeting $400M reduction in capital spending • Estimating 50%+ growth in free cash flow due to decrease in capex, despite peak year of cash taxes Expect significant FCF growth in 2010 38 * See forward looking statement caution

39. 2010 TELUS corporate priorities • Capitalize on the full potential of TELUS’ leading wireless and wireline broadband networks • Enhance TELUS’ position in the Small and Medium Business (SMB) market • Deliver on our future friendly brand promise to clients • Continue to improve TELUS’ operational efficiency to effectively compete in the market and fund future growth • Invigorate TELUS Team engagement and continue to drive the philosophy of “Our Customers, Our Business, Our Team, My Responsibility Opportunity to build value from strategic investments made in 2009 39

40. Investor relations 1 800 667 4871 telus.com ir@telus.com