Investor MeetingsMarch 2010

Strategic overview 3 Wireless developments 7 Wireline developments 19Financial review 30Summary 37

AgendaAgenda

2

Slide

Strategic overview

Revenue $9.6B

$6.0B

2009120001

Wireless18%

Wireline Local

49%

Wireline LD23%

Data10%

28% 71%

WirelineData22%

Data9%

WirelessWirelineLocal and

22%

6%LD

1 12 months ending June 30, 2000 and Dec 31, 2009, respectively

Wireless

40%

Strategic focus on data and wirelessStrategic focus on data and wireless

TELUS revenues up 60% since 2000TELUS revenues up 60% since 2000

4

Wireline

other

$3.5B

20091

5

EBITDA evolutionEBITDA evolution

Executing strategy drives wireless growth,now 55% of operating profit

Executing strategy drives wireless growth,now 55% of operating profit

20001

$2.3B

Wireless17%

Wireline83%

Wireless55%

Wireline45%

1 12 months ending June 30, 2000 and Dec 31, 2009, respectively

Wireless

Voice - Network Access Lines

Data - Internet and TV

(millions)

65%Internet, TV and wireless

20001

6.0

12.0

20091

6

TELUS total customer connectionsTELUS total customer connections

Client connections doubled since 2000 Client connections doubled since 2000

24%

1 12 months ending June 30, 2000 and Dec 31, 2009, respectively

Wireless developments

TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues

TELUS to benefit from future global ecosystem, economies of scale and enhanced roaming revenues

8

TELUS launches Canada’s largest 3G+ networkTELUS 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

3G+ coverage (West)3G+ coverage (West)

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.

Leapfrogged past Rogers to have the fastest and largest HSPA+ network

Leapfrogged past Rogers to have the fastest and largest HSPA+ network

3G+ coverage (East)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.

19%

Wireless subscribers1

81%

Totalnet additions

6.5 million total

5.3M

1.2M

High quality postpaid net adds reflected 89% of subscriber mix compared to 80% a year agoHigh quality postpaid net adds reflected 89%

of subscriber mix compared to 80% a year ago

Q4-08

148K

11

Wireless subscriber resultsWireless subscriber results

Q4-09

122K

109K119K

Postpaid

Prepaid

1 Opening balances for postpaid and total wireless subscribers for Q4-09 were reduced by 11K to reflect prior period reporting adjustments.

Data growth of 20% driven by continued smartphoneadoption and to be enhanced with HSPA smartphonesData growth of 20% driven by continued smartphone

adoption and to be enhanced with HSPA smartphones12

Q4-08

$203M

Wireless data revenue Wireless data revenue

Q4-09

$243M

$131M

Q4-07BlackBerryBold

Q4-08 Q4-09 Change

Gross adds (000s) 441 431 (2.3)%

Churn 1.62% 1.60% (0.02) pts

COA per gross add ($) 372 380 2.2%

COA expense ($M) 164 163 (0.6)%

Retention expense ($M) 105 133 27%

Increased investments in retention focused on continued smartphone adoption

Increased investments in retention focused on continued smartphone adoption

13

Wireless marketing and retentionWireless marketing and retention

Note: Measurement of costs of acquisition and retention refined in 2009. Prior year comparisons restated.

Smartphone subscriber base increased 61% and expected to be a positive factor for future ARPU

Smartphone subscriber base increased 61% and expected to be a positive factor for future ARPU

14

Q4 smartphone mixQ4 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

TELUS launched iPhone 3GSTELUS launched iPhone 3GS

15

Running on Canada’s fastest and largest 3G+ networkRunning on Canada’s fastest and largest 3G+ 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.

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 CanadiansConsistent with TELUS’ future friendly brand promiseNo SAF or carrier 911 feesGeneral rate plan increase of $5 with basic voicemail 3Expect loading, churn and cost efficiency benefits

16

TELUS’ simple and clear wireless pricingTELUS’ simple and clear wireless pricing

Simplified rate plan structure supports focus on AMPU Simplified rate plan structure supports focus on AMPU

TELUS’ simple and clear wireless pricingTELUS’ simple and clear wireless pricing

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”

17

Strengthening wireless distributionStrengthening wireless distribution

Providing flexibility to serve various customer needsProviding flexibility to serve various customer needs

In 2009, acquired 113 retail stores across Canada Most in premium mall locations 72% are Ontario based

265323 27

0245327 32

0 54730

2670

180

400

300

50

BritishColumbia

Alberta

Saskatchewan

Manitoba

Ontario

Québec

Newfoundland

NewBrunswick

Nova Scotia

P.E.I.

Wireless distribution augmented by Koodo launch and acquisition of Black’s

Building TELUS’ wireless distributionBuilding TELUS’ wireless distribution

National distribution outlets doubled to 1,616National distribution outlets doubled to 1,616

2000 points of distribution2009 points of distribution

18

Wireline developments

Supporting Future Friendly Home services with ongoing wireline broadband capital investments

Satellite TV service launched mid-2009

Investing in operational efficiency

review of operations – wireless

20

Wireline investmentsWireline investments

Supporting efficiency and new TELUS servicesSupporting efficiency and new TELUS services

21

Broadband build updateBroadband build update

21

Continued ramp-up in broadband coverageContinued ramp-up in broadband coverage

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

TELUS TV net additions1

Q4-08 Q4-09

15K

33K

22

TTV continues to show strong results with net adds up 120% and total subscriber base up 118%

TTV continues to show strong results with net adds up 120% and total subscriber base up 118%

TELUS TV subscribersTELUS TV subscribers

Q4-08 Q4-09

78K

170K

TELUS TV subscribers1

1 Includes both TELUS IP TV and TELUS Satellite TV subscribers

23

In Q4/09 TELUS TV and Internet loading exceeded residential NAL losses

In Q4/09 TELUS TV and Internet loading exceeded residential NAL losses

Stabilized residential NAL lossesStabilized residential NAL losses

Q3-09

-41K-41K-41K

Q2-09Q1-09Q4-08

-42K

Q4-09

-41K

44K

31K20K

34K34K

TELUS TV & high-speed Internet

Residential NAL’s

24

-4.7%-5.5%

-3.6%

-9.7% -9.8%

2008

2009

Other

-9.3%-10%

-4.5%

Network Access Line losses vs. peers

Best performance by an incumbent in North AmericaBest performance by an incumbent in North America

Resilient network access line lossResilient network access line loss

25

Our opportunity - the future of TELUS TVOur 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-TVIntroduced innovative new features that differentiates against cable-TV

Investing in and focusing on key industry verticals Public sector Financial services Energy Healthcare Wholesale

Implementation track record led to contract winsImplementation track record led to contract wins

Our opportunity on large enterprise dealsOur opportunity on large enterprise deals

NationalDefence

26

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

Enhancing our leadership position in healthcareEnhancing our leadership position in healthcare

Leading the evolution of healthcare delivery in CanadaLeading the evolution of healthcare delivery in Canada

27

Investing in operational efficiencyInvesting in operational efficiency

2002-2010E*

$1.2B$1.1B

Cumulative Restructuring

costs

28

Efficiency initiatives result in ~11K position net reductionsEBITDA savings help offset near term dilution of strategic initiatives

Efficiency initiatives result in ~11K position net reductionsEBITDA savings help offset near term dilution of strategic initiatives

2002-2010E*

Cumulative annual EBITDA savings

Restructuring

costs

2002

2003 28

2004 53

542005

682006

202007

592008

1902009

570

$M

752010E*

* See forward looking statement caution

1,117Total

Operating efficiency - domestic FTE reductionsOperating efficiency - domestic FTE reductions

Q1-09

500

Q2-09

400

700550

Q3-09 Q4-09

Approx.1,000

2010E*

2,150 domestic FTE reduction in 2009Targeting approx. 1,000 FTE reduction in 2010

2,150 domestic FTE reduction in 2009Targeting approx. 1,000 FTE reduction in 2010

* See forward looking statement caution 29

2009

2,150

Financial review

TELUS forward looking statementsTELUS 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.

Fourth Quarter 2009 TELUS Confidential 32

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.

1 2

TELUS 2009 consolidated EPSTELUS 2009 consolidated EPS

$3.52

($0.28)

($0.25)

($0.22)

($0.09)($0.02) $0.06 $0.02

$3.14

2009 as

Reported

Restr.

Pension Costs

Debt Redemption Other

2008 as

Reported

Normalized EBITDA

Norm. Financing

Lower Tax Rates and

O/S Shares$2.59 Excl.

Tax Adj.

$0.55 Tax Adj.$3.37

Excl. Tax Adj.

$0.15 Tax Adj.

2009 EPS impacted primarily by restructuring, pension costs and debt redemption

2009 EPS impacted primarily by restructuring, pension costs and debt redemption

33

TELUS capital expenditure historyTELUS capital expenditure history

Over $16.9 B invested into core businesses in CanadaOver $16.9 B invested into core businesses in Canada

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Wireline

Wireless

$1.75 B

$2.25 B

$1.69 B

$1.25 B $1.32 B $1.32 B

$1.62 B$1.77 B

$1.86 B$2.1 B

2010*

Expected 2010

$1.7 B

* See forward looking statement

34

* See forward looking statement.

2009 - impacted by increased capex, pension and restructuring costs, and start of cash taxes

Free cash flow after spectrum purchases ($M)

Wireless spectrum purchased ($M)

TELUS generating strong free cash flowTELUS generating strong free cash flow

1,443

2003

776

2004

1,167

2006 2007

1,388

2002

2009

500

2008

361

1,243

(910)

2001

(1,266)

2005

1,345

1,336

(249)

2000

144

34

2010E*

750 to 950

2010 - impacted by reduced capex and restructuring costs, partially offset by higher cash taxes

5.5B

Returning cash to TELUS shareholdersReturning cash to TELUS shareholders

Total return of $5.1 billion to shareholders over past 5 years or approx. $16 per shareTotal return of $5.1 billion to shareholders

over past 5 years or approx. $16 per share35

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

NCIB

Dividends

$340 M $330 M

$140 M $170 M

$330 M

$1.20 B $1.21 B$1.27 B

$860 M

$602 M

TELUS refinancing update 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 DecemberCompleted successful $1B debt issue in December

36

Summary

SummarySummary

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

38

Expect significant FCF growth in 2010Expect significant FCF growth in 2010

* See forward looking statement caution

2010 TELUS corporate priorities2010 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

39

Opportunity to build value fromstrategic investments made in 2009

Opportunity to build value fromstrategic investments made in 2009

Investor relations1 800 667 4871telus.comir@telus.com