Q3 2007 TELUS investor conference call

November 2, 2007

This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2007 guidance, competition, financing, financial and operating results, and regulation that are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate so do not place undue reliance on them.

Factors that could cause actual results to differ materially include but are not limited to: competition; capital expenditure levels (including possible spectrum purchases); financing and debt requirements (including share repurchases); tax matters (including acceleration or deferral of payment of significant cash taxes); regulatory developments (including local forbearance, wireless number portability, the timing, rules, process and cost of future spectrum auctions, and possible changes to foreign ownership restrictions); process risks (including conversion of legacy systems and billing system integrations); and other risk factors discussed herein and listed from time to time in TELUS’ reports.

There are many factors that could cause actual results to differ materially. For a full listing and description of the potential risk factors and assumptions, please refer to the TELUS 2006 annual report and updates in the 2007 quarterly reports (see Section 10 Risks and Risk Management in Management’s discussion and analysis), and other filings with securities commissions in Canada (sedar.com) and the United States (sec.gov).

All dollars referenced are in C$ unless otherwise specified.

TELUS forward looking statements

2

Darren Entwistlemember of the TELUS team

November 2, 2007

Q3 2007 TELUSinvestor conference call

Wireline highlights – Q3 2007

4

Wireline performance improves sequentially

Resilient wireline revenue as per operating strategy

Data growth continues to be strong at 9%

Moderate NAL loss at 3%

New billing and client care system impacts Q3 to lesser degree

Costs reduced by 50% to $8 million in Q3 from Q2

125% sequential improvement in high-speed net adds

Operating Profit (EBITDA adjusted) down 3% year over year

Wireless highlights – Q3 2007

5

Wireless revenue growth of 9%

Wireless subscriber base up 11%

Data revenue growth up 56%

Wireless Number Portability impacts improving sequentially

Acquisition and retention costs reduced $29 million

EBITDA margin (adjusted) of 47% increased 4 pts from Q2

ARPU decreased 1%

Wireless guidance adjusted downward

Continued resiliency in wirelineSequential improvement in wireless performance

Positive deregulatory developments - wireline

6

New regulatory framework based on market forces

Residential forbearance in 6 urban markets

Business phone service deregulated in 35 exchanges in Alberta, BC and Quebec or approx two-thirds of total business lines

Wholesale services hearing has potential to reduce restrictive regulation

Regulatory freedom increases overall competitiveness

Continued resiliency in wirelineRegulation based on competitive realities

Wireline regulated revenue analysis

Consumer and Business Retail Revenue

Price caps 2006 Forbearance Post 2007

Deregulation enhances TELUS’ competitive flexibility

7

RegulatedUnregulated

39% 61%

Unregulated

Regulated

72%

28%

Unregulated

Regulated

Advanced wireless spectrum auction

8

Government directive promotes reliance on market forces

Competition Bureau ruled that three wireless carriers is competitive for Canada

Declining voice ARPU demonstrates competitive intensity

Spectrum auction rules should not deviate from policy direction

Continued resiliency in wirelineTELUS advocates an open and fair auction process

Consolidated highlights – Q3 2007

9

Strongly positioned for ongoing investment

Revenue growth of 5% led by wireless and data

Operating profit (EBITDA adjusted) up 3%

EPS up 32% quarter over quarter and up 11% normalized

Adjusted annual consolidated 2007 guidance1

Revenue range adjusted slightly downward

EBITDA range narrowed towards lower half

EPS range increased and narrowed to $3.55 to $3.65

Free cash flow remains strong at over $500 million

1. See forward looking statement caution.

Strong record of returning capital

10

Shares repurchased in quarter

4.3 million shares

$232 million

Shares repurchased since Dec. 2004

50 million shares

$2.4 billion

New quarterly dividend of 45 cents

New dividend up 20% to $1.80 annualized

$0.80

$1.50

$1.80

$1.10

2005 2006 2007 2008E1

33%

38%

36%

20%Annualized Dividend Growth

1. See forward looking statement caution.

Robert McFarlaneEVP & Chief Financial Officer

November 2, 2007

Q3 2007 TELUSinvestor conference call

Wireless segment – Q3 2007 financial results

12

($M) Q3-06 Q3-07 Change

Revenue 1,010 1,105 9.4%

EBITDA1 483 521 7.9%

EBITDA (as adjusted) 483 523 8.3%

Capital expenditures 113 132 17%

1 EBITDA includes $2.3M expense in Q3-07 for net cash settlement feature of options granted prior to 2005. Excluding this charge, EBITDA (as adjusted) increased by 8.3%. Q3-07 also includes $2.9M in working capital write-off related to Amp’d. Adjusted for both items, EBITDA increased 8.8%

Subscriber growth drives revenue higher while COA and retention costs improve

total wireless subscribers

Postpaid 80%

Prepaid 20%

net additions

Q3-06 Q3-07 5.4 million

4.3M

1.1M

Wireless subscriber results

Continued strong net additions

13

prepaid

postpaid135K137K

73%79%

73%

Wireless ARPU

Data ARPU

Q3-07

$64.80

Increase in data ARPU offset by voice decline

14

Voice

$65.67

Q3-06

7.20

57.60

5.11

60.56

ARPU analysis

Positive factors

Data revenues up 56% - increased usage, increased adoption

Migration of voice centric subs adopting full featured devices/PDAs

Negative factors

Impact of prepaid on subscriber mix

Maturing Mike (iDEN) subscriber platform

Increased in-bucket usage and continued competitive pressures

Reduced roaming growth

Overall ARPU down 1.3% in the second quarter

15

1.71.8

1.431.27

1 Q3-07 wireless churn, except T-Mobile USA and BCE which reflect Q2-07

Source: Company reports, analyst reports

2.7

1.51

Q3 2007 wireless churn1 (%)

TELUS churn stable post WNP introduction and remains at near best in class levels

16

2.7

Wireless operating metrics improvement

Gross additions up 9% despite COA of $379, down 2% YoY and 11% sequentially

Retention spend as % of network revenue down 0.4 pts YoY to 6.3% and 1.9 pts sequentially while maintaining low churn

EBITDA margin increased 4.1 pts sequentially to 47%

Sequential improvement in key operating metrics

17

2007 guidance* - wireless

2007 previous guidance1

2007 revised guidance

Revenue $4.325 to 4.375B $4.275 to 4.3B

EBITDA (as adjusted)2 $1.95 to 2.0B $1.925 to 1.95B

Capex approx. $550 M no change

Subscriber net adds > 550K approx. 530K

Wireless guidance updated to reflect year-to-date results

* See forward looking statement caution

2 Excludes expense of approx. $25 million in 2007 for net cash settlement feature for options

1 Last updated on August 3, 2007

18

Wireline segment – Q3 2007 financial results

19

($M) Q3-06 Q3-07 Change

Revenue 1,200 1,205 0.4%

EBITDA (reported)1 470 466 (0.7)%

EBITDA (adjusted) 470 457 (2.7)%

Capital expenditures 311 303 (2.8)%

Revenues stable while profitability remains challenging

1 EBITDA includes expense recovery of $9.5M in Q3-07 for forfeiture of options previously expensed under net-cash settlement feature. Excluding this recovery EBITDA (as adjusted) decreased 2.7%

Wireline revenue profile

20

($M) Q3-06 Q3-07 Change

Voice – Local 533 511 (4.1)%

Voice – Long Distance 199 181 (8.9)%

Data 411 446 8.6%

Other 57 66 15%

Total External Revenue 1,200 1,205 0.4%

Good data growth leads to positive wireline revenue growth

Wireline EBITDA normalization

21

($M) Q3-06 Q3-07 Change

EBITDA (adjusted)1 470 457 (2.7)%

System implementation impacts:

Increased labour costs - 8

Quality-of-Service decisions - (5)

EBITDA (normalized) 470 460 (2.1)%

EBITDA impacted by incremental expenses related to new billing & client care system in AB

1 EBITDA as adjusted includes expense recovery of $9.5M in Q3-07 for forfeiture of options previously expensed under net cash settlement feature

1.16 million total

Internet subscribers

High-speed86%

Dial-up14%

High-speed Internet net additions

(sequential)

Q2-07 Q3-07

994K

165K

High-speed Internet subscribers

Results reflect significant rebound in subscriber loading due to renewed marketing efforts post system implementation in AB

22

14K

31K

% of network access lines lost (yr. over yr.)

Q1-06 Q2-06

-2.6%

Q3-06

-2.8%

Q4-06

-3.0%

Network access line results

-2.9%

Q1-07

Stable overall line losses

23

-3.1%

Q2-07 Q3-07

-3.0%-2.7%

2007 guidance* - wireline

2007 previous guidance1

2007 revised guidance

Revenue $4.85 to 4.9B $4.85 to 4.875B

EBITDA (as adjusted)2 $1.775 to 1.825B $1.8 to 1.825B

Capex approx. $1.2B no change

High-speed Internet net adds > 125K approx. 110K

Wireline EBITDA tightened to high end of range

* See forward looking statement caution

2 Excludes expense of approx. $145 million in 2007 for net cash settlement feature for options

24

1 Last updated on August 3, 2007

Consolidated – Q3 2007 financial results

25

($M excluding EPS) Q3-06 Q3-07 Change

Revenue 2,211 2,310 4.5%

EBITDA (as adjusted)1 952 980 2.9%

EPS (as adjusted)1 0.94 1.23 31%

EPS (as adj. excl. tax adjustments) 0.85 0.95 11%

Capital Expenditures 424 434 2.4%

Q3-07 results reflect rebound from Q2-07

1 EBITDA and EPS exclude expense recovery of $7.2M, and 1 cent, respectively, in Q3-07 for net cash settlement feature of options granted prior to 2005. Including this recovery, reported EBITDA and EPS increased by 3.6% and 32% respectively

Q3-06

Other(incl.

lower avg o/s shares)

Net tax related adj.

EPS continuity

26

Q3-07Reported

Financing exp.

$1.24

EBITDA(Adjusted)

Dep’n & Amort

$0.94

0.19

0.06 0.04 0.03

0.05 0.01$1.23

Cash settled option

expense recovery

Q3-07Adj.

Share buy backs – 3rd Normal Course Issuer Bid

27

Q3-07 Q3-07 YTDSince NCIB

inception

Total investment (M) $232 $602 $2,372

Total shares (M) 4.3 10.5 49.9

Outstanding shares (M) - 327.4 31.0

% change in o/s shares(end of period)

3.9%

YoY

8.7%

since Dec-04

Shares outstanding down 4% YoY and 9% since inception

Cash settlement of options has avoided 2.7M shares issuance YTD

Return of capital update ($ per share)

2004 2005 2006 2007E1,2

Dividends

Share repurchases

1.50

2. See forward looking statement caution. 3. Annualized dividend

1. Annualized dividend, plus YTD NCIB share repurchases as at Sept.30/07, annualized

2.42

28

1.81

0.82

3.30 3.43

3.92

0.22

0.60

2.50

0.80 1.10

2.33

Strong record of returning capital to shareholders

2008E3

1.80

2007 guidance* - consolidated

2007 previous guidance1

2007 revised guidance

Change over 2006

Revenue $9.175 to 9.275B $9.125 to 9.175B 5 to 6%

EBITDA (as adjusted)2 $3.725 to 3.825B $3.725 to 3.775B 4 to 5%

EPS (as adjusted)3 $3.25 to 3.45 $3.55 to 3.65 9 to 12%

Capex approx. $1.75B no change 8%

Full year 2007 consolidated guidance updated EPS up to reflect tax-related adjustments

* See forward looking statement caution

2 Excludes expense of approx. $170 million in 2007 for net-cash settlement feature for options3 Excludes an after-tax charge per share of approx $0.32 for net-cash settlement feature for options

1 Last updated on August 3, 2007

29

Questions?

investor relations1-800-667-4871telus.comir@telus.com

$128.1

$519.9

(1.2)

(0.8)

(423.9)

$952.3

Q3-06

$119.8

$509.7

3.3

(1.1)

(434.1)

$987.0

Q3-07

Funds avail. for debt redemption

Free cash flow (before cash settled option pmt)

Restructuring payments (net of expense)

Cash income taxes; and other

Capex

EBITDA

($M)

(12.4) (39.7)Interest expense paid

14.4 3.5Non-cash portion of share-based compensation

(93.8) 0.0Dividends

37.3 0.1Share Issuance (non-public)

($6.8) ($1.2)Net change in cash

50.1 (171.0)Net debt issuance / (repayment)

Working capital & other (215.5) (151.0)

(119.7) (232.2)Purchase of shares for cancellation (NCIB)

Appendix – Free cash flow (2007 definition)

(8.5) (9.2)Cash related to other expenses

Free cash flow $519.9 $502.9

Cash settled options paid - (6.8)

(185.0) 50.0Accounts Receivable Securitization

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, cash restructuring payments, and cash related to Other expenses

such as charitable donations and securitization fees

Cost of retention (COR): total costs to retain existing subscribers, often

presented as a percentage of network revenue

Appendix - definitions

TELUS definitions for non-GAAP measure