Robert McFarlaneEVP & Chief Financial Officer

December 13, 2007

2008 Targets TELUSinvestor conference call

This session and answers to questions contain forward-looking statements that require assumptions about expected future events including 2008 targets, 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.

See Key Assumptions and Forward Looking Statements in TELUS Dec. 13, 2007 Targets news release.

Factors that could cause actual results to differ materially include but are not limited to: competition (including more active price competition); economic growth and fluctuations (including pension performance, funding and expenses); capital expenditure levels (including possible wireless spectrum asset purchases); financing and debt requirements (including funding acquisition purchases, share repurchases and debt financings); tax matters (including acceleration or deferral of required payments of significant amounts of cash taxes); human resource developments; completion of the announced acquisition of Emergis; business integrations and internal reorganizations (including post-acquisition integration); technology (including reliance on systems and information technology); regulatory approvals (including acceptance of the share repurchase program); regulatory developments (including the essential services proceeding, spectrum auction, tower sharing and roaming rules, and new media proceeding); process risks (including conversion of legacy systems and billing system integrations); health, safety and environmental developments; litigation and legal matters; business continuity events (including man-made and natural threats); any prospective acquisitions or divestitures; and other risk factors discussed herein and listed from time to time in TELUS’ reports, comprehensive public disclosure documents including the 2006 Annual Report, 2007 quarterly reports and in other filings with securities commissions in Canada (filed on SEDAR at www.sedar.com) and the United States (filed on EDGAR at www.sec.gov).

For further information, see Section 10: Risks and risk management in TELUS’ annual 2006 Management discussion and analysis, as well as updates reported in section 10 of TELUS’ 2007 first, second and third quarter Management’s discussion and analyses.

TELUS forward looking statements

2

2007 guidance update

Recent corporate developments

TELUS and Emergis

AWS auction

2008 targets

Summary

Questions and answers

Agenda

2007 guidance update

Revenue revised downward for wireless and wirelineEBITDA and EPS remain unchanged

4

Updated 2007 guidance1 Change over 2006

Revenue $9.05 to 9.1B 4 to 5%

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

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

Capex approx. $1.75B 8%

* 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 November 2, 2007

Emergis acquisition update

TELUS agreed to acquire Emergis for $8.25 cash per share or $766 million, announced Nov. 29, 2007

Take-over bid circular & other documents mailed Dec. 11, 2007

Offer open for acceptance until Jan. 16, 2008

Deal expected to close Q1- 2008

10 months of Emergis’ results included in TELUS’ 2008 targets

Preliminary estimate of $10M of restructuring costs

Takeover circular mailed Dec. 11 for acceptance by Emergis shareholders by January 16, 2008

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Advanced Wireless Spectrum auction update

105 MHz of spectrum made available for auction in May 2008

40 MHz set-aside exclusively for bidding by new entrants Mandated national/in-territory digital roaming and tower

sharing at commercially negotiated rates subject to binding arbitration

Build out targets of 30 to 50% (larger markets) in 5 years Minimum bids required by region

Possible AWS spectrum expenditures not included in 2008 capex target

6

2008 targets

2.8% GDP growth consistent with Conf. Board of Canada

CAD/USD forecasted at parity

Increased competitive activity from cable-TV / VoIP players

Wireless industry penetration growth similar to 2007 of 4.5 to 5 points and downward pricing pressure on ARPU to continue

Assume no new competitive wireless entry in 2008

Potential TELUS participation in AWS spectrum auction not included in capex target

10 months results for Emergis included in wireline and consolidated targets

2008 target assumptions

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$50M restructuring & workforce reduction costs (approx. $25M in 2007)

Discount rate of 5.5% (50 bps higher than 2007) and expected return of 7.25% (unchanged) for pension accounting

Average shares outstanding of approx. 320M shares

Statutory tax rate of 31 to 32% expected in 2008

Based on an updated review of the company’s tax position, TELUS now expects minimal cash tax payments in 2007 and 2008

Payment of significant cash taxes to commence in 2009

2008 targets assumptions (con’t)

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Net debt to EBITDA of 1.5 to 2.0 times

Dividend payout ratio of 45 to 55% of earnings

Maintain credit ratings in range of BBB+ to A- or equivalent

Financial policy guidelines

Maintaining consistent long-term financial policy guidelines

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2007E 2008E

4.25 to 4.275

4.625 to 4.725

2008 wireless revenue target ($B)

Wireless revenue growth of 9 to 11% driven by subscriber and data ARPU growth

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2007E 2008E

1.925 to 1.95

2.075 to 2.150

2008 wireless EBITDA target ($B)

EBITDA growth target range of 7 to 11%

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2007E 2008E

4.8 to 4.825

4.975 to 5.075

2008 wireline revenue target ($B)

Wireline revenue growth of 3 to 5% as inclusion of Emergis & data growth to more than offset increasing competitive intensity

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1 includes an incremental $25M in restructuring costs

2007E 2008E1

1.8 to 1.825 1.725 to

1.8

2008 wireline EBITDA target ($B)

Wireline EBITDA target reflects competitive environment and continued introduction of growth services

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EBITDA EBITDA (excl. restr)

2007E 2008E

1.825 to 1.85

1.775 to 1.85

2007E 2008E

8.681

9.05 to 9.1

2006

8.143

2005

2008 consolidated revenue target ($B)

Revenue growth of 6 to 8% driven by wireless as well as modest wireline growth

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9.6 to 9.8

2007E 2008E

3.59

3.725 to 3.775

2006

3.295

2005

Target represents EBITDA growth of up to 5%

3.8 to 3.95

2008 consolidated EBITDA target ($B)

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2007E1 2008E

3.55 to 3.65

3.50 to 3.80

2006

1.96

2005

2008 EPS ($)

Up to 6% increase in reported EPSUnderlying EPS growth of 7 to 16%

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3.27

Positive tax related adjustments

0.480.32

1 2007 EPS (adjusted) excludes non-cash charge for the net cash settlement feature of options

0.202.79

3.23 to

3.331.76

2007E1

~$3.60

Higher dep.

Higherfin.

costs

Decr. in avg o/s

shares & other

EBITDA growth

Tax- related adjust.2

2007E normal.

2008E

$3.50 to 3.80

1 Midpoint of updated 2007 guidance2 Q3 YTD* 2007 EPS (adjusted) excludes non-cash charge for the net cash settlement feature of options

2008 EPS continuity

Strong normalized EPS growth of 7 to 16%

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$0.32

~$3.28

$0.10 to 0.40

$0.14 to 0.15

$0.02 $0.17

Tax rate reduction

$0.12 to 0.13

2007E 2008E

~1.75~1.9

2008 consolidated capex target ($B)

TELUS continues to invest appropriately for future growth

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2008 capex components

Increased investment focused on longer-term growth areas

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Significant investments in network infrastructure to improve broadband capability, develop new applications

Support continued strong housing growth in AB/BC

Success based investments to support new contract wins

Investments in our internal systems and processes to enhance our customer service and cost efficiencies

Support continued high-speed wireless coverage and capacity

Share buy backs – 3rd Normal Course Issuer Bid

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Nov 07 Nov-07 YTDSince NCIB*

inception

Total investment (M) $95.4 $697 $2,467

Total shares (M) 1.9 12.4 51.8

Outstanding shares (M) - 325.5 32.9

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

3.7% 9.2%

since Dec-04

Shares outstanding down 4% YoY and 9% since inception

* Normal Course Issuer Bid

Anticipated renewal of NCIB as early as Dec. 20, 20071

Authorized to repurchase up to 8M common and 12M non-voting (up to 6% of total shares outstanding)

Quarterly dividend previously increased by 20% to 45 cents per share per quarter for Jan 1, 2008 payment, consistent with dividend growth approach

In line with targeted payout ratio guideline of 45 to 55% of sustainable net earnings

1 Subject to acceptance by TSX

Return of capital summary

Annualized dividend now at $1.80

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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 Nov.30/07, annualized

2.29

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2.10

0.82

3.30 3.43

3.79

0.22

0.60

2.50

0.80 1.10

2.33

Strong track record of returning capital to shareholders

2008E3

1.80

2007 guidance update: Consolidated and segmented revenue guidance

revised downward, while re-affirming profitability and capex guidance

Material cash taxes not expected to be payable until 2009

2008 targets reflect: Solid revenue growth Good normalized EPS growth

2008 targets consistent with execution of long-standing national growth strategy

Highlights

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appendix

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

Appendix - definitions

TELUS definitions for non-GAAP measure

~(460)

2008E

Net Cash Interest

$3,800 to 3,950EBITDA

($M)

~(40)Other1:

Free Cash Flow (before spectrum investments)

1 Includes restructuring expense (net of cash payments), net cash taxes, share based compensation (net of cash payments) and cash payments related to charitable donations and securitization fees

~(1,900)Capex

2008E free cash flow detail

$1,400 to 1,550