Robert McFarlane EVP & Chief Financial Officer

1. RBC Capital Markets Telecommunications & Media Fixed Income Conference Robert McFarlane EVP & Chief Financial Officer May 14, 2010

2. TELUS forward looking statements Today's presentation and answers to questions contain statements about expected future events and financial and operating results 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 results 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 guidance), qualifications and risk factors referred to in the Management’s discussion and analysis in the 2009 annual report and in the 2010 first quarter report. 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. strategic focus on data and wireless 3 Revenue $9.6B $6.0B Local &Long Distance Data &Wireless Local & Long Distance Data & Wireless 72% 28% 28% 72% 2000 20101 Successful and strategic transformation

4. cash flow by segment 4 Wireline EBITDA less capex ($billions) Wireless 2.0 2.0 2.0 1.9 1.9 1.8 1.6 1.4 0.3 0.1 2002 2003 2004 2005 2006 2007 20081 2009 2010E2 20011 1 Wireless excludes payment for wireless spectrum of $356M in 2001 and $882M in 2008 2 See forward looking statement – midpoint of 2010 guidance Simple cash flow returning to more historical levels in 2010 following peak capital investments in 2009

5. strategic investment in new 3G+ wireless network 5 • HSPA network launched November 5th, 2009 • Provides service to more than 31 million or 93% of Canadians • Enabling wireless applications with faster download speeds • Access to international roaming to more than 200 countries • Access to latest smartphones BlackBerry Bold Generating strategic and competitive benefits

6. Q1 wireless metrics      Wireless KPIs demonstrated significant improvement in Q1

7. business and residential NALs Residential*NAL losses Business* NALlosses Q1-09 Q1-10 Q1-09 Q1-10 -9K -8K -44K -50K * Historic NALs restated for prior periods starting in 2007 as a result of a periodic subscriber measurement review and correction. Stable business NAL losses. Residential NAL decline reflects aggressive price competition from cable-TV competitor

8. strategic investment in wireline broadband 8 • 1.8 million homes now passed with Fibre to the node in AB and BC • Expect 90% coverage of top 48 communities in AB/BC by end of 2010 • Cost effective upgrade to VDSL2 underway with speeds up to 30Mbps • Continuing fibre to the home in new residential developments • Fibre to the building (ethernet to the suite) in multi dwelling units Continued increases in broadband coverage to 1.8 million homes

9. building TELUS TV momentum 9 • Launched Microsoft Mediaroom in February 2010 • Exclusive provider of PVR Anywhere in Western Canada • Launched TELUS Satellite TV in mid-2009 TELUS TV customers (000s) 199 98 41 Q1 2008 Q1 2009 Q1 2010 TELUS TV is available to over 90% of homes in Alberta and BC

10. focus on operational efficiency 10 Total restructuring costs and savings ($M) 335 Restructuring EBITDA savings 135 190 75 59 20 2007-2010E 2007 2008 2009 2010E Domestic telecom staff count down 8% in 2009 $135M in annual EBITDA savings expected in 2010

11. TELUS’ strong balance sheet and credit policies 11 • New dividend payout ratio is 55 to 65% of sustainable net earnings Decade long track record of prudent financial policies

12. 2010 annual guidance* • Expect 50% or greater increase in 2010 free cash flow * 2010 guidance as at May 5th 2010. See forward looking statement caution 2010 guidance confirmed on May 5, 2010

14. long-term debt maturities 14 C$ millions Deferred FX Hedge Liability 2,065 989 795 700 690 616 622 300 81 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ Average term to maturity of debt is 4.8 years

15. defined benefit pension plans 15 * See forward looking statement caution. 99% funded on accounting basis

16. IFRS changeover update • Beginning Q1/10, TELUS began preparing Canadian GAAP to IFRS for internal use • Starting January 1, 2011 TELUS will prepare and report interim and annual 2011 financial statements • The company has completed its initial identification, evaluation and selection of accounting policies necessary to change over to IFRS Fulsome changeover plans and status in section 8.2 in MD&A

17. Q1 2010 consolidated financial results       Growth in earnings and free cash flow resulting from expense control and reduced capital expenditures

18. Q1 free cash flow 2009 Q1 2010 Q1 C$ millions 906 940 EBITDA (474) (311) Capex 4 7 Net Employee Defined Benefit Plans Expense (Recovery) (53) (45) Employer Contributions to Employee Defined Benefit Plans (36) (49) Interest expense paid (includes income tax interest income) (214) (251) Cash Income Taxes and Other 13 8 Non-cash portion of share-based compensation (1) (49) Restructuring payments (net of expense) (10) (3) Donations and securitization fees included in other expense 129 253 Free Cash Flow (before share-based compensation payment) (7) (4) Share Based Compensation Paid 246 125 Free Cash Flow (per current public guidance methodology) 21 Issuance of non-voting shares* 0 (151) (151) Dividends 3 - Proceeds from sale of property and other assets (Acquisitions) (42) 12 Working Capital and Other (14) 77 Funds Available for debt redemption - (100) A/R Securitization 75 28 Net Issuance (Repayment) of debt 61 5 Increase (Decrease) in cash * Non-voting share issuance from treasury for shareholders in the DRIP