Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer

1. Q3 2011 TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer Joe Natale EVP & Chief Commercial Officer Darren Entwistle President & Chief Executive Officer November 4, 2011

2. TELUS Forward Looking Statement Today's presentation and 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 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 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 2011 annual guidance), qualifications and risk factors (including the ability to sustain dividend growth model of circa 10% per annum with semi-annual dividend increases to 2013) referred to in the Management’s discussion and analysis in the 2010 annual report, and in the 2011 first, second, and third quarter 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.

3. Agenda • Wireless and wireline segment review • Consolidated financial review • Updates • Dividend • Financing • Regulatory • Operations • Questions and Answers

4. Q3 2011 wireless financial results      1 Margins on network revenue in Q3/11 & Q3/10 were 44.2% and 45.0%, respectively Strong revenue and EBITDA growth Higher capex reflecting investments in urban LTE networks

5. Wireless subscriber results Total net adds Postpaid net adds Wireless subscribers 1.2M 153K prepaid 17% 133K 132K 114K postpaid 83% 6.0M Q3-11 Q3-10 Q3-11 Q3-10 7.2M total Continued strong postpaid net additions represent >100% of Q3-11 total net adds given decrease in prepaid subscribers

6. Marketing and retention      1Q3/11 churn of 1.58% when normalized for loss of Government of Canada contract Investments in COA/COR reflect record Q3 smartphone loading associated with industry leading churn

7. Blended ARPU analysis Data % of ARPU Voice $60.52 $58.75 20.90 35% 25% 14.53 75% 44.22 65% 39.62 Q3-10 Q3-11 Q3-10 Q3-11 ARPU up 3% - fourth consecutive quarter of growth

8. Wireless data revenue $444M $291M $226M Q3-10 Q3-09 Q3-11 Impressive data revenue growth of 53% Seven consecutive quarters of accelerating y/y data growth

9. Q3 2011 wireline financial results      Results reflect strong subscriber growth, investments in Optik services and continued erosion of high margin legacy services

10. TELUS TV subscribers TELUS TV net additions* TELUS TV subscribers* 453K 50K 266K 38K Q3-10 Q3-11 Q3-10 Q3-11 Strong momentum continues with TV net adds up 32% y/y and total subscribers up 70% to surpass 450K * Includes both IP TV and TELUS Satellite TV subscribers

11. TELUS high-speed Internet net additions 22K 18K 16K 15K 13K 3K 3K Q2-11 Q3-11 Q2-10 Q3-10 Q4-10 Q1-11 Q1-10 Strong growth in HSIA net adds reflects success of enhanced Optik services and bundling since brand launch in June 2010

12. TELUS network access lines Residential Business Q3-10 Q3-11 Q3-10 Q3-11 -12K -13K -30K -39K Residential line losses improved 23% for best result in 5 ½ yrs reflecting success of bundling Optik services

13. Q3 2011 consolidated financial results       Growth across the board driven by strong subscriber and data growth

14. EPS continuity analysis ($) Positive income tax-related adjustments 0.01 0.01 1.00 0.03 0.05 0.06 - 0.02 0.12 - 0.01 0.78 0.75 Excl. Tax Adj. Q3-10 reported 2010 debt redemption Normalized financing1 Lower Pension & Restr. costs 2010 Deferral Acc’t Interestrelated exp Higher Normalized EBITDA2 Lower Tax Rates & Other Higher Dep & Amort Higher O/S shares Q3-11 reported • EPS up 28% aided by lower financing costs • When excluding non-recurring items, EPS higher by 11% 1 Normalized Financing excludes $0.12 for 2010 debt redemption and $0.03 for 2010 deferral account interest related expense. 2 Normalized EBITDA excludes $0.05 combined for restructuring and pension costs.

15. TELUS raises quarterly dividend to 58 cents • January 3, 2012 dividend of 58 cents declared • Up 3 cents or 5.5% from October dividend • Up 5.5 cents or 10.5% from year ago 58 55 55 52.5 52.5 50 50 47.5 • Consistent with May announcement • Semi-annual dividend declarations to 2013* • Circa 10% annual increases Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 Second of six semi-annual dividend increases targeted - consistent with TELUS’ dividend growth model to 2013 * See forward looking statement caution. Dividend decisions will continue to be subject to the Board’s assessment and determination of the Company’s financial situation and outlook on a quarterly basis.

16. TELUS enters into new long-term bank facility • In November, TELUS successfully completed a new five-year $2 billion bank credit facility • New facility replaced TELUS’ existing $2 billion credit facility expiring May 2012 • New facility to be used for general corporate purposes including backstop of TELUS’ ongoing low interest cost commercial paper program • Wide participation in syndicated facility an indication of TELUS’ strong credit ratings and adherence to prudent financial policies

17. CRTC sets framework to address vertical integration • In September, CRTC released its policy framework to address concerns regarding vertical Integration in the broadcasting industry • New policy ensures that consumers will have greater access to television content on all platforms, regardless of their service provider • Regulatory framework includes following elements: • Prohibition on offering TV programs on an exclusive basis that applies to all platforms including wireless and Internet • Code of conduct for better business practices that sets out what constitutes commercially unreasonable terms • Availability of CRTC dispute resolution when necessary and no head starts or withholding of signals when disputes arise • CRTC’s new policy protects consumer choice • and ensures competition in TV distribution market

18. Q3 2011 summary • Consolidated revenue growth driven by both wireless and wireline • Strong subscriber growth in wireless and wireline • Double digit EPS growth aided by lower financing costs • TELUS enters into new five-year $2 billion bank facility • Consistent with dividend growth model, January 2012 quarterly dividend increased to 58 cents – up 10.5% from year ago • 2011 guidance reaffirmed Strong results across the board bodes well for future

19. Strong smartphone adoption driving ARPU growth Wireless Data ARPU Postpaid subscribers (millions) Smartphone % of postpaid $20.90 6.0 5.6 $14.53 5.2 48% $12.05 28% 18% Q3-09 Q3-10 Q3-11 Q3-09 Q3-10 Q3-11 3Q 2011 Smartphone base up 80% to 2.8 million year over year Data ARPU expansion driven by 53% growth in data revenue

20. Future Friendly Home generating Optik momentum High-speed Internet TELUS TV 72K Residential NALs 22K 53K 15K 31K 50K 50K 38K 9K 38K 22K -30K -39K -43K -30K -43K -39K Q3-09 Q3-10 Q3-11 TV and High-Speed Internet loadingexceeding residential NAL losses for fifth consecutive quarter

21. Continuing to improve operational efficiency • Key initiatives enabling call driver reduction • Savings in handset and customer equipment procurement • Leveraging web channels and e-billing • Driving call centre and field quality improvements Clear and Simple approach driving customer loyalty and differentiation while enhancing operating efficiency

22. Developments in SMB & Enterprise • TELUS Business Freedom • Integrated wireless and wireline bundles for SMBs in BC/AB • Business Anywhere for businesses in the office and on the go • Business Select for businesses working primarily in a single location • Positions TELUS well in SMB space and leverages wireless • Government of British Columbia • 10-year, $100-million-a-year contract • TELUS to continue to provide telecom services • To extend advanced wired and wireless communications infrastructure in urban and rural BC communities Government of BC contract renewal and expansion strong testimonial to leading capabilities of TELUS’ enterprise solutions

24. Appendix – free cash flow 2010 Q3 2011 Q3 C$ millions EBITDA 941 968 Capex (449) (470) Net Employee Defined Benefit Plans Expense (Recovery) (3) (8) Employer Contributions to Employee Defined Benefit Plans (21) (13) Interest expense paid (108) (62) Cash Income Taxes and Other (30) (43) Share-based compensation 3 8 Restructuring payments (net of expense) 5 (35) Free Cash Flow 345 338 5 - Common and Non-voting shares issued Dividends (161) (178) - 45 Dividends reinvested (DRIP) - Acquisitions (29) Working Capital and Other 83 113 Funds Available for debt redemption 340 221 Net Issuance (Repayment) of debt (331) (186) Increase in cash 9 35

25. Appendix – definitions • EBITDA: Earnings before interest, taxes, depreciation and amortization • Capital intensity: capital expenditures divided by total revenue • Cash flow: EBITDA less capex • Free cash flow:EBITDA, adding Restructuring costs, net employee defined benefit plans expense, cash interest received and excess of share-based compensation expense over share-based compensation payments, subtracting the non-cash gain on Transactel, cash interest paid, cash taxes, capital expenditures, restructuring payments and employer contributions to employee defined benefit plans. • Cost of retention (COR): total costs to retain existing subscribers, often presented as a percentage of network revenue