Q4 2007 TELUS investor conference call February 15, 2008

1. Q4 2007 TELUS investor conference call February 15, 2008

2. TELUS forward looking statements This session and answers to questions contain forward-looking statements that require assumptions about expected future events and financial and operating results that are subject to inherent risks and uncertainties. There is significant risk that assumptions, predictions and other 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, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed. The Company disclaims any intention or obligation to update or revise forward looking statements, except as required by law. In the case of annual guidance, the Company may at its sole discretion change its current practice of updating annual guidance. Factors that could cause actual results to differ materially include, but are not limited to: competition (including more active price competition and the possibility of new wireless competition after the 2008 spectrum auction); 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; business integrations and internal reorganizations (including post-acquisition integration of Emergis); technology (including reliance on systems and information technology, evolving wireline broadband and wireless next generation technology options and the possible need for prospective wireless sharing arrangements to achieve cost efficienciesand reduce deployment risks); regulatory approvals and developments (including the essential services proceeding, spectrum auction, tower sharing and roaming rules, the new media proceeding and possible changes to foreign ownership restrictions); process risks (including conversion of legacy systems and billing system integrations); health, safety and environmental developments; litigation and legal matters; business continuity events (including manmade and natural threats); any prospective acquisitions or divestitures; and other risk factors discussed herein and listed from time to time in TELUS’ reports and public disclosure documents including its annual report, annual information form, and other filings with securities commissions in Canada (on www.sedar.com) and filings in the United States including Form 40-F (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, third and fourth quarter Management’s discussion and analyses.

3. Q4 2007 TELUS investor conference call Darren Entwistle member of the TELUS team February 15, 2008

4. Consolidated highlights – 2007 • Revenue growth of 4.5% led by wireless and data • Operating profit (EBITDA adjusted) up 4% • Maintained operating margin of 41% despite mid-year costs • Underlying 2007 EPS growth of 19% • Capital expenditures up 9% to $1.8 billion • Free cash flow remained strong at $1.6 billion Record return on equity of 18% 4

5. Strong record of returning capital •  20% •  36% •  38% •  33% Increasing Annual Dividends • Shares repurchased in 2007 • 13.6 million shares for $750 million • Shares repurchased since Dec. 2004 • 53 million shares for $2.5 billion • New NCIB in 2008 • up to 20 million shares • Dividends and share repurchases of $4 billion in 4 years $1.80 $1.50 $1.10 $0.80 2005 2006 2007 2008E1 1. Annualized for 45 cent January and April dividends declared In 2007, returned $1.3 billion in dividends and share buybacks 5

6. Wireless highlights – 2007 • Wireless revenue growth 10.5% • Data growth 59% • 80% national coverage with EVDO network • Churn of 1.45% up primarily due to wireless number portability Churn and wireless number portability areas of opportunity Continued resiliency in wireline 6

7. TELUS wireless subscriber additions Gross additions (000s) 1,434 Net additions (000s) 1,293 1,279 1,121 1,017 985 987 584 535 515 512 431 418 418 2001 2002 2003 2004 2005 2006 2007 Fourthconsecutive year of net additions greater than 500K 7

8. Canadian wireless industry subscriber growth Population penetration gain 61% Population penetration 56% 4.9% 52% 4.6% 47% 5.1% 42% 4.4% 4.1% 2003 2004 2005 2006 2007 Industry trend remains robust 8

9. Canada vs. US - wireless opportunity Potential for growth • 19% x 33 million Canadians = 6 million clients for industry 61% 80% Canada US 6 million new clients expected over next 4 years 9

10. Wireline highlights – 2007 • Resilient wireline revenue • Data growth healthy at 8% to $1.8 billion • High-speed Internet subscribers up 11% to exceed one million • Continued traction in business and public sector Healthy data revenues offsetting declining local and long distance revenues 10

11. Moderate Network Access Line losses vs. peers Other -3.0% -3.2% -3.4% -5.0% -6.3% 2006 -7.4% -7.6% 2007 -8.1% 11

12. Wireline highlights – 2007 • Investing in speed and coverage of broadband infrastructure • Deregulation in 75% of consumer and 67% of business markets • Focus on key industry verticals • Public sector, health care, financial services and energy • Emergis deal closed January 2008 • Securing new contracts across Canada • Drives success based capital expenditures Addressing the dynamics of the wireline industry 12

13. 2008 corporate priorities • Drive profit from mobility services with a focus on data • Leverage forbearance to advance Future Friendly Home services • Build scale in vertical markets and leverage Emergis acquisition • Exact productivity gains from efficiency improvement initiatives • Elevate the client experience and build enhanced loyalty • Execute technology initiatives, including broadband and IT platforms Focusing on core businesses and advancing the strategy through execution 13

14. Q4 2007 TELUS investor conference call Robert McFarlane EVP & Chief Financial Officer February 15, 2008

15. Wireless segment – Q4 2007 financial results     1 Comparative results for 2006 have been corrected for a change in employee future benefits transitional pension asset accounting. Correction decreased pension expense by $24.7 million in each year from 2000 to 2006. 2 EBITDA includes a recovery of $0.9M in Q4-07 for net cash settlement feature of options granted prior to 2005. Excluding this charge, EBITDA (as adjusted) increased by 13.4%. Subscriber growth drives revenue higher while acquisition costs improve 15

16. Wireless subscriber results net additions wireless subscribers prepaid 1.1M 182K 161K postpaid Prepaid 20% 71% Postpaid 80% 66% 4.4M Q4-071 Q4-06 5.57 million total 1 Prepaid net additions in Q4-07 included a one-time reduction of 5.1K to clean up deactivation records Total subs up 10%, with strong postpaid mix 16

17. Wireless ARPU Data ARPU $64.50 $63.70 Voice 6.16 7.95 58.34 55.75 Q4-06 Q4-07 Wireless data revenue of $131M, up 43% 17

18. Wireless marketing efficiency     Reduced COA contributed to margin expansion 18

19. Wireline revenue profile      Good data growth offset by legacy declines 19

20. Wireline segment – Q4 2007 financial results     1 Comparative results for 2006 have been corrected for a change in employee future benefits transitional pension asset accounting. Correction decreased pension expense by $24.7 million in each year from 2000 to 2006. 2 EBITDA includes $1.5M expense in Q4-07 for net-cash settlement feature of options. Excluding this expense EBITDA (as adjusted) increased 2.6% EBITDA up 2% on margin expansion 20

21. Internet subscribers Internet subscribers High-speed Internet net additions 155K Dial-up 13% 44K 26K High-speed 87% 1M Q4-06 Q4-07 1.18 million total Challenging quarter for high-speed net adds, base up 11% 21

22. Network access line results % of network access lines lost (yr. over yr.) Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 -3.2% -2.6% -2.8% -3.0% -2.9% -3.1% -3.0% Stable overall line losses – strong results relative to peers 22

23. TELUS total customer connections 11.1 (millions) 10.7 10.2 Res NALs Bus NALs Dial-up Internet High-speed Internet Wireless Q4-05 Q4-06 Q4-07 Wireless and Internet represent 60% of total connections 23

24. Consolidated – Q4 2007 financial results      1 Comparative results for 2006 have been corrected for a change in employee future benefits transitional pension asset accounting. Correction decreased pension expense by $24.7 million in each year from 2000 to 2006. 2 EBITDA includes an expense of $0.6M in Q4-07 for net cash settlement feature of options granted prior to 2005. Excluding this expense, EBITDA (as adjusted) increased by 7.9% Good increase in operating earnings and EPS 24

25. EPS continuity   0.05 $1.23   0.05 0.13   0.38 0.09 $0.71 Q4-06 EBITDA Financing expenses Q4-07 Dep’n & Amort Other (incl. lower avg o/s shares) Net tax related adj. Underlying EPS growth of 22% 25

26. Share buy backs – Normal Course Issuer Bid    Shares outstanding down 4% in 2007 and 9.5% since inception 26

27. Emergis and financing update Closed $743 million acquisition of Emergis on January 17 11.5 months of Emergis results included for 2008 Pro forma net debt to EBITDA of 1.9x Accepted commitments for a new $700 million 364-day revolving credit facility No significant debt maturing until 2011 TELUS has strong liquidity and balance sheet 27

28. 2008 consolidated targets* unchanged *See forward looking statement caution Reaffirming 2008 consolidated and segmented targets 28

29. Questions? investor relations 1-800-667-4871 telus.com ir@telus.com

30. Appendix – Free cash flow (2007 definition) ($M) Q4-06 Q4-07 EBITDA $884.3 $953.4 Capex (415.2) (472.5) Interest expense paid (218.2) (138.5) 5.1 122.3 Cash income taxes; and other Non-cash portion of share-based compensation (10.2) (20.9) Restructuring payments (net of expense) (6.2) 2.8 (8.5) (9.1) Cash related to other expenses Free cash flow (before cash settled option pmt) $437.5 $231.1 Cash settled options paid (9.7) - Free cash flow $231.1 $427.8 Share Issuance (non-public) 0.2 21.6 (147.5) (199.5) Purchase of shares for cancellation (NCIB) (127.2) (269.9) Dividends (31.9) (55.9) Working capital & other Funds avail. for debt redemption $(21.3) $(129.9) 150 (50.0) Accounts Receivable Securitization 90.2 (6.2) Net debt issuance / (repayment) Net change in cash $13.9 $18.9

31. Appendix - definitions • 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 TELUS definitions for non-GAAP measure