Darren Entwistle Member of the TELUS team

Darren Entwistle Member of the TELUS team

agenda 2 Review of strategy Commitment to we give where we live First quarter results Dividend declaration 2010 corporate priorities

focus on executing proven strategy 3 Strategic imperatives 2000 to 2010: Focusing on growth markets of data and wireless Building national capabilities Providing integrated solutions Investing in internal capabilities Partnering, acquiring and divesting as necessary Going to market as one team Successful execution of strategy has transformed TELUS

strategic focus on data and wireless 4 $6.0B Revenue $9.6B Local & Long Distance 72% Data & Wireless 28% Local & Long Distance 28% Data & Wireless 72% 2000^ 2010 1 Revenues up 60% since 2000

TELUS transformation since 2000 5 2000 2010 1 % change Revenue $6.0B $9.6B 60% Net Income $681M $948M 39% Customer connections 6.0M 11.9M 98% Enterprise value $10.5B $19.0B 81% Significant expansion from national growth strategy

5-year total return 2 track record 6 1 TELUS 22% 1 TELUS 22% 2 BCE 7% 3 Portugal Telecom -7% 4 New Zealand Tel -12% 5 Swisscom -14% 6 Singapore Tel -17% 7 Verizon -22% 8 Telstra -27% 9 Hellenic Tel -30% 10 Telefonica -33% 11 AT&T -36% 12 Telecom Italia -41% Achieved by team members commitment to strategy

6-year total return 3 track record 7 1 TELUS 64% 1 TELUS 64% 2 BCE 8% 3 Singapore Tel -5% 4 Hellenic Tel -5% 5 New Zealand Tel -6% 6 Portugal Telecom -9% 7 Swisscom -18% 8 Telefonica -34% 9 AT&T -36% 10 Telstra -38% 11 Verizon -39% 12 Telecom Italia -50% Achieved by team members commitment to strategy

7-year total return 4 track record 8 1 TELUS 88% 1 TELUS 88% 2 BCE 28% 3 Singapore Tel 27% 4 Hellenic Tel 20% 5 Portugal Telecom 10% 6 AT&T -2% 7 Swisscom -4% 8 Telefonica -13% 9 New Zealand Tel -14% 10 Verizon -18% 11 Telstra -30% 12 Telecom Italia -50% Achieved by team members commitment to strategy

8-year total return 5 track record 9 1 TELUS 79% 1 TELUS 79% 2 BCE 69% 3 Singapore Tel 64% 4 Hellenic Tel 36% 5 Portugal Telecom 25% 6 Telefonica 23% 7 AT&T 18% 8 Verizon 0% 9 Swisscom -5% 10 New Zealand Tel -14% 11 Telstra -16% 12 Telecom Italia -51% Achieved by team members commitment to strategy

9-year total return 6 track record 10 1 TELUS 40% 1 TELUS 40% 2 BCE 10% 3 Singapore Tel 9% 4 Telefonica -8% 5 Portugal Telecom -8% 6 AT&T -15% 7 Verizon -18% 8 Swisscom -23% 9 Telstra -27% 10 Hellenic Tel -32% 11 New Zealand Tel -50% 12 Royal KPN -71% Achieved by team members commitment to strategy

10 plus-year total return 7 track record 11 1 TELUS 53% 1 TELUS 53% 2 Singapore Tel 41% 3 BCE 40% 4 Portugal Telecom 38% 5 Telefonica 7% 6 Swisscom -7% 7 AT&T -17% 8 Verizon -19% 9 Telstra -36% 10 Hellenic Tel -44% 11 New Zealand Tel -48% 12 Royal KPN -66% Achieved by team members commitment to strategy

delivering on our investor commitments 12 TELUS sets demanding but realistic targets 44 consolidated targets Achieved 77% Not achieved 23% 2001 2009 Only 1 of 4 targets achieved in 2009

making customer focused investments 13 Strategic investment in customer growth initiatives New HSPA 3G+ wireless network Secured favourable supplier pricing Continued wireline broadband build Increased capex by 13% to $2.1 billion in 2009 $700 million invested in BC Recognized opportunity to strengthen our competitive position

strategic investment in new 3G+ wireless network 14 New fastest 3G+ wireless network Reaches more than 93% of Canadians Significant wireless coverage advantage

The biggest, fastest mobile network. TELUS HSPA+ coverage HSPA+ technology: fastest data speeds 8 Quebec in Spring 2010 9 HSPA+ technology planned to be available by winter 2011 Rogers HSPA+ coverage 8 Strengthening our competitive position in Western Canada

technology: fastest data speeds 8 Quebec in Spring 2010 TELUS HSPA+ coverage 9 9 Rogers HSPA+ coverage 8

strategic investment in new 3G+ wireless network 17 New fastest 3G+ wireless network delivers More choice of industry leading devices Enhanced access to fast growing data revenues Simple wireless pricing plans Expanded distribution with 113 Black s Photo stores Demonstrating our brand promise for benefit of clients

strategic investment in wireline technology 18 Investing to further enhance broadband network Fuelling new revenue growth Improving position against cable TV Accelerating roll out of all digital TELUS TV Delivering innovative new customer solutions

building TELUS TV momentum 19 Launched Microsoft Mediaroom in February 2010 Provides customers superior viewing experience PVR Anywhere offers flexible recording features Launched TELUS Satellite TV in mid-2009 TELUS TV is available to over 90% of homes in Alberta and BC

TELUS TV customer growth 20 TELUS TV customers (000s) 199 98 21 41 Q1 Q1 Q1 Q1 2007 2008 2009 2010 Passed major 200,000 milestone in April

Q1 2010 consolidated results 21 Q1 2010 % change Revenue $2.38B - Operating earnings 10 $940M 3.8% Normalized operating earnings 11 $953M 1.6% EPS basic 84 17% EPS excluding tax adjustments 83 2.5% Capital expenditure $311M 34% Free cash flow $246M 97% Improvements in earnings and cash flow

Q1 2010 wireless highlights 22 Q1 2010 % change Revenue $1,177M 4.2% Operating earnings 10 $497M 1.8% Key Indicators Average monthly revenue (ARPU) $55.80 4.4% Total net adds 51K 6% Postpaid net adds 65K 48% Churn 1.55 7bps Improving trends across the board

Q1 2010 wireline highlights 23 Q1 2010 % change Revenue $1.2B 3.8% Operations expenses $787M 5.6% Operating earnings 10 $443M 6.0% Normalized operating earnings 11 $454M 1.3% Key Indicators Total network access lines 3.9M 5.2% TELUS TV customers 199K 103% Results reflect operational efficiency success

leading the way in social responsibility 24 Symbiotic relationship with our community Success of our business allows us to give back We give where we live

supporting digital mammography 25 Pink BlackBerry Pearl and Pink BlackBerry Curve $25 from each device funds new mammography equipment Advancing early detection of breast cancer in our communities

leading the way in social responsibility 26 Symbiotic relationship with our community Success of our business allows us to give back TELUS, employees, retirees gave $158M since 2000 We have volunteered 3.1 million hours since 2000 In 2009 we gave more time and money than ever We give where we live

video slide 27

Leading the way in social responsibility 28

Victoria Community Board 29 Mel Cooper Chair, TELUS Victoria Community Board Order of Canada Broadcasting legend BC Entrepreneur of the Year Chair, 94 Commonwealth Games Senior leader, Expo 86 Handsomest man to ever come out of Newfoundland Community giving owned and executed locally

Vancouver Community Board 30 Nini Baird Chair, TELUS Vancouver Community Board Order of Canada Founding member of the BC Arts Council Canada 125 th Anniversary Medal Queen s Gold & Silver Jubilee Medals Do not be fooled by the lovely smile she rules with an iron fist! Community giving owned and executed locally

TELUS Community Boards across Canada 31 Nine community boards coast to coast In 2009, $4.1 million to 341 community projects Since 2005, $21 million to 1,546 community projects 2009 Vancouver $600,000 Victoria $300,000 Edmonton $500,000 Calgary $500,000 Atlantic Canada Rimouski $300,000 $400,000 Montreal $500,000 Toronto Ottawa $600,000 $400,000 Moving decision-making closer to communities

TELUS Vancouver Community Board 32 Vancouver Community Board launched January 2005 Since 2005, $3.2 million donated to 264 organizations In 2009, $600,000 given to 58 organizations In 2010, $600,000 of giving planned Moving decision-making closer to communities

TELUS Vancouver Community Board 33

TELUS Vancouver Community Board members 34 Janet Austin Chief Executive Officer YWCA Vancouver Josh Blair Executive Vice- President, Human Resources TELUS Don Calder Retired President and Chief Executive Officer BC TEL Moving decision-making closer to communities

TELUS Vancouver Community Board members 35 Wendy Carter Consultant and Facilitator Kristina Chang Student, University of British Columbia Dr. Doug Clement, C.M. Professor Emeritus Sports Medicine University of British Columbia Moving decision-making closer to communities

TELUS Vancouver Community Board members 36 Wade Domries Vice-President, Future Friendly Home and Small Business Solutions, TELUS Bobby Farr TELUS Community Ambassador Alastair Fraser Consultant Moving decision-making closer to communities

TELUS Vancouver Community Board members 37 Katie Gove Senior Community Investment Manager TELUS Peter Green Senior Vice-President, National Small and Medium Business TELUS Shannon Higginson Senior Legal Counsel Legal Services TELUS Moving decision-making closer to communities

TELUS Vancouver Community Board members 38 Dr. Robert Hindmarch Professor Emeritus Department of Athletics University of British Columbia Howard Jang Executive Director Arts Club Theatre Richard Mulcaster Associate Director Corporate and Foundation Relations University of British Columbia Moving decision-making closer to communities

TELUS Vancouver Community Board members 39 Jill Schnarr Vice-President, Community Investment and Engagement TELUS Juggy Sihota Vice-President, Client Experience Strategy and Development TELUS Moving decision-making closer to communities

leading the way in social responsibility 40 Team members and retirees bring TELUS vision to life

5 th annual TELUS Day of Service 41 10,000 employees and retirees making a difference 175 communities across Canada Saturday May 29, 2010

2010 and our future 42

TELUS corporate priorities for 2010 43 Leverage our leading broadband networks Strengthen position in small and medium business market Increase efficiency to fund future growth Deliver on our future friendly brand promise to clients Our Business, Our Clients, Our Team, My Responsibility Addressing industry challenges and opportunities

TELUS 2010 consolidated guidance 44 ($B, excl. EPS) 2010 guidance 12 Change Revenue $9.8 to $10.1 2 to 5% EBITDA $3.5 to $3.7 0 to 6% EPS 1 $2.90 to $3.30 3 to 17% Capex Approx $1.7 (19)% Expect 50% or greater increase in 2010 free cash flow Consolidated guidance reconfirmed today

returning cash to shareholders 45 Six dividend increases through to 2010 33%, 38%, 36%, 20%, 5.6%, 5.3% Repurchased 60 million shares for $2.8 billion Returning $6.1 billion or over $18 per share ($millions) Dividends paid NCIB share repurchases 6.1B 2.8B 1,204 1,212 1,271 864 3.3B 327 249 312 412 521 584 602 2004 2005 2006 2007 2008 2009 620 2010E 12 Cumulative

increased dividends to shareholders 46 5.3% increase to 50 for July 2, 2010 dividend Dividend payout ratio guideline revised to 55-65% ($millions) Dividends paid 249 312 412 521 584 602 620 2004 2005 2006 2007 2008 2009 2010E 12 Continued commitment to dividend growth model

TELUS strong balance sheet and credit policies 47 Maintaining financial leverage policy targets Target net debt to EBITDA maintained at 2.0 in Q1 Continuous access to capital markets Refinanced $1B of 8.5% debt with new debt at 5.1% Annual interest savings >$30M Continuing to balance interests of debt and equity holders

our opportunity 48 Strategic investments, performance and guidelines Potential to generate strong performance CEO: average annual growth potential for next 3 years Double digit for EPS and free cash flow 13 Supports our dividend growth model Opportunity to realize strong performance in coming years

footnotes 50 1-12 months trailing March 31, 2010 2 - Total return includes reinvested dividends and share price appreciation Dec 31, 1999 - Dec 31, 2004 3 - Dec 31, 1999 - Dec 31, 2005 4 - Dec 31, 1999 - Dec 31, 2006 5 - Dec 31, 1999 - Dec 31, 2007 6 - Dec 31, 1999 - Dec 31, 2008 7 - Dec 31, 1999 - March 31, 2010 8 - Based on Rogers public disclosure of HSPA+ network coverage for April 2010, using associated mapping information. Coverage is approximate. Actual coverage and network services can vary and are subject to change 9 - Light shade green in Northern Ontario is planned future HSPA+ coverage in 2011 10 - Earnings before interest, taxes, depreciation and amortization (EBITDA) and excluding cash settlement options expense in 2007 11- EBITDA before restructuring costs and pension expenses 12- Reaffirm end on May 5, 2010, see forward looking statement caution 13- Free cash flow as defined in MD&A, but excluding one off items such as wireless spectrum auction purchases