2008 annual and special meeting of shareholders

Darren Entwistlemember of the TELUS team

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Alberta is key to TELUS’ strong and sustainable future

TELUS in Alberta: A rich history and a great future

Focal point for technology initiatives

Eight year $16 billion investment in infrastructure and operations

Home to 8,000 team members

4

Agenda

Review of strategyReport on operational and financial performanceProgress on ‘we give where we live’Outline 2008 corporate priorities and targets

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A proven strategy, for today and tomorrow

Strategic imperatives:Focused on growth markets of data and wirelessBuilding national capabilitiesProviding integrated solutionsInvesting in internal capabilitiesPartnering, acquiring and divesting as necessaryGoing to market as one team

Winning strategy and successful execution 2000 2008

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$119

$59

World Telco Index

19%

MSCI WorldTelecom IndexTELUS

Since 2000 1 (41)%

TELUS share price outperforms

TELUS outperforms global peers by factor of 2 to 1

$0

$25

$50

$75

$100

$125

$150

$175

Jun-00 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 May-08

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Our track record remains undiminished

2.

1 Singapore Tel 55%

2 TELUS 19%3 BCE 7%4 Telefonica 3%5 AT&T -9%6 Portugal Telecom -19%7 Verizon -19%8 Hellenic Telecom -23%9 TeliaSonera -26%

10 Swisscom -32%11 Telstra -32%12 New Zealand Telecom -47%

Achieved by team members’ commitment to strategy

8

2007 consolidated performance

2007 Change

Revenue $9.1B 4.5%Operating profit 3 $3.8B 4.0%Net income $1.3B 10%EPS 4 $4.11 23%Free cash flow $1.6B (1.4)%

All-time high return on equity of 18%

9

TELUS total customer connections

88% increase in connections since 2000 from wireless and Internet

Wireless

Dial-up Internet

Res NALs

Bus NALs

(millions)

High-speed Internet

11.210.8

Q1-08Q1-07

10.3

Q1-062000

6.0

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Strategic focus on data and wireless

25%

Eight years ago wireless and data small part of revenue

Wireless18%

Wireline Local49%

Wireline LD23%

Data10%

28%

2000 5

$6.0B Revenue

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Strategic focus on data and wireless

Revenue

Wireline Local 25%

8%LD

Wireline Data20%

$9.2B$6.0B

67%Wireless

47%

2007-08 62000 5

TELUS revenues increased 54% since 2000

28%Wireless

18%

Wireline Local49%

Wireline LD23%

Data10%

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Growing exposure to wireless growth

2007 - 082000

Operating Profit(EBITDA)

Wireless

Wireline78%

$3.8B$2.4B

Wireless17%Wireline83% 48%

Wireline Wireless52%

5 6

Wireless now represents more than 50% of operating profit

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Excellence in customer loyalty and retention key focus in 2008

2007 Wireless growth, for today and tomorrow

Wireless revenue $4.3 billion 10.5%

Operating profit 3 $1.9 billion 10%

Cash flow 7 $1.4 billion 4%

Change from 2006

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Global leader in wireless cash flow yield in 2007

8.

32% 32% 31% 29% 28%26%

24% 22%19%

14%

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Canadian wireless industry sustaining growth

4.9%Population penetration

42%47%

52%56%

61%

4.1%4.4%

5.1%4.6%

2003 2004 2005 2006 2007

Population penetration gain

Expect 6 million new clients over next 4 years

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Growing high-speed wireless data services

Canada’s fastest coast-to-coast networkTrading multimedia messagesSocial networking applications e.g. FacebookMusic, video, and gaming downloadsWatch 31 channels on mobile TVPolice access to critical data

TELUS’ leading solutions for consumers and businesses

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Best selection of smartphones in Canada

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Driving significant high-speed internet growth

26,000

1 Million Customers

Fuelling growth and supporting exciting TELUS services

2000 Q1 2008

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TELUS TV – digital entertainment your way

HDTV introduced in 2008Customized channel packagingVideo on demand Time shiftingCall display

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CloseIncoming call from Lanny McDonald (403) 555-1234

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TELUS TV – digital entertainment your way

HDTV introduced in 2008Customized channel packagingVideo on demand Time shiftingCall display

Uniquely positioned to capture growing TV market opportunity

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Building success through thought leadership

Partner of choice for public and private sector organisations

NationalDefence

Royal CanadianMounted Police

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Wireline growth, for today and tomorrow

Investing in four industry verticals and driving thought leadershipPublic sectorFinancial services EnergyHealth care

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Leader in energy sectorEnsuring worker safetyCreating quality of life for remote workersAddressing labour shortage challenge

Building success through thought leadership

Big Country Pipeline

26Improving quality of life in Fort McMurray

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Leader in energy sectorEnsuring worker safetyCreating quality of life for remote workersAddressing productivity and easing labour constraints

Building success through thought leadership

Big Country Pipeline

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Addressing Canada’s healthcare challenges

Assisting healthcare affordability and quality through innovation

Delivering critical health information to point of care

Bringing clinical technologies to rural communities

Shifting focus from remediation to prevention

TELUS has established an electronic platform across Canada

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Supporting lives of Canadians

Building success through thought leadership

Health care: driving efficiencies and improving care

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Addressing Canada’s healthcare challenges

Creating an affordable and high quality healthcare system

Public sector resources not enough

Corporations and citizens share responsibility

Technology is a key enabler

Together we can drive benefits for all Canadians

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Branham top 10 Healthcare Solution Companies

1. TELUS2. Xwave3. Emergis4. SXC Health Solutions 5. MediSolution6. TECSYS7. Klick Communications8. Nightingale Informatix9. CLINICARE10.QHR Technologies

1. TELUS

3. Emergis

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1. TELUS2. Xwave3. Emergis4. SXC Health Solutions5. MediSolution6. TECSYS7. Klick Communications 8. Nightingale Informatix9. CLINICARE10.QHR TechnologiesNumber one provider of technology solutions to healthcare

1. TELUS

Branham top 10 Healthcare Solution Companies

3. Emergis

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Building high speed data infrastructureBuilding national platformsBuilding a lower cost structure

Investing for today and tomorrow

$(1.1)BInvestment phase

$6.8BReturn phase

2000 - 20022003 - 2007

Free cash flowconsolidated

Strategy generating significant cash including $1.6 billion in 2007

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2007

Excellent record of returning capital to shareholders

Dividend growth modelFour sizeable increases20% increase in 2008

Shares repurchased since Dec. 200456 million shares for $2.6 billion

$1.80

2008E

annual dividends$1.50

2006

$1.10

2005

$0.80

Returned $4.2 billion in dividends and share buybacks

35

Leading the way in social responsibility

Building economic, environmental and social sustainability

Demonstrating our community philosophy since 2000

Volunteering more than 2.1 million hours of service

Contributing $113 million to charities

We give where we live

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More than $40 million gifted in Alberta since 2000

37

Rethink breast cancer

Purchase exclusive Pink BlackBerry(R) Pearl™ Smartphone

$25 will go to Rethink Breast Cancer campaign

38

TELUS Tour for the Cure

Encouraging regular mammograms to save lives

Reaching one million Albertans across 16 communities

Ravi Bakshi and Trish Bronsch

Working to prevent breast cancer deaths by 30%

39

review of operations – wireless

TELUS Community Boards

Established eight community boards across Canada

Fostering community investment for grassroots charities

Dedicating $5.3 million in 2008

$1.4 million in Alberta

Giving to the community is owned and executed locally

40

TELUS Edmonton Community Board

Dr. Bob WestburyChair TELUS Edmonton

Community Board

41

TELUS Calgary Community Board

Co-Chairs TELUS Calgary Community Board

Marilyn Milavsky Harold Milavsky

42

review of operations – wireless

Moving decision-making closer to communities

TELUS Community Boards

health & well-beingin our environment

education & sport

arts & culture

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TELUS Calgary Community Board

$1.6 million donated to 105 charitable organizations since 2005

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review of operations – wireless

Monty CarterVice Chair

TELUS Calgary Community Board

Kerrin Lee-GartnerOlympic Gold Medalist and

Olympic Hall of Fame Inductee

TELUS Calgary Community Board

Kim KadatzDirector of DevelopmentFaculty of KinesiologyUniversity of Calgary

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review of operations – wireless

Tom McCabePresident & CEOTheatre Calgary

Zaheed DamaniYouth representative and student

University of Calgary

TELUS Calgary Community Board

Michelle MadleyDirector, Communications

Alberta College of Art & Design

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Recognised for social responsibility

Dow Jones Sustainability Index for seven yearsOnly North American telco or cable TV company in global indexSector Mover and Gold Status in 2008

Twice Canada’s Best Environmental Corporate Citizen Award of excellence in Sustainable Development Reporting by CICA

Social Responsibility report available at telus.com/csr

48

We give where we liveTELUS Day of Service

6,000+ alumni, team members, family and friends participated in 20072008 theme is Healthy Communities 175 activities to care for environment and well-being of citizens

Saturday May 31, 2008

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We give where we liveTELUS Walk to Cure Diabetes

45,000 Canadians participate, raising almost $7 million annuallyTaking place on June 1st in Calgary and Edmonton

Please join us at www.jdrf.ca/walk

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Delivering on our investor commitments

Consistent track record for delivering on what we promise

86% of consolidated targets achieved since 2001

Achieved 3 of 4 consolidated targets in 2007

TELUS team members 8th largest shareholder

Team member embrace TELUS’ winning strategy

51

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TELUS corporate priorities for 2008Drive profit from strategic services with a focus on dataBuild scale in vertical markets and leverage Emergis acquisitionExact productivity gains from efficiency improvement initiativesElevate the client experience and build enhanced loyaltyExecute technology initiatives, including broadband and IT platforms

Focusing on core businesses to advance winning strategy

53

TELUS 2008 targets - consolidated

Billions except EPS 2008 targets YoY growthRevenue $9.6 to $9.8 6 to 8%

1 to 5%

EPS $3.50 to $3.80 4 to 13%

Capital expenditures approx. $1.9 7%

Operating profit $3.8 to $3.95

18

Reflects continued revenue and earnings growth

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103%$21.3B$10.5BEnterprise value

3949%1.0M26KHigh-speed Internet subscribers

415%5.7M1.1MWireless subscribers

88%11.2M6.0MTotal connections

44%

34%

98%

55%

54%

% change20081020009

$9.2B$6.0BRevenue

$4.13$2.86Earnings per share

$39K$29KNet Income / employee

$1.4B$681MNet Income

$3.8B$2.4BEBITDA

TELUS transformation since 2000

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Footnotes1 - Simple share price appreciation from June 30, 2000 to May 2, 2008 2 - From June 30, 2000 to May 2, 2008 vs. MSCI Incumbents3 - Earnings before interest, taxes, depreciation and amortization. EBITDA excludes $168.7M of non-cash expense

associated with net-cash settlement feature for share option awards granted prior to 20054 - In 2007 EPS was adjusted to exclude approximately $0.32 for non-cash expense (recovery) associated with a net

cash settlement feature for share option awards granted prior to 2005.5 - 12 months ending June 20006 - 12 months ending March 20077 - Simple cash flow - Operating profit (EBITDA) less capital expenditures8 - Source: Merrill Lynch Global Wireless Matrix - simple cash flow divided by revenue9 - Revenue, EBITDA, net income and EPS are 12-months trailing from June 30, 2000. Subscribers and enterprise

value as at January 1, 2000 10 - Revenue, EBITDA, net income and EPS are 12-months trailing from March 31, 2008. Subscribers as at March 31

and enterprise value as at April 30, 2008