Darren Entwistlemember of the TELUS team

1

agenda

Review of strategy

Report on operational and financial performance

Progress to being Canada’s premier corporate citizen

Update on 2007 corporate priorities and targets

First quarter 2007 results

2

Strategic imperativesFocusing 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

growing together with a proven strategy

3

Quebec and Ontario team grown from 300 to 10,000 team members

strategic intent… to unleash the power of the Internet

to deliver the best solutions to Canadians at home,

in the workplace and on the move.

[Staying ahead] with a proven strategygrowing together with a proven strategy

4

Consistent strategy and execution 2000 2007

World Telco Index

$160

$134

$60

MSCI WorldTelecom IndexTELUS TSX

Since 2000 60% (40)% 34%

TELUS share price outperforms peers and market

TELUS outperforms global telecom index by 167%

Apr-07$0

$25

$50

$75

$100

$125

$150

$175

Jun-00 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

5

Wireless

High-speed Internet

Dial-up Internet

Res NALs

Bus NALs

(millions)10.810.3

Q1-2007Q1-2006

9.8

Q1-2005

7.2

Q2-2000

TELUS total customer connections

50% increase since 2000 in connections due to wireless and Internet

6

2006 consolidated performance

7

$ Dollars 2006 Change

Revenue 8.7B 7%Operating profit (EBITDA) 3.6B 9%

Net income 1.1B 60%

EPS1 3.27 67%

Capex 1.6B 23%Free cash flow 1.6B 9%

Achieving record performance

Revenue

Strategic focus on data and wirelessstrategic focus on data and wireless

8

28%

LD23%

Wireless18%

2000

Data10%

Seven years ago data and wireless small part of revenue

Wireline local49%

2

$5.7B

Strategic focus on data and wireless

Revenue $8.8B

2000 2006-07

$5.7B

strategic focus on data and wireless

9

Data and wireless represent 64% or $5.6B of revenue

10%

LD23%

Data10%

28%

Wireless18%

Wireline local49%

Wirelinelocal27%

9%LD

Data19%

64%

Wireless45%

32

2000

Operating Profit(EBITDA)

Wireless

Wireline78%

increasing exposure to wireless growth

10

$2.3B

Wireless17%Wireline83%

48%Wireline Wireless

52%

Seven years ago wireless small part of operating profit

4

2006-07 2000

Operating Profit(EBITDA)

Wireless

Wireline78%

$3.5B

increasing exposure to wireless growth

11

Wireless now represents over 50% operating profit

$2.3B

Wireless17%Wireline83%

48%Wireline Wireless

52%

4 5

Wireless revenue $3.9 billion 17%

Operating profit $1.8 billion 21%

Cash flow $1.3 billion 27%

generating record wireless performance in 2006

12

Creating sustainable economic value for shareholders

6

7

growing together in wireless to lead the way

2006 TELUS Other Cdn US Avg. N.A.

ranking

Revenue growth 17% 14% 13%

32%

14%

Operating Margin 45% 43%

No. 2

No. 1

Cash flow yield 34% 31% No.1

13

Six year annual growth in revenue 16%, operating profit 49%

8

1.51.7

1.3 1.2

1.6

1.2

1.8 2.3

2.4

low churn relative to peers in 2006

14

2.9

TELUS top 3 globally over last 7 years for customer loyalty

9

Source : Merrill Lynch Global Wireless Matrix

$(1)B

2000-02

investment phase

2003-06

$3.6Breturn phase

growing cash flow from wireless

High revenue per customerExcellent customer loyaltyLifetime revenue $4,850

15

Generating increased profitability and cash flow

10

Canadian wireless industry - a huge success story

$20 billion invested in technology, infrastructure and jobs

Serving 31 million Canadians

Relying on market forces for growth and innovation

16

Successful industry model creating sustainable growth and innovation

review of operations

2003 2009E2006

42% 70%56%Penetration:

13.4M 23M18.5MCustomers:

17

growing Canada’s wireless penetration

4 to 5 million new customers expected over next 3 years

12

growing high speed wireless data services

Rolling out wireless high speed EVDO

More than 50 regions for $150 million

Music downloads and video games

Watch 24 channels on mobile TV

Kid Find – GPS location service

18

$33 million investment in Quebec

introducing Blackberry World Edition

Integrates CDMA/GSM for global roaming

Delivers powerful productivity tools

Multimedia capabilities

Sleek new design

19

Unveiling global capabilities in sleek device

launch of Amp’d Mobile in Canada

20

Q1 Wireless – Double digit growth in revenue & profit

21

Millions Q1 2007 Yearly Change

Revenue 1,000 13%

17%

Capital expenditures 111 81%

Cash flow (EBITDA less Capex) 353 5.4%

Subscribers 5.1 12%

Operating profit (EBITDA adjusted) 464

$

$

$

$

17th consecutive quarter of year over year increased ARPU

13

growing together in wireline

22

Driving high-speed access in consumer markets

Delivering managed data solutions across Canada

building economics of scale in Quebec & Ontario

950

200

2006

4

2000

Operating Profit

Revenue$ millions

23

Taking a disciplined approach to profitable growth

25

Cash flow

(200)

0

Growing together in wireline

Driving high-speed access

Delivering managed data solutions across Canada

Pursuing operational efficiency

24

growing together in wireline

review of operations – wireless

949

Q1 20072000

84

customers (000s)

25

driving significant high-speed Internet growth

Platform for TELUS Future Friendly Home strategy

TELUS TV – digital entertainment your way

26

Available in Alberta, B.C. and eastern Quebec

Disciplined approach

Customised channel packaging

Time shifting and call display

Video on demand

Opportunity for future value creation

webcast - LHJMQ

Supporting amateur sportsand young athletes

Partnering with LHJMQ

Broadcasting 630 games

Bringing unique Quebec content

27

creating innovative business solutions

28

National business expansionServing key industries and the public sector

Delivering innovations to help customers achieve their goals

building success through thought leadership

Partner of choice for public sector organisations

29

building success through thought leadership

Partner of choice for public sector organisations

Health care: driving efficiencies and improving care

30

building success through thought leadership

31

Partner of choice for public sector organisations

Health care: driving efficiencies and improving care

Model for leading IP solutions in financial services

building success through thought leadership

32

Partner of choice for public sector organisations

Health care: driving efficiencies and improving care

Model for IP solutions in large Canadian corporations

building success through thought leadership

33

Partner of choice for public sector organisations

Health care: driving efficiencies and improving care

Model for IP solutions in financial & large corporations

Leader in energy sector

building success through thought leadership

Offering small businesses IP solutions

TELUS Business One is first of kind in Canada

Includes email, security and shared hosting

Exemplifies our future friendly promise

34

Building high speed data

Building national platforms

Building a lower cost structure

($1.1B)

2000-02

Investment phase

2003-06

$5.2Breturn phase

free cash flowconsolidated

35

investing for growth – 2000 to 2006

Executing strategy creating significant cash flow

investing in Quebec

Since 2000 $4 billion invested

Building a strong presence

Québec

Baie-Comeau

Sept-Îles

Gaspé

Havre-St-Pierre

Rimouski

Blanc-Sablon

MontréalSherbrooke

Gatineau

Trois-Rivières

Rouyn-Noranda

Chicoutimi

36

investing for growth – 2007 capital expenditures

$427M

Wireless

37

$550M

$1.19B

Wireline

$1.2B2006

2007E

$1.75 billion core business investments for future success

Q1 wireline results – modest growth in a tough industry

(millions except Internet) Q1 2007 Change

Revenue 1,206 0.6%

1.5%

Capital expenditures 271 4.5%

Cash flow (EBITDA less Capex) 203 (2.2)%

High-speed Internet (thousands) 949 18%

Operating profit (EBITDA adjusted) 474

$

$

$

$

High speed Internet base up 18%

14

38

creating value and returning cash to investors

Repaying debt$1.5 billion refinancing June 2007$33 million savings in annual interest

Dividend growth modelPayout ratio guideline 45% to 55% of net earnings3 significant dividend increasesDividend declared for 37.5¢ payable July 1, 2007

Repurchasing TELUS shares43 million shares for $2.0 billion since December 2004

Balancing interests of debt holders and shareholders39

leading the way in social responsibility

40

Building economic, environmental and social sustainability

National mobile phone recycling program

Contributing $91 million to charities since 2000

$15 million in Quebec

We give where we live

Karen Radfordmember of the TELUS team

41

Quebec is a priority for our community investments

42

we give where we live

43

Giving $15 million since 2000 to communities where we live

we give where we live

44

Delivering innovations to help customers achieve their goals

Montreal Green Fund

Partnering with City of Montreal

Investing $1 million over three years

Creating a green fund

Being present in Montreal today and tomorrow

leading the way in social responsibility

45

Established seven community boards across Canada

Fostering community investment for grassroots charities

Dedicating $4.3 million in 2007

$1.1 million in Quebec

Increasing support by almost 25% in 2007

review of operations – wireless

46

TELUS Community Boards

Sports and

Education

Arts and

Culture

Health and

Well-being

Leading the way in TELUS’ journeyto be Canada’s premier corporate citizen

TELUS Community Boards in Quebec

Donating $2 million to more than 150 charities in Quebec

47

48

TELUS Montreal Community Board

Bernard Lamarre

Chair - TELUS Montreal

Community Board

Jean-Rene GagnonVice President and Associate

GGA Communications

49

TELUS Montreal Community Board

Isabelle HudonPresident and CEO

Board of Trade of Montreal

Larry SmithPresident and CEO,Montreal Alouettes

50

TELUS Montreal Community Board

Jean TurmelPresident,

Perseus Capital

A.K. VelanPresident and CEOVelan Valves Inc.

Chair - TELUS Rimouski

Community Board

51

TELUS Rimouski Community Board

Hugues St-Pierre

Gaston Desrosiers

52

TELUS Rimouski Community Board

Partner, Cain LamarreCasgrain Wells

Vice Chair, Rimouski Community Board

Pierre HarveyEngineer, Services

PrécicadChairman and CEO,

Groupe BPR

Paul Lafleur

TELUS Rimouski Community board

53

Marie-Josée PineaultPlanning Officer

Agence de santé et des services sociaux

Hervé PomerleauChairman, Groupe Pomerleau

54

55

review of operations – wireless

56

earning recognition for social responsibility

Dow Jones Sustainability Index for six years

Only North American telco in global index

One of only 11 Canadian companies

Twice Canada’s Best Environmental Corporate Citizen

2005 Corporate Social Responsibility report ranked 1st in North America and top 50 globally

TELUS National Day of Service

More than 5,000 alumni, team members, family and friends participated in 2006

Over 1,400 volunteer activities across the country

57

Saturday, September 29, 2007

58

delivering on our investor commitment

59

Setting clear and measurable targets

“What gets measured, gets done”

88% of public targets achieved in last six years

2006 financial statements fully compliant with SOX 404

Consistent track record for delivering what we promise

TELUS corporate priorities for 2007

Advancing leadership position in Consumer, Business, and Wholesale markets

Driving technology evolution and improvements in productivity and service excellence

Strengthening spirit of the TELUS team and our brand

Developing best talent in global communications industry

60

Our business, our customers, our team, MY responsibility

TELUS 2007 outlook - consolidated

61

Billions except EPS 2007 targets YoY growth

Revenue $9.175 to $9.275 6 to 7%

4 to 7%

EPS (adjusted) $3.25 to $3.45 17 to 24%

Capital expenditures approx. $1.75 8%

Operating profit (EBITDA adjusted) $3.725 to $3.825

Setting robust growth targets across board

15

16

17

18

TELUS first quarter results - consolidated

62

Millions except EPS Q1 2007 Change

Revenue 2,205 6%

9%

EPS adjusted 0.90 50%

Capital expenditures 382 19%

Operating profit (EBITDA adjusted) 938

$

$

$

$

Maintaining industry leading momentum

leading global telecom performance

Growth in 2003 2004 2005 2006

Top 25% Top 25%

Top 25%

Top 25%

Top 25%

Top 25%

Revenue Top 25% #1

Operating profit Top 25% #1

EPS – Top 25%

63

TELUS top performing incumbent telco stock since 2000

global best in value creation – 7 years

1 TELUS 60%2 Singapore Tel 35%3 BCE 11%4 Portugal Tel -9%

5 AT&T -11%6 Bell Aliant -13%7 Hellenic Tel -14%8 Telefonica -16%9 Verizon -23%10 Swisscom -23%11 Telstra -32%12 Telia -36%13 BT -47%14 Sprint Nextel -56%15 Nippon Tel -58%16 Telecom Italia -69%17 KPN -70%18 Deutsche Tel -78%19 France Tel -83%20 PCCW -94% 64

financial review

65

drawing inspiration from our past

66

2007 annual general meeting

67

poll results

Election of directors

Appointment of auditors

Cutest critters

68

69

questions and answers

Using a microphone:

State your name

Confirm you are a shareholder or proxyholder

Direct questions to Chairman

Keep your question brief

One question at a time

70

71

2007 annual general meeting

72

We appreciate your participation

Please hand in your feedback form and voting device

Leave headsets on your seat

Join us for a reception in the lower lobby level

73

2007 annual general meeting

74