Robert McFarlaneEVP & Chief Financial Officer

Joe NataleEVP & Chief Commercial Officer

Darren EntwistlePresident & Chief Executive Officer

November 4, 2011

Q3 2011 TELUSinvestor conference call

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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.

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Agenda

Wireless and wireline segment review Consolidated financial review Updates

Dividend Financing Regulatory Operations

Questions and Answers

Q3 2011 wireless financial results

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Strong revenue and EBITDA growthHigher capex reflecting investments in urban LTE networks

($M) Q3-10 Q3-11 change

Revenue (external) 1,282 1,397 9.0%

EBITDA 534 570 6.7%

EBITDA margins1

(total revenue)41.4% 40.5% (0.9) pts

Capex 113 157 39%

EBITDA less capex 421 413 (1.9)%

1 Margins on network revenue in Q3/11 & Q3/10 were 44.2% and 45.0%, respectively

Wireless subscriber results

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Continued strong postpaid net additions represent >100% of Q3-11 total net adds given decrease in prepaid subscribers

prepaid17%

Wireless subscribers

postpaid83%

Postpaidnet adds

7.2M total

6.0M

1.2M

Q3-10

132K 133K

Q3-11

Totalnet adds

Q3-10

153K

114K

Q3-11

Marketing and retention

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Investments in COA/COR reflect record Q3 smartphone loading associated with industry leading churn

Q3-10 Q3-11 change

Gross adds (000s) 466 472 1.3%

Churn 1.54% 1.67%1 0.13 pts

COA per gross add $339 $397 17%

COA expense $158M $187M 18%

Retention expense $128M $155M 21%

1 Q3/11 churn of 1.58% when normalized for loss of Government of Canada contract

Blended ARPU analysis

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ARPU up 3% - fourth consecutive quarter of growth

Data

Q3-11

$60.52 Voice$58.75

Q3-10

% of ARPU

Q3-11Q3-10

25%

75% 65%

35%14.53 20.90

44.22 39.62

Wireless data revenue

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Impressive data revenue growth of 53% Seven consecutive quarters of accelerating y/y data growth

Q3-10

$291M

Q3-11

$444M

$226M

Q3-09

Q3 2011 wireline financial results

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Results reflect strong subscriber growth, investments in Optik services and continued erosion of high margin legacy services

($M) Q3-10 Q3-11 change

Revenue (external) 1,179 1,225 3.9%

EBITDA 407 398 (2.2)%

EBITDA margins(total revenue) 33.4% 31.4% (2.0) pts

Capex 336 313 (6.8)%

EBITDA less capex 71 85 20%

TELUS TV subscribers

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Strong momentum continues with TV net adds up 32% y/yand total subscribers up 70% to surpass 450K

Q3-10

38K

50K

Q3-11

TELUS TV net additions*

TELUS TV subscribers*

* Includes both IP TV and TELUS Satellite TV subscribers

Q3-11Q3-10

266K

453K

TELUS high-speed Internet net additions

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Strong growth in HSIA net adds reflects success of enhanced Optik services and bundling since brand launch in June 2010

Q1-10

3K 3K

Q2-10

15K

Q3-10 Q4-10 Q1-11

18K16K

13K

Q2-11 Q3-11

22K

TELUS network access lines

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Residential line losses improved 23% for best result in 5 ½ yrsreflecting success of bundling Optik services

Q3-11 Q3-11

-39K-30K

-12K -13K

Q3-10Q3-10

BusinessResidential

Q3 2011 consolidated financial results

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($M, except EPS) Q3-10 Q3-11 change

Revenue (external) 2,461 2,622 6.5%

EBITDA 941 968 2.9%

EPS (basic) 0.78 1.00 28%

Capex 449 470 4.7%

EBITDA less capex 492 498 1.2%

Free cash flow 338 345 2.1%

Growth across the board driven by strong subscriber and data growth

EPS continuity analysis ($)

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0.78

HigherNormalized EBITDA2

LowerPension & Restr.

costs

2010 debt

redemption

Q3-11 reported

1.00

Lower Tax

Rates & Other

0.12

HigherDep & Amort

0.06 0.05- 0.02

Q3-10 reported

0.03

Higher O/S

shares

0.75Excl.

Tax Adj.

Positive income tax-related adjustments

Normalized financing1

2010 Deferral

Acc’t Interestrelated exp

0.01 0.01

- 0.01

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.

EPS up 28% aided by lower financing costsWhen excluding non-recurring items, EPS higher by 11%

TELUS raises quarterly dividend to 58 cents

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Second of six semi-annual dividend increases targeted - consistent with TELUS’ dividend growth model to 2013

January 3, 2012 dividend of 58 cents declared

Consistent with May announcement

Semi-annual dividend declarations to 2013*

Circa 10% annual increases

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010 2011

Up 3 cents or 5.5% from October dividend

Up 5.5 cents or 10.5% from year ago 47.5

50 5052.5 52.5

55 5558

* 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.

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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

CRTC sets framework to address vertical integration

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CRTC’s new policy protects consumer choice and ensures competition in TV distribution market

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

Q3 2011 summary

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Strong results across the board bodes well for future

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

3Q 2011 Smartphone base up 80% to 2.8 million year over yearData ARPU expansion driven by 53% growth in data revenue

Strong smartphone adoption driving ARPU growth

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Q3-09 Q3-10 Q3-11

5.25.6 6.0

18%28%

48%

Postpaid subscribers (millions)

Smartphone % of postpaid

$12.05$14.53

$20.90

Q3-09 Q3-10 Q3-11

Wireless Data ARPU

Future Friendly Home generating Optik momentum

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TELUS TVResidential NALs

High-speed Internet

TV and High-Speed Internet loading exceedingresidential NAL losses for fifth consecutive quarter

Q3-10 Q3-11Q3-09

53K

-39K

72K

-30K

38K

50K31K

-43K-43K -39K -30K

22K38K

50K9K

15K

22K

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

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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

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Appendix – free cash flow

2011Q3

2010Q3

C$ millions

EBITDA 941 968Capex (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

(161) (178)Dividends

Working Capital and Other 113 83

Funds Available for debt redemption 340 221

Net Issuance (Repayment) of debt (331) (186)

Increase in cash 9 35

Dividends reinvested (DRIP) 45

Common and Non-voting shares issued 5 -

Acquisitions - (29)

-

338

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