February.pptVIP

* * * * * * ($B, excl. EPS) 2010 targets* Change Revenue $9.8 to $10.1 2 to 5% EBITDA $3.5 to $3.7 0 to 6% EPS1 $2.90 to $3.30 3 to 17% Capex Approx $1.7 (19)% * See forward looking statement caution / Provided December 15, 2009 * Appendix - 2010 targets* 1 EPS change excludes 55 cents of positive income-tax related adjustments and 22 cents for a loss on early partial redemption of long-term debt in 2009. Appendix - 2010 TELUS corporate priorities Capitalize on the full potential of TELUS’ leading wireless and wireline broadband networks Enhance TELUS’ position in the Small and Medium Business (SMB) market Deliver on our future friendly brand promise to clients Continue to improve TELUS’ operational efficiency to effectively compete in the market and fund future growth Invigorate TELUS Team engagement and continue to drive the philosophy of “Our Customers, Our Business, Our Team, My Responsibility * Opportunity to build value from strategic investments made in 2009 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, net employee defined benefit plans expense, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, cash restructuring payments, employer contributions to employee defined benefit plans, 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 measures Appendix – definitions * * * * * * * * * * * * * * * * * * * February 12, 2010 Q4 2009 TELUS investor conference call Darren Entwistle President CEO Robert McFarlane EVP Chief Financial Offi