TELUS National Evolution A perspective on 10 years of fundamental change

TELUS National EvolutionA perspective on 10 years of fundamental change

November 2009

Strategic imperatives progress Focusing on growth markets of data and wireless 5 Building national capabilities 15 Providing integrated solutions 26 Partnering, acquiring and divesting as necessary 31 Going to market as one team 33 Investing in internal capabilities 36

Financial and Valuation Review 46

TELUS evolution agendaTELUS evolution agenda

2

Consistent and proven strategy 2000 → 2009Consistent and proven strategy 2000 → 2009

Slide

4131%

70%$17.9B$10.5BEnterprise value

20001 20092 % change

Revenue $6.0B $9.6B 60%

EBITDA $2.4B $3.6B 50%

Net income $681M $1.1B 62%

Net income / employee3 $29K $42K 45%

Earnings per share $2.86 $3.56 24%

Total connections 6.0M 11.9M 98%

Wireless subscribers 1.1M 6.4M 482%

Network Access Lines 4.5M 4.1M 9%

High Speed Internet subscribers 26K 1.1M

Cash returned to shareholders4 $336M $602M 79%

1Revenue, EBITDA, net income and EPS are 12-months trailing from June 30, 2000. Subscribers and enterprise value as at Jan 1, 20002Revenue, EBITDA, net income and EPS are 12-months trailing from Sept. 30, 2009. Subscribers and enterprise value as at Sept. 30, 20093Excluding TELUS International4Using dividends declared and normal course issuer bid share purchases

TELUS evolution 2000 → 2009TELUS evolution 2000 → 2009

3

Focusing on growth markets of data and wireless

Revenue $9.6B

$6.0B

2009120001

Wireless18%

Wireline Local

49%

Wireline LD23%

Data10%

28% 71%

WirelineData22%

Data9%

WirelessWireline

Local22%

7%LD

1 12 months ending June 30, 2000 and Sept 30, 2009, respectively

Wireless

40%

strategic focus on data and wirelessstrategic focus on data and wireless

TELUS revenues increased 61% since 2000TELUS revenues increased 61% since 2000

5

Wireline

Wireless

Voice - Network Access Lines

Data - Internet and TV

(millions)

65%Internet, TV and wireless

2000

6.0

11.9

Q3 2009

6

TELUS total customer connectionsTELUS total customer connections

98% increase in client connections since 2000 98% increase in client connections since 2000

24%

7

Building high speed data infrastructure

Building national fixed and mobile platforms

Building lower cost structure

$(1.5)BInvestment phase

$6.9BReturn phase

2001 - 2002

2003 - 2009

Cumulative consolidatedfree cash flow

investing in our growth strategyinvesting in our growth strategy

Long-term strategy generating significant cashLong-term strategy generating significant cash

(to Sept 30, 2009)

Supporting Future Friendly Home services by ongoing wireline broadband capital investments

Market share has increased from 11% to 39%

review of operations – wireless

26K

2000 Q3 2009

8

driving high-speed internet growthdriving high-speed internet growth

Fuelling growth and supporting exciting TELUS servicesFuelling growth and supporting exciting TELUS services

High Speed Internet customers1.1M

9

Offering TELUS TV – IPTV and Satellite TVOffering TELUS TV – IPTV and Satellite TV

TELUS TV evolutionTELUS TV evolution

TELUS TV subscribers

2000 Q3 2009

137K

0

10

TV coverage footprint in BC and Alberta has increased from 0 to > 90%

TV coverage footprint in BC and Alberta has increased from 0 to > 90%

TELUS TV evolutionTELUS TV evolution

* Nov/Dec TTV Launches

STV Coverage

Tier 1 IPTV Markets

Bedroom Communities

Tier 2 IPTV Markets

Moving to provide IPTV coverage in 48 top communities

AbbotsfordAirdrieBeaumont BelcarraBurnaby Calgary Campbell River Chilliwack CochraneCoquitlamDeltaDevon Edmonton Fort Langley Fort McMurray Ft SaskatchewanGrande Prairie Kamloops Kelowna Langley LeducLethbridge Maple RidgeMedicine Hat

Top 48 CommunitiesMission MorinvilleNanaimo New Westminster North Vancouver OkotoksPenticton Pitt MeadowsPort Coquitlam Port MoodyPrince George Red Deer Richmond Sherwood Park Spruce GroveSt Albert Stony PlainStrathmoreSurrey Vancouver Vernon Victoria West VancouverWhistler

Grande Prairie

Medicine Hat*

Lethbridge*

Okotoks

CalgaryAirdrie

Edmonton

Strathmore

Cochrane*

Morinville

Ft Sask

BeaumontLeduc

Devon

Spruce Gr,Stony Plain

Vernon

KelownaLower Mainland

Red Deer

Campbell River*

Victoria

Whistler

Fort McMurray

11

Generating stellar growth through successful acquisition and executionGenerating stellar growth through

successful acquisition and execution

continuing wireless growthcontinuing wireless growth

Wireless subscribers

2000 Q3 2009

1.1M

6.4M

Apple iPhone 3GS

265230 11

0245243 17

0 36830

2010

130

300

200

30

BritishColumbia

Alberta

Saskatchewan

Manitoba

Ontario

Québec

Newfoundland

NewBrunswick

Nova Scotia

P.E.I.

Wireless distribution augmented by Koodo launch and acquisition of Black’s

building TELUS’ wireless distributionbuilding TELUS’ wireless distribution

National exclusive distribution outlets doubled to 1,136National exclusive distribution outlets doubled to 1,136

2000 exclusive points of distribution2009 exclusive points of distribution

12

2008 launch expanding mall distribution 100 Koodo kiosks and growing

Realising 60% awareness nationally 80% in core demographic

Earning industry recognition from J.D. Power and Associates:

“Highest in customer satisfaction with postpaid wireless service”

13

strengthening wireless distributionstrengthening wireless distribution

Providing flexibility to serve various customer needsProviding flexibility to serve various customer needs

In 2009, acquired 113 retail stores across Canada Most in premium mall locations 72% are Ontario based

Building national capabilities

15

TELUS wireless coverage in 2000TELUS wireless coverage in 2000

16

TELUS wireless coverage todayTELUS wireless coverage today

17

TELUS vs Rogers - HSPA east coverageTELUS vs Rogers - HSPA east coverage

* Based on Rogers’ Sept. 14, 2009 public announcement of HSPA+ coverage within the cities indicated (using associated census metropolitan areas). ** Based on coverage maps made publicly available by Rogers on Oct. 23, 2009. Coverage areas are approximate as of October 2009. Actual coverage and network service can vary and are subject to change.

18

TELUS vs Rogers - HSPA west coverageTELUS vs Rogers - HSPA west coverage

* Based on Rogers’ Sept. 14, 2009 public announcement of HSPA+ coverage within the cities indicated (using associated census metropolitan areas). ** Based on coverage maps made publicly available by Rogers on Oct. 23, 2009. Coverage areas are approximate as of October 2009. Actual coverage and network service can vary and are subject to change

19

TELUS backbone optical and IP network in 2000TELUS backbone optical and IP network in 2000

20

TELUS backbone optical and IP network todayTELUS backbone optical and IP network today

Doing business in 87 cities on IP networks outside Alberta and B.C.

Doing business in 87 cities on IP networks outside Alberta and B.C.

Wireless Jan 2000 2009

PoPs covered (millions) 7 33

Mike (iDEN) covered (millions) - 28

Generation 1G 3 / 3.5G

Wireline Ont/Que and other cities 3 87

Co-locations 2 104

Customer POPs 5 1747

Fibre lit (km) 0 > 19,800

Platform Stentor TELUS

Network Circuit-based Next Generation (NGN)

Executing national growth strategy focused on data and wireless

Executing national growth strategy focused on data and wireless

TELUS – national infrastructure evolutionTELUS – national infrastructure evolution

21

$9.6B$5.8B

47%

regulated

regulated

22

transitioning to non-regulated revenue basetransitioning to non-regulated revenue base

Since 2000 TELUS’ non-regulated revenues have significantly increased to 90%

Since 2000 TELUS’ non-regulated revenues have significantly increased to 90%

10%

90%

non-regulated

Revenue

Pre-1999

2009

non-regulated

53%

Revenue

Operating profit

Cash flow

$1,200M

2008

$260M

($50M)

20001

$4M

($200M)

building economies of scale in Central Canadabuilding economies of scale in Central Canada

23

Focused on managed data network servicesFocused on managed data network services

1 12 months ending Jan 1, 2000

$0

2000 LatestCentral Canada Revenue EBITDA

Cash flow

$4 million$0$(200)

million

2008

$1.2 billion

$260 million

$(50) million

Business market approach Fragmented Focused on data and managed applications in five industry verticals Energy, public sector, health care, financial services, and telecom (doing business as Partner Solutions)

Central Canada success Limited Track record of large wins and successful contract implementations

Examples: TD Bank Financial Group Government of Ontario Ville de Montréal Government of Canada Yellow Pages Government of Québec

TELUS’ growth in Central CanadaTELUS’ growth in Central Canada

24

Providing integrated solutions

Customer dissatisfaction with incumbents

Potential IP platform to drive strategic solutions

Need to convert to IP platform

Support western base

Leverage IP technology

Customer risk aversion

Migration fears Few reference clients

Top score for client satisfaction

Cumulative $2.6B in contract values won

Anchor clients in key industry verticals

Non-contract growth Low churn and high

renewal rates

2000 2009

Excellentreputation for

innovation, transition and operations of large client deals

Virtually unknown in large corporate market outside

Western Canada

Leverage investment in national

Next Generation Network

Opportunity OutcomeChallenge

26

TELUS’ growth in enterprise segmentTELUS’ growth in enterprise segment

Investing in and focusing on key industry verticals Public sector Financial services Energy Healthcare Wholesale

Implementation track record leading to contract winsImplementation track record leading to contract wins

building on large enterprise dealsbuilding on large enterprise deals

NationalDefence

27

Québec Government – $900 million over 10 years Department of National Defence – $200 million over 5 years TD Bank – $180 million contract over 5 years Government of Ontario – $140 million contract over 5 years Yellow Pages Group – $90 million over long term Ville de Montréal – $87 million over 10 years Government of B.C. - $245 million over 4 years

28

major contract wins across Canadamajor contract wins across Canada

Excellent progress in Central Canadian business marketExcellent progress in Central Canadian business market

TELUS #1 Healthcare IT Company in Canada by Branham Group

2008 Canadian Health IT Company of the Year (ITAC Health)

Emergis purchased January 2008

Electronic Health Records for 5 million Canadians

4.1M Emergis Assure drug cards covering 8.5 million Canadians

3,000+ pharmacies using our pharmacy management software

Exclusive partner to host and operate Microsoft HealthVault in Canada

enhancing our leadership position in healthcareenhancing our leadership position in healthcare

Leading the evolution of healthcare delivery in CanadaLeading the evolution of healthcare delivery in Canada

29

Partnering, acquiring and divesting as necessary

20072000

Acquired Clearnet ($6.6B) &

QuébecTel ($700M)

2001 2003 20052002 2004 2006

Purchase of PSINet’s Canadianoperations

plus 6 other acquisitions

2008

Verizon divested 20.5% ($2.2B) equity

interest

Roaming / resale

agreements with Bell Mobility

HSPA network build -

partnership with Bell Canada

strategic journey 2000 → 2009strategic journey 2000 → 2009

31

Acquisitions and partnerships furthering TELUS’ strategyAcquisitions and partnerships furthering TELUS’ strategy

2009

Satellite TV launch -

agreement with Bell Canada

Launched unsuccessful

bid for Microcell

Divestiture of non-core

real estate, directory and

equipment leasing ($1.2B)

Acquisition of Ambergris

Solutions (international call centers)

Accenture partnership

Discussions to acquire BCE / not pursued

Acquisition of Emergis ($743M)

Acquisition of Black’s

($28M)

Agreement to carry Apple

iPhone

Going to market as one team

33

transformation to a single strong brandtransformation to a single strong brand

Nature based brand helps make technology simpleNature based brand helps make technology simple

One of Canada’s top brands

Canadian Best Brands - 2009

One of Canada’s Most Valuable Brands – 2009

Valued at $1.5 billion

10 years of Brand Excellence

Gold Award for Sustained Success

#1 brand in advertising and brand awareness – 2003

34

brand recognitionbrand recognition

“One of most recognizable and best loved brands in Canada”

“One of most recognizable and best loved brands in Canada”

Investing in internal capabilities

investing in operational efficiencyinvesting in operational efficiency

2002-2009E*

$1.1B$1.0B

Cumulative Restructuring

costs

36

Efficiency initiatives result in ~11K position net reductionsEBITDA savings help offset near term dilution of strategic initiatives

Efficiency initiatives result in ~11K position net reductionsEBITDA savings help offset near term dilution of strategic initiatives

2002-2009E*

Cumulative annual EBITDA savings

Restructuring

costs

2002

2003 28

2004 53

542005

682006

202007

592008

1602009E*

570

$M

1,012Total

* See forward looking statement caution

COMPENSATION

BENEFITS

HOURS OF WORK / PAID TIME OFF

CONTRACTING OUT

EASTERN OPERATIONS / MOBILITY

OPERATIONAL ISSUES

ADMINISTRATION & UNION-MGMT RELATIONS

Seniority-based wage leader limited pay for performance

Multiple plans

Non-competitive

Most restrictive in North America

Flexibility threatened

Overtime voluntary, union scheduling & seniority job posting

Administrative processes not aligned, contract terms foster

adversarialism

Performance-based, competitive with universal variable pay

Harmonized plans

Competitive/service driven

Restrictions eliminated

Flexibility preserved

Management schedules work & overtime, best qualified job posting

Harmonized procedures, practices & systems. Contract terms promote business-focused problem solving

2000 2009

TELUS – transforming our cultureTELUS – transforming our culture

2000 2009

2000 Recent

Workplace culture

Traditional cultures

Global leadership in learning2008 SkillSoft industry achievement award

Global leadership in recognition2009 RPI best practice award for Bravo program

Global leadership in communication2009 Stevie awards for teamVision program

National leadership in HR2009 Best Diversity Employers2008 Canada’s Human Capital Leaders


38

Web enabled 2009, 2007, 2005, 2004, 2003 ASTD BEST awards

Rankings #7, #6, #3 worldwide

Named one of Canada’s 10 Most Admired Corporate Cultures for 2009


39

2000 Recent

Practises Multiple systems, practices and cultures

More unified systems, practices and cultures e.g. Amdocs billing systems consolidations

(wireline and wireless) Consistent 4 team values drive decisions

and actions

Training and development

Traditional No

benchmarking

Economic Social Environmental

Corporate GovernanceCorporate Governance

CSR

TELUS approach to Corporate Social ResponsibilityTELUS approach to Corporate Social Responsibility

40

Strong corporate governance provides necessary foundation for CSR leadership

Strong corporate governance provides necessary foundation for CSR leadership

Ethical conduct

Independent and effective Board

Accountability to shareholders

Internal controls and financial reporting

External and internal assurance

Reasonable executive compensation

For our economyFor our economy For our societyFor our society For our environmentFor our environment

• Impact of TELUS operations • Product life-cycle

responsibility• Influence in supply chain• Help customers minimize their

impacts• Complete climate change

strategy

• Sustainable revenue

generation and ROI• Robust internal financial

controls and disclosure

mechanisms• Investment in technology

research and development• Contribution to corporate tax

base• Contribution to sustainable

National economic growth

Communities and customers• Investment through TELUS

Community Boards• Strategic partnerships• Philanthropy & volunteerism• Social impacts of our products

and services• Customer satisfaction

Team members• Recruitment, retention, and

development• Engagement and diversity• Labour relations• Health and safety

becoming a leading corporate citizenbecoming a leading corporate citizen

41

TELUS must incorporate CSR into key business decisionsTELUS must incorporate CSR into key business decisions

TELUS and Corporate Social Responsibility (CSR)TELUS and Corporate Social Responsibility (CSR)

2000 Basic reporting Limited disclosure

2009 TELUS an internationally

recognized leader in CSR

42

Transforming TELUS’ CSR strategyTransforming TELUS’ CSR strategy

Only North American telco on DJSI World Index for 9 consecutive years

Only 1 of 11 Canadian companies listed

Nine Community Boards across Canada- Local and TELUS Community Leaders- $4.1M to be donated in 2009

Year-round team volunteerism and giving plus- 2009 TELUS Day of Service: over 9000

participants in over 150 activities- $7.1M being donated in 2009 through team

donations and TELUS matches

Corporate philanthropic endeavours - $43M committed to science centres - Upopolis social networking for children’s

hospitals- TELUS Walk to Cure Diabetes

2000 2009Community Investment & Engagement

Year-round team volunteerism and giving programs

$7.8M donated

investment in our communitiesinvestment in our communities

43

Since 2000 TELUS and team members contributed $137M to charitable organizations & 2.6 million volunteer hours

Since 2000 TELUS and team members contributed $137M to charitable organizations & 2.6 million volunteer hours

2000 Recent

Annual Report Disclosure

Best in Comm. sector in Canada

2 years in a row, overall award of disclosure excellence in Canada

Annual report ranked 3rd best in world in 2009 and 2008 (1st in world 2007)

Corporate Governance

Good but not recognized externally

Honourable mention for excellence in corporate governance disclosure in 2008 (Best in 2007)

Board of Directors

16 - regionally based

63% in AB/BC

13 - nationally balanced

46% in AB/BC

TELUS – disclosure and governance excellenceTELUS – disclosure and governance excellence

44

Financial and valuation review

This slide deck and our answers to questions contain statements about expected future events and financial and operating results of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions 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 results 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 2009 guidance and a preliminary assessment of expected 2010 capital expenditure levels), qualifications and risk factors (including those associated with the deployment and operation of the new national high-speed packet access network and associated introduction of new products, services and systems) referred to in the Management’s discussion and analysis in the 2008 annual report, and in the 2009 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.

TELUS forward looking statementsTELUS forward looking statements

$3.6B

200912 mo. June

47

EBITDA evolutionEBITDA evolution

Executing strategy drives wireless growth,now 55% of operating profit

Executing strategy drives wireless growth,now 55% of operating profit

12 mo. Sept2000

$2.3B

Wireless17%

Wireline83%

Wireless55%

Wireline45%

48

Wireless earnings and cash flow growthEBITDA ($M)

EBITDA less capex ($M)

357

530

817

1,144

1,445

1,7531,906

(288)

70

457

790

1,040

1,326 1,355

2001 2002 2003 2004 2005 2006 2007

2,005

1,457

2008

strategic focus yields strong resultsstrategic focus yields strong results

Continued focus on profitable customer growthContinued focus on profitable customer growth

2009E*

1,925

1,150


49

Macroeconomic factors 2000 → 2009 2000 -Tech bubble burst destroyed over $100B in North American telecom

value 2001 - Corp governance crisis – increased cost of financing and regulatory

e.g. Sarbanes-Oxley (SOX) 2007 - Income Trust conversion decision destroyed over $3B in Canadian

telecom shareholder value 2008/2009 – Credit crisis and global recession impacted ability and cost to

finance operations

Systemic industry trends 2000 → 2009 Long Distance erosion

Reduced $480M of high margin revenue since 2001 at TELUS Local line erosion due to technology substitution and competition

Reduced $550M of revenue since 2000 at TELUS

managing through challenging timesmanaging through challenging times

Achieving financial success despite adversityAchieving financial success despite adversity

50

Adverse regulatory decisions 2000 → 2009 Contribution payments & price caps ~$350M negative EBITDA impact to TELUS AWS auction proceeds: $4.25 billion

3 times original expectations for three major wireless companies Incumbents paid 40% premium to new entrants TELUS paid $882M in 2008

TELUS Specific factor 2000 → 2009 Labour unrest and work disruptions 2004 to 2005

managing through challenging timesmanaging through challenging times

Achieving financial success despite adversityAchieving financial success despite adversity

51

TELUS capital expendituresTELUS capital expenditures

Over $16.8 B invested into core businesses in CanadaOver $16.8 B invested into core businesses in Canada

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E*

Wireline

Wireless

$1.75 B

Expected 2009$2.25 B

$1.69 B

$1.25 B $1.32 B $1.32 B

$1.62 B$1.77 B

$1.86 B$2.1 B


2000 2009*

Net Debt to EBITDA

Long-term policy guidelines

3.5x

N/A

1.9x

1.5x – 2.0x

EBITDA interest coverage ratio 10.7x 9.0x

Return on Equity 10% 15%

Dividend Payout ratio guideline N/A 45% - 55% of sustainable earnings

TELUS – building financial strengthTELUS – building financial strength

52

Long term policies support strong investment grade credit ratings

Long term policies support strong investment grade credit ratings

* 12 months trailing Sept. 30. See forward looking statement caution

53

361

* Midpoint of 2009E free cash flow, including cash pension contribution. See forward looking statement.

2009 - impacted by increased capex, pension and restructuring costs, and start of cash taxes

Free cash flow after spectrum purchases ($M)

Wireless spectrum purchased ($M)1,443

2003

776

2004

1,167

2006 2007

1,388

2002

2009E*

585

2008

361

1,243

(910)

2001

(1,266)

2005

1,345

1,336

(249)

TELUS generating strong free cash flowTELUS generating strong free cash flow

2000

144

53

5.5B

returning cash to TELUS shareholdersreturning cash to TELUS shareholders

Total return of $5.1 billion to shareholders over past 5 years or approx. $16 per shareTotal return of $5.1 billion to shareholders

over past 5 years or approx. $16 per share54

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

NCIB

Dividends

$340 M $330 M

$140 M $170 M

$330 M

$1.20 B $1.21 B$1.27 B

$860 M

$600 M

55

1 TELUS 22%2 BCE 7%3 Portugal Tel -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%13 Deutsche Telekom -75%14 France Telecom -76%15 NTT Corp -76%16 BT Group PLC -78%17 Royal KPN -84%18 PCCW -94%

Total return (including reinvested dividends) Dec 31, 1999 to Dec 31, 2004

TELUS #1 globally vs. MSCI incumbent peers over 5 yearsTELUS #1 globally vs. MSCI incumbent peers over 5 years

56

1 TELUS 64%2 BCE 8%3 Singapore Tel -5%4 Hellenic Tel -5%5 New Zealand Tel -6%6 Portugal Tel -9%7 Swisscom -18%8 Telefonica -34%9 AT&T -36%

10 Telstra -38%11 Verizon -39%12 Telecom Italia -50%13 BT Group PLC -74%14 NTT Corp -76%15 Deutsche Telekom -78%16 France Telecom -78%17 Royal KPN -80%18 PCCW -94%



57

1 TELUS 88%2 BCE 28%3 Singapore Tel 27%4 Hellenic Tel 20%5 Portugal Tel 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%13 BT Group PLC -64%14 Royal KPN -73%15 NTT Corp -75%16 Deutsche Telekom -77%17 France Telecom -77%18 PCCW -94%



58

1 TELUS 79%2 BCE 69%3 Singapore Tel 64%4 Hellenic Tel 36%5 Portugal Tel 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%13 BT Group PLC -65%14 Royal KPN -67%15 France Telecom -72%16 Deutsche Telekom -74%17 NTT Corp -74%18 PCCW -94%




1 TELUS 40%2 BCE 10%3 Singapore Tel 9%4 Telefonica -8%5 Portugal Tel -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%13 Telecom Italia -72%14 France Telecom -75%15 NTT Corp -75%16 Deutsche Telekom -80%17 BT Group PLC -81%18 PCCW -95%

Total return (including reinvested dividends) Dec 31, 1999 through Dec 31, 2008

59


Total return (including reinvested dividends) Dec 31, 1999 to Sept 30, 2009 60

1 Singapore Tel 42%2 TELUS 36%3 Portugal Tel 21%4 BCE 21%5 Telefonica 12%6 Swisscom -10%7 AT&T -16%8 Verizon -23%9 Hellenic Tel -31%10 Telstra -33%11 New Zealand Tel -38%12 Royal KPN -67%13 Telecom Italia -69%14 France Telecom -75%15 NTT Corp -79%16 Deutsche Telekom -81%17 BT Group PLC -82%18 PCCW -96%

Investor relations1 800 667 [email protected]

TELUS National Evolution A perspective on 10 years of fundamental change

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