Investor relations activities

2006 conferences and meetings

• Total of nine conference presentations - six in Canada and three in the United States - most of which were webcast for easy access for shareholders
• Six conference calls with webcast - four quarterly earnings calls, one announcing proposed income trust and one 2007 targets call
• Annual general meeting with webcast
• Meetings with 183 investors - 80 in Canada, 76 in the United States and 27 in Europe.

2006 key investment events

• Moody's placed the rating of TELUS Corporation under review for a possible upgrade
• TELUS continued to purchase shares under its normal course issuer bids
• 17.4 million shares were purchased for a total outlay of $848 million under the second NCIB, which expired on December 19, 2006. This represented 73 per cent of the total authorized program amount
• A new share repurchase program for up to 24 million shares took effect on December 20, 2006 and 186,723 shares were purchased for $9.8 million by the end of 2006
• In May 2006, TELUS issued 5.0% Notes, Series CB, with a seven-year maturity for aggregate gross proceeds of C$300 million. The net proceeds of the offering were used to pay for the early termination of cross currency swap agreements related to TELUS' 7.5% U.S. dollar Notes that mature in 2007
• TELUS entered into forward starting interest rate swap agreements that have the effect of fixing the underlying interest rate on up to $500 million of future debt issuance
• In September 2006, TELUS proposed to convert in its entirety into an income trust in January 2007, subject to approval by its security holders and other conditions. In late October, the federal Minister of Finance made a surprise announcement of a new tax plan that would increase the level of taxation on income trusts. In November, TELUS management and the Board determined that it was no longer in the best interests of the Company and its shareholders to proceed with the conversion into an income trust
• On December 14, TELUS issued a news release and held a conference call to publicly announce its financial and operating targets for 2007.

Analyst coverage

As of February 2007, 18 equity analysts covered TELUS. For a detailed list, see the investor fact sheet on telus.com/investors.

Valuation dates and prices

For capital gains purposes, valuation dates and prices are as follows:

Information for security holders outside of Canada

Cash dividends paid to shareholders resident in countries with which Canada has an income tax convention are usually subject to Canadian non-resident withholding tax of 15 per cent. If you have any questions, contact Computershare.

For individual investors who are U.S. citizens and/or U.S. residents, quarterly dividends paid on TELUS Corporation common and non-voting shares are considered qualified dividends under the Internal Revenue Code and may be eligible for special U.S. tax treatment.

Merger and acquisitions - shareholder impact

BC TELECOM and TELUS

The common shares of BC TELECOM and pre-merger TELUS Corporation no longer trade on any stock exchange. If you did not exchange your pre-merger share certificates by the expiry date of January 31, 2005, you ceased to have any claim against TELUS or any entitlement relating to those shares. If you have questions regarding unexchanged share certificates, please contact Computershare.

QuébecTel

The shares of QuébecTel no longer trade on any stock exchange. If you did not exchange your share certificates by the expiry date of June 1, 2006, you ceased to have any claim against TELUS or any entitlement relating to those shares. If you have questions regarding unexchanged share certificates, please contact Computershare.

Clearnet

TELUS completed its offer to purchase all of the outstanding common shares of Clearnet Communications Inc. on January 12, 2001. If you still hold share certificates for Clearnet, you must tender your shares to Computershare to receive consideration.

Upon exchange of your Clearnet shares for TELUS non-voting shares, you will receive dividend payments retroactive to April 1, 2001.