Ready For Recovery Pierre Blouin, CEO Rendez-vous Financier – Les Affaires October 29, 2009

1. Ready For Recovery Pierre Blouin, CEO Rendez-vous Financier – Les Affaires October 29, 2009 Proud recipient of awards from: 2008 Business Innovation 2008 Competitive Strategy Leadership premierPARTNER 2008 Partner of the Year

2. Safe Harbour Notice This presentation and associated commentary may contain certain forward-looking information. Material factors or assumptions would have been applied in drawing conclusions or making a forecast or projection reflected in such forward information. Actual results may differ materially from a conclusion, forecast or projection in any such forward-looking information, and may be subject to significant risks. Additional information about Manitoba Telecom Services Inc. (MTS) can be found in MTS’s filings with the Canadian securities regulatory authorities. Except as required by law, MTS disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

3. Who We Are

4. MTS Allstream • Fourth-largest telecommunications company in Canada • TSX:MBT • 6,000 employees – one of Canada’s Top Employers • 30,000-kilometre national network • Annual revenue of $1.9 billion in 2008 • 1.9 million customer connections* • Assets: $2.7 billion* Consumer Markets division (MTS) • #1 in all telecom products in Manitoba • Most profitable provider in Canadian telecom industry Enterprise Solutions division (Allstream) • Coast-to-coast national IP network footprint • One of 3 telecom solutions providers with Bell and Telus in Canadian business markets * As of June 30, 2009.

5. History of MTS Allstream 1846 Montreal & Toronto Magnetic Telegraph Company founded Manitoba Government creates “Manitoba Government Telephones” 1908 Unitel Communications breaks 112-year monopoly in public long distance voice communications 1992 1996 Unitel changes its name to AT&T Canada Long Distance Services Manitoba Telecom Services Inc. debuts on the Toronto Stock Exchange (TSX) under the trading symbol of MBT – January 7 1997 AT&T Canada is rebranded Allstream 2003 Manitoba Telecom Services completes acquisition of Allstream for $1.7 billion 2004

6. Over 100 Years Of Innovation 1908 Manitoba Government Telephones established 1917 First city in Canada to receive all-dial service – Brandon (MB) First major city in North America to receive all-dial service – Winnipeg 1926 North America’s first use of the three-digit emergency phone number – Winnipeg 1956 1968 First Canadian city to have touch-tone service – Brandon World’s first dedicated fax network 1988 Canada’s first Multiprotocol Label Switching Internet protocol virtual private network (“MPLS IP-VPN”) 1999 Launch of MTS TV in Manitoba 2003 2009 Launch of MTS Ultimate (HD) TV and Canada’s first Whole Home PVR - Winnipeg

7. Foundation: Our Customers Serving for over 100 years Total customer connections in first half 2009 1,953,871

8. A Unique Player in the Marketplace • Regional in size with national reach • Focused on the customer • Proven innovator • Nimble competitor Consumer Markets division • Wireless • High-speed Internet • Digital TV • Wireline voice • Home security Enterprise Solutions division • Converged IP • Unified Communications • Voice and data connectivity • Professional and IT Services

9. Our Products Innovative Solutions

10. Consumer Markets division • Deepest pervasive fibre deployment in North America • Best distribution channels • Richest bundling capabilities • Operates under the MTS brand in Manitoba • Market-leader in Manitoba: • TV 34% (Greater Winnipeg) • High-speed Internet 60% • Home Phone 84% • Wireless 60% • Full-service provider with strong customer relationships • Pervasive infrastructure and brand recognition As of June 30, 2009.

11. Wireless: Unmatched Footprint in Manitoba 97% of Manitoba population covered with service 72% of Manitoba population covered with EVDO data technology HSPA data network to be completed with similar footprint by early 2011

12. Broadband Close to 100% coverage of Winnipeg 85% of Manitoba homes covered 179 communities served 32 Mbps – fastest speed of any telco in Canada

13. Most Advanced TV Experience in Canada MTS Ultimate TV Most advanced TV experience in Canada – ahead of Bell and Telus Unique Whole Home PVR HDTV First to deployMicrosoft “Mediaroom” Three simultaneous HDTV signals

14. Shared HSPA network deployment represents best opportunity for long-term value creation Parties to split network deployment and operating costs Efficient upgrade path to LTE HSPA creates potential to further grow data ARPU Alliances with Rogers Communications and Sprint Nextel • Enables MTS to offer larger selection of CDMA handsets to Manitoba customers on a more cost-effective basis • Access to Sprint’s data applications • Strengthens MTS’s wireless market leadership in Manitoba while HSPA is deployed Strengthening leading market offering through alliances

15. Enterprise Solutions division Operating under the Allstream brand State-of-the art national infrastructure Strong portfolio of innovative IP services Main competitor in business markets across Canada Allstream created through the gradual amalgamation of CNCP, Unitel, MetroNet, Netcom, Montage and AT&T Canada

16. Converged IP – Strong Growth Customized streamlined networks High bandwidth service IP now one of the largest Allstream product lines, including: Secure Connect Wavelength Virtual Workplace Revolutionizing communications for Canadian businesses Reducing our customers’ environmental footprint Enabling customers to compete, with our Unified Communications solutions

17. Solid Enterprise Customer Base

18. Allstream Wireless Opportunity Able to offer customers unique wireline/wireless bundles not previously seen in Canadian enterprise market More choice for Canadian business Positioned to leverage wireline/wireless convergence Allstream well-positioned to sell wireless products: Already has enterprise wireless business applications National sales force Rogers roaming partner on the best Canadian and international networks

19. Transition to Growth Services Wireless, Broadband, Converged IP, TV

20. Continued Momentum on Growth Services Strategy Highest wireless subscriber growth in Canada* Wireless, high-speed Internet and digital TV revenues climbed 8.8% through 1st half/09 Continuing to focus on engaging customers in multiple service relationship 1st half/09 bundled customer growth up 5% Subscriber Growth Revenue Growth 1st half/09 Growth 10% 10% 9% 7% 4% 4% Digital TV Internet Wireless *Based on company information to June 30, 2009 for Rogers Communications, Bell Canada, Telus Communications Company, and MTS Allstream.

21. First Half 2009 Growth Services Revenues Converged IP 11.9% Digital Television 7.3% Wireless 9.9% High-speed Internet 10.2% 47% of total revenues

22. Growth Revenue TransitionMaintaining Steady EBITDA Margins Consumer division Enterprise division MTS Allstream 52% 52% 52% 51% 34% 34% 34% 34% 24% 23% 22% 20% 2006 2007 2008 Q2/09 Q2/09 2006 2007 2008 2006 2007 2008 Q2/09 40% 44% 47% Revenue Growth Legacy 2 0 0 7 2 0 0 8 Q2 2 0 0 9 All figures from continuing operations.

23. Our Environmental Commitment Wireless devices diverted from the landfill Played a key role in helping One Million Acts of Green reach its goal Eliminated 550 tonnes of greenhouse gas emissions in 2008 alone through teleworking program Placed oxo-biodegradable bags in retail shops We are committed to reducing our impact on the environment, and to helping our customers, employees, and stakeholders do the same

24. Foundation: Our Employees Hardworking and dedicated employees are one of our greatest assets

25. Financial Profile

26. $47,113 $45,839 $44,418 $43,889 $42,229 2007A 2008A 2009E 2010E 2011E BCE Rogers Telus Bell Aliant MTS Stable Industry with Growth Potential • The telecom industry has continued to grow revenues in the face of a recession, with an expected CAGR of 2.8% from 2007 to 2011 • Growth of 3.2% and 2.8% is expected in 2010 and 2011, respectively Telecom Industry Total Revenue ($ millions) Source: Public disclosures and CIBC Research estimates.

27. $7,666 $7,102 $6,721 $6,400 $5,961 2007A 2008A 2009E 2010E 2011E BCE Rogers Telus Bell Aliant MTS Strong Free Cash Flow and Healthy Balance Sheets Telecom Industry Total Free Cash Flow1($ millions) • The free cash flow CAGR from 2007 to 2011 is estimated to be 6.5% • Telecom companies have kept healthy balance sheets, with all the companies currently around 1.5x – 2.0x leverage Telecom Industry Current Leverage (Net Debt / LTM EBITDA) Telus Source: Public disclosures and CIBC Research estimates. Note: As of October 26, 2009. 1 Free cash flow calculated as EBITDA less capital expenditures, cash taxes and interest expense. Does not include pension funding and one-time charges.

28. Recession Proof LTM Relative Share Price Performance • Telco stocks have held up nicely in light of the recent recession Source: Bloomberg Financial Markets. Note: As of October 26, 2009. Telco Index excludes BCE since its performance was impacted by the failed LBO process.

29. First Half 2009 Financial Results* • Revenue - $947.2 million • EBITDA - $322.5 million • Free Cash Flow - $128.6 million • EPS - $1.38 * From Continuing Operations as of June 30, 2009.

30. $340 $313 $160 $140 MTS S&P/TSX Comp $100 $129 $166 $186 $329 $418 $484 $422 $513 $537 $495 $100 $115 $115 $149 $122 $155 $178 $221 $259 $284 $195 Share Price Returns Total Return of $100 Investment • Manitoba Telecom share price outperforming most peers over recent years • $100 invested in MBT shares on January 6, 1997 would have been worth $440.11 as of September 30, 2009 • You would have earned a compound annual return of 12.3% over this time • Current dividend yield one of the highest on the TSX $2.5B returned to shareholders since 1997

31. Manitoba Telecom Share Price vs. Peers Share Price Performance June 30, 2008 - October 23, 2009 S&P/TSXComp S&P/TSXTelecom Telus MTS BCE -19.7% -21.3% -22.9% -25.4% -28.4%

32. Foundation: Strong Balance Sheet • Solid investment grade credit ratings • Able to access capital markets: • $75 million term loan in February • $350 million in notes issued in 2009 • $500 million MTN program renewed for 25 months in October Peer group net debt to capitalization* MTS Debt Ratings 50% BBB DBRS 39% 36% BBB+ S&P MTS TELUS BCE As at June 30, 2009. Credit Facilities Expected to Cover All Refinancing Requirements up to 2011

33. Stable Revenues and EBITDA from Continuing Operations Through Economic Downturn $ millions

34. Allstream in Quebec

35. Quebec Customer Base

36. Allstream in Quebec Over 400 employees, with offices in Montreal and Quebec City 10,000 business customers Investment of over $38 million in the past five years to improve the high-capacity data network serving Montreal and major cities of Quebec Offers major enterprise products including IP connectivity, unified communications and network security Network assets of $74 million in the province Two Quebec-based acquisitions strengthen Unified Communications solutions delivery and presence in Quebec marketplace: Vision IP acquired on September 29, 2009, a Cisco Silver Partner in Canada MultiNet acquired on November 7, 2007, a business with a base of over 7,000 customers, including 3,500 in Quebec

37. MTS Allstream - An Investment That Delivers Value Strong record of delivering cash to shareholders Stock provides one of the strongest yields on the TSX Positioned strategically for the future Stable results through challenging economic times Solid financial profile Cash flows from continuing operations support dividend and operating needs Strong balance sheet provides flexibility for business

38. Well Positioned For our 2nd Century of Operations

39. Questions?