Darren Entwistle Member of the TELUS Team February 18, 2005 2004 – 4th quarter review Darren Entwistle Member of the TELUS Team February 18, 2005 leading the way …

strong Q4 momentum going into 2005 leading the way …. strong Q4 momentum going into 2005 TELUS Mobility Record quarter and year for wireless net additions Highest EBITDA and cash flow in Canadian industry strong track record of execution and performance

Canadian Wireless Industry 2004 TELUS achieving profitable subscriber growth Canadian Wireless Industry 2004 subscriber growth EBITDA growth + $800M + 1.5M TELUS Mobility 41% 34% + $660M cash flow1 growth 50% 1. EBITDA less Capital expenditures Source: Company reports. Sum of reported results for BCE, Rogers Wireless pro forma Microcell, & TELUS Mobility

2004 wireless cash flow yield1 comparison (%) 30.3 29.3 27.9 21.9 19.2 12.4 10.8 3.9 TELUS Mobility Bell Mobility France Telecom Nextel Verizon Sprint PCS Rogers Cingular Wireless Wireless Wireless Wireless 1.EBITDA less capital expenditures divided by network revenue Source: Company reports

strong Q4 momentum going into 2005 leading the way …. strong Q4 momentum going into 2005 TELUS Mobility Best ever quarter for wireless net additions Highest EBITDA and cash flow in Canadian industry TELUS Communications Third quarter of sequential revenue growth Data revenue growth 9% Long distance decline only 1% First ever quarter of positive EBITDA in non-ILEC Consolidated: 5 of 6 original annual targets achieved strong track record of execution and performance

benefits of secondary offering 73.5M secondary share offering for $2.24B $148M in cash, $97M in reduced future payments wireless roaming agreement for TELUS Mobility oversubscribed, shares up 15% since closing broadened shareholder base internationally increased Canadian ownership share liquidity increased 26% Verizon deal positive for shareholders

corporate priorities for 2005 Enhance our leadership position in wireless Leverage our investments in high speed Internet through Future Friendly home services Accelerate our wireline performance in Ontario & Quebec Grow brand value through superior customer experience (via leading IP solutions and improved customer care) Drive continual improvements in productivity Reach a new collective agreement 2005 priorities entirely consistent with 2004

labour relations update CIRB overturned its ruling that imposed binding arbitration Narrow communications ban reinstated Union has appealed this week to CIRB and Federal Court of Appeal

framework for medium term growth Wireline Growth Opportunities Challenges Non-ILEC Growth Future Friendly Home Organization Effectiveness Technological Substitution Competitive Intensity Price Cap Regulatory Framework + + + + Short-term dilutive Strive to hold wireline EBITDA (before restructuring) flat over medium term  Growth in revenues and EBITDA from large exposure to wireless business = Continued improvements in consolidated results

2004 global telecom performance actual/projected Revenue % growth rates 6.1 % 5.9 5.3 5.2 4.7 4.5 3.7 2.4 2.2 0.2 Aliant Telstra BT Nippon KPN MTS AT&T TELUS BLS SBC VZ Sprint PCCW DT BCE FT Telia (1.2) (1.6) (2.2) (2.5) (2.7) (5.5) As at February 16, 2005 Notes: TELUS data based on actual results Other estimates provided by Bloomberg, company and analyst reports (11.6)

2004 global telecom performance actual/projected EBITDA % growth rates % 10 7 6 4 2 2 2 Telstra BLS BT KPN SBC MTS Nippon PCCW Aliant AT&T TELUS DT FT Sprint VZ BCE Telia (0.3) (2) (2) (2) (3) (4) (8) (15) (17) As at February 16, 2005 Notes: TELUS data based on actual results Other estimates provided by Bloomberg, company and analyst reports (20)

2004 global telecom performance actual/projected EPS % growth rates 135% 77 74 72 54 48 35 31 22 18 6 VZ BLS PCCW SBC Aliant DT FT Telia TELUS KPN Sprint MTS BT Telstra Nippon BCE (4) (6) (7) (21) (29) As at February 16, 2005 Notes: TELUS data based on actual results Other estimates provided by Bloomberg, company and analyst reports

2004 global telecom performance actual/projected Cash Flow (EBITDA - Capex) % growth rates 13 % 7 4 4 1 BCE Telia VZ Telstra AT&T SBC BLS BT KPN Nippon Aliant PCCW TELUS FT Sprint MTS DT (1) (4) (5) (5) (7) (8) (10) (10) (14) (16) (20) As at February 16, 2005 Notes: TELUS data based on actual results Other estimates provided by Bloomberg, company and analyst reports (21)