Darren Entwistle Member of the TELUS Team New York September 29, 2003

2 This presentation and answers to questions contain forward- looking statements about expected future events and financial and operating results that are subject to risks and uncertainties. TELUS’ actual results, performance, or achievement could differ materially from those expressed or implied by such statements. For additional information on potential risk factors, see TELUS’ Annual Information Form, and other filings with securities commissions in Canada and the United States. TELUS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All dollars in C$ unless otherwise specified. forward-looking statement

3 about TELUS  Leading Canadian pure-play, facilities-based, full- service telecom provider  2 nd largest Canadian telco  2003E 1 :Revenues$7.1 to 7.2B EBITDA$2.75 to 2.85B FCF$800M to 1B  Enterprise value:~$17B (equity ~$9B)  Listings:TSX: T, T.A; NYSE: TU  Operating segments:Communications= wireline Mobility= wireless  Daily trading 2 :1.3M shares 1 July 29, 2003 guidance 2 recent 3 month average for common and non-voting shares

4 Communications segment ILEC: full service in W. Canada and E. Quebec Non- ILEC: focus on data & IP for business in Central Canada Revenue (2003E) 1 $4.85 to 4.9B EBITDA (2003E) 1 $2.0 to 2.075B POPs covered7.5M Network Access Lines4.9M Local/LD Market Share96%/78% Total Internet Subscribers821K (469K high-speed ) Fibre IP backbonenational Strategic allianceVerizon Communications 1 July 29,2003 guidance

5 Mobility segment 31.5M: Cdn. PopulationLicensed POPs 28.3M (90%)Network coverage Verizon Wireless & NextelStrategic relationships best in CanadaSpectrum position only one in CanadaiDEN Mike network coast to coast 1XCDMA footprint $750 to 775MEBITDA (2003E) 1 $2.25 to 2.3BRevenue (2003E) 1 3.2MSubscribers Leading Canadian national wireless provider 1 July 29,2003 guidance

6 evolving our business delivering on our strategy

7 tracking against strategic imperatives  Provide integrated solutions  Partner, acquire & divest as necessary  Invest in internal capabilities  Build national capabilities  Focus on growth markets  Going to market as one team

8 build national capabilities TELUS’ infrastructure – 2000

9 national transformation Jan 2000Jun 2003 TELUS Communications  Ont/Que cities 329  Co-locations 287  Customer POPs 5165  Kms lit fibre 011,800  Platform StentorTELUS  Network Circuit-basedNext Generation

10 Apps AIN Applications IP Internetworking SONET GE App. ServicesManaged IPInternetVideoVoiceVPNs SONET ATM VoiceVideo Switched Data Circuit Data Managed IP IP Internet TDM IP DWDM/Fiber Switching transforming to NGN architecture stovepipe solutions being replaced by applications riding on ubiquitous IP Infrastructure

11 national transformation TELUS Mobility  PoPs covered 7M28M  Mike (iDEN) -24M  Generation 1G2.5G Jan 2000Jun 2003 TELUS Communications  Ont/Que cities 329  Co-locations 287  Customer POPs 5165  Kms lit fibre 011,800  Platform StentorTELUS  Network Circuit-basedNext Generation

12 build national capabilities TELUS’ national infrastructure

13 12ME Q2-03 TELUS Communications $7.1B Local voice Wireless Data 31% 19% 5% Other 14% LD TELUS Mobility wireless & data revenues from 28% to 50% in 3 years focus on growth markets consolidated revenue profile evolution 12ME Q2-00 TELUS Mobility TELUS Communications $5.7B 43% 18% 10% 6% Other LD Wireless Local voice 23% Data

14 going to market as one team  strong brand identity established  consistent branding across TELUS

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corporate priorities 2003

corporate priorities  Delivering operational efficiency  Driving improved levels of customer service  Enhancing wireless performance  Improving Central Canada profitability  Reaching a collective agreement  Strengthening financial position On track? deferred Feb/04

21  Achieved $199M in OEP savings YTD 2003  Cumulative annual savings of $349M to June 30, 2003  On track for cumulative savings of $450M in 2003  Cumulative 2004 estimated annual target of $550M June 2003 Actual 2002/03E 6,500 6,050 Staff Reductions driving $300M in incremental cost reductions in 2003 delivering operational efficiency (OEP)

22 enhancing wireless performance Source: Company reports significant premium to closest competitor maintained TELUS Mobility Rogers AT&T BCE Wireless Microcell $54 $39 $44 $45 YTD Q2-02 YTD Q2-03 $55 $46 $38 continued leadership in ARPU

23 enhancing wireless performance BCECingular 2.4% 2.2% 1.6% 2.2% 1.7% 1.4% 1.3% TELUSVerizonAT&TRogersNextel 3.3% Sprint PCS Microcell 3.0% 2.6% T-Mobile TELUS’ Q2 churn rate is best-in-class

24 YTD market share of wireless net additions 1 Bell Rogers AT&T TELUS Mobility 39% Other TELUS Mobility continues to capture healthy share of industry net additions Aliant 1 Includes Microcell subscriber losses Source: Company reports, and analyst estimates

25 9% 3 to 4 Canada versus US wireless comparison Sources: TELUS estimates. Cdn. Statistics - Company Reports; US Statistics - Morgan Stanley 1 Projected capex as a % of forecast total revenue. 2 Projected EBITDA less projected Capex divided by projected network revenues 3 Projected wireless penetration gain divided by # of carriers in market. Penetration gain/carrier 3 No. of carriers in market Mkt penetration/cov. POPs (EBITDA – Capex) / net. rev 2 Capex intensity 1 Annual EBITDA growth rate EBITDA margin 0.5% 6 to 8 53% 11% 21% 18% 31% US Avg 2003 Canadian wireless industry is comparatively stronger 0.9% 41% 17% 28% 30% Cdn Avg 2003

26 how does TELUS Mobility measure up? Sources: TELUS estimates. Cdn. Statistics - Company Reports; US Statistics - Morgan Stanley 1 Projected capex as a % of forecast total revenue. 2 Projected EBITDA less projected Capex divided by projected network revenues 3 Projected wireless penetration gain divided by # of carriers in market. For TELUS, projected net adds divided by projected covered POPs Penetration gain/carrier 3 No. of carriers in market Mkt penetration (cov. POPs) (EBITDA – Capex) / net. rev 2 Capex intensity 1 Annual EBITDA growth rate EBITDA margin 0.5% 6 to 8 53% 11% 21% 18% 31% US Avg % 3 to 4 41% 9% 17% 28% 30% Cdn Avg 2003 TELUS Mobility is best-in-class operating in fundamentally stronger 3+ player Canadian wireless industry 1.2% - 12% 19% 16% 43% 34% TELUS 2003 guidance

27 non-ILEC traction with 7 consecutive quarters of EBITDA improvement improving Central Canada profitability non-ILEC

28 reaching a collective agreement  Federal conciliators announced conclusion of global review between TELUS & the TWU on July 16  60-day negotiating period to begin with exchange of written proposals on Nov. 14  If agreement not reached at end of 60-day period, 21- day ‘cooling off’ period will follow  Process not expected to conclude until early Feb TELUS committed to reaching agreement that balances the needs of all parties

29 strengthening financial position significant growth in profitability driven by excellent wireless performance & wireline efficiencies 1 Excludes YTD payments under restructuring & workforce reduction initiatives of $202M & $77M for 2003 and 2002, respectively  148M$166M$18MNet Income  $0.42 $0.46$0.04EPS  2.0%$3.51B$3.45BRevenue  15%$1.39B$1.21BEBITDA 1 YTD Q2-03change Consolidated review YTD Q2-02

30 strong margin expansion evident across both business segments strengthening financial position 38% 26% 34% 41% 40% 35% June YTD EBITDA Margin (total revenue) Communications Consolidated Mobility

31 strengthening financial position 1 Ratio of capex to total revenues 2 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes YTD payments under restructuring & workforce reduction initiatives of $202M & $77M for 2003 and 2002, respectively over $600M improvement in free cash flow generation  $606M$445M($161M)Free Cash Flow 2  13pts15%28%Capex Intensity 1  46%$513M$955MCapex YTD Q2-03 changeConsolidated reviewYTD Q2-02

32 deleveraging Q2-02Q2-03Target Net Debt : Capital58.7%55.1%50% long term Net Debt : EBITDA3.6X3.0X 3.0X in Dec 2003 <2.8X in Dec 2003 revised net debt : EBITDA guidance <2.8X revised: 2003 deleveraging guidance achieved 6 months early

33 credit rating update – changes in 2003  April 16 – Moody’s outlook to ‘stable’ from ‘negative’  May 28 – Fitch outlook to ‘stable’ from ‘negative’  June 16 – DBRS trend to ‘stable’ from ‘negative’  August 8 – S&P outlook to ‘stable’ from ‘negative’  Sept. 12 – Moody’s outlook to ‘positive’ from ‘stable’ credit ratings lagging indicators of improvement

34 revised 2003 financial outlook – consolidated 2003 guidance implies significant improvement in profitability, cash flow & leverage $1.2 to 1.3B$1.7BCapex $800M to 1.0B $0.80 to 0.90 $2.75 to 2.85B $7.1 to 7.2B updated 2003 guidance 1 ($26M) ($0.75) $2.5B $7.0B 2002 actuals EPS Free Cash Flow EBITDA Revenue 1 July 29, 2003 change  $400 to 500M  $826M to 1.0B  $1.55 to 1.65  9 to 13%  1 to 3%

35 strengthening financial position debt reduction ahead of plan ($M)original 2003 targets 3 revised 2003 guidance 4 EBITDA 1 $2,700 to 2,800 $2,750 to 2,850 Capex ~(1,500) (1,200 to 1,300) Cash Interest~(700)~(630) Net Cash Tax Recovery (25) to 175~165 Cash Dividends~(175) ~(185) Free Cash Flow $300 to 600 $800 to 1,000 Working Capital/Other~0~220 Share Issuance 2 (non-public)~70~80 Cash Restructuring Costs~(275)~(300) Cash available for debt reduction$100 to 400 $800 to 1,000 1 Before restructuring and workforce reduction costs 3 Dec. 16, Dividend reinvestment & employee share plans 4 July 29, 2003

36 1 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes restructuring & workforce reduction costs 2 FCF Yield based on top end of range E $(1.35)B $(26)M $800 to 1,000M improving free cash flow E FCF yield 2 is 11.6% on common shares & 12.4% on non-voting shares

investor considerations

outlook leading N.A. telecom performance 11% 5% 3% (18)% (13)% TELUS BCE Sprint MTS SBC AT&T Aliant (5)% Verizon Bell South Projected 2003 EBITDA Growth Rates Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates (5)% As at September 29, 2003 (3)% (4)%

39 0% SBC Projected 2003 Cash Flow ( EBITDA - Capex ) Growth Rates 12% 9% 21% (14)% (9)% 2% 89% TELUS BCE Sprint MTS Bell South Verizon AT&T Aliant Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates 2003 outlook leading N.A. telecom performance As at September 29, 2003

40 continuing operational execution  TELUS Communications – improving efficiencies – non-ILEC on-track  TELUS Mobility – executing ahead of plan  Improved 2003 cash flow & earnings outlook  Generating significant cash flow improvement  Continued material debt & leverage reduction delivering on our strategy

questions?

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