1. Robert McFarlane EVP & Chief Financial Officer November 18, 2004 Global Communications Conference

2. 2 forward-looking statement This presentation and answers to questions contain forward- looking statements about expected future events including a normal course issuer bid, dividends 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’ 2004 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 Cdn$ unless otherwise specified

3. 3  Executing national growth strategy focused on data, IP & wireless from position of financial strength  2 nd largest Canadian telco  2004E 1 :Revenues$7.5 to 7.575B EBITDA 2 $3.025 to 3.075B FCF$1.25 to 1.3B  Enterprise value:$18B ($11B equity)  Listings:TSX: T, T.NV; NYSE: TU  Operating segments:wireline: TELUS Communications wireless: TELUS Mobility 1 Guidance as updated on October 29, 2004 2 Earnings before interest, taxes, depreciation & amortization, after restructuring and workforce reduction costs. about TELUS

4. 4 ILEC: full service in W. Canada and E. Quebec non-ILEC: data & IP for businesses in Central Canada Revenue (2004E) 1 $4.725 to 4.775B EBITDA (2004E) 1 $1.925 to 1.95B Capex (2004E) 1 ~$950M Network Access Lines4.8M Total Internet Subscribers948K (655K high-speed) Fibre IP backbonenational Next Generation Network (NGN) 1 Guidance as updated on October 29, 2004 TELUS Communications segment

5. 5 31.8M: Cdn. PopulationLicensed POPs 29.7M (93% of POPs)Network coverage 55 MHz in major marketsSpectrum position only one in Canada (Nextel in US)iDEN Mike network coast to coast 1X (CDMA)National footprint $1.1 to 1.125BEBITDA (2004E) 1 $2.775 to 2.8BRevenue (2004E) 1 3.75MSubscribers leading Canadian national wireless provider 1 Guidance as updated on October 29, 2004 TELUS Mobility segment

6. 6 strategic imperatives 2000-2004  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 consistent strategy

7. 7 delivering growth focused on data & wireless $5.7B 43% 18% 10% 6% Other 12ME Q3-04 $7.4B Local Voice Wireless Data 29% 36% 19% 4% Other LD Wireless 12ME Q2-00 Local Voice 23% Data 12% LD TELUS Communications TELUS Communications TELUS Mobility TELUS Mobility consolidated revenue profile evolution

8. 8  52%  56%Net Income EPS 2  5.6%Revenue  9.0%EBITDA 1 Q3-04 YTD change 1 After restructuring & workforce reduction costs of $16M & $ 33M for Q3-04 & YTD Q3-04 2 Incl. impacts of tax settlements & related interest of $0.17 YTD Q3-04 3 As defined in public disclosure excellent revenue, profitability & free cash flow growth Free Cash Flow 3 2004 review - consolidated  1.3 pts EBITDA Margin Q3-04 change  14%  38%  37%  7.8%  8.7%  0.4 pts

9. Communications segment

10. 10 only major North American telecom to report YoY wireline revenue growth in third quarter at 1.1% 1 Incl. restructuring & workforce reduction costs of $16M & $33M for Q3-04 & Q3-04 YTD, respectively. 2 EBITDA less capex.  1.2% External Revenue  2.7% EBITDA (after restructuring) 1  21%Cash Flow 2  4.5 pts Capex Intensity  1.4%Network Access Lines Communications segment Q3-04 YTD change Q3-04 change  1.1%  2.4%  6.6%  0.4 pts  1.4% financial summary  1.4% EBITDA (before restructuring)  0.3%

11. 11 positive revenue growth in third quarter driven by data growth & lower LD revenue decline Communications segment revenue profile Q3-04 YTD change ($M) Q3-04 change  0.7%  0.8%Voice - Local  1.6%  7.9%Data  1.2%  1.1%External Revenue  5.0%  4.1%Other  5.1%  2.1%Voice – Long Distance

12. 12 on track to achieve 2004 annual target of 125K Communications segment high-speed Internet subscriber growth High-speed Internet net additions 32K 2003 27K Q1 Q2 152K 44K 2004 19K Q1 Q2 ~125K QActualQOutlook 31K Q3 47K Q3

13. 13 Total Internet subscribers 69% High Speed 31% Dial-up 948K continued high speed market share growth 37% 32% 39% TELUS high-speed market share 1 Q3-03Q3-02Q3-04 1 In ILEC operating areas high speed Internet subscriber growth Communications segment

14. 14  Digital or “future friendly” home  continuing high-speed Internet growth  home networking and Home Sitter  new applications to come  Bundling & price increases  bundling strategy protects legacy revenues  LD system access fee increased  Geographic expansion  high quality, recurring, IP-based revenues in non-ILEC  leverage leadership and service differentiation that our Next Generation Network (NGN) provides revitalizing wireline growth Communications segment consumer: business:

15. 15 central Canada non-ILEC revenue & EBITDA improved revenue and EBITDA in Q3 145 131 128 138 139 141 152 136 123 117 (36) (30) (23) (18) (15) (6) (2) (9) (14) (3) Core Revenue Asset DispositionEBITDA Q1-02Q2-02Q3-02Q4-02Q1-03Q2-03Q3-03Q4-03Q1-04Q2-04Q3-04 Communications segment

16. 16 Operational Efficiency Program (OEP) – 2001 to 2003  Cumulative annual savings of $530 to 535M YE 2004 & onward 2004 efficiency initiatives  Expect $50M in restruct. & workforce reduction costs in 2004 ($33M YTD)  Combining Business & Client Solutions to improve efficiency & effectiveness  Consolidating IT operations from 15 to 2 locations continued focus on institutionalizing cost efficiency delivering wireline operational efficiency Communications segment

17. 17  Unionized employees in West without new contract  Canada Industrial Relations Board (CIRB) required TELUS to offer binding arbitration to union & imposed a communications ban  Waiting for CIRB reconsideration decision  CIRB separately ruled TELUS Mobility employees in East be swept into union  Waiting for appeal ruling from Federal Court labour relations update Communications segment

18. Mobility segment

19. 19  37% 1 EBITDA margin of 43% Q3-04, & 41% Q3-04 YTD 2 EBITDA less capex 3 Source: study by independent research firm N. Moore Capital  20%External Revenue EBITDA  57%Cash Flow 2  2.0 ptsCapex intensity ($M) TELUS Mobility ranked #1 operator in North America 3 financial summary  5.2 pts EBITDA Margin 1 Mobility segment Q3-04 YTD change Q3-04 change  32%  21%  46%  1.4 pts  3.7 pts

20. 20 Mobility segment Wireless subscriber growth Strong YTD subscriber growth leads to increased guidance Total wireless subscribersWireless net additions 3.8M 17% Prepaid 83% Postpaid 67K 2003 103K Q1 Q2 431K 76K 2004 114K Q1 Q2 425 to 475K QActualQOutlook 136K Q3 101K Q3  updated guidance

21. 21 TELUS MobilityBCE WirelessRogers Wireless $60 $50 Source: Company reports $62 $53 $50 Microcell $40 $44 Q3-03 Q3-04 significant premium with positive industry-wide trend continued leadership in ARPU Mobility segment

22. 22 BCE T-Mobile 2.8% 2.7% 1.5% 2.0% 1.5% 1.3% 1.2% TELUSNextelSprint PCS Rogers Verizon 2.8% Cingular Microcell 3.7% 3.0% AT&T TELUS’ Q3 churn rate is excellent relative to NA peers leading performance in churn Mobility segment

23. 23 subscriber economics continue to improve profitable subscriber growth 8%9%COA/ Lifetime revenue 1.3%1.4%Blended churn $62ARPU$60 $374COA$406 $4,600      $4,300Lifetime revenue Q3-04Q3-03 Mobility segment

24. 24 TELUS Mobility EBITDA & cash flow growth 56% compounded EBITDA growth rate over four years 1 Pro forma acquisition of Clearnet. 2 EBITDA (excluding restructuring) for 2001 & 2002 3 Per guidance announced October 29, 2004 173 815 20032000 1 356 2001 2 535 2002 2 1,100 to 1,125 2004E 3 (360) 455 (288) 750 to 775 75 EBITDA EBITDA less capex ($M) Mobility segment

25. 25 Canadian subscriber growth accelerating 4.5%4.0%Penetration gain 1.5M1.3MNet subscriber additions 31.8MPopulation31.5M 14.4MCdn wireless market12.8M Q3-04Q3-03 45.2%40.7%Penetration 12ME Mobility segment

26. 26 4 million net adds expected over next 3 years Source: Industry analysts 2003 42% 2007E 55-59% 2004 YTD 45% 13.4M subs 18-19M subs 14.4M subs Canadian wireless penetration growth prospects Mobility segment

27. 27 Mobility segment text & picture messaging mobile browser downloads mobile computing & other applications RIM wireless Internet (1X cards) data revenue expanding exponentially Data revenue growth driven by expanding number of applications wireless data business & consumer

28. 28 wireless industry consolidation TELUS has opportunity to realize consolidation benefits without integration risk May-04  TELUS makes public offer to acquire Microcell Oct-04  Rogers Wireless agrees to purchase Microcell for 21% more than TELUS offer, despite inferior tax synergy  TELUS remained disciplined & let offer expire Nov-04  Competition Bureau approves Rogers transaction without conditions  Microcell acquisition closed Mobility segment

29. 2004 guidance

30. 30 positive guidance revisions reflect significant growth in profitability, earnings & cash flow approx. 1.3BCapex $1.25B to 1.3B $1.40 to 1.50 $3.025 to 3.075B $7.5 to 7.575B current 2004 guidance 1 EPS Free Cash Flow EBITDA Revenue change to 2003  4%  48 to 54%  52 to 63%  7 to 9%  5 to 6% 1 Updated guidance provided on October 29, 2004 2004 financial outlook consolidated

31. 31 improving free cash flow impressive free cash flow growth momentum 2001 2002 2003 $(1.14)B $(140)M $1.25B to 1.3B 2004E $845M consolidated

32. 32 2.2X long-term financial policy targets long-term de-leveraging targets achieved 15 mos ahead of plan 45 to 50% (long term) 49.7%53.7%Net Debt : Capital Q3-04 Guidance Q3-03 <2.2X 1 (new end of 2004) <2.2X (long term) 2.7XNet Debt : EBITDA 1 Provided October 29, 2004 consolidated

33. investor considerations

34. 34 disclosure excellence  ranked 9 th globally by Corporate Essentials, “Annual Report of Annual Reports”  1 st in Canada; 2 nd in North America  ranked #1 in world for “strategy, objectives & outlook”  9 years of disclosure excellence in corporate reporting awards by Canadian Institute of Chartered Accountants  IR website ranked 3 rd among global telcos by IR Web Report  member of DJSI for 4 consecutive years – only N. American telco  recognized as Canada’s Best Environmental Corporate Citizen e.Com Report Watch

35. 35  Quarterly dividend increased 33% to 20¢ for Jan. 1, 2005 payment  Targeting dividend payout ratio guideline of 45 to 55% of net earnings  Approval for Normal Course Issuer Bid for up to 10% of public float or ~25.5M shares  Changes to Dividend Reinvestment Plan  discontinue 3% discount – in line with peers  to begin open market purchases in 2005 shareholder value enhancing initiatives balanced approach to stakeholder interests

36. 36 2004E global telecom performance projected EBITDA % growth rates As at Oct 28, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports 8 6 5 4 3 2 (7) (8) (14) (29) (0.4) (0.2) 2 5 (2.0) (2) TELUSDTFTTelstraSprintBCEVZBT KPNAliantSBCTeliaBLSMTSPCCWAT&TNippon

37. 37 2004E global telecom performance As at Oct 28, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports projected Cash Flow (EBITDA - Capex) % growth rates 12 7 5 4 3 (5) (7) (10) (18) (20) (24) 0.3 (0.6) (3) (2) (0.6) 7 TELUSSprintFTAliantTelstraDTBCE SBCNipponVZTeliaBTBLSKPNMTSPCCWAT&T

38. 38  TELUS Communications  strong performance relative to other telcos  improving results driven by stronger data & non-ILEC  TELUS Mobility  top performing wireless carrier in N. America  industry consolidation benefits without integration risks  high exposure to wireless on consolidated basis  free cash flow of >$1B, resulting in attractive FCF yield  material debt & leverage reduction – exceeded targets  shareholder value focus reflected by recent initiatives strong results across the board & positive outlook why invest in TELUS?

39. questions?

40. investor relations 1-800-667-4871 telus.com ir@telus.com