1. 2004 – 3rd quarter review Darren Entwistle Member of the TELUS Team October 29, 2004

2. 4  TELUS consolidated results  Revenue  8% EBITDA  9%  Net income  37% Free cash flow $503M  TELUS Mobility  Leading results across all metrics  Communications  Non-ILEC, Data and LD perform well this quarter Q3 highlights Benefiting from consistent strategy & execution

3. 5 vision of shareholder value creation  TELUS Mobility growth engine  bright industry outlook  39% of revenue profile today and growing  2006 and 2007 $3.5 billion debt maturities  Primarily repayment events based on cash flow outlook  Unlocks bottom line earnings expansion and value creation 5 year goal (2003 – 2007) to lead global peers with top quartile growth of revenue, EBITDA, EPS and cash flow

4. 6 2004E global telecom performance projected Revenue % 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 5.5% 4.9 4.7 4.0 2.3 1.1 (0.0) (1.7) (2.3) (2.8) (5.8) (6.2) (12.2) 0.4 0.8 1.0 4.8 TELUSVZSBCSprintDTPCCWTeliaFTTelstraAliant BCENipponBTKPNMTSBLSAT&T

5. 7 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

6. 8 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

7. 9 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 EPS % growth rates 91% 84 58 45 42 24 8 (5) (7) (16) (37) (42) 10 15 19 81 FTDTTeliaTELUSMTSKPNBTNipponTelstraBCEAliant VZBLSPCCWSBCSprintAT&T

8. 10 shareholder value creating initiatives  Increasing quarterly dividend by 33% to $0.20 per share  Establishing dividend payout guideline  target 45 - 55% ratio of net earnings  Intention to make normal course issuer bid to repurchase up to total of 25.5 million common and non- voting shares, upon obtaining regulatory approval  Measures to restrict issue of TELUS shares from treasury Continue balancing interests of shareholders & debt holders