1. Global Communications Investor Conference Robert McFarlane EVP & Chief Financial Officer March 16, 2004

2. 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’ 2003 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. forward-looking legal disclaimer all dollars in C$ unless otherwise specified

3. 3 about TELUS  Canada’s 2nd largest telco  Executing national growth strategy focused on data, IP & wireless  2004E 1 : Revenues $7.45 to 7.55B EBITDA 2 $2.95 to 3.05B Free Cash Flow $1.13 to 1.23B ($3.21 to $3.49/sh)  Operating segments : wireline: TELUS Communications wireless: TELUS Mobility  Enterprise value : ~$16B  Daily trading 3 : 1.2M shares 1 Targets announced December 18, 2003 2 Earnings before interest, taxes, depreciation & amortization including restructuring and workforce reduction cost 3 Recent 3 month average. TSX: T, T.A; NYSE: TU

4. 4 TELUS Communications segment ILEC: full service in W. Canada and E. Quebec Non-ILEC: data & IP for business in Central Canada Revenue (2004E) 1 : $4.8 to 4.85B EBITDA (2004E) 1 :$1.975 to 2.025B Network Access Lines:4.9M Total Internet Subscribers:881K (562K high-speed ) Fibre IP backbone:national Strategic relationship:Verizon Communications (21% shareholder) 1 Targets announced December 18, 2003

5. 5 TELUS Mobility segment 31.7M: Cdn. PopulationLicensed POPs: 29.5M (93%)Network coverage: Verizon Wireless & NextelStrategic relationships: best in North AmericaSpectrum position: only one in Canada (Nextel in US)iDEN Mike network: coast to coast 1XCDMA footprint: $975M to 1.025BEBITDA (2004E) 1 : $2.65 to 2.7BRevenue (2004E) 1 : 3.4MSubscribers: leading Canadian national wireless provider 1 Targets announced December 18, 2003

6. 6 tracking against strategic imperatives 2000  2004 1. provide integrated solutions 2. partner, acquire & divest as necessary 3. invest in internal capabilities 4. build national capabilities 5. focus on growth markets of data & wireless 6. going to market as one team … to unleash the power of the Internet to deliver the best solutions to Canadians at home, in their workplace and on the move.

7. 7 build national capabilities TELUS’ national infrastructure - 2003

8. 8 $5.7B 2003 $7.1B 2000 1 Local Voice Wireless Data 30% 33% 19% 4% Other 14% LD data & wireless revenues from 28% to 52% in 3.5 years focus on growth markets of data & wireless 43% 18% 10% 6% Other LD Wireless Local Voice 23% Data consolidated revenue profile evolution 1 12 months ended June 30, 2000

9. 9 going to market as one team Source: Leger Marketing poll, January 19, 2004  Strong advertising & brand identity across Canada  advertising #1 for awareness  likeability #3

10. 10 TV advertising

11. 4 th quarter & 2003 review

12. 12 2003Initial Targets 1 Exceeded? Revenues$7.15B$7.2 to 7.3B  EBITDA 2 $2.84B$2.7 to 2.8B EPS$0.92$0.35 to 0.55 Capex$1.25B~$1.5B Free Cash Flow$961M$300 to $600M Net Debt to EBITDA 2 2.6X3.0X 1 Provided on December 16, 2002. 2 Excluding restructuring & workforce reduction costs. 2003 comparison to initial targets – Consolidated 3 Reported EPS included $0.21 benefit from income tax recoveries. 3 4 4 Before restructuring & workforce reduction payments. exceeded consolidated targets with exception of revenue

13. 13 generating cash flow growth ($M) 746 1,136 20032002 Communications significant  in YoY cash flow (EBITDA less capex) 52% 75 456 20032002 Mobility 508%

14. 14 2003 Q4 review – deleveraging 45 to 50% long term 53.0%56.6%Net Debt : Capital Q4-03guidanceQ4-02 significant increase in free cash flow results in deleveraging well ahead of targets 3.0X (original) <2.8X (Jul-03) <2.7X (Dec-03) 2.6X3.3XNet Debt : EBITDA

15. 15 2003 Q4 review – consolidated change significant increase in earnings 1 Excludes restructuring & workforce reduction costs of $16M & $241M for Q4-03 and Q4-02, respectively.  $189M$50M$(139)MNet Income  $0.54 $0.13$(0.41)EPS  1.7%$1.83B$1.79BRevenue  8.3%$699M$645MEBITDA 1 Q4-03Q4-02

16. 16 2003 Q4 review – consolidated 1 Ratio of capex to total revenues. 2 Free Cash Flow defined as: EBITDA less capex, net cash interest, cash taxes, cash dividends; before restructuring & workforce reduction payments.  $164M$84M$(80)MFCF (before restr. payments) 2  1 pt24%23%Capex Intensity 1  4.6%$435M$416MCapex Q4-03 changeQ4-02 strong improvement in free cash flow generation  $250M$30M$(220)MFCF (after restr. payments)

17. 17 2003 comparison to initial targets – Communications 2003Initial Targets 1 Met/Exceeded? Revenues$4.79B $5.0 to 5.05B  Non-ILEC Revenues$555M$575M 2 EBITDA 3 $2.03B$2.075 to 2.15B  Non-ILEC EBITDA~($29)M~($60)M Capex$893M~$1.05B High-speed net adds152K150 to 175K 1 Provided on December 16, 2002 Targets Call. 2 Normalized for asset dispositions, actual 2003 non-ILEC revenues would be $576M. 3 Excluding restructuring & workforce reduction costs.

18. 18 2003Initial TargetsMet/Exceeded? External Revenues $2.36B$2.2 to 2.25B EBITDA 2 $815M$625 to 650M Capex $360M~$450M Wireless net adds 431K 400 to 450K 1 Provided on December 16, 2002 Targets Call. 2 Excluding restructuring & workforce reduction costs. 2003 comparison to initial targets – Mobility 1 Mobility met or exceeded all 2003 targets

19. 2003 corporate priorities review

20. 20 2003 TELUS corporate priorities  delivering operational efficiency  improving Central Canada profitability  enhancing wireless performance  improving levels of customer service  strengthening financial position  reaching a collective agreement Met/exceeded? 2004

21. 21 delivering on operational efficiency program Q4-03Cumulative 1 Cum. 1 Targets 2 54443 - 33 Net Staff Reductions 7007,5007,300 3 Savings ($M)25454450 1 Refers to the duration of the Operational Efficiency Program, June 2001 through December 2003. 2 As disclosed in management's discussion and analysis in the 2002 TELUS Annual Report. 3 800 in 2001; 6,500 in 2002 & 2003. Actual Results Customer contact centres closed or consolidated Communications segment phone store closures met or exceeded all OEP targets

22. 22 87 107 20032002 Communications EBITDA 1 per FTE 2 delivering on operational efficiency program ($000s) 23% 23% productivity improvement at Communications 1 Excludes restructuring & workforce reduction costs. 2 Full-Time Equivalent (FTE) employees – average for the period.

23. 23 improving Central Canada profitability 9th consecutive quarter of EBITDA improvement ($M)

24. 24 TELUS MobilityRogers AT&TBCE Wireless $55 $45 $47 Source: Company reports 2002 2003 $57 $47 $48 industry ARPU up year over year Microcell $40 $38 enhancing wireless performance ARPU

25. 25 $630M EBITDA growth focused on profitable growth over subscriber growth enhancing wireless performance profitable subscriber growth Source: Company reports. Sum of reported net adds & wireless EBITDA for BCE, Rogers Wireless, Microcell, TELUS Mobility TELUS Mobility 45% 1.4M subscriber growth 30% TELUS Mobility 2003 industry

26. 26 enhancing wireless performance Mobility’s share of TELUS’ EBITDA & cash flow Mobility’s rapidly expanding cash flow now represents 29% of consolidated EBITDA and EBITDA less capex 21% 29% 20032002 EBITDA 9% 29% 20032002 EBITDA less capex

27. 27 BCEAWE 2.7% 2.6% 1.6% 2.0% 1.8% 1.5% 1.4% TELUSVerizonSprint PCS RogersNextel 3.2% CingularMicrocell 3.2% 2.7% T-Mobile TELUS’ low churn rate reflects superior customer service 2003 churn rates enhancing wireless performance/improving customer service churn

28. 28 Cash Flow (EBITDA 1 - Capex) % growth rates SBC As at March 1, 2004 Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports AT&TVZBT % Sprint strengthening financial position 2003 global telecom performance

29. 29 strengthening financial position credit rating update  Mar. 2/04 – Moody’s upgrade to ‘investment grade’  Dec.18 – Moody’s rating review for ‘possible upgrade’  Sept. 12 – Moody’s outlook to ‘positive’ from ‘stable’  Aug. 8 – S&P outlook to ‘stable’ from ‘negative’  June 16 – DBRS trend to ‘stable’ from ‘negative’  May 28 – Fitch outlook to ‘stable’ from ‘negative’  April 16 - Moody’s outlook to ‘stable’ from ‘negative’ credit ratings are lagging indicators of strengthened financial position

30. 30 2003 summary Q4 2003:  continued excellent Mobility results across the board well ahead of plan  OEP enabled normalized Communications EBITDA growth despite revenue softness  strong growth in Consolidated EBITDA margins & EPS profitability YE Dec 2003:  met or exceeded all 2003 operational efficiency, profitability, cash flow & leverage targets results reflect successful 2003 execution & provide foundation for positive 2004 outlook

31. 2004 corporate priorities and targets

32. 32 2004 priorities  reaching collective agreement reflecting competitive dynamics  providing superior customer service  revitalizing wireline growth  enhancing North American leadership position in wireless  driving towards a leadership position in high- speed Internet access  continuing benefits from operational efficiency … leading the way into 2004

33. 33 reaching a collective agreement  Union chooses binding arbitration Jan. 30, 2004  Next steps  select arbitrator(s), set terms of reference & timeline  Generic terms of reference include:  growth & competitiveness of a company & competitive dynamics of its industry  company’s ability to operate efficiently, improve productivity & meet standards of service  comparability with other industry collective agreements  good labour-management relations

34. 34 providing superior customer service repair answer (611) CRTC Standard = 80% of calls in 20 seconds or less 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 New trouble management system introduced (LYNX). Natural Disasters (Fires, Floods, Power Outage) 611 Repair Answer Contact Centres 4 to 2 611 Repair Answer Staff 22% 9 months exceeding CRTC Standard Vancouver Cable Cut Jan-04 Feb-04

35. 35 revitalizing wireline growth TELUS NGN IP applications  TD Bank Financial Group win Oct. 2003  $160M 7-year contract for Managed Data Solution  NGN with IP VPN security & enhanced services cannot be matched by competitors  largest migration of telecom services undertaken in Canada  IP-One  launched Nov. 2003  first carrier-grade hosted and managed telephony application for business in Canada  full suite of IP-based advanced services integrating voice-mail, e-mail, data & images via secure online Web portal

36. 36 1 EBITDA less capex divided by total revenue Source: Bloomberg & analyst reports (as at March 11, 2004), except TELUS (midpoint of 2004 targets) enhancing North American leadership position in wireless cash flow yield leader 2004E cash flow yield 1 (%) (analyst estimates)

37. 37 2004 targets reflect strong earnings & cash flow growth 2004 consolidated targets summary 1 Includes ~$30M in restructuring & workforce reduction costs. 2 Update to original target of $950M to $1.05B as stated on December 18, 2003 targets call. Current and go-forward definition removes cash dividends paid ($172M and $180M (target) in 2003 & 2004, respectively) and is now: EBITDA less: capex, cash interest, cash taxes, cash restructuring & stock compensation.  2%approx. $1.225BCapex  14 to 36%$1.05 to 1.25EPS  5 to 8% change EBITDA 1 Revenue 2004 targets $2.95 to 3.05B $7.45 to 7.55B  34 to 46%Free Cash Flow 2 $1.13 to 1.23B  4 to 6%  > 0.1XNet Debt to EBITDA < 2.5X

38. 38 improving free cash flow 1 improving FCF leading to significant debt reduction 2001 2002 2003 $(1.14)B $(140)M $1.13B to 1.23B 2004E $845M 1 EBITDA excluding restructuring & workforce reduction costs less cash interest paid, cash taxes, and capital expenditures plus cash interest received and excess stock compensation expense over stock compensation payments.

39. 39 2004E global telecom performance projected Cash Flow (EBITDA - Capex) % growth rates AT&T % BTVZKPNSBC As at March 1, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports FTSprint 0

40. why invest in TELUS?

41. 41 why invest in TELUS?  delivering focused telecom growth strategy in Canada  track record of achieving public targets  leading wireless provider generating significant cash flow  incumbent wireline business generating robust cash flow  Central Canada expansion increasingly profitable  technology leadership in IP  industry-leading earnings & cash flow growth relative valuation multiples inconsistent with results & future growth prospects

42. questions?

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