1. RBC Whistler Conference 2003 The View from the Summit
Robert McFarlane
EVP & Chief Financial Officer
February 19, 2003

2. Forward-Looking Legal Disclaimer
This presentation contains 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.

3. Agenda
Q4 Review
2002 Review
2003 Outlook

4. About TELUS Mobility Leading national wireless provider Subscribers
Revenue
- $2.0B
EBITDA
- $535M
CDMA footprint
- coast to coast 1X
iDEN Mike network
- only one in Canada
Spectrum position
- best in Canada
Licensed POPs
- Cdn. Population (31.4M)
Network coverage
- 27.4M (~90%) + roaming
Strategic relationships
- Verizon Wireless & Nextel

5. Q4 Review
Slide 5

6. Q4 Review – Mobility ($M) Q4-01 Q4-02 Change Network Revenue 424 491 
16%
EBITDA 55
129
133%
Capex
205
125 
39%
Capex Intensity1
42.6%
22.6%
20pts
EBITDA-capex
(150)
3.4
102%
Flat YoY expenses on strong network revenue growth & reduced capex drove tremendous cash flow improvement
1 Ratio of capex to total revenues

7. Q4 Review – Mobility Q4-01 Q4-02 Change Subscribers 2.6M 3.0M  16%
ARPU
$56 -
Churn
2.09%
1.68% 
41pts
COA
$509
$543
6.7%
COA (ex. retention)
$447
$478
6.9%
~20% ARPU premium to competitors maintained
Material improvement in churn rate

8. Q4 ARPU flat year-over-year Average Revenue Per Unit ($/month)
Q4 Review – ARPU
Q4 ARPU flat year-over-year
$56
$56
Q4-01
Q4-02
Average Revenue Per Unit ($/month)

9. Q4 monthly churn rate improved 41 pts YoY
Q4 Review – Churn
Q4 monthly churn rate improved 41 pts YoY
2.09%
1.68%
Q4-01
Q4-02
Monthly churn rate (%)

10. 2002 Review

11. 2002 Review Performance vs. Targets
Original Target
Results
Variance
Revenue
$1.95 to 2.0B
$2.02B
2.3%
EBITDA
$450 to 470M
$535M
16%
Capex
$560M
$460M
18%
EBITDA-capex
($110) to (90M)
$75M
$175M
Significantly exceeded 2002 targets

12. 2002 Review EBITDA & Margin
Outstanding 2002 EBITDA growth of 50% contributing to material YoY margin expansions
$535M
EBITDA Margin
26%
$356M
20%
$173M
11%
2000
2001
2002
Wireless EBITDA ($)

13. 2002 Review Capital Expenditures
Significant capital intensity improvement
$644M1
Capex intensity
$460M
35%
23%
2001
2002
Capital Expenditures ($M)
1 Excludes $356M for spectrum acquisition in 2001

14. 2002 Review Capital Intensity
Superior capital intensity compared to US average
27%
25%
23%
U.S. Average
Canadian Average1
TELUS Mobility
Capital Intensity (%)
Source: Company & analyst reports

15. Positive cash flow of $75M in 2002 $719M YoY improvement
2002 Review EBITDA-Capex
Positive cash flow of $75M in $719M YoY improvement
$75M
2001
2002
($644M)
EBITDA-Capex ($M)

16. 2002 Review Performance vs. Targets
Original Target
Results
Variance
Net additions
425 to 450K
418K
(20K)
Churn
< 2.0%
1.8%
20 pts
Introduce new data products & services
N/A
1X / SMS / ++
Implement roaming/resale agreements
complete

17. Net additions flat YoY despite decline in industry net additions
2002 Review Net Additions
Net additions flat YoY despite decline in industry net additions
418K
418K
2001
2002
Net Additions

18. 2002 Review
Net Additions
Although flat YoY, 2002 net additions of 418K represent increased share of industry net additions
2001
2002
TELUS Mobility 22%
TELUS Mobility ~30%
1.3M
1.9M
Source: Company & analyst reports

19. TELUS Mobility has industry leading postpaid mix
2002 Review
Subscriber Mix
TELUS Mobility has industry leading postpaid mix
Prepaid
17%
Postpaid
83%
3.0M Subscribers

20. 2002 Review ARPU
YTD ARPU industry leading with ~20% premium to closest competitor
TELUS Mobility
BCE Wireless
Rogers AT&T
Microcell
$55
$45
$46
$401
Average Revenue Per Unit ($/month)
1 Microcell ARPU 9 mo. YTD
Source: Company reports & analyst reports

21. North American industry leading monthly churn rate in Q4-02
2002 Review Churn
North American industry leading monthly churn rate in Q4-02
2.8%
2.3%
1.8%
U.S. Average
Canadian Average1
TELUS Mobility
Monthly Churn (%)
Source: Company & analyst reports
1 Microcell churn estimated

22. Other Accomplishments in 2002
Completed integration (incl. Billing systems)
Implementation of roaming agreements
Improved network quality
Significantly increased distribution
Cross Carrier SMS in Canada
Verizon - preferred Canadian roaming partner

23. 2002 Review How far we have come in 2 years
Proforma
2000
2002
Change
% Change
Digital POPs (M)
22.6
27.4 
4.8
21%
Subscribers (000s)
2,160
2,996
836
39%
ARPU ($) 59 55 
(4)
(6.8)%
Churn (%)
1.98
1.80
18pts
9.1%
Lifetime revenue ($)
2,980
3,056 76
2.5%
Subscriber base up 39%
Industry-leading value per subscriber has increased

24. 2002 Review How far we have come in 2 years
Proforma ($M)
2000
2002
Change
% Change
Network Rev.
1,396
1,853 
457
33%
EBITDA
173
535
362
209%
Capex
534
460  74
14%
Cap. Intensity1
23%
10pts -
EBITDA-capex
(360) 75
435
Tripling of EBITDA and capex reduction drove a $435M improvement in annual cash flow
1 Ratio of capex to total revenues

25. 2003 Outlook

26. What’s coming - SMS continues to explode
June 2002
Sept 2002
Jan 2003
137%
1,027%
682%
Introduction
April 2002
TELUS Mobility SMS usage increasing exponentially

27. What’s coming - Cool new phones

28. What’s coming - Cool phones take pictures

29. What’s coming - Cool pocket PC phone

30. What’s coming - Cool new RIM Blackberry

31. What’s coming - Mike goes national

32. 2003 Targets Revenue Net additions Churn rate EBITDA Capex
YoY Change
Revenue
~$2.2 to 2.25B 
9 to 11%
Net additions
400 to 450K
flat
Churn rate
1.8% or less
flat or better
EBITDA
$625 to 650M
17 to 21%
Capex
$450M  2%
EBITDA-capex
$175 to 200M
133 to 167%
2003 targets reflect continued relentless focus on profitable subscriber growth

33. How does TELUS Mobility measure up?
TM 2003 Targets
Cdn Avg 2003
US Avg 2003
EBITDA margin
29%
20%
Annual EBITDA growth rate
19%
14%
16%
Capex intensity1
17%
22%
(EBITDA – Capex) / tot. rev2
8.4%
7.4%
6.6%
Mkt penetration/cov. POPs
12%
42%
53%
No. of carriers in market
3 to 4
6 to 8
Penetration gain/carrier3
1.6%
1.1%
0.5%
Mobility’s 2003 key indicators superior to industry benchmarks
Sources: TELUS estimates. Cdn. Statistics - Company Reports; US Statistics - Company Reports and Morgan Stanley
1 Projected capex as a % of forecast total revenue.
2 Projected EBITDA less projected Capex divided by projected total revenues
3 Projected wireless penetration gain divided by # of carriers in market. For TELUS, projected net adds divided by projected covered POPs

34. Summary Met/exceeded 2002 financial targets
Industry leader - ARPU & churn
Value creation focused on leading EBITDA growth
Capital discipline driving enhanced efficiency
Free cash flow positive
Proven management team
Cash generation superior to North American peers
TELUS Mobility is a premium wireless asset with superior operating metrics

35. Questions?
Answers!
Slide 35

36. 1-800-667-4871 www.telus.com ir@telus.com
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