1. Robert McFarlane EVP & Chief Financial Officer Toronto September 11, 2003

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’ 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. 3 about TELUS  Leading Canadian pure-play, facilities-based, full- service telecom provider  2 nd largest Canadian telco  2003E: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  Executing national growth strategy focused on data, IP & wireless from position of financial strength

4. 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)$4.85 to 4.9B EBITDA (2003E)$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

5. 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) $2.25 to 2.3BRevenue (2003E) 3.2MSubscribers Leading Canadian national wireless provider

6. 6 2003 YTD review – consolidated 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 Q2-03changeYTD Q2-02

7. 7 strong margin expansion evident across both business segments 2003 YTD review – EBITDA margin 38% 26% 34% 41% 40% 35% June YTD EBITDA Margin (total revenue) Communications Consolidated Mobility 200220032002200320022003

8. 8 2003 YTD review – consolidated 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 changeYTD Q2-02

9. 9 2003 guidance update – consolidated significantly increased profitability, cash flow & deleveraging outlook $1.2 to 1.3Bapprox. $1.5BCapex $800M to 1.0B $0.80 to 0.90 $2.75 to 2.85B $7.1 to 7.2B updated 2003 guidance 2 $300 to 600M $0.35 to 0.55 $2.7 to 2.8B $7.2 to 7.3B original 2003 targets 1 EPS Free Cash Flow EBITDA Revenue < 2.8X3.0XNet Debt : EBITDA 1 December 16, 2002 “Targets” conference call 2 July 29, 2003 guidance provided with Q2-03 results 

10. 10 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 ($26M) ($0.75) $2.5B $7.0B 2002 actuals EPS Free Cash Flow EBITDA Revenue < 2.8X3.3XNet Debt : EBITDA change  0.5X  $400 to 500M  $826M to 1.0B  $1.55 to 1.65  9 to 13%  1 to 3%

11. 11 2003E revenue 2003E EBITDA ILEC(4%)(1%) Non-ILEC9%72% Total Communications(2%)3% Mobility13%43% Consolidated2%11% 2003 implied YoY growth by segment 1 latest 2003 guidance implies consolidated revenue & EBITDA growth of 2% & 11%, respectively 1 Uses midpoint of Management guidance for 2003

12. 12 strategic imperatives 2000-2003  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

13. 13 build national capabilities TELUS national infrastructure – 2000

14. 14 build national capabilities TELUS’ national infrastructure - 2003

15. 15 $5.7B 43% 18% 10% 6% Other 12ME Q2-03 $7.1B Local Voice Wireless Data 31% 19% 5% Other LD Wireless 12ME Q2-00 Local Voice 23% Data 14% LD TELUS Communications TELUS Communications TELUS Mobility TELUS Mobility voice focused balanced with growth focus on growth markets consolidated revenue profile evolution

16. 16 going to market as one team  strong brand identity established  consistent branding across TELUS

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20. 20 2003 corporate priorities 1.Delivering operational efficiency 2.Enhancing wireless performance 3.Improving Central Canada profitability 4.Strengthening financial position 5.Driving improved levels of customer service 6.Reaching a collective agreement On track? in progress deferred Feb/04

21. 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 2003E 6,500 6,050 Staff Reductions driving $300M in incremental cost reductions in 2003 delivering operational efficiency operational efficiency program (OEP)

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

23. 23 enhancing wireless performance leading performance in churn 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. 24 enhancing wireless performance YTD market share of wireless net additions 1 Bell Rogers AT&T TELUS Mobility 34% Other TELUS Mobility continues to capture healthy share of industry net additions Aliant 1 Excludes Microcell subscriber losses, and Rogers Wireless’ Q2-03 prepaid adjustment Source: Company reports, and analyst estimates

25. 25 enhancing wireless performance 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 0.5%0.9%1.2%Penetration gain/carrier 3 6 to 83 to 4-No. of carriers in market 53%41%12%Mkt penetration/cov. POPs 11%9%19%(EBITDA – Capex) / net. rev 2 21%17% Capex intensity 1 18%28%43%Annual EBITDA growth rate 33%32%37%EBITDA / network rev. US Avg 2003 Cdn Avg 2003 TM 2003 guidance TELUS Mobility is best-in-class operating in a strong 3+ player Canadian wireless industry

26. 26 non-ILEC traction with 7 consecutive quarters of EBITDA improvement improving Central Canada profitability non-ILEC revenue and EBITDA

27. 27 reaching a collective agreement labour relations update  Federal conciliators announced conclusion of global review between TELUS & the TWU on July 16  60-day negotiating period to begin Nov. 14 with exchange of written proposals  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/04 TELUS committed to reaching agreement that balances the needs of all parties

28. strengthening financial position credit profile

29. 29  TELUS debt structure simplified with 86% of total debt now at TELUS Corporation  Average term to maturity ~6.4 years 1  Modest long-term debt maturities until 2006  $499M bank borrowings 1 expected to gradually decrease and be paid off by Q1-04  Fixed to floating ratio currently conservative 95%  Foreign currency debt is fully hedged credit profile debt overview 1 As at June 30, 2003

30. 30 credit profile March 2001 – prior to re-organizations TELUS Corporation (TC) Tranche A 3 $5.0B - 89% utilized Tranche B 3 $1.25B - undrawn 4 Commercial Paper $0.02B Interco Notes from subsidiaries $3.15B 612459 B.C. Ltd. Upstream guarantees supporting TC Clearnet Communications Inc (CCI) Sr. Discount Notes $1.744B Interco Notes to TC $0.089B 1 Condensed organizational chart showing only those companies material to the Bank financing. 2TC, TCI and 612459 B.C. Ltd. provide, where applicable, pledge of shares, upstream guarantees, and assignment of inter-company notes. 3Bank Tranches were secured. 4Tranche B includes notional CP backup of $1.0 B and outstanding L.C.’s at March 31, 2001 of $100 M. Clearnet PCS Inc. (CPI) Interco Notes to TC $0.658B Clearnet Inc. (CI) Interco Notes to TC $0.297B TELUS Communications Inc. (TCI) Upstream guarantees supporting TC MTN’s Debentures Capital leases $0.027B Commercial Paper $0.974B Interco Notes to TC $2.106B Pref. Shares issued to public $0.07B $1.395B 100% TELUS Québec MTN’s Mortgage Bonds Bank- $0.06B 70% $0.13B

31. 31  Re-organized legal structure to align with business operations and access Clearnet tax losses  Mobility business consolidated into TELE-MOBILE Company partnership in 2001  2002 wind-up of Clearnet Inc. into TELUS Communications Inc. (TCI)  made additional losses available - no cash income taxes payable until 2007  tax-effected loss carryforwards recognized for accounting ~$766M at year-end 2002 credit profile corporate reorganization activity

32. 32 TELUS Corporation Maturity Bank 1 -Tranche A $1.5B revolver May 2004 -Tranche B $0.6B revolver May 2004 C$ 7.5% Notes $1.6BJune 2006 US$ 7.5% Notes$1.6BJune 2007 US$ 8.0% Notes$2.6BJune 2011 1 At June 30, 2003, Tranche A had outstandings of $499M and Tranche B was undrawn TELUS Communications Inc. MTN’s $0.020B Debentures $0.988B Net Sr. Notes to TC $2.3B TELUS Québec Mortgage Bonds $0.030B MTNs $0.070B 100% credit profile June 2003 – post re-organizations

33. 33 * Includes drawn bank credit facilities outstanding at June 30, 2003 of $499 million credit profile debt structure - maturities Bank Facility

34. 34 credit profile 364-day renewal  Renewed $600M 364-day credit facility portion in May 2003  back-up facility  not projected to draw upon  Combined bank facilities now $2.1B  No material changes to terms  New maturity date May 2004 with TELUS option to term-out to May 2005 TELUS’ liquidity position expected to remain >$1B

35. 35 credit profile credit rating environment  Rating agencies have ‘raised the bar’ post-Enron  proactive orientation with negative bias generally  criticism of agencies (AT&T Canada, WorldCom, Microcell)  telco industry risk premium increased  rating methodology changed/not transparent  time horizon shortened  FCF focus credit rating committee process & benchmarks became less transparent

36. 36 credit profile TELUS yield spread analysis (1 of 2) May 2001 July 2002 Current rating downgrades caused unprecedented dislocation remedied by results TELUS C$ & US$ Note Yield Spread Analysis (May 24, 2001 to September 5, 2003)

37. 37 credit profile TELUS yield spread analysis (2 of 2) current credit spreads are below issue spreads

38. 38  $337M equity-funded debt buyback  364-day credit facility renewed  OEP tracking to plan  3 rd consecutive year heading to exceed annual profitability guidance  Significant cash tax recoveries  Significant capex reduction  Significant free cash flow generation credit profile what’s happened since July 2002? deleveraging ahead of plan

39. 39 June 2001 Actual June 2002 Actual June 2003 Actual Net Debt ($M)9,0379,1208,039 Net Debt : Capital59% 55% Net Debt : EBITDA3.8x3.6x3.0x FCF 1 ($M)(1,044)(692)580 Parent debt : Total Debt 2 79%85%86% Subsequent RatingBBB+/Baa2BBB/Ba1 credit profile demonstrated credit improvement 1 12-month trailing Free Cash Flow 2 Percentage of total debt at TELUS Corp. (Parent level) - inclusive of bank facility & hedge liability credit enhanced but rating lower

40. 40 2001 2002 2003E 1 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes restructuring & workforce reduction costs $(1.35)B $(26)M $800 to 1,000M credit profile improving free cash flow 1

41. 41 credit profile debt reduction ahead of plan ($M)original 2003 targets revised 2003 guidance 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 2 Dividend reinvestment & employee share plans

42. 42 credit profile 2003 guidance – then & now 2.9X to 3.2XOutlook @ Jul-02 $50 to 335Outlook @ Jul-02 $300 to 650Outlook @ Jul-02 2003Net debt : EBITDA <2.8XOutlook @ Jul-03 $800 to 1,000Outlook @ Jul-03 2003Cash available for debt reduction $800 to 1,000Outlook @ Jul-03 2003Free Cash Flow ($M) executing ahead of plan

43. 43 credit profile 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’ credit ratings are lagging indicators of improvement

44. 44 credit profile current debt ratings TELUS Corporation DBRS BBB Stable Trend S&P BBB Stable Outlook Fitch BBB Stable Outlook Moody’s Ba1 Stable Outlook TELUS Communications Inc. DBRSBBB Stable Trend S&P BBB Stable Outlook FitchBBB Stable Outlook TELUS Québec DBRS BBB Stable Trend S&P BBB Stable Outlook 100%

45. 45 credit profile BCE & TELUS credit comparison 1 rating differential not supported by FCF analysis * 3 Notch Difference

46. 46 2003 outlook leading N.A. telecom performance 11% 5% 3% 0.2% (18)% (11)% TELUS BCE Sprint MTS SBC AT&T Aliant (3%) (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 (4%) As at August 28, 2003

47. 47 5% SBC Projected 2003 Cash Flow ( EBITDA - Capex ) Growth Rates 12% 9% 22% (15)% (2)% 3% 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 August 28, 2003

48. 48 summary Delivering on our strategy:  TELUS Communications – improving efficiencies – non-ILEC on-track  TELUS Mobility – executing materially ahead of plan  Improved 2003 cash flow & earnings outlook  Generating significant cash flow of $800M to $1B  Continued material debt & leverage reduction strong & improving investment-grade credit profile

49. questions?

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

51. appendix

52. 52 appendix BCE & TELUS credit comparison 1,4 (1 of 2) *

53. 53 appendix BCE & TELUS credit comparison 1,4 (2 of 2) * 3 Notch Difference

54. 54 TELUS Corporation TELUS Communications Inc. Senior Notes: $3.1B Subordinated Equity Settled Note: $3.6B appendix intercompany financing 1 (as at June 30, 2003) Senior Note: $0.8B Subordinate Note: $3.2B 1 Excludes net advances owed from TC to TCI of $800M at June 30, 2003. TELUS Corporation has a net $2.3B senior claim at TCI thereby mitigating structural subordination concerns

55. 55 appendix TELUS Communications Inc. key metrics June 30/02June 30/03 (12 months ended) Net Debt : Total Capitalization38.6%31.6% Net Debt : EBITDA 1 2.3X1.7X Net Debt ($M)5,4644,128 1 Excludes restructuring & workforce reduction costs