1. Robert McFarlane EVP & Chief Financial Officer CIBC World Markets Institutional Investor Conference February 20, 2004

2. 2 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. forward-looking legal disclaimer

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 : $16.4B  Daily trading 3 : 1.0M 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 alliance:Verizon Communications 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. 4 th quarter & 2003 review

7. 7 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

8. 8 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)

9. 9 generating cash flow growth ($M) 746 1,136 20032002 Communications significant  in YoY cash flow (EBITDA less capex) 52% 75 456 20032002 Mobility 508%

10. 10 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

11. 11 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 Targets Call. 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

12. 12 2003 Q4 review – Communications segment Q4-03change($M)Q4-02  5.0% 1,1821,244Revenue 1 revenue softness led to profitability decline despite expense reduction 1 Normalizing to exclude cumulative price cap & asset disposition impacts of $49.7M & $23.2 in Q4-03 & Q4-02, respectively, revenue declined 2.8%. 2 Ratio of capex to total revenues. 3 EBITDA less capex.  1.5% 509517EBITDA  2 pts 25%23%Capex Intensity 2  8.7%206226Cash Flow 3  4.1%303291Capex  7.2%697750Opex

13. 13 2003 Q4 review – Communications segment underlying EBITDA growth 7% underlying EBITDA growth & 5 pt margin improvement when normalized cum. growth 509 Q4-03 EBITDA (reported) ($M) Q4-02 (1.5)% 517  45% 21 Normalized EBITDA Margin price cap impact 530Norm. EBITDA (Sub-total) 4.7%506 5 pts 40% 4.7% - 0.6% - Investment Tax Credits  (11) 11 pension expense 6.8% - 540Norm. EBITDA (Total) 6.8%506 

14. 14 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.

15. 15 2003 Q4 review – Mobility segment ($M)Q4-02Q4-03 change External Revenue550643  17% EBITDA129190  48% Capex125132  5.8% Capex Intensity 1 23%20%  3 pts Cash Flow 2 358  $55M outstanding results across the board 1 Ratio of capex to total revenues. 2 EBITDA less capex.

16. 16 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

17. 2003 corporate priorities

18. 18 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

19. 19 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

20. 20 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.

21. 21 improving Central Canada profitability 9th Consecutive quarter of EBITDA improvement ($M)

22. 22 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

23. 23 $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

24. 24 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

25. 25 BCEAWE 2.7% 2.6% 1.6% 2.0% 1.8% 1.5% 1.4% TELUSVerizonSprint PCS RogersNextel 3.2% CingularMicrocell 3.0% 1 2.7% T-Mobile TELUS’ low churn rate reflects superior customer service 1 T-Mobile USA Q3-03 YTD churn rates 2003 churn rates enhancing wireless performance/improving customer service churn

26. 26 strengthening financial position 2003 global telecom performance EBITDA 1 % growth rates AT&T 19 15 9 8 (3) (4) (5) (6) (14) (18) 13 14 2 1 (0.3) 2 TeliaFTDTTELUSKPNMTSTelstraNipponBCE % BTPCCW Aliant VZBLS SBC Sprint (18) As at February 10, 2004 Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports

27. 27 strengthening financial position 2003 credit rating update  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

28. 28 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

29. 2004 corporate priorities and targets

30. 30 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

31. 31 reaching a collective agreement  Union chose 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

32. 32 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

33. 33 revitalizing wireline growth TELUS NGN IP applications  TD Bank Financial Group win Oct. 2003  $160M 7-year contract for Managed Data Solution for over 1,200 branches Canada wide  NGN with IP VPN security & enhanced services cannot be matched by competitors  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

34. 34 1 EBITDA less capex divided by total revenue Source: Bloomberg & analyst reports, except TELUS (midpoint of 2004 targets) enhancing North American leadership position in wireless cash flow yield leader 2004E cash flow yield 1 (%) (analyst estimates) 24% 24 17 16 13 12 11 18 12 Nextel US AvgVerizon Wireless Rogers Wireless CDN AvgSprint PCSAT&T Wireless Cingular TELUS Mobility

35. 35 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

36. 36 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.

37. 37 2004E global telecom performance projected Cash Flow (EBITDA - Capex) % growth rates AT&T 14 11 10 7 5 5 3 2 2 2 (3) (4) (11) (23) 3 11 TELUSTelstraAliantTeliaMTSBCENipponFTDTPCCWBLSSprint % BTVZKPNSBC As at February 10, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports (23)

38. why invest?

39. 39 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

40. questions?

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