1. 4th quarter 2003 review Darren Entwistle Member of the TELUS Team

2. 4 2003: A strong financial performance  13% EBITDA increase to $2.84 billion  400 bps margin increase to 40%  Net income $332 million  92 cents in EPS  Free Cash Flow $961 million

3. 5 TELUS business segments deliver cash flow 1 significant increase in YoY cash flow Mobility $1,136M $746M 20032002 Communications 52% $75M $456M 20032002 508% 1 EBITDA less capex

4. 6 (18) 2003 leading global telecom performance EBITDA 1 % growth rates AT&T (18) 19 15 9 8 (3) (4) (5) (6) (14) 13 14 2 1 (0.3) 2 TeliaFTDTTELUSKPNMTSTelstraNipponBCE % BTPCCW Aliant VZBLS SBC Sprint 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

5. 7 (24) 2003 leading global telecom performance Cash Flow (EBITDA 1 - Capex) % growth rates % 94 57 29 17 14 4 3 2 (1) (4) (16) 0.2 (0.1) 20 4 43 TELUSFTTeliaDTMTSBCESprintAliantNipponBLSKPNTelstra BT PCCWVZ AT&T SBC 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

6. 8 delivering on 2003 priorities TELUS Communications  Operational efficiency program on target  net 1,500 staff reductions = two-year 6,700 total  cumulative savings $454 million TELUS Mobility leading wireless performance  Revenue growth 17%  Lifetime revenue/sub $3,900 up 28%  EBITDA increase 53% / 800 bps margin increase

7. 9 reaching a collective agreement  Union accepted binding arbitration Jan. 30  Next steps  select arbitrator(s), set terms of reference & timeline  Generic terms of reference include  growth and competitiveness of a company and competitive dynamics of its industry  a company's ability to operate efficiently, improve productivity and meet standards of service  comparability with other industry collective agreements  good labour-management relations

8. 10 TELUS IP telephony - business  TELUS industry leader in IP telephony  TELUS IP-One Hosted & Managed solution  carrier grade telephony over TELUS Next Generation Network (NGN) today  411, 911, operator service  cost savings & productivity for customers  provides end to end Quality of Service (QoS) at or better than PSTN and superior to VoIP  compelling applications for enhanced productivity  Portal management, messaging, conferencing, find me etc.

9. 11 IP telephony - consumer  competitive threat & opportunity  TELUS differentiating factors  core to business & consumer  known complex business  primary & second lines  QoS  regulatory symmetry for all players

10. 12 (16) 2004E leading global telecom performance projected EBITDA % growth rates AT&T 9 7 7 5 4 3 (1) (2) (3) (7) (0.4) 0.2 7 3 2 1 TelstraDTFTTELUSBCEMTSAliantTeliaBTPCCWNippon 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 % KPNVZBLS SBC Sprint 7

11. 13 (23) 2004E leading 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) 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)