1. Darren Entwistle Member of the TELUS Team October 5, 2004 Communacopia XIII Conference

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 including those associated with the potential completion of the Microcell bid, see TELUS’ Annual Information Form, the Offers to Purchase and Circular, 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. leading the way …consistent strategy

4. 4 As at August 4, 2004 Note: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports projected EBITDA % growth rates 7 5 4 4 2 2 (4) (6) (7) (30) 0.1 0.5 1 5 (0.2) (2) TELUSFTDTBCESprintTelstraBTVZAliantKPN NipponPCCWSBCTeliaMTSBLSAT&T 2004E global telecom performance

5. 5 As at August 4, 2004 Note: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports 10 6 5 4 1 (4) (5) (9) (17) (25) (0.6) (2) (1) (0.5) 9 TELUSSprintAliantBCEVZFTTelstra SBCNipponDTTeliaPCCWBTBLS KPNMTSAT&T projected Cash Flow (EBITDA - Capex) % growth rates 2004E global telecom performance

6. 6  about TELUS  financial update  strategy  corporate priorities  investor considerations agenda

7. 7 2 nd largest Canadian telco  executing national growth strategy focused on data, IP & wireless from position of financial strength  2004E 1 :Revenues$7.45 to 7.55B EBITDA 2 $2.975 to 3.075B FCF$1.15 to 1.25B  Enterprise value:$16.5B (~ $9B equity)  Listings:TSX: T, T.A; NYSE: TU  Daily Trading 3 1.1 million shares  Operating segments:wireline: TELUS Communications wireless: TELUS Mobility 1 Updated guidance on August 6, 2004 2 Earnings before interest, taxes, depreciation & amortization, after restructuring & workforce reduction costs. 3 Recent 6 month average about TELUS

8. 8 about TELUS Mobility 31.8M: Cdn. PopulationLicensed POPs: 29.7M (93%)Network coverage: best in North AmericaSpectrum position: only one in Canada (Nextel in US)iDEN Mike network: coast to coast 1XCDMA footprint: $1.05B to 1.1B  29 to 35%EBITDA (2004E) 1 : $2.675 to 2.725B  13 to 16%Revenue (2004E) 1 : 3.6MSubscribers: leading Canadian national wireless provider 1 Updated guidance on August 6, 2004

9. 9 ILEC: full service in W. Canada and E. Quebec non-ILEC: data & IP for businesses in Central Canada Revenue (2004E) 1 $4.7 to 4.8B  -2 to 0% EBITDA (2004E) 1 $1.925 to 1.975B  -4 to -1% Ntwk access lines4.8M Internet subs925K total / 624K high-speed Fibre IP backbonenational 1 Updated guidance on August 6, 2004 about TELUS Communications

10. 10 Voice focused balanced growth $5.7B 43% 18% 10% 6% Other 12ME Q2, 2004 $7.3B Local Voice Wireless Data 29% 35% 19% 4% Other LD Wireless 12ME Q2, 2000 Local Voice 23% Data 13% LD TELUS Communications TELUS Communications TELUS Mobility TELUS Mobility consolidated revenue profile evolution 28% 54% } }

11. 11 financial update

12. 12 $274M$163MNet Income $0.76$0.46EPS 2  4.4%$3.67B$3.51BRevenue $1.51B$1.38BEBITDA 1 YTD Q2, 2004 change YTD Q2, 2003 1 After restructuring & workforce reduction costs of $17M & $ 10M for YTD Q2-04 & YTD Q2-03, respectively. 2 Incl. impacts of tax settlements & related interest of approx. $0.17 & $0.15 in YTD Q2-04 & YTD Q2-03, respectively. significant earnings & free cash flow generation  $340M$673M$333MFree Cash Flow 3 3 Defined as EBITDA, adding Restructuring and workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, and cash restructuring payments. 2004 YTD review - consolidated  9.1%  65%  68%

13. 13 Mobility’s share of TELUS’ EBITDA & cash flow 28% 36% Q2 EBITDA 30% 47% Q2 EBITDA less capex Mobility generating ~ ½ of consolidated cash flow in Q2 2003 2004

14. 14 2004 guidance implies significant improvement in profitability, cash flow & leverage approx. 1.3B$1.25BCapex $1.15B to 1.25B $1.30 to 1.50 $2.975 to 3.075B $7.45 to 7.55B current 2004 guidance 1 $845M $0.92 $2.82B $7.15B 2003 actuals EPS Free Cash Flow EBITDA Revenue < 2.3x2.6xNet Debt : EBITDA change  0.3x  4%  36 to 48%  41 to 63%  6 to 9%  4 to 6% 1 Updated guidance on August 6, 2004 2004 financial outlook - consolidated

15. 15 strategy

16. 16 strategic imperatives 2000-2004  Provide integrated solutions  Invest in internal capabilities  Going to market as one team  Partner, acquire & divest as necessary  Build national capabilities  Focus on growth markets … to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move consistent strategy

17. 17 strategic journey highlights  purchase of Quebec Tel  purchase of national wireless operator Clearnet  divestiture of non-core assets  completion of national IP backbone & fibre network  first in N.A. to launch Next Generation Network, enabling offer of IP-based solutions to customers  won landmark national managed data solutions contract with IBM Canada for TD Bank  # 1 ranked North American wireless company 2000 2004

18. 18 build national capabilities TELUS’ infrastructure - 2000

19. 19 build national capabilities TELUS’ infrastructure - 2004

20. 20 corporate priorities

21. 21 2004 six corporate priorities  Reaching a collective agreement  Growing brand value through superior customer service  Embracing continual cost efficiency  Revitalizing wireline growth  Driving towards leadership in high-speed Internet  Enhancing our leadership position in wireless

22. 22  Operational Efficiency Program (OEP) phases I to III during 2001  2004  on track for cumulative annual savings of ~$550M for 2004 & onwards  incremental savings of ~$100M in 2004 with $50M achieved June 30 YTD  7,550 net staff reductions  combining Business & Client Solutions into one business unit to improve efficiency & effectiveness under leadership of Joe Natale (H2 2004)  rationalizing IT systems over 2-3 years view successful 2001-2004 OEP as platform for embedding ongoing improvements embracing continual cost efficiency

23. 23  geographic expansion  high quality, recurring, IP-based revenues in Central Canada  leverage technological leadership and service differentiation that TELUS Next Generation Network (NGN) provides  bundling & price increases  TELUS bundling strategy protects legacy revenues  LD: bundled with high-speed Internet and increased system access fee  home communication solutions  continuing high-speed Internet growth  TELUS future friendly home revitalizing wireline growth

24. 24 driving towards leadership in high-speed Internet  2004 target of 125,000 new subscribers  on track in H1-04 with 63,000  first to market with new services  Spam Control  anti-virus  ad Block  Pureradio TM  Puretracks TM  security bundles driving towards leadership in high-speed Internet

25. 25 Total Internet subscribers 67% High Speed 33% Dial-up 925K continued market share growth 35% 30% 39% TELUS high-speed market share 1 Q2-03Q2-02Q2-04 1 In ILEC operating areas driving towards leadership in high-speed Internet

26. 26 4 to 5 million net adds expected over next 3.5 yrs Source: Industry analysts 2003 42% 2007E 55-59% 2004 YTD 44% 13.4M subs 18-19M subs 13.9M subs Canadian wireless penetration growth prospects

27. 27 TELUS achieving profitable subscriber growth $737M 1.5M 12ME Q2, 2004 Industry EBITDA growth 12ME Q2, 2004 Industry subscriber growth Source: Company reports. Sum of reported net adds & wireless EBITDA for BCE, Rogers Wireless, Microcell, TELUS Mobility TELUS Mobility 40% 31% TELUS Mobility profitable subscriber growth strategy enhancing our leadership position in wireless

28. 28 TELUS MobilityBCE WirelessRogers Wireless $55 $46 $45 Source: Company reports $58 $48 $49 Microcell $38 $39 continued leadership in ARPU YTD Q2, 2003 YTD Q2, 2004 significant premium with positive industry-wide trend enhancing our leadership position in wireless

29. 29 leading performance in churn BCET-Mobile 2.7% 2.3% 1.4% 1.8% 1.6% 1.3% TELUSNextelSprint PCS Rogers Verizon 3.5% CingularMicrocell 3.4% 2.8% AT&T TELUS’ Q2 churn rate is best-in-class enhancing our leadership position in wireless

30. 30 lifetime revenue 1 per customer improvement YTD Q2-03 $2,800 YTD Q2-04 YTD Q2-02 $3,900 $4,100 TELUS subscriber economics continue to improve 1 ARPU / Churn enhancing our leadership position in wireless

31. 31 North American iDEN Direct Connect

32. 32 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 total revenues 3 Projected wireless penetration gain divided by # of carriers in market. For TELUS, projected net adds divided by projected covered POPs Penetration gain/carrier 3 No. of carriers in market Mkt penetration (cov. POPs) Cash flow yield 2 Capex intensity 1 Annual EBITDA growth rate EBITDA margin 0.5% 6 to 8 58% 12% 19% 27% 32% US Avg 2004E 1.0% 3 to 4 46% 21% 16% 31% 37% Cdn Avg 2004E 1.3% - 13% 27% 13% 32% 40% TELUS 2004 guidance TELUS Mobility is best-in-class in fundamentally stronger 3 to 4 player Canadian wireless industry

33. 33 TELUS Mobility ranked #1 in North America #1. TELUS Mobility 2. Verizon Wireless 3. Nextel 4. Alltel 5. Bell Mobility 6. Alamosa PCS 7. Nextel Partners 8. AirGate PCS 9. Sprint PCS 10. T-Mobile (USA) 11. Rogers Wireless 12. Western Wireless 13. US Cellular 14. Cingular 15. US Unwired 16. Ubiquitel 17. MetroPCS 18. AT&T Wireless 19. Leap Wireless 20. Dobson 21. Triton PCS 22. Microcell Source: N. Moore Capital, Value Metric Rankings, Q2-04 enhancing our leadership position in wireless

34. 34 investor considerations

35. 35 continue EBITDA growth Regulatory Pressure Competitive Intensity Technology Substitution + + Digital Home Non-ILEC Growth Organization Effective- ness + + Tip the scales and hold EBITDA flat for the wireline business  = Growth in revenues and EBITDA from the wireless business Continued improvements in revenues and EBITDA for TELUS ≥ investor considerations

36. 36  TELUS Mobility  high proportion of consolidated revenue & cash flow  most profitable wireless carrier in North America  TELUS Communications  good results relative to peers  robust revenue composite with small exposure to LD  continued material debt & leverage reduction  generating significant cash & earnings growth pure play telecom operating company with strong growth profile leading the way… why invest in TELUS

37. 37 improving free cash flow 2001 2002 2003 $(1.14)B $(140)M $1.15B to 1.25B 2004E $845M investor considerations TELUS subscriber economics continue to improve strong track record of FCF generation:  ~40% in 2004

38. 38 projected EPS % growth rates As at August 4, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg and company reports 136% 100 49 43 42 28 (3) (5) (46) (78) 7 10 15 52 NipponFTTELUSMTSTeliaDTKPNPCCWTelstraBCE SBCBLSVZAliantBTSprintAT&T 2004E global telecom performance investor considerations

39. 39 excellence in corporate governance  ranked 9 th by Corporate Essentials, “Annual Report of Annual Reports” – only global ranking of ARs  1 st in Canada; 2 nd in North America  ranked #1 in world for “strategy, objectives & outlook”  nine years of disclosure excellence in corporate reporting awards by Canadian Institute of Chartered Accountants  IR website ranked 3 rd in both Canada and among global telecom companies by IR Web Report  member of DJSI for four consecutive years – only North American telecommunications company listed  recognized as Canada’s Best Environmental Corporate Citizen e.Com Report Watch

40. questions?

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