TELUS George Cope, President & CEO TELUS Mobility CIBC World Markets Frontenac Institutional Investor Conference September 19, 2003

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 about TELUS  Canada’s 2nd largest telco - only national pure-play, facilities-based, full-service telecom provider  Executing national growth strategy focused on data, IP & wireless  2003ERevenues$7.1 to 7.2B EBITDA$2.75 to 2.85B FCF$800M to 1.0B Operating segments:Communications: wireline Mobility: wireless  Enterprise value:~$17B (equity ~ $9B)  Daily trading 1 :1.1M shares 1 recent 3 month average. TSX: T, T.A; NYSE: TU

4 TELUS Communications 12ME Q2-03 TELUS Communications $7.1B Local voice Wireless Data 31% 19% 5% Other 14% LD TELUS Mobility wireless & data revenues from 28% to 50% in 3 years about TELUS consolidated revenue profile evolution $5.7B 43% 18% 10% 6% Other LD Wireless 12ME Q2-00 Local voice 23% Data TELUS Mobility

5 about TELUS 2003 YTD review – consolidated significant growth in profitability driven by excellent wireless performance & wireline efficiencies 1 Excludes restructuring & workforce reduction costs  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

6 about TELUS 2003 YTD review – consolidated 1 Ratio of capex to total revenues 2 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes restructuring & workforce reduction cash costs of $193M over $600M improvement in FCF generation & 2003 deleveraging target achieved six months early  $606M$445M($161M)Free Cash Flow 2  13pts15%28%Capex Intensity 1  46%$513M$955MCapex YTD Q2-03 changeYTD Q2-02  0.6X3.0X3.6XNet Debt: EBITDA

TELUS Mobility

8 Source: Industry analysts % 2006E 49-54% 2003E 41-42% 12M subs 16-17M subs M subs wireless industry update penetration growth 3 million or more net adds expected over next 3 yrs

9 $1,213M $903M YTD Q2-03 YTD Q2-02 TELUS Mobility TELUS Mobility continued industry growth, 34% YTD to $1.2B wireless industry update total industry EBITDA 1 Source: Company reports. 1 Sum of reported wireless EBITDA for BCE, Rogers Wireless, Microcell and TELUS Mobility

10 wireless industry update net additions Q2-03 YTD net addition market share TELUS Mobility continues to capture healthy share of industry net additions Source: Company reports, and analyst estimates 1 Includes Microcell subscriber losses 39% 1 TELUS Mobility

11 subscribers Q K Q K net additions steady

12 ARPU Q2-03 $55 Q2-02 $56 Average Revenue Per Unit ($/month) ARPU increase contributed to 16% network revenue growth, exceeding 14% subscriber growth

13 TELUS Mobility Rogers AT&T BCE Wireless Microcell $55 $41 $45 $46 ARPU continued industry leadership Source: Company reports Q2-02 Q2-03 $56 $47 $48 $39 significant premium to competitors maintained

14 ARPU drivers  per minute billing - Jul-02  evening & weekend clock change - Jun-03  minutes of use up 18% YTD  roaming/resale agreements  expanded distribution  Verizon’s preferred Canadian PCS roaming partner  iDEN roaming with Nextel in U.S.  expanding data offering (intercarrier SMS, 1X)

15 churn strong sequential improvement Q2-03 Q3-02Q4-02 Q % 2.0% 1.5% 1.7% Q % intense focus on retention has yielded material improvement in churn rate

16 churn leading North American performance 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

17 churn reduction drivers  3 year contracts  improved coverage  significant improvement in drop call rate  expanded national footprint  better phones  grandfathered rate plans  dedicated retention team  improved customer care levels

18 profitable subscriber growth 10%15%COA/ Lifetime revenue 1.3%2.0%Churn $56ARPU$55 $428COA (excl. retention) $420 Q2-03Q2-02 $4,300      $2,800Lifetime revenue marketing cost as % of lifetime revenue declining

19 EBITDA growth & margin expansion Wireless EBITDA ($) Q2-02 Q2-03 $119M 26% 38% $201M EBITDA margin (network revenue) industry leading EBITDA growth of 69% & significant year-over-year margin enhancement

20 EBITDA flow-through $(6)M Operating Revenue Growth Expense decline $83M EBITDA growth $76M + 113% of Q2 network revenues flowed to EBITDA line

21 capex Wireless capex ($) Q2-02 Q2-03 $141M 29% 14% $78M Capex intensity (total revenue) significant reduction in capital intensity

22 EBITDA less capex $(22)M Q2-02 Q2-03 $123M $145M cash flow improvement

23 operating cash flow yield 14%Capex Intensity 2 EBITDA Margin 1 38% FCF Yield 3 21% Q EBITDA margin based on network revenue. EBITDA Margin based on total revenue was 35% for Q Capex as % of total revenue 3 EBITDA less capex, as a % of total revenue attractive wireless FCF yields improving

24 best-in-class North American performance Sources: Cdn. Statistics - Company Reports; US Statistics - Morgan Stanley. TELUS estimates. 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 0.5%0.9%1.2%Penetration gain/carrier 3 6 to 83 to 4-No. of carriers in market 10%8%17%(EBITDA – Capex) / tot. rev 2 21%17%16%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

guidance TELUS Mobility 40 to 45%  $750 to 775M EBITDA 13 to 24%  $350 to 400M Capex    $275 to 350M $350 to 425M EBITDA-capex better1.8% or less Churn rate ~50K 11 to 13% YoY Change Net additions Revenue 2003 guidance 350 to 375K $2.25 to 2.3B 2003 guidance reflects continued relentless focus on profitable subscriber growth

26  camera phones  continued line-up of cool phones  data services (SMS, 1X)  Mike nationwide Direct Connect  new distribution what’s new / what’s coming

27 conclusion TELUS Mobility executing to plan  Capturing solid share of industry growth  Leading ARPU & 16% network revenue growth  Dramatic improvement in churn  Financial discipline - cost containment  EBITDA growth in excess of 40% & margin expansion  Mobility significant contributor to consolidated FCF TELUS Mobility is a premium operator in fundamentally strong Canadian wireless market

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