1. CIBC Whistler Institutional Investor Conference Robert McFarlane EVP & Chief Financial Officer February 27, 2003

2. Slide 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. Slide 3 Agenda  About TELUS  Q4 & 2002 review  2002 Performance vs. Targets  2003 Outlook

4. Slide 4 About TELUS  Canada’s only national pure-play, facilities-based, full- service telecom provider  2 nd largest Canadian telco  Executing national growth strategy focused on data, IP & wireless from position of financial strength  2002:RevenuesC$7.0B EBITDAC$2.52B  Operating segments:Communications: wireline Mobility: wireless  Enterprise value:~C$14B (equity ~ $6B)  Daily trading 1 :1.1M shares 1 recent 3 month average

5. Slide 5 About TELUS Communications ILEC: full service in W. Canada and E. Quebec Non-ILEC: data & IP for business in C. Canada Revenue (2002)$5.0B EBITDA (2002)$2.0B POPs covered7.5M Network Access Lines4.9M Local/LD Market Share97%/78% Total Internet Subscribers802K (410K High-speed ADSL ) Fibre IP backbonenational Strategic allianceVerizon Communications

6. Slide 6 About TELUS Mobility Cdn. Population (31.4M)Licensed POPs 27.4M (~90%) + roamingNetwork coverage Verizon Wireless & NextelStrategic relationships best in CanadaSpectrum position only one in CanadaiDEN Mike network coast to coast 1XCDMA footprint $535MEBITDA $2.0BRevenue 3MSubscribers Leading national wireless provider

7. Q4 & 2002 review

8. Slide 8 2002 Highlights – Consolidated  Difficult telecom environment & price cap impact  Met or exceeded key financial targets “on Street”  EBITDA before restructuring costs was flat YoY as Mobility, OEP 1 & ITCs 2 offset regulatory impacts  Capex reduction drove significant improvement in cash flow 1 Operational Efficiency Program 2 Investment Tax Credits

9. Slide 9 Q4 Review - Consolidated Q4-01 Q4-02 Change Revenue $1.87B$1.79B  3.9% Revenue (normalized) 1 $1.87B$1.90B  2.1% EBITDA 2 $598M$645M  7.8% EBITDA (normalized) 1,2 $598M$720M  20% Negative impact of regulatory decisions masks underlying growth in Revenue & EBITDA of 2% & 20% 1 2002 normalized for regulatory impacts (contribution and price cap decisions) 2 Excludes restructuring & workforce reduction costs

10. Slide 10 Q4 Review - Consolidated Normalized EBITDA Trend 1 ($M) 1 2002 has been normalized for regulatory impacts (contribution and price cap decisions)  20%

11. Slide 11 Q4 Review - Consolidated Q4-01 Q4-02 Change Restructuring costs 1 -$241M  - Disc. Operations 2 ($3.1M)-  - Net Income/(Loss) ($47M)($139M)  198% EPS (per GAAP) ($0.16)($0.41)  156% EPS 3 ($0.16)$0.05  131% EPS from continuing operations exhibiting significant upward growth 1 Restructuring & workforce reduction costs 2 Gain on sale of Directory Operations 3 Normalized for after-tax restructuring costs

12. Slide 12 Q4 Review - Consolidated Q4-01Q4-02 Change Capex$592M$416M  30% Capex Intensity 1 31.7%23.2%  8.5pts EBITDA-capex$6.7M$229M  3,318% 1 Ratio of capex to total revenues Significant reduction in capex drove strong improvement in capital intensity & dramatic cash generation increase

13. Slide 13 Significant downward trend in capex intensity ratio 1 Ratio of capex to total revenues Q4 Review - Consolidated Capex Intensity 1 20012002 2001 2002 Q4 YTD

14. Slide 14 Consolidated Free Cash Flow Dramatic increase in YoY Free Cash Flow 1 in 2002 2001 2002 ($M) 1 EBITDA less capex, cash interest, cash taxes, and cash dividends

15. Slide 15 Deleveraging Q1-02 Q2-02 Q3-02Q4-02 Target Net Debt : Capital 57.9%58.7%55.8%56.6%50% long-term Net Debt : EBITDA 3.5x3.6x3.4x3.3x3.0x in Dec ’03 Expect significant leverage drop in 2003/2004 due to increased EBITDA and FCF New December 2004 debt: EBITDA target < 2.7x

16. Slide 16 TELUS Public Debt Performance Relative Price Performance TELUS Corporation C$ 7.5% 2006 v GOC 8.75% 2005 (Assuming $100 invested on May 24, 2001)

17. Communications Segment Slide 17

18. Slide 18 2002 Highlights Communications Segment  Significant negative regulatory impacts  Revenue shortfall offset by OEP progress ahead of plan & favourable ITC 1 settlement  Data growth - 16% reported, 9.7% organic  Gained considerable market share in ADSL  Disciplined 23% annual reduction in capex  Significantly improved cash flow 1 Investment Tax Credits

19. Slide 19 Q4 Review – Communications ($M) Q4-01 Q4-02 Change (ex. neg. reg. impacts) Revenue 1 1,3921,244  11%  2.6% EBITDA543517  4.9%  11% Capex387291  25% - Cap. Intensity 2 27.3% 23.0%  4.3pts - EBITDA-capex156226  44% - Underlying EBITDA growth & cash generation improved 11% and 44%, respectively from efficiency improvements 1 Excludes intersegment revenues 2 Ratio of capex to total revenues

20. Slide 20 1 2 (1.1%) (3.8%) NAL Decrease (Q4-02 vs. Q4-01) Canadian NAL losses below U.S. peer averages 1 Weighted average calculation 2 Comprised of: Bell South, SBC Communications, and Verizon; weighted average calculation Q4 Review – Communications Network Access Lines (NALs)

21. Slide 21 Q4 Review – Communications 43K ADSL net adds in Q4 to total 195K for the year; 91% YoY growth in subscriber base Velocity ADSL Internet Net Adds (000's) 131 195 2001 2002 58 in Q4 43 1 in Q4 58 20 in Q4 2000 1 Q4 net adds were net of an approximate 3,400 subscriber count adjustment

22. Slide 22 Central Canada 2002 Performance Significant scale & increasing profitability Central Canada Wireline (ILEC & Non-ILEC) Revenue ($M) EBITDA ($M) 2001 2002 840 57 (9) 632

23. Slide 23 Q4 Review – Communications Non-ILEC 1,2 ($M) 1 Minor adjustments were made in Q3-02 to reflect current customer account classification 2 Note: 2002 YTD Non-ILEC revenues: $527.3M and 2002 YTD EBITDA: $(107.2)M 2002 YoY improvement of $192M in revenue & $38M in EBITDA

24. Slide 24 TELUS Québec Feb. 25 Announcement  TELUS Québec & Government of Québec announced $500M investment & job creation program  On strategy and in current capex program  In recognition of investment, Quebec to provide employment subsidies  Half of new jobs to be created in large urban areas  Expected benefits - $90M under 3 govt. programs  Raises TELUS’ profile with Government of Québec

25. Slide 25 Q4 Review – Communications OEP – Employee Reductions 1 Excludes the impacts of staff increases associated with acquisitions during H2-2001 2002 reductions ahead of plan 20012002 2003 Phase I (Jun / Q4-01) 800 1 Phase II (Q1/Q2-02) 1,000 Phase III: (Q3-02) 1,700 (Q4-02) 2,500 (Q1/Q4-03) 1,300 TOTAL8005,2001,300 ~ 6,500

26. Slide 26 Q4 Review – Communications OEP – Savings & Expenses  Estimated Phase I to III OEP EBITDA savings: 2002 $150M 2003~ $450M 2004+~ $550M  Phase I costs: $211M ($198M in 2001, $13M in 2002)  Estimated Phase II & III restructuring & workforce reduction expense: Per Acctg. Per Cash 2002 $557M $172M 2003 ~ $20M $285M

27. Slide 27 Improving Efficiency Consolidated Revenue & EBITDA per Employee 1 Revenue per employee $197 $272 2000 2002 EBITDA per employee 2000 $98 2002 $76 (thousands) 1 Based on total employees at year-end

28. Mobility Segment Slide 28

29. Slide 29 2002 Highlights Mobility Segment  Successful completion of integration (incl. billing conversions)  2002 net adds flat YoY despite significant industry slowdown  Financial and operating results ahead of plan and street expectations

30. Slide 30 Q4 Review – Mobility ($M)Q4-01Q4-02 Change Network Revenue424491  16% EBITDA55129  133% Capex205125  39% Capex Intensity 1 (%)42.622.6  20pts EBITDA-capex(150)3.4  102% Flat expenses, strong network revenue growth & reduced capex drove cash flow improvement 1 Ratio of capex to total revenues

31. Slide 31 Q4 Review – Mobility  -  41pts1.68%2.09%Churn $56 3.0M Q4-02 ARPU Subscribers ChangeQ4-01 -$56 16%2.6M ~20% ARPU premium to competitors maintained Material improvement in churn rate

32. Slide 32 Total Canadian wireless industry estimates. Source: Company & analyst reports 2002 net additions of 418K flat with 2001 - represents increased share of industry net additions 2001 TELUS Mobility 22% TELUS Mobility 33% Increased Share of Net Additions 2002E 1.9M ~1.25M

33. Slide 33 Strong service revenue market share despite lower number of subscribers Market Share of Subscribers TELUS Mobility 25% TELUS Mobility 29% Share of Service Revenues Total Canadian wireless industry estimates. Source: Company & analyst reports Market Share of Service Revenues 12.0M ~$6.4B

34. Slide 34 2002 Review – Mobility How far we have come in 2 years Proforma20002002Change% Change Digital POPs (M) 22.627.4  4.821% Subscribers ( 000s) 2,1602,996  836  39% ARPU ($) 5955  (4)  (6.8)% Churn (%) 1.981.80  18pts  9.1% Lifetime revenue ($) 2,9803,056  76  2.5% Subscriber base up 39% Industry-leading value per subscriber has increased

35. Slide 35 2002 Review – Mobility How far we have come in 2 years Proforma ($M)20002002Change% Change Network Rev.1,3961,853  457  33% EBITDA173535  362  209% Capex534460  74  14% Cap. Intensity 1 33% 23%  10pts  - EBITDA-capex(360)75  435  - Tripling of EBITDA and capex reduction drove a $435M improvement in annual cash flow 1 Ratio of capex to total revenues

36. 2002 Performance vs. Targets

37. Slide 37 2002 Consolidated Financial Targets Original Public Targets vs. Actuals 2002 Actual Original Target Target Met? Revenue ($B)7.017.35 to 7.45  EBITDA ($B)2.522.475 to 2.525  EPS before restr. costs ($)0.430.15 to 0.20  Capex ($B)1.702.10 to 2.20  Achieved profitability and cash flow targets despite revenue shortfall

38. 2003 Outlook

39. Slide 39 2003 Priorities  Driving wireline operational efficiency  Delivering significant wireless cash flow growth  Strengthening financial position  Improving Central Canada profitability  Reaching collective agreement

40. Slide 40 2003 Consolidated Targets 2003 Targets Change Revenue $7.2 to 7.3B  3 to 4% EBITDA $2.7 to 2.8B  7 to 11% EPS $0.35 to 0.55  $1.10 to 1.30 Capex approx. $1.5B  12% Expect significant profitability & cash flow growth

41. Slide 41 2003 Outlook Leading North American Telecom Performance TELUS MTS SprintBCE SBC Verizon AT&T Aliant BellSouth Note: TELUS data based on 2002 actual results & average of 2003 targets Other 2003 estimates provided by TD Securities, based on analysts estimates Projected EBITDA Growth Rates – 2003E EBITDA target growth — top echelon for N.A. telecoms

42. Slide 42 2003 Outlook Leading North American Telecom Performance TELUS MTS Sprint BCE SBC Verizon AT&T Aliant BellSouth Projected EBITDA-Capex Growth Rates – 2003E Note: TELUS data based on 2002 actual results & average of 2003 targets Other 2003 estimates provided by TD Securities, based on analysts estimates Cash Flow (EBITDA – Capex) up $400 to $500M

43. Slide 43  TELUS Mobility – outstanding results  TELUS Communications – better than expected progress on OEP  Capex intensity significantly reducing as planned  FCF positive in H2-02 & 2003  Expect significant leverage drop in 2003/4  2003 EPS up by $1.10 to $1.30, to 35 to 55 cents Summary Executing to plan

44. Questions? Answers! Slide 44

45. Slide 45 Appendix 2002 Consolidated Free Cash Flow (172) (2002) $675 (102) 430 545 (26) (136) (35) (676) (1,698) 2,518 2002 Funds available to repay debt Cash Restructuring Costs (2001) Equity Issuance Working Capital/Other 2 Free Cash Flow 1 Cash Dividends Cash Taxes Interest Capex EBITDA 1 ($M) 1 Before restructuring and workforce reduction costs 2 Including sale of accounts receivable

46. Slide 46 Appendix Consolidated Free Cash Flow H2-2002 ($M)H2-2002 Q2-02 Guidance H2-2002 Actual Guidance Met? EBITDA 1 $1,265 to 1,315$1,308  Capex~(845)(743)  Interest(350) to (375)(332)  Cash Taxes(30)(16)  Cash Dividends(80)(83) ~ Free Cash Flow 1 ($65) to $10$135  1 Before restructuring & workforce reduction costs

47. Investor Relations 1-800-667-4871 www.telus.com ir@telus.com