1. Darren Entwistle Member of the TELUS Team Victoria Financial Investment Forum Victoria, BC Jan. 10, 2004

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, 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 statement

3. 3 about TELUS  Canada’s 2nd largest telco  Executing national growth strategy focused on data, IP & wireless  2004 estimate 1 : Revenues $7.45 to 7.55 billion EBITDA 2 $2.95 to 3.05 billion EPS $1.05 to 1.25 Net Income $370 to 440 million Free Cash Flow $950M to 1.05 billion  Operating segments:wireline: TELUS Communications wireless: TELUS Mobility  Enterprise value:~$17 billion  Daily trading 3 :1.2 million shares 1 Targets announced December 18, 2003 2 Earnings before interest, taxes, depreciation & amortization 3 Recent 3 month average. TSX: T, T.A; NYSE: TU

4. 4 Communications segment ILEC: full service in W. Canada and E. Quebec Non-ILEC: data & IP for business in Central Canada Revenue (2004 est.) 1 $4.8 to 4.85 billion EBITDA (2004 est.) 1 $1.975 to 2.025 billion Network Access Lines 2 4.9 million Local/LD Market Share96%/78% Total Internet Subscribers 2 850,000 (516,000 high-speed ) Fibre IP backbonenational Strategic allianceVerizon Communications (largest US telco) 1 Targets announced December 18, 2003 2 As at September 30, 2003

5. 5 Mobility segment 31.5 million: Cdn. PopulationLicensed POPs 29.1 million (92%)Network coverage Verizon Wireless & NextelStrategic relationships best in CanadaSpectrum position only one in Canada (Nextel in US)iDEN Mike network coast to coast 1XCDMA footprint $975 million to 1.025 billionEBITDA (2004 est.) 1 $2.65 to 2.7 billionRevenue (2004 est.) 1 3.3 millionSubscribers 2 Leading Canadian national wireless provider 1 Targets announced December 18, 2003 2 As at September 30, 2003

6. 6 evolving our business delivering on our strategy

7. 7 tracking against strategic imperatives 2000  2003  Provide integrated solutions  Partner, acquire & divest as necessary  Invest in internal capabilities  Build national capabilities  Focus on growth markets of data & wireless  Going to market as one team … to unleash the power of the Internet to deliver the best solutions to Canadians at home, in their workplace and on the move.

8. 8 build national capabilities TELUS’ infrastructure – 2000

9. 9 national transformation TELUS Mobility Jan 2000Sep 2003  PoPs covered (millions) 729  Mike (iDEN) (millions) -24  Generation 1G2.5G

10. 10 TELUS Mobility Jan 2000Sep 2003  PoPs covered (millions) 729  Mike (iDEN) (millions) -24  Generation 1G2.5G TELUS Communications  Ont/Que cities 335  Co-locations 286  Customer POPs 5205  Fibre lit (km) 011,800  Platform StentorTELUS  Network Circuit-basedNext Generation national transformation

11. 11 build national capabilities TELUS’ national infrastructure - 2003

12. 12 TELUS NGN IP applications in market today  TD Bank Financial Group win (Oct. 2003)  $160 million 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  (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

13. 13 NGN application  IP-One “Telus Corp. yesterday leapfrogged larger rival Bell Canada…” Dave Ebner, Globe & Mail, Nov. 18, ’03 “TELUS positioned to ride IP wave, Bell is years behind its western rival in IP telephony…” Andrew Wahl, Toronto Star, Nov. 24, ’03

14. 14 Revenue (mil.) EBITDA (mil.) TELUS wireline operations in Ont. & Que. have significant scale & are generating profitable growth 1 Includes TELUS Quebec & non-ILEC operations except 2000 build national capabilities Central Canadian wireline 1 growth ~$900 ~$840 ~$145 ~$115 2003E2004E $4 Jan. 2000

15. 15 investing in our western franchise  High-speed Internet launched in 208 communities in BC & AB  1X wireless data launched as complete overlay on digital network  $1.8B investment to enhance BC network infrastructure  No other private sector company has made such a substantial investment in infrastructure

16. 16 $5.7B 12ME Q3-03 $7.1B 12ME Q2-00 Local Voice Wireless Data 31% 32% 19% 4% Other 14% LD data & wireless revenues from 28% to 51% in ~3 years focus on growth markets of data & wireless consolidated revenue profile evolution 43% 18% 10% 6% Other LD Wireless Local Voice 23% Data

17. 17 410 215 ~560 2002 2003E 2001 131 195 ~150 Subscriber base Net additions (000s) market share increases from 10% to 38% (ADSL) high-speed Internet net additions targets ~125 ~685 2004E 84 2000 58

18. 18 (000s) increase of 2.2 million subscribers in last 3 years wireless subscriber net additions targets 2,996 2,578 1,342 418 ~400 ~3,395 Subscriber base Net additions 2002 2003E 2001 2004E ~3,770 to 3,820 375 to 425 1,236 2000 151

19. 19 wireless growth & performance TELUS Mobility continues to capture healthy share of industry net additions Source: Company reports, and analyst estimates 1 Includes Microcell subscriber losses TELUS Mobility 34% 1 YTD Q3-03 market share of wireless net additions 1 BCE Mobility Rogers Wireless Microcell

20. 20 Source: Company reports 20% premium with positive industry-wide trend TELUS MobilityRogersBCE Wireless $55 $45 $46 YTD Q3-02 YTD Q3-03 $57 $47 continued leadership in rev. per customer (ARPU) wireless growth & performance

21. 21 BCECingular 2.6% 2.4% 1.4% 2.0% 1.9% 1.4% TELUSVerizonAT&TRogersNextel 3.1% Sprint PCS Microcell 3.1% 2.7% T-Mobile TELUS’ YTD churn rate remains best-in-class in NA YTD Q3-03 churn (monthly deactivations) wireless growth & performance

22. 22 TELUS Mobility is Canada’s premium wireless operator  Revenue growth17%  ARPU$57  Churn 1.4%  EBITDA growth54%  EBITDA margin 36%  Cash flow 2 $398M TELUS Mobility results creating significant shareholder value Leader in North America 1 YTD Q3-03 2 Defined as EBITDA less capex wireless growth & performance

23. 23 going to market as one team  Strong brand identity across TELUS  Dedicated to Community Investment

24. 24 TELUS Mobility TV ad

25. 25 TELUS Community Investment TELUS is an $10M donated in each of 2002 & 2003  Community Investment Programs in BC receive $4M each year we believe we have the ability and responsibility to positively influence the quality of economic, social and physical life in communities we serve

26. 26 Focus areas include: Education / youth – Kits for Kids, Koats for Kids Emergency aid – Fire Aid in Okanagan Social justice – feeding & supplying hygiene for homeless Health – supporting many hospitals and programs (BC Children’s Hospital, Courage to Come Back) Arts – Victoria Opera, VSO, etc. Crime prevention – 9-1-1 Call simulator program & Rock Solid Environment – TELUS named Canada’s most environmentally friendly company TELUS Community Investment

27. 27 TELUS supports

28. 28 TELUS supports

29. 29 TELUS supports Carmanah Forestry Society LOAVES AND FISHES FOOD BANK FOUNDATION FIREFIGHTERS' BURN FUND OF GREATER VICTORIA Victoria Epilepsy and Parkinson's Centre Society

30. 30 Our Values in Action - video

31. corporate priorities 2003

32. 32 2003 TELUS corporate priorities  Enhancing wireless performance  Improving Central Canada profitability  Delivering operational efficiency  Improving levels of customer service  Reaching a collective agreement  Strengthening financial position On track? deferred Feb/04

33. 33  $300M target for incremental savings in 2003  $279M / 93% realized at Q3 YTD  $100M target for incremental savings in 2004  Cumulative annual savings target of $450M in 2003, and $550M in 2004 on track to deliver targeted efficiency savings 2003 priority delivering operational efficiency 2002/03E 6,500 6,050 Staff Reductions Sep 2003 Actual 6,000

34. 34 delivering operational efficiency efficiency gains in both business segments result in overall 29% productivity improvement $190K $90K CommunicationsConsolidatedMobility $128K $108K $125K $97K Q3-02Q3-03Q3-02Q3-03Q3-02Q3-03 annualized EBITDA per full time equivalent employees ($ 000s) 48% 20% 29%

35. 35 First Time Trouble Resolution 77% System stabilization 2003 priority improving levels of customer service 0% 20% 40% 60% 80% 100% CRTC Standard = 80% Even with staff reduction, service levels improved by 30% Over achieving CRTC standard New trouble management system introduced Natural Disasters (Fires, Floods, Power Outage) Trinity Cable Cut JanFebMarAprMayJunJulAugSepOctNovDec Repair answer (611) - % calls answered < 20 sec. Repair Answer Contact Centres 4 to 2 Repair Answer Staff 22%

36. 36 0% 20% 40% 60% 80% 100% JanFebMarAprMayJunJulAugSepOctNovDec Operator Services - % calls answered < 20 sec. High volume in other care call centres Forest Fires in BC/AB Even with staff reduction TELUS still over achieved on CRTC standard. CRTC Standard = 80% Contact Centres 19 to 5 Staff 30% 40% increase in productivity improving levels of customer service

37. 37  4 of 19 CRTC indicators below standard in September  Nov. & Dec. results demonstrate strong upward trend  YTD results generally improved compared to 2002 Service Indicator2002 Sept 2003 Nov 2003 Current Trend Standard Access to Business Office72%60%82%80% Urban Out of Service Cleared 24 hrs Rural Out of Service Cleared 24 hrs 75% 67% 64% 68% 72% 71% 80% Urban Repair Appointments Met Rural Repair Appointments Met 90% 85% 84% 75% 91% 78% 90% Access to Repair Bureau78%68%90%80% improving levels of customer service

38. 38  Process November 14  early February 2004  working with federal conciliators  TELUS abiding by media info blackout until January 12 (subject to responding, as appropriate, to developments)  TWU seeking strike mandate by end of January  TELUS intends to table final offer by end of January  legal work disruption not possible until February 2003 priority reaching a collective agreement objective is to improve flexibility & productivity to better meet customer needs

39. 39 2003 priority strengthening financial position strong profit expansion evident across both business segments EBITDA Profit Margin (total revenue) YTD Q3-03 38% CommunicationsConsolidatedMobility 27% 36% 41% 40% 36% Q3-02Q3-03Q3-02Q3-03Q3-02Q3-03

40. 40 2003 consolidated outlook 2003 guidance implies significant improvement in profitability, cash flow & leverage ~$1.25B$1.7BCapex $0.85 to 0.95 $2.8 to 2.85B $7.1 to 7.2B updated 2003 guidance 1 ($0.75) $2.5B $7.0B 2002 actuals EPS EBITDA Revenue 1 Re-affirmed on Dec. 18, 2003 2 Calculated on midpoint of guidance change 2  ~$450M  $1.65  12%  2%

41. 41 2003E global telecom performance As at December 30, 2003 Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst reports % projected EBITDA % growth rates BT PCCW VZ AT&TSBCAliant SprintBLS

42. 42 2003E global telecom performance As at December 30, 2003 Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst reports % BT PCCW VZAT&TSBC projected Cash Flow (EBITDA - Capex) % growth rates

43. 43 2001 2002 2003E $(1.42)B $(275)M $950M to 1.05B improving free cash flow (FCF) 1 improving FCF leading to significant debt reduction 2004E $615 to 665M 1 EBITDA (incl. restructuring & workforce reduction costs) less capex, cash interest, cash taxes, cash dividends, & cash restructuring payments and consistent with CICA recommendations, 2004 EBITDA further includes the non- cash stock compensation expense applied on a go-forward basis. Free Cash Flow only includes cash paid for non-cash stock compensation expense.

44. 44 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

45. 45  28%$1.05 to 1.25EPS  7% implied change EBITDA 2 Revenue 2004 targets $2.95 to 3.05B $7.45 to 7.55B 2004 targets reflect strong earning & cash flow growth 2004 consolidated targets summary 1 1 Targets announced on December 18, 2003 2 Includes ~$30M in restructuring & workforce reduction costs 3 EBITDA less: capex, cash interest, cash taxes, cash dividends, cash restructuring & stock compensation  56% Free Cash Flow 3 $950M to 1.05B  5% Telecom leader in North America

46. 46 share price performance Jan 8/2002 Jan 8/2004 $118 $88 $83 Note: MSCI = Morgan Stanley Capital International World Telecom Index

47. investor considerations

48. 48 2004E global telecom performance As at January 5, 2004 Notes: TELUS data based on average of 2003 guidance & 2004 targets Other estimates provided by Bloomberg and analyst reports % projected EBITDA % growth rates BLS Sprint AliantVZKPNAT&TSBC

49. 49 2004E global telecom performance projected Cash Flow (EBITDA - Capex) % growth rates As at January 5, 2004 Notes: TELUS data based on average of 2003 guidance & 2004 targets Other estimates provided by Bloomberg and analyst reports % BT Telia VZKPNAT&TSBC

50. 50 continuing operational execution  2003 outlook for earnings and cash flow on-track 1  2004 targets reflect:  healthy wireless & high-speed Internet growth  good EBITDA growth despite regulatory impacts  strong 28% EPS growth  global telecom-leading cash flow growth  continued strong debt reduction delivering on our strategy 1 As confirmed on December 18, 2003

51. questions?

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