3rd quarter 2003 review

Darren Entwistle Member of the TELUS Team

4 Q3 overview   Strong 74% growth in cash flow  Wireline and wireless contribution significant  Strong growth in earnings    14% EBITDA increase 4 point margin increase to 42% 32 cents in EPS Continued positive 2003 guidance adjustments

5 2003 TELUS corporate priorities       Delivering operational efficiency Improving levels of customer service Enhancing wireless performance Improving Central Canada profitability Reaching a collective agreement Strengthening financial position On track?

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on-going

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deferred Feb/04

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6 delivering on 2003 priorities – Q3 update  Delivering operational efficiency  achieved 95% of cumulative annual cost savings & 92% towards year-end staff reduction target  Remain on track for net 6,500 departures by year-end  Improving levels of customer service   External & internal events caused challenges in Q3 Committed to improvement by year end

7 delivering on 2003 priorities – Q3 update  Enhancing national wireless performance  North American industry leading performance  49% EBITDA increase  9 point margin increase  Improving Central Canada profitability   Expect EBITDA positive in 2004 Significant new contract win – TD Bank

delivering on 2003 priorities – Q3 update  Reaching collective agreement  New process Nov. 14  early February  Information blackout for first 30 days  Labour relations objectives  efficiency from outsourcing non-core functions  improved productivity from performance based pay  modernize agreements to reflect competitive environment 8

executing TELUS priorities to build value

2003 outlook global telecom performance

16% 13% 12%

Projected 2003 EBITDA Growth Rates

9% 5% 3% 2% 1% PCCW Bell Aliant South Sprint VZ FT DT TELUS Telstra MTS BCE BT Nippon (2)% (4)% (5)% (5)% (6)% SBC AT&T

9

As at October 30, 2003

Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates

(13)% (18)%

95% 2003 outlook global telecom performance Projected 2003 Cash Flow ( EBITDA - Capex ) Growth Rates 52% 26% 24%

TELUS

13% 12% 10% 6% 2%

BT SBC Nippon PCCW VZ AT&T FT DT BCE Sprint As at October 30, 2003 MTS Telstra Aliant Bell South

(2)% (5)% (6)% (7)% (12)% Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates (19)% 10

13%

a leader among Canadian industrial companies 2003E Free Cash Flow / Equity 1 Yield (TSX100 industrials 2 )

13% 12% 11% 6% 6% 5% 5% 4% ENCANA CDN NATURAL RESOURCES TALISM AN ENERGY TELUS TRANSCANADA SHELL CANADA PETRO-CANADA ALIANT

11 Source: Forward-looking estimates provided by TD Securities Inc. at October 28, 2003 1 Market capitalization of equity. FCF is defined as EBITDA, less capex, cash interest, cash taxes and cash dividends.

2 Financial companies not included due to a lack of availability & comparability of FCF.

BCE