Darren Entwistle

1
Communacopia XIII ConferenceOctober 5, 2004

• Darren Entwistle
• Member of the TELUS Team

2
forward-looking statement
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.
3
consolidated revenue profile evolution
12ME Q2, 2004
12ME Q2, 2000
TELUS Mobility
TELUS Mobility
Wireless
LD
LD
35
13
23
Wireless
54
18
28
Local Voice
Data
Data
Local Voice
29

10

43
19
Other
Other
6
4
TELUS Communications
TELUS Communications
5.7B
7.3B
Voice focused
balanced growth
4
2004E global telecom performance
projected EBITDA growth rates
7
5
5
4
4
2
2
1
Nippon
PCCW
SBC
Telia
MTS
BLS
ATT
0.5
0.1
(0.2)
TELUS
FT
DT
BCE
Sprint
Telstra
BT
VZ
Aliant
KPN
(2)
(2)
(4)
(6)
(7)
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
(30)
5
2004E global telecom performance
projected Cash Flow (EBITDA - Capex) growth
rates
10
10
9
6
5
4
SBC
Nippon
DT
Telia
PCCW
BT
BLS
KPN
MTS
ATT
1
(0.5)
(0.6)
TELUS
Sprint
Aliant
BCE
VZ
FT
Telstra
(1)
(2)
(4)
(5)
(5)
(9)
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
(17)
(25)
6
long-term value growth
investor considerations
Digital Home
Non-ILEC Growth
Organization Effective- ness
Competitive Intensity
Technology Substitution
Regulatory Pressure





Tip the scales and hold EBITDA flat for the
wireline business
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investor considerations

• Sustaining leading financial performance
• Beneficial shift in mix of revenue, earnings and
  cash flow
• Sustainable wireless industry growth
• Initiatives to address wireline revenue softness
• Track record of increasing cash flow and
  financial strength
• Continue to balance interests of equity and debt
  holders

TELUS is a pure play telecom operating company
with strong growth profile
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questions?
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investor relations

• 1-800-667-4871
• telus.com
• ir_at_telus.com