Darren Entwistle

1

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

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,
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.
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about TELUS

• Canadas 2nd largest telco
• Executing national growth strategy focused on
  data, IP wireless
• 2004 estimate1 Revenues 7.45 to 7.55
  billion
• EBITDA2 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 trading3 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
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 Lines2 4.9
million Local/LD Market Share 96/78 Total
Internet Subscribers2 850,000 (516,000
high-speed) Fibre IP backbone national Strategic
alliance Verizon Communications (largest US
telco)
1 Targets announced December 18, 2003 2 As at
September 30, 2003
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Mobility segment
Leading Canadian national wireless provider
coast to coast 1X
CDMA footprint
only one in Canada (Nextel in US)
iDEN Mike network
best in Canada
Spectrum position
31.5 million Cdn. Population
Licensed POPs
29.1 million (92)
Network coverage
Verizon Wireless Nextel
Strategic relationships
1 Targets announced December 18, 2003 2 As at
September 30, 2003
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• evolving our business
• delivering on our strategy

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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.
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build national capabilities
TELUS infrastructure 2000
9
national transformation
TELUS Mobility Jan 2000 Sep 2003
PoPs covered (millions) 7 29
Mike (iDEN) (millions) - 24
Generation 1G 2.5G
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national transformation
TELUS Mobility Jan 2000 Sep 2003
PoPs covered (millions) 7 29
Mike (iDEN) (millions) - 24
Generation 1G 2.5G

TELUS Communications
Ont/Que cities 3 35
Co-locations 2 86
Customer POPs 5 205
Fibre lit (km) 0 11,800
Platform Stentor TELUS
Network Circuit-based Next Generation
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build national capabilities
TELUS national infrastructure - 2003
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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

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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
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build national capabilitiesCentral Canadian
wireline1 growth
900
840
145
115
4
Jan. 2000
2003E
2004E
1 Includes TELUS Quebec non-ILEC operations
except 2000
TELUS wireline operations in Ont. Que. have
significant scale are generating profitable
growth
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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

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focus on growth markets of data
wirelessconsolidated revenue profile evolution
12ME Q3-03
12ME Q2-00
5.7B
7.1B
data wireless revenues from 28 to 51 in 3
years
17
(ADSL) high-speed Internet net additions targets
(000s)
685
125
560
150
410
195
215
131
84
58
2004E
2003E
2001
2000
2002
market share increases from 10 to 38
18
wireless subscriber net additions targets
(000s)
Net additions
3,770 to 3,820
Subscriber base
3,395
375 to 425
2,996
400
2,578
418
1,342
1,236
151
2003E
2004E
2002
2000
2001
increase of 2.2 million subscribers in last 3
years
19
wireless growth performance
YTD Q3-03 market share of wireless net additions1
TELUS Mobility
BCE Mobility
341
Rogers Wireless
Microcell
Source Company reports, and analyst estimates 1
Includes Microcell subscriber losses
TELUS Mobility continues to capture healthy share
of industry net additions
20
wireless growth performance

• Source Company reports

20 premium with positive industry-wide trend
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wireless growth performance
YTD Q3-03 churn (monthly deactivations)
3.1
3.1
2.7
2.6
2.4
2.0
1.9
1.4
1.4
1.4
BCE
Cingular
TELUS
Verizon
ATT
Rogers
Nextel
Sprint PCS
Microcell
T-Mobile
TELUS YTD churn rate remains best-in-class in NA
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wireless growth performance

• TELUS Mobility is Canadas premium wireless
  operator
• Revenue growth 17
• ARPU 57
• Churn 1.4
• EBITDA growth 54
• EBITDA margin 36
• Cash flow2 398M

Leader in North America
1 YTD Q3-03 2 Defined as EBITDA less capex
TELUS Mobility results creating significant
shareholder value
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going to market as one team

• Strong brand identity across TELUS
• Dedicated to Community Investment

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TELUS Mobility TV ad
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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
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TELUS Community Investment

• 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 Childrens Hospital, Courage to Come
  Back)
• Arts Victoria Opera, VSO, etc.
• Crime prevention 9-1-1 Call simulator program
  Rock Solid

Environment TELUS named Canadas most
environmentally friendly company
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TELUS supports
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TELUS supports
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TELUS supports
FIREFIGHTERS' BURN FUND OF GREATER VICTORIA
LOAVES AND FISHES FOOD BANK FOUNDATION
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Our Values in Action - video
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corporate priorities2003
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2003 TELUS corporate priorities
On track?
?

• Enhancing wireless performance
• Improving Central Canada profitability
• Delivering operational efficiency
• Improving levels of customer service
• Reaching a collective agreement
• Strengthening financial position

?
?
?
deferred Feb/04
?
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2003 prioritydelivering operational efficiency

• 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

6,500
6,050
6,000
Staff Reductions
Sep 2003 Actual
2002/03E
on track to deliver targeted efficiency savings
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delivering operational efficiency
annualized EBITDA per full time equivalent
employees ( 000s)
190K
48
125K
29
128K
20
108K
97K
90K
Q3-02
Q3-03
Q3-02
Q3-03
Q3-02
Q3-03
Communications
Consolidated
Mobility
efficiency gains in both business segments result
in overall 29 productivity improvement
35
2003 priority improving levels of customer
service
Repair answer (611) - calls answered lt 20 sec.
100
80
Over achieving CRTC standard
CRTC Standard 80
60
New trouble management system introduced
Trinity Cable Cut
System stabilization
Even with staff reduction, service levels
improved by 30
40
Natural Disasters (Fires, Floods, Power Outage)
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
First Time Trouble Resolution 77
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improving levels of customer service
Operator Services - calls answered lt 20 sec.
100
80
CRTC Standard 80
Even with staff reduction TELUS still over
achieved on CRTC standard.
High volume in other care call centres
60
Forest Fires in BC/AB
40
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
40 increase in productivity
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improving levels of customer service

• 4 of 19 CRTC indicators below standard in
  September
• Nov. Dec. results demonstrate strong upward
  trend
• YTD results generally improved compared to 2002

Service Indicator 2002 Sept 2003 Nov 2003 CurrentTrend Standard
Access to Business Office 72 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 Bureau 78 68 90 80
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2003 priority reaching a collective agreement

• 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

objective is to improve flexibility
productivity to better meet customer needs
39
2003 priority strengthening financial position
40
2003 consolidated outlook
updated 2003 guidance1
2002 actuals
change2
7.1 to 7.2B
7.0B
Revenue
? 2
2.8 to 2.85B
2.5B
EBITDA
? 12
EPS
0.85 to 0.95
(0.75)
? 1.65
1.25B
1.7B
Capex
? 450M
1 Re-affirmed on Dec. 18, 2003 2 Calculated on
midpoint of guidance
2003 guidance implies significant improvement in
profitability, cash flow leverage
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2003E global telecom performance
projected EBITDA growth rates

BT
PCCW
ATT
SBC
Aliant
VZ
Sprint
BLS
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
42
2003E global telecom performance
projected Cash Flow (EBITDA - Capex) growth
rates

BT
PCCW
VZ
ATT
SBC
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
43
improving free cash flow (FCF)1
950M to 1.05B
615 to 665M
2002
2001
2003E
2004E
(275)M
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.
(1.42)B
improving FCF leading to significant debt
reduction
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2003 credit rating update

• Dec.18 Moodys rating review for possible
  upgrade
• Sept. 12 Moodys outlook to positive from
  stable
• Aug. 8 SP outlook to stable from negative
• June 16 DBRS trend to stable from negative
• May 28 Fitch outlook to stable from
  negative
• April 16 - Moodys outlook to stable from
  negative

credit ratings are lagging indicators of
strengthened financial position
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2004 consolidated targets summary1
implied change
2004 targets
Revenue
? 5
7.45 to 7.55B
Telecom leader in North America
? 7
EBITDA2
2.95 to 3.05B
? 28
1.05 to 1.25
EPS
Free Cash Flow3
950M to 1.05B
? 56
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
2004 targets reflect strong earning cash flow
growth
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share price performance
118
88
83
Jan 8/2002

Jan 8/2004
Note MSCI Morgan Stanley Capital International
World Telecom Index
47
investor considerations
48
2004E global telecom performance
projected EBITDA growth rates

BLS
Aliant
VZ
KPN
ATT
SBC
Sprint
As at January 5, 2004 Notes TELUS data based on
average of 2003 guidance 2004 targets
Other estimates provided by Bloomberg and
analyst reports
49
2004E global telecom performance
projected Cash Flow (EBITDA - Capex) growth
rates

BT
VZ
KPN
ATT
SBC
Telia
As at January 5, 2004 Notes TELUS data based on
average of 2003 guidance 2004 targets
Other estimates provided by Bloomberg and
analyst reports
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continuing operational execution

• 2003 outlook for earnings and cash flow on-track1
• 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

1 As confirmed on December 18, 2003
delivering on our strategy
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questions?
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investor relations

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