Darren Entwistle,Member of the TELUS Team

RBC Capital MarketsEurope Investor MeetingsMarch 9 - 12, 2004

2

table of contents

about TELUS 4

strategy 7

2003 corporate priorities 26

2004 corporate priorities 37

investor considerations 41

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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

4

about TELUS

Canada’s 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 $1.13 to 1.23 billion

Operating segments: wireline: TELUS

Communications

wireless: TELUS Mobility

Enterprise value: $16.4 billion

Daily trading3: 1.1 million shares1 Targets announced December 18, 2003 2 Earnings before interest, taxes, depreciation & amortization

3 Recent 3 month average. TSX: T, T.A; NYSE: TU

5

TELUS 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 4.9 million

Total Internet Subscribers 881,000 (562,000 high-speed)

Fibre IP backbone national

Strategic alliance Verizon Communications

1 Targets announced December 18, 2003

6

TELUS Mobility segment

31.7 million: Cdn. PopulationLicensed POPs

29.9 million (93%)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

3.4 millionSubscribers

leading Canadian national wireless provider

1 Targets announced December 18, 2003

7

evolving our businessdelivering on our strategy

8

tracking against strategic imperatives 20002004

1. provide integrated solutions

2. partner, acquire & divest as necessary

3. invest in internal capabilities

4. build national capabilities

5. focus on growth markets of data & wireless

6. going to market as one team

… to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move.

9

4. build national capabilities

TELUS’ infrastructure – 2000

10

Mobility Jan 2000 Dec 2003

PoPs covered (millions) 7 29.9

Mike (iDEN) (millions) - 24

Generation 1G 2.5G

Communications Ont/Que cities 3 38

Co-locations 2 88

Customer POPs 5 213

Fibre lit (km) 0 11,800

Platform Stentor TELUS

Network Circuit-based Next Generation (NGN)

national transformation

11

build national capabilities

TELUS’ national infrastructure - 2003

12

TELUS NGN IP applications in market today

TD Bank Financial Group win Oct. 2003

$160 million, 7-year contract for managed data solution – largest network migration in Canada

NGN with IP VPN security & enhanced services cannot be matched by competitors

IP-One launched 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

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

TELUS IP-One achieves recognition

recent winner of “2003 Product of the Year” award from Technology Marketing Corporation (TMC) Communication Solutions

recognized as “Top National Advanced Technology Solution” by Cisco Networks

15

Revenue (mil.)

EBITDA (mil.)

TELUS wireline operations in Ont. & Que. have significant scale & are generating profitable growth

1 Includes TELUS Quebec & TELUS non-ILEC operations except 2000

Central Canadian wireline1 growth

~$900$845

~$145$119

2003 2004E

$4

Jan. 2000

16

$5.7B

2003

$7.1B

20001

Local Voice

Wireless

Data30%

33%

19%4%Other

14%LD

data & wireless revenues from 28% to 52% in 3.5 yrs.

5. focus on growth markets of data & wireless

43%

18%

10%

6%Other

LD

Wireless

Local Voice

23%

Data

consolidated revenue profile evolution

1 12 months ended June 30, 2000

17

410

215

562

2002 20032001

131

195

152

Subscriber base

Net additions(000s)

market share grew from 10% to 38% at the end of 2003

high-speed Internet growth

~125

~687

2004E

84

2000

58

18

(000s)

increase of 2.2 million subscribers in last 3 years

wireless subscriber net additions targets

2,996

2,578

1,342

418

431

3,424Subscriber base

Net additions

2002 20032001 2004E

3,800 to 3,850

375 to 425

1,236

2000

151

19

$630M1.4M

EBITDA growth subscriber growth

TELUS achieves profitable subscriber growth

executing our strategy for profitable growth

Source: Company reports. Sum of reported net adds & wireless EBITDA for BCE, Rogers Wireless, Microcell, TELUS Mobility

TELUSMobility

45%30%

TELUSMobility

2003 wireless industry

20

TELUS Mobility Rogers WirelessBCE Wireless

$55

$45$47

ARPU

continued industry leadership

Source: Company reports

2002

2003

$57

$47$48

industry ARPU up year over year

Microcell

$40$38

21

BCE AWE

2.7%2.6%

1.6%

2.0%1.8%

1.5% 1.4%

TELUSVerizonSprintPCS

Rogers Nextel

3.2%

CingularMicrocell

3.0%1

2.7%

T-Mobile

TELUS’ 2003 churn rate remains top-quartile

wireless growth & performance

1 T-Mobile USA Q3-03 YTD churn rate

2003 churn rates

22

generating cash flow growth

($M)

746

1,136

20032002

Communications

significant in YoY cash flow (EBITDA less capex)

52%

75

456

20032002Mobility

508%

23

6. going to market as one team

Strong brand identity across TELUS

24

strong brand awareness

25

TELUS advertising top ranked

Leger Marketing national poll - Jan 2004

• No. 1 in awareness

• No. 3 in likeability

2003 corporate priorities

27

2003 TELUS corporate priorities

enhancing wireless performance

improving Central Canada profitability

improving levels of customer service

delivering operational efficiency

reaching a collective agreement

strengthening financial position

On track?

2004

28

delivering on operational efficiency program

Cumulative1

Cum.1 Targets2

44 43

33 33

TELUS Communications

7,500 7,3003

Savings ($M) - 2003 454 450

1 Refers to the duration of the Operational Efficiency Program, June 2001 through December 2003.2 As disclosed in management's discussion and analysis in the 2002 TELUS Annual Report.3 800 in 2001; 6,500 in 2002 & 2003.

Actual Results

Customer contact centres closed or consolidated

Communicationsphone store closures

met or exceeded all OEP targets

- 2004 N/A 550

Net staff reductions

29

reaching a collective agreement Feb. 16, CIRB-imposed deadline: TELUS filed CIRB

application for reconsideration of Jan. 17, 21, 26 and 28 rulings

imposed communications blackout on TELUS

required TELUS to offer binding arbitration to union with no

time limitations on process

disagree that communications violated accepted practices and

labour laws

TELUS has requested reconsideration

TELUS also filed appeal with Federal Court of Appeal

arbitration discussions with union and federal mediators continue

30

strengthen our financial position

significant increase in earnings & cash flow

2002 2003 Change

Revenue $7.0B $7.15B 2.0%

EBITDA1 $2.52B $2.84B 13%

Net Income $(229)M $332M $561M

EPS $(0.75) $0.92 $1.67

Capex $1.7B $1.3B 26%

1 EBITDA excluding restructuring & workforce reduction costs

31

improving free cash flow1

FCF leading to significant debt reduction

2001 2002

2003

$(1.14)B

$(140)M

$1.13B to 1.23B

2004E

$845M

1 EBITDA, adding Restructuring & workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures and cash restructuring payments.

32

2003 – deleveraging

45 to 50% long term

53.0%56.6%Net Debt : Capital

Q4-03 guidanceQ4-02

significant increase in free cash flow results in deleveraging well ahead of targets

<3.0X (original)

2.6X3.3XNet Debt : EBITDA

<2.2X(long term)

33

credit rating update

Mar. 2/04 – Moody’s upgrade to ‘investment grade’

Dec. 18/03 – Moody’s rating review for ‘possible upgrade’

Sep. 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

34

TELUS bond performance (Jul 24/02 – Mar 2/04)

$40

$60

$80

$100

$120

Jul-0

2

Au

g-0

2

Se

p-0

2

Oct

-02

No

v-0

2

De

c-0

2

Jan

-03

Fe

b-0

3

Ma

r-0

3

Ap

r-0

3

Ma

y-0

3

Jun

-03

Jul-0

3

Au

g-0

3

Se

p-0

3

Oct

-03

No

v-0

3

De

c-0

3

Jan

-04

Fe

b-0

4

C$ 7.5% 2006

US$ 7.5% 2007

US$ 8.0% 2011

Feb 14Q4 results

Apr 16Moody's outlook

upgrade to stable

Apr 30Annual General

Meeting & Q1 results

May 28Fitch outlook upgrade

to stable

Jun 16DBRS trend

upgrade to stable

Aug 8S&P outlook

upgrade to stable

Jul 29Q2 results

Sep 12Moody's outlook

upgrade to positive

Oct 31Q3 results

Dec 182004 Targets call

Dec 18Moody's puts TELUS under review for possible upgrade

Dec 162003 Targets call

Nov 4Q3 results

Sep 12Equity offering &

debt buyback

Jul 25Moody's

downgrade

Mar 2Moody's upgrades

TELUS to investment grade

Feb 13Q4 results

35

21

16

13

8

(2)(3)

(5)(6)

(14)

(18)

(2)

1314

2 1

(0.3)

3

Telia FT DT KPN TELUS MTS Telstra Nippon BCE

%

PCCWBT VZAliant SBCSprint

2003 global telecom performance

EBITDA1 % growth rates

AT&T

As at March 1, 2004

Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports

13

BLS

36

94

63

29

19 17

4 4 3

(4)

(16)

(24)

(0.1)

1 1

20

7

46

TELUS FT Telia DT MTS FON BCE KPN Aliant Nippon BLS Telstra PCCW

2003 global telecom performanceCash Flow (EBITDA1 - Capex) % growth rates

SBC

As at March 1, 2004

Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports

AT&TVZBT

%

Sprint

2004 corporate priorities and targets

38

2004 priorities

reaching a collective agreement

growing brand value through superior customer service

revitalizing wireline growth

driving towards leadership in high-speed Internet

enhancing our leadership in wireless

embracing continual cost efficiency

… leading the way into 2004

39

2%approx. $1.225BCapex

14 to 36%$1.05 to 1.25EPS

5 to 8%

change

EBITDA1

Revenue

2004 targets

$2.95 to 3.05B

$7.45 to 7.55B

2004 targets reflect strong earnings & cash flow growth

2004 consolidated targets summary

1 Includes ~$30M in restructuring & workforce reduction costs in 2004 compared to $28.3M in 2003. 2 EBITDA, adding Restructuring & workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures and cash restructuring payments.

34 to 46%Free Cash Flow2 $1.13 to 1.23B

4 to 6%

40

continuing operational execution

2004 targets reflect:

healthy wireless & high-speed Internet growth

good EBITDA growth despite regulatory impacts

strong ~25% EPS growth

global telecom-leading cash flow growth

continued strong debt reduction

delivering on our consistent and robust strategy since 2000

investor considerations

42

why invest in TELUS delivering focused telecom growth strategy in Canada

track record of achieving public targets

leading national wireless provider

incumbent wireline generating robust cash flow

technology leadership in IP

Central Canada expansion increasingly profitable

global leader in earnings & cash flow growth

43

7 6

5 43

3

(2)

(3)

(7)

(16)

122

6

0.1 0.1 0

TELUS DT FT BCE MTS Aliant Telstra PCCW BT Telia KPN BLS Nippon

2004E global telecom performance

projected EBITDA % growth rates

As at March 1, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports

%

AT&TSBCVZ Sprint

44

14

11

75 5 4

1

(1)(3)

(4)

(6)

(11)

(16)

(0.4)

3

8

TELUS Aliant Telia MTS BCE Telstra BLS PCCW DT Nippon

2004E global telecom performanceprojected Cash Flow (EBITDA - Capex) % growth rates

AT&T

%

BT VZ KPN SBC

As at March 1, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports

FT Sprint0

investor relations

1-800-667-4871telus.com ir@telus.com

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