TELUS

George Cope, President & CEOTELUS Mobility

BMO Nesbitt Burns Telecom ConferenceSept. 16, 2003

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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

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about TELUS

Canada’s 2nd largest telco - only national pure-play, facilities-based, full-service telecom provider

Executing national growth strategy focused on data, IP & wireless

2003E Revenues $7.1 to 7.2B

EBITDA $2.75 to 2.85B

FCF $800M to 1.0B

Operating segments: Communications: wireline

Mobility: wireless

Enterprise value: ~$17B (equity ~ $9B)

Daily trading1: 1.1M shares

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

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TELUSCommunications

$5.7B

43%

18%

10%

6%Other

12ME Q2-03

$7.1B

Local Voice

Wireless

Data31%

31%

19%5%Other

LD

Wireless

12ME Q2-00

Local Voice

23%

Data

14%LD

TELUSCommunications

TELUSMobility

TELUSMobility

revenues from wireless & data have grown from 28% to 50% of total revenue in 3 years

about TELUS

consolidated revenue profile evolution

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about TELUS

2003 YTD review – consolidated

significant growth in profitability driven by excellent wireless performance & wireline efficiencies

1 Excludes restructuring & workforce reduction costs

148M$166M$18MNet Income

$0.42

$0.46$0.04EPS

2.0%$3.51B$3.45BRevenue

15%$1.39B$1.21BEBITDA1

YTD Q2-03 changeYTD Q2-02

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about TELUS

2003 YTD review – consolidated

1 Ratio of capex to total revenues2 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes restructuring &

workforce reduction cash costs of $193M

over $600M improvement in free cash flow generation & 2003 deleveraging target achieved six months early

$606M$445M($161M)Free Cash Flow2

13pts15%28%Capex Intensity1

46%$513M$955MCapex

YTD Q2-03 changeYTD Q2-02

0.6X3.0X3.6XNet Debt: EBITDA

TELUS Mobility

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Source: Industry analysts

2002

38%

2006E

49-54%

2003E

41-42%

12Msubs

16-17Msubs

13-13.2Msubs

wireless industry update

penetration growth

3 million or more net adds expected over next 3 yrs

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$1,213M$903M

YTD Q2-03YTD Q2-02

TELUSMobility TELUS

Mobility

continued significant industry EBITDA growth, 34% YTD to $1.2B

wireless industry update

total industry EBITDA1

Source: Company reports. 1 Sum of reported wireless EBITDA for BCE, Rogers Wireless, Microcell and TELUS Mobility

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wireless industry update

net additions

TELUS

Mobility

Q2-03 YTD net addition market share

TELUS Mobility continues to capture healthy share of industry net additions

Source: Company reports, and analyst estimates 1 Includes Microcell subscriber losses

39%1

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subscribers

Q2-03

102.6K

Q2-02

102.8K

net additions steady

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ARPU

Q2-03

$55

Q2-02

$56

Average Revenue Per Unit ($/month)

ARPU increase contributed to 16% network revenue growth, exceeding 14% subscriber growth

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TELUS Mobility Rogers AT&TBCE Wireless Microcell

$55

$41$45$46

ARPU

continued industry leadership

Source: Company reports

Q2-02

Q2-03 $56

$47$48

$39

significant premium to competitors maintained

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ARPU

drivers

per minute billing - Jul-02 evening & weekend clock change - Jun-03 minutes of use up 18% YTD roaming/resale agreements expanded distribution Verizon’s preferred Canadian PCS roaming partner iDEN roaming with Nextel in U.S. expanding data offering (intercarrier SMS, 1X)

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churn

strong sequential improvement

intense focus on retention has yielded material improvement in churn rate

Q2-03Q3-02 Q4-02 Q1-03

1.7%

2.0%

1.5%1.7%

Q2-02

1.3%

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churn

leading North American performance

BCE Cingular

2.4%

2.2%

1.6%

2.2%1.7%

1.4% 1.3%

TELUSVerizonAT&T Rogers Nextel

3.3%

SprintPCS

Microcell

3.0%2.6%

T-Mobile

TELUS’ Q2 churn rate is best-in-class

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churn reduction

drivers

3 year contracts improved coverage

significant improvement in drop call rate expanded national footprint

better phones grandfathered rate plans dedicated retention team improved customer care levels

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profitable subscriber growth

marketing cost as % of lifetime revenue declining

10%15%COA/ Lifetime revenue

1.3%2.0%Churn

$56ARPU $55

$428COA (excl. retention) $420

Q2-03Q2-02

$4,300

$2,800Lifetime revenue

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EBITDA growth & margin expansion

Wireless EBITDA ($)

Q2-02 Q2-03

$119M

26%

38%

$201MEBITDA margin(network revenue)

industry leading EBITDA growth of 69% & significant year-over-year margin enhancement

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EBITDA flow-through

113% of Q2 network revenues flowed to EBITDA line

$(6)MOperating Revenue Growth

Expensedecline

$83M EBITDA growth

$76M

+

Q2-03

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capex

Wireless capex ($)

Q2-02 Q2-03

$141M

29%

14%

$78M

Capex intensity(total revenue)

significant reduction in capital intensity

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EBITDA less capex

$145M cash flow improvement

$(22)M

Q2-02

Q2-03

$123M

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operating cash flow yield

14%Capex Intensity2

EBITDA Margin1 38%

FCF Yield3 21%

Q2-03

attractive wireless FCF yields improving

1 EBITDA margin based on network revenue. EBITDA Margin based on total revenue was 35% for Q2-03

2 Capex as % of total revenue3 EBITDA less capex, as a % of total revenue

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how does TELUS Mobility measure up?

Sources: Cdn. Statistics - Company Reports; US Statistics - Morgan Stanley. TELUS estimates. 1 Projected capex as a % of forecast total revenue. 2 Projected EBITDA less projected Capex divided by projected total revenues

3 Projected wireless penetration gain divided by # of carriers in market. For TELUS, projected net adds divided by projected covered POPs

0.5%0.9%1.2%Penetration gain/carrier3

6 to 83 to 4-No. of carriers in market

10%8%17%(EBITDA – Capex) / tot. rev2

21%17%16%Capex intensity1

18%28%43%Annual EBITDA growth rate

33%32%37%EBITDA / network rev.

US Avg 2003

Cdn Avg 2003

TM 2003 guidance

best-in-class North American operating performance

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2003 guidance

TELUS Mobility

40 to 45%$750 to 775MEBITDA

13 to 24%$350 to 400MCapex

$275 to 350M$350 to 425MEBITDA-capex

better1.8% or lessChurn rate

~50K

11 to 13%

YoY Change

Net additions

Revenue

2003 guidance

350 to 375K

$2.25 to 2.3B

2003 guidance reflects continued relentless focus on profitable subscriber growth

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camera phones continued line-up of cool phones data services (SMS, 1X) Mike nationwide Direct Connect new distribution

what’s new / what’s coming

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conclusion

TELUS Mobility executing to plan

Capturing solid share of industry growth Leading ARPU & 16% network revenue growth Dramatic improvement in churn Financial discipline - cost containment EBITDA growth in excess of 40% & margin

expansion Mobility significant contributor to consolidated FCF

TELUS Mobility is a premium operator in fundamentally strong Canadian wireless market

questions?

investor relations

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