Darren EntwistleMember of the TELUS Team

Victoria Financial Investment Forum

Victoria, BCJan. 10, 2004

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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.

forward-looking statement

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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 $950M to 1.05 billion

Operating segments: wireline: TELUS

Communications

wireless: TELUS Mobility

Enterprise value: ~$17 billion

Daily trading3: 1.2 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

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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

31.5 million: Cdn. PopulationLicensed POPs

29.1 million (92%)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

3.3 millionSubscribers2

Leading Canadian national wireless provider

1 Targets announced December 18, 2003

2 As at September 30, 2003

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evolving our businessdelivering on our strategy

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tracking against strategic imperatives 20002003

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

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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

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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

national transformation

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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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Revenue (mil.)

EBITDA (mil.)

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

1 Includes TELUS Quebec & non-ILEC operations except 2000

build national capabilities

Central Canadian wireline1 growth

~$900~$840

~$145~$115

2003E 2004E

$4

Jan. 2000

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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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$5.7B

12ME Q3-03

$7.1B

12ME Q2-00

Local Voice

Wireless

Data31%

32%

19%4%Other

14%LD

data & wireless revenues from 28% to 51% in ~3 years

focus on growth markets of data & wireless

consolidated revenue profile evolution

43%

18%

10%

6%Other

LD

Wireless

Local Voice

23%

Data

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410

215

~560

2002 2003E2001

131

195

~150

Subscriber base

Net additions(000s)

market share increases from 10% to 38%

(ADSL) high-speed Internet net additions targets

~125

~685

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

~400

~3,395Subscriber base

Net additions

2002 2003E2001 2004E

~3,770 to 3,820

375 to 425

1,236

2000

151

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wireless growth & performance

TELUS Mobility continues to capture healthy share of industry net additions

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

TELUSMobility

34%1

YTD Q3-03 market share of wireless net additions1

BCE Mobility

Rogers Wireless

Microcell

20

Source: Company reports

20% premium with positive industry-wide trend

TELUS Mobility RogersBCE Wireless

$55

$45$46

YTD Q3-02 YTD Q3-03

$57

$47$47

continued leadership in rev. per customer (ARPU)

wireless growth & performance

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BCE Cingular

2.6%

2.4%

1.4%

2.0% 1.9%

1.4% 1.4%

TELUSVerizonAT&T Rogers Nextel

3.1%

SprintPCS

Microcell

3.1%2.7%

T-Mobile

TELUS’ YTD churn rate remains best-in-class in NA

YTD Q3-03 churn (monthly deactivations)

wireless growth & performance

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TELUS Mobility is Canada’s premium wireless operator Revenue growth 17% ARPU $57 Churn 1.4% EBITDA growth 54% EBITDA margin 36% Cash flow2 $398M

TELUS Mobility results creating significant shareholder value

Leader in

North America

1 YTD Q3-032 Defined as EBITDA less capex

wireless growth & performance

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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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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 Children’s Hospital, Courage to Come Back)

Arts – Victoria Opera, VSO, etc. Crime prevention – 9-1-1 Call simulator program &

Rock Solid

Environment – TELUS named Canada’s most environmentally friendly company

TELUS Community Investment

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                   TELUS supports

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TELUS supports                    

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TELUS supports

Carmanah Forestry Society

LOAVES AND FISHES FOOD BANK FOUNDATION

FIREFIGHTERS' BURN FUND OF GREATER

VICTORIA

Victoria Epilepsy and Parkinson's

Centre Society

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Our Values in Action - video

corporate priorities2003

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2003 TELUS corporate priorities

Enhancing wireless performance

Improving Central Canada profitability

Delivering operational efficiency

Improving levels of customer service

Reaching a collective agreement

Strengthening financial position

On track?

deferred Feb/04

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$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

on track to deliver targeted efficiency savings

2003 priority

delivering operational efficiency

2002/03E

6,5006,050

Staff Reductions

Sep 2003Actual

6,000

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delivering operational efficiency

efficiency gains in both business segments result in overall 29% productivity improvement

$190K

$90K

Communications ConsolidatedMobility

$128K$108K

$125K

$97K

Q3-02 Q3-03 Q3-02 Q3-03 Q3-02 Q3-03

annualized EBITDA per full time equivalent employees ($ 000s)

48%

20% 29%

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First TimeTrouble Resolution

77%

System stabilization

2003 priority improving levels of customer service

0%

20%

40%

60%

80%

100%

CRTC Standard = 80%

Even with staff reduction, servicelevels improvedby 30%

Over achieving CRTC standard

New trouble management system introduced

Natural Disasters(Fires, Floods, Power Outage)

Trinity Cable Cut

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Repair answer (611) - % calls answered < 20 sec.

Repair AnswerContact Centres

4to2

Repair AnswerStaff

22%

36

0%

20%

40%

60%

80%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Operator Services - % calls answered < 20 sec.

High volume in other care call centres

Forest Fires in BC/AB

Even with staff reduction TELUS still over achieved on CRTC standard.

CRTC Standard = 80%

Contact Centres19 to 5

Staff

30%40%

increase in productivity

improving levels of customer service

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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 2002Sept

2003

Nov

2003

Current

TrendStandard

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%

improving levels of customer service

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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

2003 priority reaching a collective agreement

objective is to improve flexibility & productivity to better meet customer needs

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2003 priority strengthening financial position

strong profit expansion evident across both business segments

EBITDA Profit Margin (total revenue) YTD Q3-03

38%

Communications ConsolidatedMobility

27%

36%

41% 40%

36%

Q3-02 Q3-03 Q3-02 Q3-03 Q3-02 Q3-03

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2003 consolidated outlook

2003 guidance implies significant improvement in profitability, cash flow & leverage

~$1.25B$1.7BCapex

$0.85 to 0.95

$2.8 to 2.85B

$7.1 to 7.2B

updated 2003 guidance1

($0.75)

$2.5B

$7.0B

2002 actuals

EPS

EBITDA

Revenue

1 Re-affirmed on Dec. 18, 2003

2 Calculated on midpoint of guidance

change2

~$450M

$1.65

12%

2%

41

20

15

12

9

5

(3) (4) (4) (5)(6)

(16)(18)

3.5

(0)

22

13

Telia FT DT TELUS KPN MTS BCE Telstra Nippon

2003E global telecom performance

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

%projected EBITDA % growth rates

BT PCCW VZ AT&TSBCAliant Sprint BLS

42

92

61

28

1814

4 4 3 2

(1)

(9) (10) (11)

(18)

27.6

7

57

TELUS Telia FT DT BCE Sprint MTS Aliant Nippon BLS Telstra KPN

2003E global telecom performance

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

%

BT PCCW VZ AT&TSBC

projected Cash Flow (EBITDA - Capex) % growth rates

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2001 2002

2003E

$(1.42)B

$(275)M

$950M to 1.05B

improving free cash flow (FCF)1

improving FCF leading to significant debt reduction

2004E

$615 to 665M

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.

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2003 credit rating update

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

Sept. 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

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28%$1.05 to 1.25EPS

7%

implied change

EBITDA2

Revenue

2004 targets

$2.95 to 3.05B

$7.45 to 7.55B

2004 targets reflect strong earning & cash flow growth

2004 consolidated targets summary1

1 Targets announced on December 18, 20032 Includes ~$30M in restructuring & workforce reduction costs 3 EBITDA less: capex, cash interest, cash taxes, cash dividends, cash restructuring & stock compensation

56%Free Cash Flow3 $950M to 1.05B

5%

Telecom leader in

North America

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TELUS v. North American Wireless & World Telcom Equity Indices(Assuming $100 invested January 8, 2002 for 24 months)

25

50

75

100

125

Jan-

02

Mar

-02

May

-02

Jul-0

2

Sep

-02

Nov

-02

Jan-

03

Mar

-03

May

-03

Jul-0

3

Sep

-03

Nov

-03

Jan-

04

S&P Supercomposite Wireless Index

MSCI World Telecom Index

TELUS

MSCI World Telecom Index

-12%

S&P Wireless Index -17%

TELUS+18%

share price performance

Jan 8/2002 Jan 8/2004

$118

$88$83

Note: MSCI = Morgan Stanley Capital International World Telecom Index

investor considerations

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8.6

7.1 6.9

3.4 3.42.2

(0.5)(1.1) (1.1)

(2.1) (2.5)

(6.6)

(11.5)

6.9

2.10.8

0.2

Telstra TELUS DT FT BCE MTS Telia BT PCCW Nippon

2004E global telecom performance

As at January 5, 2004

Notes: TELUS data based on average of 2003 guidance & 2004 targets Other estimates provided by Bloomberg and analyst reports

%

projected EBITDA % growth rates

BLS SprintAliant VZ KPN AT&TSBC

49

14.5

7.7

5.0 5.0 4.6

2.6

0.7 0.7

(2.5)(3.4)

(4.1)

(6.1)(7.3)

(12.4)

0.8

6.2

TELUS Telstra MTS BCE FT Nippon DT BLS Aliant Sprint

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

As at January 5, 2004

Notes: TELUS data based on average of 2003 guidance & 2004 targets Other estimates provided by Bloomberg and analyst reports

%

BT TeliaVZ KPN AT&TSBC

50

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

delivering on our strategy

1 As confirmed on December 18, 2003

questions?

investor relations

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