Darren Entwistle,

1

• Darren Entwistle,
• Member of the TELUS Team
• RBC Capital Markets
• Europe Investor Meetings
• March 9 - 12, 2004

2
table of contents

• about TELUS 4
• strategy 7
• 2003 corporate priorities 26
• 2004 corporate priorities 37
• investor considerations 41

3
forward-looking legal disclaimer
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.
4
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 1.13 to 1.23 billion
• Operating segments wireline TELUS
  Communications
• wireless TELUS Mobility
• Enterprise value 16.4 billion
• Daily trading3 1.1 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
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
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
31.7 million Cdn. Population
Licensed POPs
29.9 million (93)
Network coverage
Verizon Wireless Nextel
Strategic relationships
1 Targets announced December 18, 2003
7

• evolving our business
• delivering on our strategy

8
tracking against strategic imperatives 2000?2004

• 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 the
workplace and on the move.
9
4. build national capabilities
TELUS infrastructure 2000
10
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
Central Canadian wireline1 growth
900
845
145
119
4
2003
2004E
Jan. 2000
1 Includes TELUS Quebec TELUS non-ILEC
operations except 2000
TELUS wireline operations in Ont. Que. have
significant scale are generating profitable
growth
16
5. focus on growth markets of data wireless
consolidated revenue profile evolution
2003
20001
5.7B
7.1B
1 12 months ended June 30, 2000
data wireless revenues from 28 to 52 in 3.5
yrs.
17
high-speed Internet growth
(000s)
687
125
562
152
410
195
215
131
84
58
2004E
2003
2001
2000
2002
market share grew from 10 to 38 at the end of
2003
18
wireless subscriber net additions targets
(000s)
increase of 2.2 million subscribers in last 3
years
19
executing our strategy for profitable growth
2003 wireless industry
EBITDA growth
subscriber growth
1.4M
630M
Source Company reports. Sum of reported net
adds wireless EBITDA for BCE, Rogers Wireless,
Microcell, TELUS Mobility
TELUS achieves profitable subscriber growth
20
ARPU continued industry leadership
57
2002
55
2003
48
47
47
45
40
38
Microcell
TELUS Mobility
Rogers Wireless
BCE Wireless

• Source Company reports

industry ARPU up year over year
21
wireless growth performance
2003 churn rates
3.2
3.01
2.7
2.7
2.6
2.0
1.8
1.6
1.5
1.4
BCE
AWE
TELUS
Verizon
Sprint PCS
Rogers
Nextel
Cingular
Microcell
T-Mobile
1 T-Mobile USA Q3-03 YTD churn rate
TELUS 2003 churn rate remains top-quartile
22
generating cash flow growth
(M)
1,136
52
456
746
508
75
2003
2002
2003
2002
Mobility
Communications
significant ? in YoY cash flow (EBITDA less capex)
23
6. going to market as one team
Strong brand identity across TELUS
24
strong brand awareness
25
TELUS advertising top ranked

• No. 1 in awareness
• No. 3 in likeability

Leger Marketing national poll - Jan 2004
26
2003 corporate priorities
27
2003 TELUS corporate priorities
On track?
?

• enhancing wireless performance
• improving Central Canada profitability
• improving levels of customer service
• delivering operational efficiency
• reaching a collective agreement
• strengthening financial position

?
?
?
2004
?
28
delivering on operational efficiency program
Actual Results
Cum.1
TELUS Communications
Targets2
Cumulative1
Customer contact centres closed or consolidated
44
43
Communications phone store closures

33
33
Net staff reductions
7,500
7,3003
Savings (M) - 2003
454
450
- 2004
550
N/A
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.
met or exceeded all OEP targets
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
1 EBITDA excluding restructuring workforce
reduction costs
significant increase in earnings cash flow
31
improving free cash flow1
1.13B to 1.23B
845M
2002
2001
2004E
2003
(140)M
(1.14)B
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.
FCF leading to significant debt reduction
32
2003 deleveraging
Q4-03
guidance
Q4-02
45 to 50 long term
53.0
56.6
Net Debt Capital
?
lt2.2X (long term)
significant increase in free cash flow results in
deleveraging well ahead of targets
33
credit rating update

• Mar. 2/04 Moodys upgrade to investment grade
  
• Dec. 18/03 Moodys rating review for possible
  upgrade
• Sep. 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
34
TELUS bond performance (Jul 24/02 Mar 2/04)
35
2003 global telecom performance
EBITDA1 growth rates

13
SBC
ATT
PCCW
BT
VZ
Aliant
Sprint
BLS
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
36
2003 global telecom performance
Cash Flow (EBITDA1 - Capex) growth rates

SBC
ATT
VZ
BT
Sprint
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
37
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
2004 consolidated targets summary
change
2004 targets
Revenue
? 4 to 6
7.45 to 7.55B
? 5 to 8
EBITDA1
2.95 to 3.05B
? 14 to 36
1.05 to 1.25
EPS
? 2
approx. 1.225B
Capex
? 34 to 46
Free Cash Flow2
1.13 to 1.23B
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.
2004 targets reflect strong earnings cash flow
growth
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
41
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
2004E global telecom performance
projected EBITDA growth rates

ATT
SBC
VZ
Sprint
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
44
2004E global telecom performance
projected Cash Flow (EBITDA - Capex) growth
rates

0
ATT
BT
VZ
KPN
SBC
FT
Sprint
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
45
investor relations

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

46
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