TELUS

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TELUS

• George Cope, President CEO
• TELUS Mobility
• CIBC World Markets
• Frontenac Institutional Investor Conference
• September 19, 2003

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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.
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about TELUS

• Canadas 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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about TELUSconsolidated revenue profile evolution
12ME Q2-03
TELUS Communications
TELUS Communications
wireless data revenues from 28 to 50 in 3
years
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about TELUS2003 YTD review consolidated
YTD Q2-03
change
YTD Q2-02
? 2.0
3.51B
3.45B
Revenue
? 15
1.39B
1.21B
EBITDA1
? 148M
166M
18M
Net Income
? 0.42
0.46
0.04
EPS
1 Excludes restructuring workforce reduction
costs
significant growth in profitability driven by
excellent wireless performance wireline
efficiencies
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about TELUS2003 YTD review consolidated
YTD Q2-03
change
YTD Q2-02
? 46
513M
955M
Capex
? 13pts
15
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Capex Intensity1
? 606M
445M
(161M)
Free Cash Flow2
? 0.6X
3.0X
3.6X
Net Debt EBITDA
1 Ratio of capex to total revenues 2 EBITDA less
capex, cash interest, cash taxes, cash dividends
excludes restructuring workforce reduction cash
costs of 193M
over 600M improvement in FCF generation 2003
deleveraging target achieved six months early
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TELUS Mobility
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wireless industry updatepenetration growth
2002
2006E
2003E
38
49-54
41-42
12M subs
16-17M subs
13-13.2M subs
Source Industry analysts
3 million or more net adds expected over next 3
yrs
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wireless industry updatetotal industry EBITDA1
YTD Q2-03
YTD Q2-02
TELUS Mobility
TELUS Mobility
903M
1,213M
Source Company reports. 1 Sum of reported
wireless EBITDA for BCE, Rogers Wireless,
Microcell and TELUS Mobility
continued industry growth, 34 YTD to 1.2B
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wireless industry updatenet additions
Q2-03 YTD net addition market share
TELUS Mobility
391
Source Company reports, and analyst estimates 1
Includes Microcell subscriber losses
TELUS Mobility continues to capture healthy share
of industry net additions
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subscribers
102.8K
102.6K
Q2-03
Q2-02
net additions steady
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ARPU
56
55
Q2-03
Q2-02
Average Revenue Per Unit (/month)
ARPU increase contributed to 16 network revenue
growth, exceeding 14 subscriber growth
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ARPU continued industry leadership
Q2-02
56
55
Q2-03
48
47
46
45
41
39
TELUS Mobility
Rogers ATT
BCE Wireless
Microcell

• Source Company reports

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
• Verizons preferred Canadian PCS roaming partner
• iDEN roaming with Nextel in U.S.
• expanding data offering (intercarrier SMS, 1X)

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churnstrong sequential improvement
2.0
1.7
1.7
1.5
1.3
Q2-03
Q3-02
Q4-02
Q1-03
Q2-02
intense focus on retention has yielded material
improvement in churn rate
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churnleading North American performance
3.3
3.0
2.6
2.4
2.2
2.2
1.7
1.6
1.4
1.3
BCE
Cingular
TELUS
Verizon
ATT
Rogers
Nextel
Sprint PCS
Microcell
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
Q2-03
Q2-02
56
ARPU
55
1.3
2.0
Churn
428
COA (excl. retention)
420
4,300
2,800
Lifetime revenue
10
15
COA/ Lifetime revenue
marketing cost as of lifetime revenue declining
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EBITDA growth margin expansion
201M
EBITDA margin (network revenue)
38
119M
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Q2-03
Q2-02
Wireless EBITDA ()
industry leading EBITDA growth of 69
significant year-over-year margin enhancement
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EBITDA flow-through

76M
83M EBITDA growth
(6)M
Operating Revenue Growth
Expense decline
113 of Q2 network revenues flowed to EBITDA line
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capex
141M
Capex intensity (total revenue)
29
78M
14
Q2-02
Q2-03
Wireless capex ()
significant reduction in capital intensity
22
EBITDA less capex
123M
Q2-02
Q2-03
(22)M
145M cash flow improvement
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operating cash flow yield
1 EBITDA margin based on network revenue. EBITDA
Margin based on total revenue was 35 for Q2-03
2 Capex as of total revenue 3 EBITDA less
capex, as a of total revenue
attractive wireless FCF yields improving
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best-in-class North American performance
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
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2003 guidanceTELUS Mobility
YoY Change
2003 guidance
?
11 to 13
Revenue
2.25 to 2.3B
?
50K
Net additions
350 to 375K
better
1.8 or less
Churn rate
40 to 45
?
750 to 775M
EBITDA
13 to 24
?
350 to 400M
Capex
?
275 to 350M
350 to 425M
EBITDA-capex
2003 guidance reflects continued relentless focus
on profitable subscriber growth
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whats new / whats coming

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

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conclusionTELUS 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
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questions?
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investor relations

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