TELUS Investor Conference Call

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TELUS Investor Conference Call Webcast

• 2nd Quarter Results
• July 29, 2002

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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.
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Darren Entwistle
Member of the TELUS Team
2nd Quarter 2002 Review
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2002 Q2 Commentary

• Solid financial and operational results
• Targeting to meet EBITDA guidance
• Tapering capital profile
• Financial strength
• Rating downgrades do not impact operations
• Reflected by May and July financial transactions
• Dividend will be maintained

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Strong Performance in Data Wireless

• Wireless results excellent
• 13 growth in revenue
• 103,000 customers 55 ARPU
• Data results excellent
• 27 growth in data
• 158 growth in TELUS Velocity
• Central Canada non-ILEC disappoints
• Unsatisfactory execution not lack of market
  demand
• High quality of business secured
• Now projecting c.70 revenue growth

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Driving the Operating Efficiency Program

• Built to deliver step change opex reduction
• Management confident of plan deliverables
• Execution concerns over done
• Benefit of 400 to 500M annually
• Program is on track

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2002/2003 Priorities

• Strengthen /or regain investment grade credit
  ratings
• Implement Operational Efficiency Program
• EBITDA ? / Leverage ?
• Growth based on capex. invested in 2001 2002
• Bell network roaming agreement
• Hi-speed Velocity ADSL coverage in west
• National network web hosting centres
• Verizon capital
• Conclude flexible labour contract
• Increased communication and transparency with
  investors