UBS New York (Bob) November 16, 2005

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UBS Global Communications Conference November
16, 2005 New York, NY Robert McFarlane EVP
Chief Financial Officer
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forward-looking statements
This presentation and answers to questions
contain forward-looking statements that require
assumptions about expected future events
including competition, financing, labour
relations developments, and financial and
operating results and guidance that are subject
to inherent risks and uncertainties. TELUS
actual results, conditions, actions or events
could differ materially from those expressed or
implied by such statements. Factors that could
cause actual results to differ materially include
but are not limited to competition economic
fluctuations redemption, financing and debt
requirements tax matters human resources
(including ongoing impact and outcome of labour
relations issues and duration and impact on
operating expenses, customer service and revenue
due to current labour disruption) technology
(including reliance on systems and information
technology) regulatory developments process
risks (including conversion of legacy systems)
health and safety litigation business
continuity events (including manmade and natural
threats) and other risk factors discussed herein
and listed from time to time in TELUS reports.
For additional information on potential risk
factors and assumptions, see TELUS 2004 Annual
Report, updates in 2005 quarterly interim reports
and other filings with securities commissions in
Canada and the United States.
all dollars in C unless otherwise specified
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about TELUS

• Best performing Canadian telco
• Executing national growth strategy focused on
  data, IP wireless
• Financial results (12 months ended Sept 30, 2005)
  
• Revenues 8.0B 8
• EBITDA 3.3B 11
• EPS 2.11 59
• FCF 1.5B 19
• Daily trading 1.2M shares (recent 90 day avg)
• Enterprise value 23B (equity 16B)
• Listings TSX T, T.NV NYSE TU
• Operating segments Communications (wireline)
• Mobility (wireless)

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strategic focus on data and wireless
Revenue
12 ME Q3-05
12 ME Q2-00
TELUS Mobility
LD
LD
TELUS Mobility
23
39
11
18
Data
Voice
Data
Voice
10
30
49
19
8.0B
5.7B
Executing strategy drives data and wireless to 58 of revenue
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building national capabilities TELUS today
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leading the way with a proven strategy

• Focusing on growth markets of data wireless
• Building national capabilities
• Providing integrated solutions
• Investing in internal capabilities
• Partnering, acquiring and divesting as necessary
• Going to market as one team

strategic intent to unleash the power of the
Internet to deliver the best solutions to
Canadians at home, in the workplace and on the
move.
Consistent strategy and execution 2000 ? 2005
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corporate priorities for 2005

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet
• Accelerate wireline performance in Ontario and
  Quebec
• Reach a new collective agreement
• Drive continual improvements in productivity
• Grow brand value through superior customer
  experience

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corporate priorities for 2005
Status ?

• Enhance our leadership position in wireless

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Canadian wireless penetration growth prospects
enhance our leadership position in wireless
2003
2008E
2005
42
65-68
52-53
13.4M subs
21M subs
17M subs
Source Industry analysts and internal estimates
4 million net adds expected over next 3 years
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industry subscriber growth
enhance our leadership position in wireless
Source Company reports, CWTA. Includes
subscriber results for Bell Wireless
Alliance, Rogers Wireless p.f. Microcell, and
TELUS Mobility.
Canadian wireless market growth continues to accelerate
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financial results
enhance our leadership position in wireless
YTD Q3-05
YTD Q3-04
Change
18
?
2.42B
2.06B
Revenue
30
?
1.12B
0.86B
EBITDA1
?
50 bps
11.2
10.7
Capital intensity2
37
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857M
625M
Cash Flow (EBITDA less capex)
1 Earnings before interest, taxes, depreciation
and amortization
2 Capex over total revenue
Continued excellent results despite labour disruption in the West
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subscriber results
enhance our leadership position in wireless
net additions
total wireless subscribers
prepaid
4.3 M
349K
postpaid
326K
0.8 M
prepaid 18
postpaid 82
3.5 M
YTD Q3-04
YTD Q3-05
Record third quarter net additions despite labour disruption
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industry ARPU
enhance our leadership position in wireless
YTD Q3-04
61
59
YTD Q3-05
51
49
49
48
TELUS Mobility
Rogers Wireless1
BCE Wireless

• Source Company reports

1 Pro forma Microcell
Increased data usage driving TELUS Mobilitys ARPU growth
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profitable subscriber growth
enhance our leadership position in wireless
Rogers
BCE
TELUS
YTD Q3-05
1.60
2.06
Blended churn
1.38
405
372
COA2 per gross addition
356
3,100
2,500
Avg. lifetime revenue per sub
4,400
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COA / Lifetime revenue
15
8
2 Cost of acquisition (COA) per gross addition.
TELUS Mobility subscriber economic best in Canada
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enhance our leadership position in wireless
industry subscriber EBITDA growth
12ME Q3-05 net additions
12ME Q3-05 EBITDA growth
TELUS Mobility
TELUS Mobility
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44
1.7M
803M
Source Company reports. EBITDA is sum of
reported EBITDA for BCE, Rogers Wireless p.f.
Microcell, and TELUS Mobility.
Capturing disproportionate share of industry EBITDA growth
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wireless data driving growth
enhance our leadership position in wireless
Further data growth fostered by November launch of EVDO
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corporate priorities for 2005
Status ? ?

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet

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high-speed Internet subscriber growth
leverage investments in high speed Internet
high-speed Internet subscribers
total Internet subscribers
986K
736K
250K
655K
dial-up 25
562K
high-speed 75
736K
Q3-04
Q3-05
Q3-03
Labour disruption impacted marketing and demand
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Future Friendly home
leverage investments in high speed Internet

• Continued high-speed Internet growth
• Launched suite of IP applications
• Home Networking (May, 2004)
• HomeSitterTM (Nov, 2004)
• Large employee IPTV trials since April 2004
• TELUS TV moving to next stage with targeted
  roll-out this month

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corporate priorities for 2005
Status ? ? ?

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet
• Accelerate wireline performance in Ontario
• and Quebec

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non-ILEC revenue EBITDA
accelerate wireline performance in Ontario
Quebec
EBITDA
revenue
(M)
466
404
14
(26)
YTD Q3-04
YTD Q3-05
YTD Q3-05
YTD Q3-04
Continued profitable growth on track to achieve full year guidance
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building wireline scale in Central Canada
accelerate wireline performance in Ontario
Quebec
Revenue (M)
940
EBITDA (M)
170
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Jan. 2000
2005E
Taking a disciplined approach to profitable growth
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corporate priorities for 2005
Status ? ? ? ongoing

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet
• Accelerate wireline performance in Ontario
• and Quebec
• Reach a new collective agreement

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labour relations events update

• Oct 10 - TELUS TWU reached tentative agreement
  supported by TWU leadership
• 3 week ratification process of town hall meetings
• Oct 30 - TWU members vote narrowly against
  agreement
• 53 vote difference of over 9,000 cast
• Nov 6 tentative agreement supported by TWU
  leadership
• Mail-in ballot process with vote result expected
  this week

Goal to achieve improved flexibility competitiveness for benefit of all
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labour relations disruption impacts

• Emergency plan working extremely well
• 59 of Alberta union employees working
• Various expenses temporarily higher
• Temporary benefit to cash flow as capex deferred

Progressing to return to more normal levels of customer service despite work disruption
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corporate priorities for 2005
Status ? ? ? ongoing defer to 2006

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet
• Accelerate wireline performance in Ontario
• and Quebec
• Reach a new collective agreement
• Drive continual improvements in productivity

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EBITDA growth margin expansion
drive continual improvements in productivity
EBITDA margin
2.6B
2.3B
2.1B
42.3
41.4
40.1
YTD Q3-05
YTD Q3-03
YTD Q3-04
Consolidated EBITDA
Solid EBITDA growth and improvements in EBITDA margin
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corporate priorities for 2005
Status ? ? ? ongoing defer to 2006 ? challenged

• Enhance our leadership position in wireless
• Leverage investments in high speed Internet
• Accelerate wireline performance in Ontario
• and Quebec
• Reach a new collective agreement
• Drive continual improvements in productivity
• Grow brand value through superior customer
  experience
• Mobility
• Communications

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customer service update
grow brand value through superior customer
experience

• Wireline
• During labour disruption, comprehensive
  contingency plans activated to minimize
  customer impacts
• Generally meeting or exceeding call centre
  standards
• Installations backlogged as expected but
  improving
• Area of continued focus
• Recognized by the National Quality Institute with
  a Gold Trophy for quality under Canadian Awards
  for Excellence program, includes rating on
  excellence for customer focus
• Wireless
• Best-in-class levels as evidenced by low churn

Continued focus on customers in spite of labour disruption
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low churn relative to N. American peers
grow brand value through superior customer
experience
YTD Q3-05 wireless churn ()
3.50
2.80
2.20
2.06
1.60
1.38
1.30
Sprint
Rogers Wireless
TELUS
Verizon
T-mobile
Cingular
BCE

• Source Company reports

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TELUS commercials
grow brand value through superior customer
experience
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shareholder value enhancing initiatives
TELUS consolidated

• Issued notice of early redemption of 1.6B Notes
  payable on Dec. 1
• TELUS has repurchased 17.9M shares under normal
  course issuer bid (NCIB) for 742M from Dec-04 to
  Sept-05
• 70 of 25.5M shares permitted
• Quarterly dividend increase of 37.5 to 27.5
  cents from 20 cents for Jan 1, 2006 payment
• Consistent with dividend growth approach,
  targeting a dividend payout guideline of 45 to
  55 of sustainable net earnings

Track record of returning capital to shareholders
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2005 consolidated guidance summary
TELUS consolidated
YoY change2
updated 2005 guidance1
Revenue
8.1 to 8.15B
? 7 to 8
EBITDA3
3.250 to 3.325B
? 5 to 8
1.90 to 2.00
EPS4
? 20 to 27
approx. 1.3B
Capex
? 1
1.4 to 1.5B
Free Cash Flow
? 8 to 16
1 Provided on November 10, 2005 2 Variance from
2004 actuals 3 Including restructuring
workforce reduction costs of 20 to 50M 4
Including favourable impacts for tax related
matters of 0.21, and estimated Q4 impact of note
redemption
Focus on wireless and data strategy driving growth
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questions?
2005
investor relations 1-800-667-4871 TELUS.com ir_at_tel
us.com
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appendix
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about TELUS Mobility

• leading Canadian national wireless provider
• 2005 Mobility (12 months ended Sept 30. 2005)
• Revenue 3.2B 18
• EBITDA 1.4B 34
• Net additions 536K 9
• CDMA foot print coast to coast 1X
• iDEN mike network only one in Canada (Nextel in
  the USA)
• Spectrum position 55 MHz in major markets
• Licensed POPs 32.3M Canadian Population
• Network coverage 30.2M (94)
• Roaming partners Verizon (PCS) and Nextel
  (iDEN) in N.A.

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about TELUS Communications

• ILEC full service in W. Canada and E. Quebec
• non-ILEC data IP for businesses in Central
  Canada
• 2005 Communications (12 months ended Sept 30,
  2005)
• Revenue 4.8B 2
• EBITDA 1.9B 2
• Internet subscribers 986K total 75
  high-speed
• Network access lines 4.7M 2
• Fibre IP backbone national

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framework for medium term growth
Growth Opportunities
Challenges
Competitive Intensity
Technological Substitution
Non-ILEC Growth
Future Friendly Home
Organization Effectiveness
Price Cap Regulatory Framework




Short-term dilutive
Strive to hold wireline EBITDA (before
restructuring) flat over medium term
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Growth in revenues and EBITDA from large exposure
to wireless business

Continued improvements in consolidated results