Robert McFarlaneEVP & Chief Financial Officer

September 9, 2003

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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

Leading Canadian pure-play, facilities-based, full-service telecom provider

2nd largest Canadian telco 2003E: Revenues $7.1 to 7.2B

EBITDA $2.75 to 2.85BFCF $800M to 1B

Enterprise value: ~$17B (equity ~$9B) Listings: TSX: T, T.A; NYSE: TU Operating segments: Communications = wireline

Mobility = wireless Executing national growth strategy focused on data, IP

& wireless from position of financial strength

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about TELUSTELUS’ national infrastructure - 2003

5

$5.7B

43%

18%

10%6%

Other

12ME Q2-03

$7.1B

Local Voice

Wireless

Data31%

31%

19%5%

Other

LD

Wireless

12ME Q2-00

Local Voice

23%

Data

14%LD

TELUSCommunications

TELUSCommunications

TELUSMobility

TELUSMobility

voice focused balanced with growth

about TELUSconsolidated revenue profile evolution

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Communications segment

ILEC: full service in W. Canada and E. Quebec Non-ILEC: focus on data & IP for business in Central Canada

Revenue (2003E) $4.85 to 4.9B

EBITDA (2003E) $2.0 to 2.075B

POPs covered 7.5M

Network Access Lines 4.9M

Local/LD Market Share 96%/78%

Total Internet Subscribers 821K (469K high-speed)

Fibre IP backbone national

Strategic alliance Verizon Communications

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Communications segment network access lines (NALs)

NAL losses below North American peer averages

TELUS BCE & MTS US Composite

NAL Decrease (Q2-03 vs. Q2-02)

1 Weighted average calculation2 Comprised of: Bell South, SBC Communications, and Verizon; weighted average calculation

2

(0.5%)

(4.0%)

(0.7%)1

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Achieved $199M in OEP savings YTD 2003

Cumulative annual savings of $349M to June 30, 2003

On track for cumulative savings of $450M in 2003

Cumulative 2004 estimated annual target of $550M

June 2003Actual

2003E

6,500

6,050Staff Reductions

driving $300M in incremental cost reductions in 2003

Communications segmentoperational efficiency program (OEP)

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Mobility segment

31.5M: Cdn. PopulationLicensed POPs

28.3M (90%)Network coverage

Verizon Wireless & NextelStrategic relationships

best in CanadaSpectrum position

only one in CanadaiDEN Mike network

coast to coast 1XCDMA footprint

$750 to 775MEBITDA (2003E)

$2.25 to 2.3BRevenue (2003E)

3.2MSubscribers

Leading Canadian national wireless provider

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TELUS Mobility

Rogers AT&T

BCE Wireless

Microcell

$54

$39$44$45

Mobility segment continued leadership in ARPU

Source: Company reports

YTD Q2-02 YTD Q2-03 $55

$46$46

$38

significant premium to closest competitor maintained

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Mobility segment leading performance in churn

BCE Cingular

2.4%2.2%

1.6%

2.2%1.7%

1.4% 1.3%

TELUSVerizonAT&T Rogers Nextel

3.3%

SprintPCS

Microcell

3.0%2.6%

T-Mobile

TELUS’ Q2 churn rate is best-in-class

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Mobility segment YTD market share of wireless net additions1

Bell

Rogers AT&T

TELUS Mobility34%Other

TELUS Mobility continues to capture healthy share of industry net additions

Aliant

1 Excludes Microcell subscriber losses, and Rogers Wireless’ Q2-03 prepaid adjustmentSource: Company reports, and analyst estimates

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Mobility segment how does TELUS Mobility measure up?

Sources: TELUS estimates. Cdn. Statistics - Company Reports; US Statistics - Morgan Stanley1 Projected capex as a % of forecast total revenue. 2 Projected EBITDA less projected Capex divided by projected network revenues

3 Projected wireless penetration gain divided by # of carriers in market. For TELUS, projected net adds divided by projected covered POPs

0.5%0.9%1.2%Penetration gain/carrier3

6 to 83 to 4-No. of carriers in market

53%41%12%Mkt penetration/cov. POPs

11%9%19%(EBITDA – Capex) / net. rev2

21%17%17%Capex intensity1

18%28%43%Annual EBITDA growth rate

33%32%37%EBITDA / network rev.

US Avg 2003

Cdn Avg 2003

TM 2003 guidance

TELUS Mobility is best-in-class operating in a strong 3+ player Canadian wireless industry

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strong margin expansion evident across both business segments

2003 YTD review – EBITDA margin

38%

26%

34%

41% 40%35%

June YTD EBITDA Margin (total revenue) Communications ConsolidatedMobility

2002 2003 2002 2003 2002 2003

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revised 2003 financial outlook – consolidated

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

$1.2 to 1.3B$1.7BCapex

$800M to 1.0B

$0.80 to 0.90

$2.75 to 2.85B

$7.1 to 7.2B

updated 2003 guidance

($26M)

($0.75)

$2.5B

$7.0B

2002 actuals

EPS

Free Cash Flow

EBITDA

Revenue

< 2.8X3.3XNet Debt : EBITDA

change

0.5X

$400 to 500M

$826M to 1.0B

$1.55 to 1.65

9 to 13%

1 to 3%

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2001 2002

2003E

1 EBITDA less capex, cash interest, cash taxes, cash dividends; excludes restructuring & workforce reduction costs

$(1.35)B

$(26)M

$800 to 1,000M

improving free cash flow1

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deleveragingQ2-02 Q2-03 Target

Net Debt : Capital 58.7% 55.1% 50% long term

Net Debt : EBITDA 3.6X 3.0X 3.0X in Dec 2003

<2.8X in Dec 2003

new net debt : EBITDA guidance <2.8X

NEW:

year-end deleveraging guidance achieved 6 months early

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2003 corporate priorities

1. Delivering operational efficiency

2. Enhancing wireless performance

3. Improving Central Canada profitability

4. Strengthening financial position

5. Driving improved levels of customer service

6. Reaching a collective agreement

On track?

in progress

deferred Feb/04

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leading N.A. telecom performance

11% 5%

3%

0.2%

(18)%

(11)%

TELUS BCE

Sprint

MTS

SBC AT&T

Aliant (3%) (5)%

VerizonBell

South

Projected 2003 EBITDA Growth Rates

Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates

(4%)

As at August 28, 2003

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5%

SBC

Projected 2003 Cash Flow (EBITDA - Capex) Growth Rates

12% 12% 9%

22%

(15)%

(2)%

3%

89%

TELUS BCE SprintMTS BellSouth

Verizon AT&TAliant

Notes: TELUS data based on 2002 actual results & average of 2003 guidance Other 2003 estimates provided by Bloomberg and analyst estimates

leading N.A. telecom performance

As at August 28, 2003

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summary

Continued operational execution: TELUS Communications – improving efficiencies TELUS Mobility – executing materially ahead of plan Improved 2003 cash flow & earnings outlook Generating significant cash flow of $800M to $1B Continued material debt & leverage reduction

…delivering on our strategy

questions?

investor relations

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