CIBC Whistler Institutional Investor Conference

1. CIBC Whistler InstitutionalInvestor Conference Robert McFarlane EVP & Chief Financial Officer February 27, 2003

2. 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.

3. Agenda • About TELUS • Q4 & 2002 review • 2002 Performance vs. Targets • 2003 Outlook

4. About TELUS • Canada’s only national pure-play, facilities-based, full-service telecom provider • 2nd largest Canadian telco • Executing national growth strategy focused on data, IP & wireless from position of financial strength • 2002: Revenues C$7.0B EBITDA C$2.52B • Operating segments: Communications: wireline Mobility: wireless • Enterprise value: ~C$14B (equity ~ $6B) • Daily trading1: 1.1M shares 1 recent 3 month average

5. About TELUS Communications ILEC: full service in W. Canada and E. Quebec Non-ILEC: data & IP for business in C. Canada Revenue (2002) $5.0B EBITDA (2002) $2.0B POPs covered 7.5M Network Access Lines 4.9M Local/LD Market Share 97%/78% Total Internet Subscribers 802K (410K High-speed ADSL) Fibre IP backbone national Strategic alliance Verizon Communications

6. Subscribers 3M Revenue $2.0B EBITDA $535M CDMA footprint coast to coast 1X iDEN Mike network only one in Canada Spectrum position best in Canada Licensed POPs Cdn. Population (31.4M) Network coverage 27.4M (~90%) + roaming Strategic relationships Verizon Wireless & Nextel About TELUS Mobility Leading national wireless provider

7. Q4 & 2002 review

8. 2002 Highlights –Consolidated • Difficult telecom environment & price cap impact • Met or exceeded key financial targets “on Street” • EBITDA before restructuring costs was flat YoY as Mobility, OEP1 & ITCs2 offset regulatory impacts • Capex reduction drove significant improvement in cash flow 1 Operational Efficiency Program 2 Investment Tax Credits

9. Q4 Review - Consolidated Negative impact of regulatory decisions masks underlying growth in Revenue & EBITDA of 2% & 20% 1 2002 normalized for regulatory impacts (contribution and price cap decisions) 2 Excludes restructuring & workforce reduction costs

10. Q4 Review - Consolidated Normalized EBITDA Trend1 ($M) •  20% 1 2002 has been normalized for regulatory impacts (contribution and price cap decisions)

11. Q4 Review - Consolidated EPS from continuing operations exhibiting significant upward growth • 1 Restructuring & workforce reduction costs • 2 Gain on sale of Directory Operations • 3 Normalized for after-tax restructuring costs

12. Q4 Review - Consolidated Significant reduction in capex drove strong improvement in capital intensity & dramatic cash generation increase 1 Ratio of capex to total revenues

13. Q4 Review - Consolidated Capex Intensity1 Significant downward trend in capex intensity ratio 2002 2001 2001 2002 YTD Q4 1 Ratio of capex to total revenues

14. Consolidated Free Cash Flow ($M) 2002 2001 Dramatic increase in YoY Free Cash Flow1 in 2002 1 EBITDA less capex, cash interest, cash taxes, and cash dividends

15. Deleveraging New December 2004 debt: EBITDA target < 2.7x Expect significant leverage drop in 2003/2004 due to increased EBITDA and FCF

16. TELUS Public Debt Performance Relative Price Performance TELUS Corporation C$ 7.5% 2006 v GOC 8.75% 2005 (Assuming $100 invested on May 24, 2001)

17. Communications Segment Slide 17

18. 2002 Highlights Communications Segment • Significant negative regulatory impacts • Revenue shortfall offset by OEP progress ahead of plan & favourable ITC1 settlement • Data growth - 16% reported, 9.7% organic • Gained considerable market share in ADSL • Disciplined 23% annual reduction in capex • Significantly improved cash flow 1 Investment Tax Credits

19. Q4 Review – Communications Underlying EBITDA growth & cash generation improved 11% and 44%, respectively from efficiency improvements 1 Excludes intersegment revenues 2 Ratio of capex to total revenues

20. Q4 Review – CommunicationsNetwork Access Lines (NALs) NAL Decrease (Q4-02 vs. Q4-01) 1 (1.1%) (1.1%) Canadian NAL losses below U.S. peer averages (3.8%) 2 1 Weighted average calculation 2 Comprised of: Bell South, SBC Communications, and Verizon; weighted average calculation

21. Q4 Review – Communications 43K ADSL net adds in Q4 to total 195K for the year; 91% YoY growth in subscriber base 195 431 in Q4 131 58 in Q4 58 20 in Q4 2002 2001 2000 Velocity ADSL Internet Net Adds (000's) 1 Q4 net adds were net of an approximate 3,400 subscriber count adjustment

22. 2001 2002 2001 2002 Central Canada 2002 Performance Central Canada Wireline (ILEC & Non-ILEC) 840 632 Significant scale & increasing profitability 57 (9) EBITDA ($M) Revenue ($M)

23. Q4 Review – CommunicationsNon-ILEC1,2 ($M) 2002 YoY improvement of $192M in revenue & $38M in EBITDA 1 Minor adjustments were made in Q3-02 to reflect current customer account classification 2 Note: 2002 YTD Non-ILEC revenues: $527.3M and 2002 YTD EBITDA: $(107.2)M

24. TELUS Québec Feb. 25 Announcement • TELUS Québec & Government of Québec announced $500M investment & job creation program • On strategy and in current capex program • In recognition of investment, Quebec to provide employment subsidies • Half of new jobs to be created in large urban areas • Expected benefits - $90M under 3 govt. programs • Raises TELUS’ profile with Government of Québec

25. Q4 Review – Communications OEP – Employee Reductions 2002 reductions ahead of plan ~ 6,500 1 Excludes the impacts of staff increases associated with acquisitions during H2-2001

26. Q4 Review – Communications OEP – Savings & Expenses

27. $272 $197 $98 $76 2002 2000 2002 2000 EBITDA per employee Revenue per employee Improving Efficiency ConsolidatedRevenue & EBITDA per Employee1 (thousands) 1 Based on total employees at year-end

28. Mobility Segment Slide 28

29. 2002 HighlightsMobility Segment • Successful completion of integration (incl. billing conversions) • 2002 net adds flat YoY despite significant industry slowdown • Financial and operating results ahead of plan and street expectations

30. Q4 Review – Mobility Flat expenses, strong network revenue growth & reduced capex drove cash flow improvement 1 Ratio of capex to total revenues

31. Q4-01 Q4-02 Change Subscribers 2.6M 3.0M  16% ARPU $56 $56 - - Churn 2.09% 1.68%  41pts Q4 Review – Mobility ~20% ARPU premium to competitors maintained Material improvement in churn rate

32. 2002 net additions of 418K flat with 2001 - represents increased share of industry net additions Increased Share of Net Additions 2001 2002E TELUS Mobility 22% TELUS Mobility 33% 1.9M ~1.25M Total Canadian wireless industry estimates. Source: Company & analyst reports

33. Strong service revenue market share despite lower number of subscribers Share of Service Revenues Market Share of Subscribers Market Share of Service Revenues TELUS Mobility 25% TELUS Mobility 29% 12.0M ~$6.4B Total Canadian wireless industry estimates. Source: Company & analyst reports

34. 2002 Review – MobilityHow far we have come in 2 years Subscriber base up 39% Industry-leading value per subscriber has increased

35. 2002 Review – MobilityHow far we have come in 2 years Tripling of EBITDA and capex reduction drove a $435M improvement in annual cash flow 1 Ratio of capex to total revenues

36. 2002 Performance vs. Targets

37. 2002 Consolidated Financial Targets Original Public Targets vs. Actuals Achieved profitability and cash flow targets despite revenue shortfall

38. 2003 Outlook

39. 2003 Priorities • Driving wireline operational efficiency • Delivering significant wireless cash flow growth • Strengthening financial position • Improving Central Canada profitability • Reaching collective agreement

40. 2003 Consolidated Targets Expect significant profitability & cash flow growth

41. Aliant BCE Sprint TELUS MTS Verizon BellSouth SBC AT&T 2003 OutlookLeading North American Telecom Performance Projected EBITDA Growth Rates – 2003E EBITDA target growth — top echelon for N.A. telecoms Note: TELUS data based on 2002 actual results & average of 2003 targets Other 2003 estimates provided by TD Securities, based on analysts estimates

42. Aliant MTS BCE TELUS BellSouth Sprint SBC Verizon AT&T 2003 OutlookLeading North American Telecom Performance Projected EBITDA-Capex Growth Rates – 2003E Cash Flow (EBITDA – Capex) up $400 to $500M Note: TELUS data based on 2002 actual results & average of 2003 targets Other 2003 estimates provided by TD Securities, based on analysts estimates

43. Summary • TELUS Mobility – outstanding results • TELUS Communications – better than expected progress on OEP • Capex intensity significantly reducing as planned • FCF positive in H2-02 & 2003 • Expect significant leverage drop in 2003/4 • 2003 EPS up by $1.10 to $1.30, to 35 to 55 cents Executing to plan

44. Questions? Answers! Slide 44

45. ($M) 2002 EBITDA1 2,518 Capex (1,698) Interest (676) Cash Taxes (35) Cash Dividends (136) Free Cash Flow1 (26) Working Capital/Other2 545 Equity Issuance 430 Cash Restructuring Costs (2001) (102) (2002) (172) Funds available to repay debt $675 Appendix2002 Consolidated Free Cash Flow 1 Before restructuring and workforce reduction costs 2 Including sale of accounts receivable

46. Appendix Consolidated Free Cash Flow H2-2002 1 Before restructuring & workforce reduction costs

47. Investor Relations 1-800-667-4871 www.telus.com ir@telus.com