Entertainment, Media & Telecommunications Conference

1. Entertainment, Media & Telecommunications Conference Robert McFarlane EVP & Chief Financial Officer January 11, 2005

2. forward-looking statement This presentation and answers to questions contain forward-looking statements about expected future events including a normal course issuer bid, dividends 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’ 2004 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 Cdn$ unless otherwise specified

3. about TELUS • Executing national growth strategy focused on data, IP & wireless • 2nd largest Canadian telco • 2004 guidance1: Revenues $7.5 to 7.575B EBITDA2 $3.05 to 3.1B FCF $1.25 to 1.3B • Dividend per share 20¢ per quarter • Enterprise value: $19B (~70% equity) • Average daily trading: 1.5M • Listings: TSX: T, T.NV; NYSE: TU • Operating segments: wireline: TELUS Communications wireless: TELUS Mobility 1 Per update on December 17, 2004. 2EBITDA defined as earnings before interest, taxes, depreciation & amortization, after restructuring and workforce reduction costs.

4. TELUS Communications segment ILEC:full service in W. Canada and E. Quebecnon-ILEC:data & IP for businesses in Central Canada 2004 guidance1: Revenue $4.725 to 4.775B Non-ILEC Revenue $545 to 555M EBITDA $1.925 to 1.95B Total Internet Subscribers ~975K (687K high-speed) Network Access Lines 4.8M Fibre IP backbone national Next Generation Network (NGN) 1 Per guidance as at December 17, 2004.

5. TELUS Mobility segment leading Canadian national wireless provider 2004 guidance1: Revenue $2.775 to 2.8B EBITDA $1.125 to 1.15B Subscribers 3.85 to 3.9M National footprint coast to coast 1X (CDMA) iDEN Mike network only one in Canada (Nextel in US) Spectrum position 55 MHz in major markets Licensed POPs 31.8M: Cdn. Population Network coverage 29.7M (93% of POPs) 1Per guidance as at December 17, 2004.

6. strategic imperatives 2000-2005 • Go to market as one team • Provide integrated solutions • Partner, acquire & divest as necessary • Invest in internal capabilities • Build national capabilities • Focus on growth markets consistent strategy

7. build national capabilities TELUS’ infrastructure - 2000

8. build national capabilities TELUS’ infrastructure - 2004

9. focus on growth markets consolidated revenue profile 12ME Q3-04 12ME Q2-00 TELUS Mobility TELUS Mobility Wireless LD LD 36% 12% 23% Wireless 18% Local Voice Data Data Local Voice 29% 10% 43% 19% Other Other 6% 4% TELUS Communications TELUS Communications $5.7B $7.4B delivering growth focused on data & wireless

10. focus on growth markets - cash flow profile • Mobility as % of total consolidated 53% 44% 42% 37% 29% 29% 2003 2004E 2005E 2003 2004E 2005E EBITDA EBITDA less capex

11. TELUS Communications

12. 2005 Communications targets summary change1 2005 targets (1) to 0% Revenue $4.7 to 4.75B non-ILEC Revenue $600 to 650M  9 to 18% EBITDA (after restruc.)2 $1.85 to 1.9B (5) to (2)% non-ILEC EBITDA $0 to 10M  23 to 33M Capex $950 to 1,000M 0 to 5% 1 Variance calculated based on midpoint of latest 2004 guidance 2 Includes $100M in restructuring & workforce reduction costs

13. Communications segment EBITDA (before restructuring) 1.975 to 2.00 1.95 to 2.00 2004E 2005E EBITDA (before restructuring costs1, $B) 1 Excludes restructuring & workforce reduction costs of $50M in 2004E & $100M in 2005E

14. Communications segment non-ILEC revenue target 600 to 650 545 to 555 2004E 2005E Revenue ($M)

15. Communications segment non-ILEC EBITDA target 0 to 10 2003 2004E 2002 2005E (20) to (25) (29) EBITDA ($M) (107)

16. Communications segment Net additions Subscriber base high-speed Internet net additions target 2005E Total Internet subs. (000s) ~787 ~100 ~687 High Speed ~125 562 152 Dial-up > 1M 2003 2004E 2005E

17. Communications segment revitalizing wireline growth business: • Geographic expansion • Refocused on high quality, recurring, IP-based revenues in non-ILEC to leverage Next Generation Network (NGN) leadership • Bundling & price increases • bundling strategy protects legacy revenues • LD plan administration charge increased • “Future Friendly” home • continuing high-speed Internet growth • Home Networking and HomeSitterTM • IPTV over ADSL trials since April 2004 • other new applications to come consumer:

18. TELUS Mobility

19. 2005 Mobility targets summary change 2005 targets  15 to 17% Revenue $3.2 to 3.25B EBITDA $1.35 to 1.4B  19 to 23% Capex $350 to 400M  0 to 14%

20. Mobility segment revenue target 3.20 to 3.25 2.775 to 2.80 2004E 2005E Revenue ($B)

21. Mobility segment subscriber net additions target (000s) Net additions 4,300 to 4,350 Subscriber base Target 425 to 475K net adds 3,850 to 3,900 3,424 425 to 475 418 2003 2004E 2005E

22. Mobility segment EBITDA target 1.35 to 1.40 1.125 to 1.15 2004E 2005E EBITDA ($B)

23. Mobility segment capex target 2005 target change Capex $350 to 400M  $0 to 50M Capex intensity1 ~13% 11 to 12% 2004E 2005E 1 Ratio of capex to total revenues

24. Mobility segment 51% compounded EBITDA growth rate over five years TELUS Mobility EBITDA & cash flow growth EBITDA ~1,375 ~1,138 EBITDA less capex ~1,000 ($M) 815 ~788 535 455 356 173 75 20001 20012 20022 2003 2004E3 2005E3 (288) (360) 1 Pro forma acquisition of Clearnet. 2 EBITDA (excluding restructuring)for 2001 & 2002 3 Per guidance mid-points announced December 17, 2004

25. Mobility segment Attractive wireless cash flow yield operating cash flow yield 2004E1 2005E EBITDA margin(total revenue) ~40% 42 to 43% Capex intensity2 ~13% 11 to 12% Cash flow yield3 ~28% ~31% 1Per guidance as at December 17, 2004 2 Capex as % of total revenue 3 EBITDA less capex, as a % of total revenue

26. Mobility segment targeted cash flow yield of 31% in 2005 is best in class North America comparison – cash flow yield EBITDA less Capex / Total Revenue 31% 24% 22% 19% 15% 6% T-Mobile Cingular1 Nextel Rogers Verizon PCS TELUS (6)% 1 Includes AT&T Wireless Source: Morgan Stanley estimates

27. Mobility segment Canadian wireless penetration growth prospects 2003 Q3-2004 2007E 42% 45% 55-59% 13.4M subs 14.4M subs 18-19M subs Source: Industry analysts 4 million net adds expected over next 3 years

28. Mobility segment Data revenue growth driven by expanding number of applications data revenue expanding exponentially wireless Internet (1X cards) text & picture messaging wireless data business & consumer mobile browser RIM mobile computing & other applications downloads

29. TELUS Consolidated

30. 2005 consolidated targets summary change 2005 targets  5 to 6% Revenue $7.9 to 8.0B EBITDA1 $3.2 to 3.3B  4 to 7% EPS $1.65 to 1.85  8 to 21% Capex $1.3 to 1.4B  0 to 8% - Free Cash Flow $1.2 to 1.3B 1 Includes $100M in restructuring & workforce reduction costs

31. 2005 consolidated targets – Free Cash Flow ($M) 2005E EBITDA (after rest. & workforce reduction costs) $3,200 to 3,300 Capital expenditures (1,300 to 1,400) Net cash interest paid ~(625) Net cash income tax (10) Cash restructuring pmts (in excess of 2005 expense) (35) Add back: option & RSU expense less RSU cash paid 20 Free Cash Flow(per public guidance methodology) ~1,200 to 1,300

32. 2005 consolidated targets – leverage Long-term Policy Sept. 30 2004 2002 2003 Net Debt : Capital 57.1% 53.7% 49.7% 45 to 50% Net Debt : EBITDA 3.3x 2.7x 2.2x <2.2x

33. recent shareholder value enhancing initiatives • quarterly dividend  33%to 20¢ for Jan. 1, 2005 • new dividend payout ratio guideline of 45 to 55% of net earnings • Normal Course Issuer Bid for 25.5M TELUS shares • effective Dec 20, 2004 • purchased 2.2M shares in December for $78M • measures to restrict issue of TELUS shares • Verizon transaction increased liquidity

34. corporate priorities for 2005 • Enhance our leadership position in wireless • Grow brand value through superior customer experience (via leading IP services and customer care) • Embrace continual improvement in productivity • Leverage our investments in high speed Internet through Future Friendly home services • Accelerate non-ILEC performance in Central Canada • Reach a new collective agreement that reflects competitive industry

35. framework for medium term growth _________Risks_________ Wireline Growth Opportunities Non-ILEC Growth Future Friendly Home Organization Effective-ness Competitive Intensity Technology Substitution Regulatory Framework + + + + Short-term dilutive Tip the scales and strive to hold EBITDA (before restructuring) flat over medium term for wireline business  Growth in revenues and EBITDA from large exposure in wireless business = Continued improvements in consolidated results

36. disclosure excellence @ TELUS • ranked 9th globally by Corporate Essentials, “Annual Report of Annual Reports” • 1st in Canada; 2nd in North America • ranked #1 in world for “strategy, objectives & outlook” • 10 years of disclosure excellence in corporate reporting awards by Canadian Institute of Chartered Accountants, Canadian Investor Relations Institute and Toronto Society of Financial Analysts. • 2003 annual report rated best in Canada • IR website ranked 3rd among global telcos by IR Web Report • member of DJSI for 4 consecutive years – only N. American telco • recognized as Canada’s Best Environmental Corporate Citizen e.Com Report Watch

37. why invest in TELUS? • great exposure to wireless drives consolidated growth • full suite of wireline & wireless product/service offerings provides competitive advantage • strong EPS growth • continued strong cash flows and attractive FCF yield • strong balance sheet with continued de-leveraging to boost future earnings growth • shareholder value focus reflected by recent initiatives to increase return of capital to shareholders

38. questions?

39. investor relations 1-800-667-4871 telus.com ir@telus.com