2004 – 3rd quarter review Darren EntwistleMember of the TELUS Team

October 29, 2004

2

TELUS consolidated results Revenue 8% EBITDA 9%

Net income 37% Free cash flow $503M

TELUS Mobility Leading results across all metrics

Communications Non-ILEC, Data and LD perform well this quarter

Q3 highlights

Benefiting from consistent strategy & execution

3

vision of shareholder value creation

TELUS Mobility growth engine

bright industry outlook

39% of revenue profile today and growing

2006 and 2007 $3.5 billion debt maturities

Primarily repayment events based on cash flow outlook

Unlocks bottom line earnings expansion and value creation

5 year goal (2003 – 2007) to lead global peers with top quartile growth of revenue, EBITDA, EPS and cash flow

4

2004E global telecom performance

projected Revenue % growth rates

As at Oct 28, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports

5.5%4.9 4.7

4.0

2.31.1

(0.0)

(1.7)(2.3)

(2.8)

(5.8) (6.2)

(12.2)

0.40.81.0

4.8

TELUS VZ SBC Sprint DT PCCW Telia FT Telstra Aliant

BCE Nippon BT KPN MTS BLS AT&T

5

2004E global telecom performance

projected EBITDA % growth rates

As at Oct 28, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports

8%6

5 43

2

(7) (8)

(14)

(29)

(0.4)(0.2)

2

5

(2.0) (2) (2)TELUS DT FT Telstra Sprint BCE VZ BT

KPN Aliant SBC Telia BLS MTS PCCW AT&TNippon

6

2004E global telecom performance

As at Oct 28, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports

projected Cash Flow (EBITDA - Capex) % growth rates12%

75 4

3

(5)(7)

(10)

(18)(20)

(24)

0.3

(0.6)

(3)(2)

(0.6)

7

TELUS Sprint FT Aliant Telstra DT BCE

SBC Nippon VZ Telia BT BLS KPN MTS PCCW AT&T

7

2004E global telecom performance

As at Oct 28, 2004

Notes: TELUS data based on 2003 results & mid-point of 2004 guidance Other estimates provided by Bloomberg, company and analyst reports

projected EPS % growth rates91%84

58

45 42

24

8

(5) (5) (7)

(16)

(37)(42)

101519

81

FT DT Telia TELUS MTS KPN BT Nippon Telstra BCE Aliant

VZ BLS PCCW SBC Sprint AT&T

8

shareholder value creating initiatives

Increasing quarterly dividend by 33% to $0.20 per share

Establishing dividend payout guideline

target 45 - 55% ratio of net earnings

Intention to make normal course issuer bid to repurchase up to total of 25.5 million common and non-voting shares, upon obtaining regulatory approval

Measures to restrict issue of TELUS shares from treasury

Continue balancing interests of shareholders & debt holders