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2004 – 3rd quarter review

2004 – 3rd quarter review. Darren Entwistle Member of the TELUS Team October 29, 2004. Q3 highlights. TELUS consolidated results Revenue  8% E BITDA  9% Net income  37% Free cash flow $503M TELUS Mobility Leading results across all metrics

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2004 – 3rd quarter review

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  1. 2004 – 3rd quarter review Darren Entwistle Member of the TELUS Team October 29, 2004

  2. Q3 highlights • 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 Benefiting from consistent strategy & execution

  3. 5 year goal (2003 – 2007) to lead global peers with top quartile growth of revenue, EBITDA, EPS and cash flow 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

  4. 2004E global telecom performance projected Revenue % growth rates 5.5% 4.9 4.8 4.7 4.0 2.3 1.1 0.8 1.0 0.4 BCE Nippon BT KPN MTS BLS AT&T (0.0) TELUS VZ SBC Sprint DT PCCW Telia FT Telstra Aliant (1.7) (2.3) (2.8) (5.8) (6.2) 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 (12.2)

  5. 2004E global telecom performance projected EBITDA % growth rates 8% 6 5 5 4 3 2 2 Nippon KPN Aliant SBC Telia BLS MTS PCCW AT&T (0.2) (0.4) TELUS DT FT Telstra Sprint BCE VZ BT (2.0) (2) (2) (7) (8) (14) 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 (29)

  6. 2004E global telecom performance projected Cash Flow (EBITDA - Capex) % growth rates 12% 7 7 5 4 3 0.3 SBC Nippon VZ Telia BT BLS KPN MTS PCCW AT&T (0.6) (0.6) TELUS Sprint FT Aliant Telstra DT BCE (2) (3) (5) (7) (10) 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 (18) (20) (24)

  7. 2004E global telecom performance projected EPS % growth rates 91% 84 81 58 45 42 24 19 15 10 8 VZ BLS PCCW SBC Sprint AT&T FT DT Telia TELUS MTS KPN BT Nippon Telstra BCE Aliant (5) (5) (7) 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 (16) (37) (42)

  8. Continue balancing interests of shareholders & debt holders 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

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