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TELUS ANNUAL REPORT 2003 • BUSINESS REVIEW • PAGE 1 Highlights

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TELUS ANNUAL REPORT 2003 • BUSINESS REVIEW • PAGE 1 Highlights ® leading the way 2003 annual report business review leading in wireless and IP TELUS Corporation is the largest telecommunications company in Western Canada and the second largest in the country. The company provides a full range of telecommunications products and services including data, Internet protocol (IP), voice and wireless services. Our strategic intent is to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move. In 2003, we generated more than $7 billion in revenues, and were a global leader among major telecom companies in growth of operating earnings and cash flow. We are a Canadian wireless and IP leader: • maintaining a strong incumbent market position in Western Canada and Eastern Quebec with integrated solutions, 4.9 million network lines and 881,000 Internet subscribers • operating two state-of-the-art national digital wireless networks covering 29.5 million people and providing innovative solutions to 3.4 million wireless subscribers across Canada • utilizing our national wireline next generation network to offer advanced IP-based network applications such as TELUS IP-OneTM, focused on serving the telecom needs of business customers. what’s inside why invest in TELUS? 1 leading in the community 16 financial and operating highlights 2 TELUS Communications 18 TELUS at a glance 4 TELUS Mobility 20 2004 targets 8 questions and answers 22 letter to investors 10 investor information 27 map 29 For detailed financial information, refer to the 2003 annual report – financial review. This report can also be viewed online at telus.com/agm. forward-looking statements summary This report contains statements about expected future events and financial and operating results of TELUS that are forward-looking and subject to risks and uncertainties. Accordingly, these statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Factors that could cause actual results to differ materially include general business and economic conditions, labour relations, competition, technological change, regulatory developments and taxation, as well as other risk factors that are identified in this report and from time to time in other continuous disclosure documents filed under applicable Canadian and U.S. securities laws. For the complete Forward-looking statements, see page 10 in the accompanying 2003 annual report – financial review. Copyright © 2004 TELUS Corporation. All rights reserved. Certain brands of products and services named in this report are trademarks and are identified as such by ™ / ®. why invest in TELUS? Invest in a focused, pure play telecom operating company with potential investment upside from significant earnings growth and strong free cash flow generation. We are leading the way: • as a national wireless provider in Canada, delivering continued strong profitable growth • by delivering a consistent, clear and focused and industry-leading results telecommunications growth strategy in Canada • with an established incumbent full-service • with a solid management track record wireline business generating robust cash flow of achieving our public financial and operating targets • as a leading national and increasingly profitable wireline service provider • by setting clear and measurable financial and to businesses in Central Canada operating targets for 2004 • with our next generation wireline network and innovative IP solutions, leveraging our first-to-market advantage • by targeting a 14 to 36% increase in earnings per share • with an attractive dividend yield • by generating cash flow growth that leads the global telecom industry • by continuing to strengthen our balance sheet and lowering our cost of capital • as a strong proponent of corporate governance best practices and with a recognized record of high-quality financial reporting and disclosure. TELUS ANNUAL REPORT 2003 • BUSINESS REVIEW • PAGE 1 highlights financial and operating ($ in millions except per share amounts) 2003 2002 % change highlights Operations TELUS achieved its 2003 operating Operating revenues $ 7,146 $ 7,007 2.0 earnings (EBITDA) target of approximately EBITDA (excluding restructuring)1 2,844 2,519 12.9 $2.8 billion driven by TELUS Mobility Operating income 1,163 378 207.3 growth, the Operational Efficiency Net income (loss) 332 (229) – Program and improved scale and profit- Earnings (loss) per share 0.92 (0.75) – ability in its non-incumbent operations. Dividends per share 0.60 0.60 – Free cash flow improved by $962 million Return on common equity (%) 5.1 (3.8) – due to a significant reduction in capital Cash from operations2 2,144 1,741 23.1 expenditures, EBITDA growth and Capital expenditures 1,253 1,698 (26.2) an increase in efficiencies. TELUS also Financial position exceeded its original 2003 year-end Tot a l a s s e t s $ 17,478 $ 18,220 (4.1) leverage target of 3.0, as measured Net debt3 7,518 8,390 (10.4) by a net debt to EBITDA ratio, ending Net debt to EBITDA ratio4 2.6 3.3 (21.2) the year at 2.6 times. Net income Free cash flow5 961 (1) – increased due to strong wireless oper- Free cash flow (2004 method)6 845 (140) – ating earnings and significant cost Shareholders’ equity 6,662 6,433 3.6 structure improvements. High-speed Market capitalization of equity7 8,845 5,830 51.7 Internet and wireless subscriber bases showed strong growth. Other information (as at December 31) Network access lines (000s) 4,870 4,911 (0.8) Wireless subscribers (000s) 3,424 2,996 14.3 EBITDA Total Internet subscribers (000s) 881 802 9.9 i High-speed Internet subscribers (000s) 562 410 37.0 13% 1 EBITDA (Earnings before interest, taxes, depreciation and amortization) excluding Restructuring and workforce reduction costs. 2 Cash provided by operating activities. net income 3 Long-term debt plus current maturities of long-term debt and cheques outstanding less Cash and temporary investments and cross currency foreign exchange hedge asset (plus cross currency foreign exchange hedge liability) related to U.S. dollar notes. Net debt also includes a notional amount associated with the accounts receivable i securitization program. $561million 4 Net debt to EBITDA, where EBITDA excludes Restructuring and workforce reduction costs. 5 EBITDA excluding Restructuring and workforce reduction costs less cash interest paid, cash taxes, capital expenditures and cash dividends, plus cash interest received. free cash flow 6 EBITDA, adding Restructuring and workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, and cash restructuring payments. i $962 million 7 Market capitalization based on year-end closing share prices and shares outstanding. look inside for TELUS at a glance revenue ($ billions) EBITDA ($ billions) net income (loss) ($ millions) 7.1 7.1 7.0 461 454 2.8 6.0 350 332 5.6 2.5 2.5 2.3 2.2 (229) 99 00 01 02 03 99 00 01 02 03 99 00 01 02 03 Revenues grew 2% in 2003 led by EBITDA (excluding restructuring) Net income increased in 2003 due strong wireless revenue growth. in 2003 increased 13% led by 53% primarily to strong EBITDA growth and wireless EBITDA growth and modest recognition of $570 million of pre-tax wireline EBITDA growth. restructuring costs in 2002. capital expenditures ($ billions) free cash flow ($ millions) net debt ($ billions) 2.6 8.7 961 8.4 8.0 7. 5 136 1.7 51 (1) 1.4 1. 3 1. 2 2.1 (1,339) 99 00 01 02 03 99 00 01 02 03 99 00 01 02 03 Capital expenditures decreased in 2003 Free cash flow improved by $962 million Net debt decreased by $872 million as significant growth-oriented investments in 2003 due to increased earnings and in 2003 due to strong free cash flow. were made in recent years. reduced capital expenditures. TELUS ANNUAL REPORT 2003 • BUSINESS REVIEW • PAGE 3 TELUS Communications at a glance who we are our products • a full-service incumbent local exchange carrier (ILEC) in Western Canada and Eastern Quebec offering local, long distance, data, Internet and other services and services to consumers and businesses • a national provider of data, IP and voice solutions to business customers voice – basic local and long • our non-incumbent operations, located in Central Canada, focus on the distance phone service, enhanced business market call management services such • we provide 4.9 million network access lines as Call Display, sale and rental • the second largest Internet service provider (ISP) in Western Canada and of telephone equipment, and third largest ISP in Canada with 881,000 Internet subscribers, including network wholesale rental to other 562,000 high-speed subscribers service providers data – private line, switched services, Internet services (dial-up and TELUS high-speed Internet service), network wholesale, network high-speed Internet 2003 network management (local and wide area subscribers (000s) access lines (%) networks) and Web hosting ~687 residential business IP-based services – TELUS IP-One 562 provides business customers 37% 410 with a full suite of advanced IP applications and the ability to 215 integrate voice mail, e-mail, data 84 63% and video through a user-friendly 26 Web portal interface 99 0001 02 03 04 target 4.9 million lines PAGE 4 • TELUS ANNUAL REPORT 2003 • BUSINESS REVIEW in 2003, we delivered by… share of TELUS consolidated • completing the final stages of our Operational Efficiency Program, which 2003 results contributed savings of $304 million
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