Frequently Asked Questions

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How has the investment community reacted to the strategic, structural and management changes taking place at TELUS?

> The reaction of the investment community can be measured in several ways, including investor buying and selling activity and through investment analyst commentary. We have experienced a large increase in share trading volumes and have identified a strong trend of buying by growth oriented institutional investors in reaction to the clear articulation of a growth strategy. As expected, we have seen selling by certain income oriented institutional investors.

The vast majority of investment analysts have been supportive of the strategic, structural and management changes taking place. Listed below are some selected commentaries.

"We maintain our original thesis that investors will be rewarded by TELUS' aggressive plans to expand out-of-region into the high-growth data and IP sector..." Robert Goff, Credit Suisse First Boston

"We believe that TELUS' new focus on Internet access service and data applications, in addition to its emerging national platform, positions it well to capture its fair share of growth in the Canadian telecom market." Suzanne Stein, Goldman Sachs*

"TELUS is the best positioned national group - TELUS is the only company that has national capability combined with a national wireless platform and a broad customer base. It plans to exploit these capabilities plus convergence of services to attack the fragmented competition." Nick Strube, Canaccord Capital

"Leadership and depth in management is key and we feel that TELUS has both." Jeremy Burge, TD Newcrest

*TELUS Industry report dated December 13, 2000 © 2001 Goldman, Sachs & Co. All rights reserved.