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CIBC WORLD MARKETS
FIXED INCOME INVESTOR CONFERENCE
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[TELUS LEAP LOGO] [CLEARNET LOGO]
TUESDAY, SEPTEMBER 12, 2000
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TELUS CORPORATION
PRESENTERS:
- Barry Baptie
Executive Vice President and
Chief Financial Officer
- Jim Drinkwater
Vice President and Treasurer
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FORWARD LOOKING STATEMENT
Some statements in this presentation and accompanying commentary look forward
in time and deal with other than historical or current facts for TELUS and
Clearnet. Such statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations, including but not
limited to, the risks associated with: general business conditions in Canada
and the companies' service territories in Canada; competition on wireless
services (cellular), local and long distance services, data and internet
services and within the Canadian telecommunications industry generally;
adverse regulatory action; technological change; taxation; availability of
sufficient funding; and generation of operating cashflow sufficient to
provide financial viability. For additional information with respect to
certain of these and other factors, see the reports filed by TELUS and
Clearnet with Canadian provincial securities commissions and the United
States Securities and Exchange Commission. TELUS and Clearnet disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. This
presentation and the accompanying commentary do not constitute an offer of
securities for sale in the United States. No securities will be offered for
sale in the United States absent registration with the United States
Securities and Exchange Commission, by means of a prospectus which will
contain detailed information about TELUS and its management, as well as
financial statements.
Investors and security holders are advised to read the offer to
exchange/prospectus, the solicitation/recommendation statement on Schedule
14D-9 and other offer documentation regarding the transaction to be filed
with Canadian provincial securities commissions and the United States
Securities and Exchange Commission as they will contain important
information. Security holders may obtain a free copy of the offer to
exchange/prospectus (when available) and other related documents filed by
TELUS and Clearnet at the SEC's Web site at www.sec.gov. When available, the
offer to exchange/prospectus and the other documents may also be obtained
from TELUS. Attention: TELUS Corporation Investor Relations, Floor 30-D,
10020-100 Street, Edmonton, AB T5J 0N5.
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TELUS CORPORATION
- Dominant full-service telecom in
Western Canada
- Created by 1999 merger of BC
Telecom and TELUS
- 98% of access lines in region
- 71% of LD market
- 57% of wireless market
- Leading ISP (354,000 subscribers)
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TELUS CORPORATION
1999 Results
- Revenue $5.9 billion
- EBITDA $2.3 billion
- Net Income* $614 million
- Net debt: Capital 32%
* Before restructuring charges
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2000 ACTIONS
June 1, 2000 - Purchase 70% of QuebecTel
- Employee base
- 1,400 route km fibre network within and connecting
major cities in Quebec
- 81,000 ISP customers (June 30)
July 10, 2000 - Darren Entwistle President & CEO
- Recent President, Cable & Wireless UK & Ireland
- Experience in finance, strategy and M&A and multiple
country operations in IP, data, mobility and voice
August 21, 2000 - Offer to purchase Clearnet
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TELUS STRATEGY
- Turn IP technology into compelling
solutions for Canadians at home, in the
workplace or on the move
- Act decisively, with clarity and focus,
and responsibly
- Two immediate priorities
- National wireless footprint
- Accelerate deployment of data & IP
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NATIONAL WIRELESS; BUY VS. BUILD?
ADVANTAGES TO BUYING:
- Speed to market
- Skilled employees
- Spectrum richness
- NPV benefit $1.5 billion
NO CONTEST: IT WOULD HAVE TAKEN US
THREE YEARS TO REACH THIS POSITION
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WHY CLEARNET? GREAT FIT
- Two networks
- Mike - covers 21 million POPs
- PCS - covers 17 million POPs
- National license 30.7 million POPs
- Compatible CDMA technology
- 2,600 entrepreneurial employees
- Key partners: Motorola & Nextel
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TRANSACTION HIGHLIGHTS
- Acquire 100% Clearnet shares
- 50/50 cash and shares - $2.3 billion of each
- $70 per Clearnet share as of August 18
- 1.636 TELUS NV shares per Clearnet
share (subject to pro-ration)
- Nextel and Motorola electing 100% and
75% TELUS NV shares respectively
- Plan to list on U.S. exchange post
transaction
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OPPORTUNE TIMING
- Wireless penetration now at 25% - the
inflexion growth point
- Eliminate spectrum auction uncertainty
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CLEARNET PROFILE
- 2,600 entrepreneurial employees
- 700,000 subscribers
- Leader in post-paid growth
- Leader in revenue growth
- Significant strategic partnerships
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NEW TELUS MOBILITY
MARKET LEADER*:
- Leading customer growth - 400,000 new
customers (up 29%)
- Highest wireless revenue - $1.5B
- Highest ARPU - over $57
- North American spectrum leader (45-55 MHz)
- Industry leading churn rate of 1.74%
* pro forma for last 12 months
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STRATEGIC PARTNERSHIPS
Verizon
- 26.7% owner of TELUS (21.7% post acquisition)
- Strategic marketing & technology agreement
- Opportunity to exploit services, applications,
technology and purchasing power
- Verizon Wireless relationship: roaming
purchasing power (25.5 million subscribers)
Motorola
- IDEN-trademark- digital technology for Mike
Nextel
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ACQUISITION FINANCING
- $7.7 billion bank bridge financing
- $2.3 billion to finance cash acquisition cost
- Remainder to refinance existing debt at Clearnet
and TELUS and for general corporate purposes
- Seeking Moody's and S&P debt ratings to
supplement Canadian ratings
- Take-out financing in Canadian and US debt
markets as soon as practical after transaction
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STRUCTURING OBJECTIVES
- Retain ability to finance future growth
in data and Internet
- Maintain investment grade rating
- Maintain TELUS dividend
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THE NEW TELUS
PRO FORMA AT JUNE 30, 2000:
- $16.3 billion company
- Net debt $7.6 billion
- Shareholders' equity $6.8 billion
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FINANCIAL RATIOS
2001
Outlook Trend
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Debt: Total Capital 55-57% / /
Net Debt: EBITDA - 3X / /
EBITDA: Interest - 4X / /
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THE NEW TELUS
- Substantial, stable underlying cash flow from
existing business
- National, spectrum-rich wireless platform
from which to target industry's fastest
growing sectors
- Strong track record in achieving synergies
from previous mergers and acquisitions
- Significant strategic partnerships
- Behaviour: Vision, Speed and Focus
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QUESTIONS
&
ANSWERS
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