#1Telstra August 2022 Debt Investor Update T Guy Wylie - Finance Executive, Group Treasurer Nathan Burley - Head of Investor Relations Brent Luetjens - Investor Relations Susie Maiuto - Treasury Simon O'Brien - Treasury#2Disclaimer T Forward-looking statements This presentation includes forward-looking statements. The forward-looking statements are based on assumptions and information known by Telstra as at the date of this presentation. The forward-looking statements are provided as a general guide only and are not guarantees or predictions of future performance. Telstra believes the expectations reflected in these statements are reasonable as at the date of this presentation, but acknowledges they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Telstra, which may cause Telstra's actual results, performance and achievements to differ materially from those expressed in, or implied by, the forward-looking statements. These factors include: general economic conditions in Australia; exchange rates; competition in the markets in which Telstra operates; the inherent regulatory risks in the businesses of Telstra; the substantial technological changes taking place in the telecommunications industry; the ongoing impacts of the COVID-19 pandemic; the geopolitical environment (including the impacts of sanctions and trade controls and broader supply chain impacts); and the continuing growth in the data, internet, mobile and other telecommunications markets where Telstra operates. A number of these risks, uncertainties and other factors are described in the "Chairman & CEO Message", "Our material risks" and "Outlook" sections of our Operating and Financial Review (OFR). The OFR is set out in Telstra's financial results for the year ended 30 June 2022 which were lodged with the ASX on 11 August 2022, and are available on Telstra's Investor Centre website www.telstra.com.au/aboutus/investor. In addition, there are particular risks and uncertainties in connection with the implementation of the Telstra's T25 strategy (T25). Detailed business plans have not been developed for the entirety of the strategy and the full scope and cost of T25 may vary as those plans are developed. Further there are risks associated with the Telstra Group's ability to execute and manage the elements of T25 in a sequenced, controlled and effective manner and realise the planned benefits, cost savings and growth opportunities. There are also risks and uncertainties in connection with the proposed legal restructure announced on 22 March 2021. Any restructure is a complex process and we are navigating a range of existing commercial, regulatory, operational and other requirements. There may therefore be delays in implementing some parts of the restructure, or they may not be implemented. Telstra does not provide financial guidance beyond the current financial year. Telstra's financial ambitions to FY25 and growth ambitions across our portfolio are not guidance and there are greater risks and uncertainties in connection with these ambitions. Investors should not place undue reliance on the forward-looking statements. To the maximum extent permitted by law, Telstra gives no representation, warranty or other assurance in connection with the currency, accuracy, reliability and completeness of any forward-looking statements, whether as a result of new information, future events or otherwise. Telstra assumes no obligation to update any forward-looking statements, and to the maximum extent permitted by law, disclaims any obligation or undertaking to release any updates or revisions to the information contained in this document to reflect any change in expectations and assumptions. Defined terms are set out on the slide "Glossary". No offer, invitation or advice This presentation is not intended to (nor does it) constitute an offer or invitation by or on behalf of Telstra, its subsidiaries, or any other person to subscribe for, purchase or otherwise deal in any equity, debt instrument or other securities, nor is it intended to be used for the purpose of or in connection with offers or invitations to subscribe for, purchase or otherwise deal in any equity, debt instruments or other securities. Information in this presentation, including forward-looking statements and guidance, should not be considered as investment, tax, legal or other advice. You should make your own assessment and seek independent professional advice in connection with any investment decision. Unaudited information All forward-looking figures and proforma statements in these presentations are unaudited and based on A-IFRS unless otherwise indicated. Certain figures may be subject to rounding differences. All market share information in these presentations is based on management estimates having regard to internally available information unless otherwise indicated. Other information All amounts are in Australian Dollars unless otherwise stated. nbn™, nbn co and other nbn™ logos and brands are trade marks of nbn co limited and used under licence. Page 2 Copyright Telstra Telstra August 2022 Debt Investor Presentation#3T22 achievements Simplification & Digitisation Ways of working Productivity Network leadership Infrastructure ■ 10.2m services on 20 simplified C&SB in market plans ■ 4.5m Telstra Plus members ■ C&SB digital sales increased to 48% and digital service interactions increased to 77% ■ 71% reduction in annual contact centre calls since FY18 ■ 100% of calls from C&SB customers now answered in Australia Enterprise digital service interactions increased to 41% ■ Leaner, more efficient organisation including >17k working in Agile ■ FTE reduction by >one-third or 26k across direct and indirect Hybrid working for all office based and contact centre employees >$2.7b cost reduction since FY16 >$2b asset monetisation - almost $5b including Amplitel ▪ Australia's largest 5G network with 80% of population covered ■ 3.5m 5G capable devices connected to the Telstra mobile network ■ National lead in combined 4G/5G speeds ■ Completed 49% disposal of interest in Amplitel for $2.8b ■ Proposed legal restructure: pending Court approval, we will shortly publish a Scheme Booklet giving shareholders information they need to vote at Scheme Meeting to be held on the same day as our AGM T22 scorecard metrics -80% metrics completed Completed Significant progress but below target metric Below target metric Page 3 Copyright Telstra Confidential T Telstra August 2022 Debt Investor Presentation#4Financial headlines FY22 Reported Total income: $22.0 billion, -4.7% EBITDA: $7.3 billion, -5.0% EBITDA lease adjusted²: $7.3 billion, -2.5% NPAT: $1.8 billion, -4.6% EPS: 14.4 cents, -7.7% Total dividend: 16.5 cents per share4, +3.1% FY22 Guidance basis¹ Underlying EBITDA³: $7.3 billion, +8.4% In-year nbn headwind³: ~$340 million (LTD -$3.6 billion) Underlying EPS³: 14.4 cents, +48.5% Capex³: $3.0 billion, +0.7% Free cashflow after lease payments³: $4.0 billion, +5.9% T 1.This guidance excludes material one-offs, such as mergers and acquisitions, disposals, impairments, spectrum, restructuring costs and such other items as determined by the Board and management. Refer to Full year results and operations review - guidance vs reported results reconciliation (set out in our ASX announcement titled "Financial results for the full year ended 30 June 2022" lodged with the ASX on 11 August 2022). 2. 'Reported lease adjusted' includes all mobile handset leases as operating expenses in FY21. 3. Refer to definition in the Glossary. 4.Total dividend of 16.5 cents per share fully franked comprising total ordinary dividend of 13.5 cents per share and total special dividend of 3 cents per share. Copyright Telstra Page 4 Confidential Telstra August 2022 Debt Investor Presentation#5Operating highlights T Continuing to deliver growth Mobile service net adds ■ +155k retail postpaid handheld services including +121k branded +34k Belong ■ +215k retail prepaid handheld unique users ■+218k wholesale MVNO including prepaid ☐ and postpaid services +1,024k loT services Improved customer experience Fixed service net adds ■ -87k retail fixed bundle and data services Episode NPS improved +5 last 12 months and maintained last six months Strategic NPS declined -5 last 12 months and -1 last six months ■ Mobile: +2.9% postpaid handheld ARPU growth, +14.2% prepaid handheld services revenue growth, +6.4% total services revenue growth, +$700m EBITDA growth ■ Fixed - C&SB: +2.4% bundles and data ARPU growth ■ Enterprise income and EBITDA growth. Fixed - Enterprise +2.3% EBITDA growth, +$152m NAS EBITDA growth ■ InfraCo Fixed: $2.4b income, +3.1% core access growth ■ Telstra Health: +13% organic revenue growth, +51% overall revenue growth to $243m Continued cost reduction >$2.7b underlying fixed cost reduction since FY16 ■ FY22: $454m or 8.1% underlying fixed cost reduction and $906m or 5.8% decline in total operating expenses¹ 1. 'Reported lease adjusted' includes all mobile handset leases as operating expenses in FY21. Page 5 Copyright TelstraⒸ Confidential Telstra August 2022 Debt Investor Presentation#6Underlying EBITDA growth Underlying EBITDA - halves $m 4000 3500 3000 1H21 2H21 1H22 2H22 Underlying EBITDA - full year $m 9000 FY23 guidance¹: $7.8-8.0b T25 ambition²: mid-single digit CAGR FY21-25 8000 7000 6000 FY21 FY22 FY23 Guidance FY25 Ambition 1.This guidance excludes material one-offs, such as mergers and acquisitions, disposals, impairments, spectrum, restructuring costs and such other items as determined by the Board and management. Refer to slide "FY23 guidance". 2.Telstra's financial ambitions for its Underlying EBITDA and FY25 outcomes are not guidance and there are greater risks and uncertainties in connection with these ambitions. Page 6 Copyright Telstra Confidential T Telstra August 2022 Debt Investor Presentation#7EBITDA by product¹ T FY21 CHANGE $m FY22 Mobile $3,297m Fixed - C&SB $139m -84 - Fixed Enterprise $645m 15 Fixed - Active Wholesale $231m -72 $660m $159m 700 $3,997m $55m CHANGE 21.2% Service revenue growth, plan structure, hardware and productivity -60.4% Revenue reduction, growing nbn costs, partly offset by cost out 2.3% NAS growth offset by data & connectivity decline International $336m 51 InfraCo Fixed $1,673m -18 $387m $1,655m -31.2% Ongoing legacy decline partially offset by cost-out 15.2% 0.5% constant currency growth -1.1% nbn commercial works decline offset by disposals Amplitel $300m -6 2 Other $68m -24 Underlying $6,689m 562 $294m $44m $7,251m -2.0% Revenue growth offset by build up of costs as standalone business NM Includes corporate adjustments; Health flat yoy 8.4% Net one-off nbn DA $802m -569 $233m -70.9% Reflects nbn migration timing Restructuring -$211m 140 3 Other guidance adj. Reported lease adjusted 1 $164m $7,444m -321 -188 -$71m -$157m $7,256m 66.4% NM -2.5% Gain on sales in pcp; Towers transaction costs in FY22 1. Mobile and Fixed products include internal infrastructure costs. 'Reported lease adjusted' includes all mobile handset leases as operating expenses in FY21. No adjustment in FY22. 2. Other includes miscellaneous and Telstra Health. 3. Refer to Full year results and operations review - guidance vs reported results reconciliation which details the adjustments made for the current and comparative period to reflect performance on the basis on which we provided guidance to the market for FY22 (set out in our ASX announcement titled "Financial results for the Full year ended 30 June 2022" lodged with the ASX on 11 August 2022). Page 7 Copyright Telstra Telstra August 2022 Debt Investor Presentation#8Product highlights: mobile momentum and growth T Mobile service revenue growth $m +6.4% k 7400 7200 All products and segments growing 400 Mobile handheld net adds Prepaid handheld UUs Postpaid handheld 300 7000 215 6800 Mid-single digit growth ambition to FY25 200 95 6600 100 155 101 Key driver of EBITDA growth 0 FY21 FY22 FY21 FY22 SIO growth across all segments including strong contribution from Enterprise Mobile prepaid handheld revenue growth Mobile postpaid handheld ARPU growth $/mth +2.9% 50 48 46 $m 950 Growth driven by price changes Economic growth > reported Price rises/CPI indexation and roaming to support FY23 growth 900 850 800 FY21 FY22 Page 8 Copyright Telstra +14.2% FY21 FY22 Growth from unique users, lower dormancy, and higher ARPU Telstra August 2022 Debt Investor Presentation#9Product highlights: Infrastructure InfraCo Fixed revenue nbn recurring revenue growth $m -4.4% $m 2500 2000 +3.1% growth in core access revenue for fibre, network sites & ducts 1000 1500 800 Legacy network disposals 1000 500 0 FY21 Core access FY22 CW+Disposals Offset by nbn commercial works (CW) rolling off as nbn rollout nears completion & contracts end 600 InfraCo Fixed EBITDAAL1 $m 2000 1500 1000 500 0 +3.3% FY21 FY22 Amplitel (Towers) revenue growth $m +8.9% -1.8% Flat core access EBITDAAL on additional investment in maintenance and growth opportunities 370 360 350 FY22 Additional long-term growth potential including from major infrastructure investments 340 330 ■CW+Disposals FY21 FY22 FY21 Core access 1. Refer to definition in the Glossary. Page 9 Copyright Telstra T Average contracted period of 25 years CPI indexed Demand including new builds and 5G coverage expansion from Telstra Telstra August 2022 Debt Investor Presentation#10Product highlights: Fixed - Enterprise NAS growth offsetting DAC declines¹ Revenue/$m EBITDA/$m DAC NAS DAC NAS 4000 800 3000 Fixed - Enterprise revenue decline -0.7%¹ 600 2000 1000 Including NAS revenue growth +4.6%¹ 400 200 0 0 FY21 FY22 FY21 FY22 Data & connectivity (DAC) revenue decline $m 1200 1100 1000 900 FY21 -13.3% NAS EBITDA growth $m ARPU reduction from competition (incl. nbn) and tech change 400 Strong contract renewals of our 300 government and enterprise 200 customers. T-Fibre churn largely confined to mid-market/business Return to growth challenged 100 0 FY22 FY21 +93.8% FY22 T Fixed - Enterprise EBITDA growth +2.3% or $15m Including NAS EBITDA growth +$152m Security, Cloud, IoT, professional & managed services growth offset legacy and calling declines Timing of revenue recognition linked to key contract milestones Strong cost management Mid-teens margin ambition by FY25 1. Excludes $32m in FY22 of NAS Professional services income contribution from acquisitions. Including acquisitions NAS revenue +5.8% and Fixed - Enterprise revenue +0.1%. Page 10 Copyright Telstra Telstra August 2022 Debt Investor Presentation#11Product highlights: Fixed - C&SB has bottomed Fixed - C&SB EBITDA - 2H22 grew sequentially on 1H22 $m 100 80 60 40 20 0 1H21 2H21 Bundles & Data ARPU growth $/mth 80 78 76 74 72 Page 11 FY21 Copyright Telstra +2.4% FY22 1H22 2H22 nbn migration of data SIOs ~99% complete in nbn fixed footprint nbn reseller EBITDA margin 5% in FY22 with target for >8% by FY23 Improvements in experience and productivity from new stack/digitisation Growing 5G Home wireless contribution Bundles & data revenue flat Bundles & Data net adds nbn plan mix 100mpbs+ SIOs/k % Growth from price 0 15% +3pp changes and -20 improved plan mix -40 -75 10% -87 Full year benefits to 9% -60 5% flow through into -80 6% FY23 -100 0% FY21 FY22 FY21 FY22 T Telstra August 2022 Debt Investor Presentation#12Operating expenses¹ FY21 CHANGE $m T FY22 CHANGE 106 $2,081m 5.4% Total operating expenses¹ declined 5.8% nbn™ network payments increased driven by higher tier-mix and Connectivity Virtual Circuit (CVC) charges Sales costs - other declined including lower volumes of modems and mobile handsets, and reduced Foxtel service fees Underlying fixed costs decreased $454m or 8.1% in FY22 Achieved cumulative $2.7b per annum cost out target - a 35% net reduction in annual underlying fixed costs since FY16 Cost reduction achieved by simplifying product offerings, increasing digital experiences, reducing layers of management and moving to an agile workforce, optimising 3rd party spend and due to the migration of customers to nbn Fixed costs - other reduction due to mobile handset leases ceasing in FY21 and reduced commercial works, partially offset by costs to operate our newly insourced retail stores Sales costs - nbn payments $1,975m Sales costs - other $6,209m -170 $6,039m -2.7% Fixed costs underlying $5,593m -454 $5,139m -8.1% Fixed costs other² $1,384m -345 $1,039m -24.9% Underlying $15,161m -863 $14,298m -5.7% One-off nbn DA and nbn C2C $248m Restructuring $211m -103 $145m -41.5% -140 $71m -66.4% Other guidance adjustments $44m 200 $244m NM Reported lease adjusted $15,664m -906 $14,758m -5.8% 1. 'Reported lease adjusted' includes all mobile handset leases as operating expenses in FY21. No adjustment in FY22. 2. Includes items supporting revenue growth including relevant NAS costs, mobile handset lease, product impairment, and additional costs from insourcing retail channel in FY22. Page 12 Copyright Telstra Telstra August 2022 Debt Investor Presentation#13Inflation and mitigants Actively addressing cost challenges with mitigants Operating expenses FY22 Components $b 8 6 Network Payments • Sales costs nbn payments $2,081m 4 Hardware COGS • Sales costs - other $6,039m 2 Other sales 0 $b 8 CO 6 - Fixed costs underlying $5,139m • Labour/Subs 4 Fixed costs - other $1,039m 2 SC&A Energy Other 0 Underlying $14,298m T Network payments generally not inflationary and largely pass through Hardware COGS largely pass through Other sales including NAS cost of sales with some inflationary pressure but largely pass through. Also includes largely historic commissions • Labour/Labour substitution. Enterprise Agreement for wages. FY22 +82 employee engagement score Service contracts & agreements (SC&A). Inflationary but partially contracted Energy costs FY22~$250m. Substantive protection through Power Purchase Agreements. Other including property, IT, promotion, advertising, travel, entertainment, bad debt-inflationary but partially discretionary Revenue $5b of mass market mobile services - price increase inline with CPI + annual price review • $0.9b nbn receipts indexed to CPI Ongoing assessment of pricing Other costs include fixed components • $0.8b leases. Average contracted term 8 years with majority fixed contracted increases rather than CPI. Also optimising portfolio $0.4b net finance costs. ~65% of debt fixed. +100bps = --$20m NPAT impact in FY22 Page 13 Copyright TelstraⒸ Capex • ~75% subject to inflationary pressure, remainder protected by contracts and EA Committed to envelope. In year we may make trade-offs and adjust timing Telstra August 2022 Debt Investor Presentation#14FY23 guidance Total Income Underlying EBITDA² Capex³ Free cashflow after lease payments (FCFaL)4 FY23 guidance¹ FY22 (includes Digicel Pacific) $22.0b $23.0b to $25.0b $7.3b $7.8b to $8.0b $3.0b $3.5b to $3.7b (incl. strategic investment) $4.0b $2.6b to $3.1b (incl. strategic investment) T 1. This guidance excludes material one-offs, such as mergers and acquisitions, disposals, impairments, spectrum, restructuring costs and such other items as determined by the Board and management. 2. Underlying EBITDA excludes net one-off nbn DA receipts less nbn net C2C and guidance adjustments. 3. Capex is measured on an accrued basis and excludes spectrum and guidance adjustments, externally funded capex, and capitalised leases. 4. Free cashflow after lease payments defined as 'operating cash flows' less 'investing cash flows' less 'payments for lease liabilities', and excludes spectrum and guidance adjustments. Page 14 Copyright Telstra Confidential Telstra August 2022 Debt Investor Presentation#15Our strategy: T25 Page 15 Copyright Telstra Our purpose and values We are changemakers An exceptional customer experience you can count on TA To build a connected future so everyone can thrive We are better together We care We make it simple Our strategic pillars Excelling at new ways of working Leading network & technology solutions that deliver your future The place you want to work Accelerating digital leadership Sustained growth and value for our shareholders Doing business responsibly Our businesses Consumer & Small Business Enterprise New Markets International Infrastructure Telstra August 2022 Debt Investor Presentation#16Capital position T FY21 1H22 FY22 Gross debt Cash and cash equivalents Net debt $16.4b $1.1b $14.9b $1.7b $15.3b $13.2b Average gross borrowing cost¹ 3.8% 3.7% $13.8b $1.0b $12.7b 3.7% Average debt maturity (years) 1 3.4 3.3 3.1 Financial parameters² Comfort Zones Debt servicing 1.5-2.0x 2.0x 1.9x Gearing 50% to 70% 50.0% 43.1% 1.8x 43.0% Net debt declined ~$2.6b in FY22 supported by our free cashflow and proceeds from disposal of interest in our Towers business Average gross borrowing cost declined marginally over FY22. Debt portfolio is hedged at ~ 65% fixed interest Strong liquidity. $1.0b cash and $3.8b of unused committed bank facilities Interest cover >7x 13.2x 13.0 14.5 Ratios Balance sheet strength and flexibility. Improved debt servicing ratio driven by reducing net debt. Digicel Pacific acquisition increases proforma debt servicing ~0.1x. Capex³ to sales ROE3 ROIC³ Underlying ROIC³ 14.4% 13.4% 12.8% 9.1% 7.5% 6.0% 14.5% 11.3% 7.1% Accrued capex³ of $3,042m in FY22 (guidance basis) Momentum to FY23 Underlying ROIC target of ~8% 5.0% 6.2% 7.0% 1. Excludes leases. 2. Debt servicing calculated as net debt over reported EBITDA. Gearing calculated as net debt over total net debt and equity. Interest cover calculated as reported EBITDA over net interest expense (excluding capitalised interest, revaluation impacts on our borrowings and derivatives and other non-cash accounting impacts). 3. Refer to definition in the Glossary. Page 16 Copyright Telstra Telstra August 2022 Debt Investor Presentation#171 Update on Corporate Restructure Telstra's proposed legal structure Telstra shareholders would receive one new Telstra Group Limited Share for each of their existing Telstra Shares. Telstra Group Limited Intercompany agreements developed Telstra Limited InfraCo Fixed Telstra International Amplitel (51% share) ✓ On track to finalise legal restructure pending shareholder and court approval. The Scheme Booklet that has been published gives shareholders relevant information ahead of the shareholder vote at the Scheme Meeting to be held on the same day as our AGM (11 October). Dividends and debt servicing will continue to be supported by the assets and income of the broader Telstra Group. We remain committed to our Capital Management Framework. No change to group debt levels is anticipated as a result of the restructure Unless you are an Ineligible Foreign Shareholder - see section 6.4 of the Scheme Booklet for more information ✓ We have a demonstrated long track record of appropriately balancing debt holder interests. In considering potential future transactions we would continue to have regard to impacts on the interests of debt holders. Page 17 Copyright Telstra T Telstra August 2022 Debt Investor Presentation#18Capital management framework Objectives Maximise returns $ for shareholders Principles Fiscal discipline Maintain financial strength Retain financial flexibility 1. Committed to balance sheet settings consistent with an A band credit rating 2. Maximise fully-franked dividend and seek to grow over time1 3. Ongoing business-as-usual capex of ~$3b p.a. excluding spectrum² 4. Invest for growth and return excess cash to shareholders 1. The dividend is subject to no unexpected material events and is subject to Board discretion having regard to financial and market conditions, business needs and maintenance of financial strength and flexibility consistent with Telstra's capital management framework. 2. Capex is measured on an accrued basis and excludes spectrum and guidance adjustments, externally funded capex, and capitalised leases. Page 18 Copyright Telstra T Telstra August 2022 Debt Investor Presentation#19Update on Debt Structure Telstra shareholders Telstra Group Limited (HoldCo) Telstra Limited (ServeCo) InfraCo Fixed (Telstra Corp) Telstra International A Existing Debt A New and Transitioned Debt Amplitel (51% share) = Guarantor entities for Existing Debt T ✓ Existing external debt will initially remain in Telstra Corp Ltd (to become InfraCo Fixed), with refinancing of existing external debt (including by transfer, substitution or otherwise) and new debt raising expected at Telstra Hold Co We have enhanced the previously announced guarantee structure to add ServeCo as an additional guarantor (i.e. in addition to Telstra HoldCo) to support existing external debt at InfraCo Fixed (see 'A' in the diagram to the left) ("Existing Debt Guarantee") ✓This guarantee structure will have features allowing the Existing Debt Guarantee from Telstra Hold Co to be released upon a change of control of InfraCo Fixed (subject to certain additional conditions) Page 19 Copyright Telstra Telstra August 2022 Debt Investor Presentation#20Glossary Term Capex, Accrued Capex Free cash flow after lease payments (FCFaL) Guidance adjustments In-year nbn headwindor nbn headwind Definition (unless separately defined in the slide footnotes) Capex is measured on an accrued basis and excludes spectrum and guidance adjustments, externally funded capex, and capitalised leases 'operating cash flows' less 'investing cash flows' less "payments for lease liabilities', and excludes spectrum and guidance adjustments Guidance adjustments include material one-offs, such as mergers and acquisitions, disposals, impairments, spectrum, restructuring costs and such other items as determined by the Board and management. Refer to Full year results and operations review - guidance vs reported results reconciliation which details the adjustments made for the current and comparative period to reflect performance on the basis on which we provided guidance to the market for FY22 (set out in our ASX announcement titled "Financial results for the Full year ended 30 June 2022" lodged with the ASX on 11 August 2022). The net negative recurring EBITDA impact of the nbn on our business for the reporting period. See 'nbn impact on EBITDA' slide for details of the in-year nbn headwind Net one-off nbn DA less net Adjustments for net one-off nbn receipts which is defined as net nbn one-off Definitive Agreement receipts (consisting of PSAA, Infrastructure C2C or one-off nbn DA Ownership and Retraining) less nbn net cost to connect Reported lease adjusted ROE ROIC Total income Underlying earnings Underlying EBITDA Underlying EPS Underlying ROIC "Reported lease adjusted' includes all mobile handset leases as operating expenses in FY21. FY21 adjusted to include $194m of reported depreciation of mobile handsets right-of-use assets in EBITDA. No adjustment in FY22. Calculated as Profit After Tax after Minority Interests (PATMI) as a percentage of equity Calculated as Net Operating Profit After Tax (NOPAT) as a percentage of total capital Total income excluding finance income NPAT excluding net one-off nbn receipts and guidance adjustments (as defined above). See 'Underlying earnings' slide for details Underlying EBITDA excludes net one-off nbn DA receipts less nbn net C2C and guidance adjustments (as defined above). FY20/21 underlying EBITDA also included depreciation of mobile lease right-of-use assets. Calculated as PATMI attributable to each share, excluding net one-off nbn receipts and guidance adjustments (as defined above). Calculated as NOPAT as a percentage of total capital, excluding net one-off nbn receipts and guidance adjustments (as defined above) less tax. Page 20 Copyright Telstra T Telstra August 2022 Debt Investor Presentation