Investor Presentaiton

Operating 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

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