Investor Presentaiton

Glossary T Capex Term Free cash flow after 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 lease payments 'operating cash flows' less ‘investing cash flows' less ‘payments for operating lease liabilities', and excludes spectrum and guidance adjustments (FCF) Free cash flow after lease payments (FCFal) Guidance adjustments In-year nbn headwind or nbn headwind 'operating cash flows' less ‘investing cash flows' less 'payments for lease liabilities', and excludes spectrum and guidance adjustments Guidance adjustments include impairments in and to investments or non-current tangible and intangible assets, proceeds on the sale of businesses, mergers and acquisitions and purchase of spectrum. 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 FY21 (set out in our ASX announcement titled “Financial results for the full year ended 30 June 2021" lodged with the ASX on 12 Aug 2021) 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 Ownership and Retraining) less nbn net cost to connect Reported lease adjusted ROE ROIC Total Income Underlying earnings Underlying EBITDA Underlying ROIC 'Reported lease adjusted' includes all mobile handset leases as operating expenses, and all rent/other leases below EBITDA. FY21 adjusted to include $194m (FY20 $494m) of reported depreciation of mobile handsets right-of-use assets in EBITDA. No adjustment expected in FY22. Calculated as profit after tax attributable to equity holders of Telstra 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 from continuing operations excluding net one-off nbn receipts, one-off restructuring costs and guidance adjustments. Guidance adjustments include impairments in and to investments or non-current tangible and intangible assets, proceeds on the sale of businesses, mergers and acquisitions and purchase of spectrum. See 'Underlying earnings' slide for details of underlying earnings EBITDA excluding net one-off nbn DA receipts less nbn net C2C, one-off restructuring costs and guidance adjustments but includes depreciation of mobile lease right-of-use assets Calculated as NOPAT excluding net one-off nbn receipts, one-off restructuring costs and guidance adjustments less tax as a percentage of total capital. Guidance adjustments include impairments in and to investments or non-current tangible and intangible assets, proceeds on the sale of businesses, mergers and acquisitions and purchase of spectrum Page 13 Copyright TelstraⒸ Telstra September 2021 Debt Investor Presentation

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