Investor Presentaiton

Glossary 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

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