Investor Presentaiton

Capital position T FY20 1H21 FY21 Gross debt $17.3b $17.4b Cash and cash equivalents $0.5b Net debt $16.8b $1.3b $16.1b Average gross borrowing costs¹ 4.6% 3.8% $16.4b $1.1b $15.3b 3.8% Net debt declined $1.5b in FY21 supported by our strong FCF Average gross borrowing costs expected to continue to decline in FY22 Average debt maturity (years)1 3.9 3.7 Cash and unused bank facilities $4.3b $4.8b 3.4 $3.6b Access to diverse and efficient sources of funding Financial parameters² Comfort Zones Debt servicing 1.5-2.0x 1.9x 2.0x Gearing 50% to 70% 52.7% 51.5% Interest cover >7x 11.7x 13.6x 2.0x 50.0% 13.2x Strong liquidity. $1.1b cash & $2.5b of unused committed bank facilities Balance sheet strength and flexibility. Parameters within comfort zones Ratios Capex³ to sales ROE3 ROIC3 Underlying ROIC³ 14.2% 13.3% 12.5% 15.2% 7.6% 5.4% 8.7% 4.5% 14.4% 12.8% 7.5% 5.0% FY21 Accrued capex of $3,020m or 14.4% capex to sales (guidance basis) Target FY23 underlying ROIC of ~8% 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 5 Copyright Telstra Telstra September 2021 Debt Investor Presentation

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