Investor Presentaiton

We will deliver growth through our T25 strategy Financial ambitions Financial strategy Build financial momentum across our portfolio to deliver growth Deliver net cost reductions - $500m net fixed cost out from FY23 to FY25 while investing for growth Focus on cash conversion and generation Active portfolio management to unlock value and manage our Balance Sheet Create shareholder value through our capital management framework Underlying EBITDA1 Underlying ROIC1 % Underlying EPS1 $7.5-8.0b by FY23 Mid-single digit . ~8% by FY23 • CAGR FY21 to FY25 Grow beyond to FY25 FY21 to FY25 1. Refer to definition in Glossary and see disclaimer slide in relation to these financial ambitions Page 10 Copyright Telstra Dividend Excess cashflow High-teens CAGR Maximise fully- franked dividend and seek to grow over time • Invest for growth and return excess cash to shareholders T Telstra September 2021 Debt Investor Presentation

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