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Financial Results for the Full Year Ended 30 June 2021

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12 August 2021 Office of the Company Secretary Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA The Manager General Enquiries 03 8647 4838 Market Announcements Office Facsimile 03 9650 0989 Australian Securities Exchange [email protected] 4th Floor, 20 Bridge Street SYDNEY NSW 2000 Investor Relations Tel: 1800 880 679 [email protected] Dear Sir or Madam ELECTRONIC LODGEMENT Telstra Corporation Limited - Financial results for the year ended 30 June 2021 In accordance with the Listing Rules, I enclose the following for immediate release to the market: 1. Appendix 4E – Full Year Report 2. Operating and Financial Review for the full year ended 30 June 2021, which accompanies the Directors Report 3. Directors Report (including the Remuneration Report) 4. Financial Report 5. Group Structure Telstra will conduct an analyst briefing on its 2021 full year results from 9.15am AEST and a media briefing from 11.00am AEST. The briefings will be webcast live at https://www.telstra.com.au/aboutus/investors/financial-information/financial-results. A transcript of the analyst briefing will be lodged with the ASX when available. Authorised for lodgement by: Sue Laver Company Secretary Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556 Telstra Corporation Limited Financial results for the year ended 30 June 2021 Financial results for the year ended 30 June 2021 Table of contents Section A Appendix 4E Operating and Financial Review (OFR) comprising: Section B Chairman and CEO message Section C Strategy and performance (including FY21 financial performance), Our material risks and Outlook Section D Full Year Results and Operations Review (FYROR) Section E Directors’ Report (including Remuneration Report) Section F Financial Report Section G Group Structure nbn™, NBN co and other nbn™ logos and brands are trade marks of NBN Co limited and used under licence. Kayo is a registered trade mark of Streamotion Pty Ltd. Foxtel is a registered trade mark of Twentieth Century Fox Film Corporation. Binge is a registered trade mark of Foxtel Management Pty Limited. Xbox is a registered trade mark of Microsoft Corporation, a Washington corporation. All amounts are expressed in Australian dollars ($A) unless otherwise stated. Telstra Corporation Ltd, ABN 33 051 775 556 SECTION 1. APPENDIX 4E (ASX LISTING RULE 4.3A) FINAL REPORT 30 June 2021 Telstra Corporation Limited ABN 33 051 775 556 1. Results for announcement to the market Telstra Group Year ended 30 June 2021 2020 Movement $m $m $m % Revenue (excluding finance income) from ordinary activities 21,558 23,710 (2,152) (9.1) Other income 1,574 2,451 (877) (35.8) Total income 23,132 26,161 (3,029) (11.6) Finance income 103 274 (171) (62.4) Profit for the year 1,902 1,839 63 3.4 Profit for the year attributable to equity holders of Telstra Entity 1,857 1,819 38 2.1 Profit from ordinary activities after tax attributable to equity holders of Telstra Entity 1,857 1,819 38 2.1 2. Dividend information Telstra Group Amount Franked per share amount per share cents cents Interim ordinary dividend per share 5.0 5.0 Interim special dividend per share 3.0 3.0 Total interim dividend per share for the year 8.0 8.0 Final ordinary dividend per share 5.0 5.0 Final special dividend per share 3.0 3.0 Total final dividend per share for the year 8.0 8.0 Total dividend per share for the year 16.0 16.0 Final dividend dates Record date 26 August 2021 Payment date 23 September 2021 The above information is based on the 2021 Financial Report, including the consolidated financial statements and notes thereto, which have been audited by Ernst & Young (EY). Refer to note 4.2 to the financial statements and the Directors’ Report for other dividend-related disclosures. 3. Net Tangible Assets per security information Telstra Group Year ended 30 June 2021 2020 cents cents Net tangible assets per security 62.7 59.4 Net tangible assets are defined as the net assets of the Telstra Group less intangible assets and non-controlling interests. The net assets include both right-of-use assets and corresponding lease liabilities. The number of Telstra shares on issue as at 30 June 2021 was 11,893 million (2020: 11,893 million). 4. Dividend Reinvestment Plan The Board has determined that the Dividend Reinvestment Plan (DRP) will not operate for the final dividend for the financial year 2021. Additional Appendix 4E disclosure requirements and ‘Guidance versus Reported Results’ reconciliation can be found in the 2021 Financial Report, Directors’ Report (including the Operating and Financial Review (OFR) and the Remuneration Report) and 2021 Group Structure lodged with this document. Telstra Corporation Limited and controlled entities | A1 Operating and financial review Chairman and CEO message Dear Shareholders Thank you for your continued support and investment in Telstra through a year where COVID-19 continued to have a profound effect on our lives, our society and the economy. All of us have been impacted to some degree and we hope you and your families are in good health and are remaining safe through the challenges of this unprecedented pandemic. Through all of this Telstra has tried to set an example for our people, our customers and our country as we all navigated through the challenging and largely uncharted waters. Despite these extraordinary events, we maintained our operations and continued to deliver on an ambitious strategy. Your business has performed well and we finished the year in a strong position. We have many achievements to be proud of this year, including the progress we are making on our transformational T22 strategy. As you will see, the many tangible benefits of T22 are now becoming clear and underpin our commitment to return the business to underlying growth and position it for success in the future. When we launched T22 we were very clear about the need to radically simplify and digitise our business, to remove customer pain points, to remove legacy systems and processes, to introduce new Agile ways of working and to further extend our network leadership including leading in 5G. In other words, to better prepare the business for the acceleration of the digital economy. We have stayed absolutely disciplined and focused on delivering what we said we would, and three years into what has been one of the largest and most ambitious transformations by a telco globally, we are now a vastly different company. We are extremely well progressed and are on track to deliver our strategic objectives in the year ahead. This includes our proposed legal restructure that will better position us to take advantage of opportunities as they arise and our recent announcement of the proposed sale of 49 per cent of our InfraCo Towers business for $2.8 billion, of which approximately 50 per cent, or up to $1.35 billion, will be returned to shareholders during FY22 via an on-market share buy-back. A turning point The 2021 financial year was significant for Telstra in that it was a turning point in our financial performance. Every year for the last four years we have had to face the very real challenge of the financial headwinds associated with the transfer of a material part of our business to the nbn. This has meant we have started each of the last four years with our EBITDA going backwards by up to $800 million. This was happening at the same time as competition in the market was reducing returns from both our fixed and mobile businesses and technology disruption and significant structural change were re-shaping our industry. In many ways these dynamics were the catalyst for the launch of our T22 strategy in 2018 to radically transform the business, in conjunction with a conviction about how technology innovation was going to continue to accelerate. After a decade of disruption following the creation of the nbn, we can now clearly see the path to underlying growth ahead. Our investment in innovation and technology, digitisation and networks, improving our customer experience and being disciplined in our capital management, mean that Telstra is in a strong position to grow. The financial results detailed in this report show the turning point we have reached and underscore our commitment to delivering long-term value for shareholders. Given the status of our proposed restructure and in order for us to manage our ongoing continuous disclosure obligations, we believe that it is prudent to suspend the Dividend Reinvestment Plan. Our intention is to reinstate it when circumstances allow. We know how important our dividend is to shareholders and this year our financial performance enabled the Board to resolve to pay a fully-franked final dividend of 8 cents per share, comprising a final ordinary dividend of 5 cents per share and a final special dividend of 3 cents per share. This brings the total dividend for FY21 to 16 cents per share and means we will directly return $1.9 billion to shareholders for FY21. Our focus in FY22 So, what of the year ahead? We remain fully committed to finishing the job with T22 and that includes continuing to improve the customer experience, progressing our proposed restructure, and extending our leadership in 5G. No one is more committed to regional connectivity than Telstra, and we’ll continue to work with our customers, partners, stakeholders and governments to ensure regional Australia benefits from the increasing digitisation of our economy. We remain focussed on growing the core of our business as well as looking for growth from exciting opportunities in areas like health and energy.
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