Telstra : 2023 AGM presentations

17 October 2023

Market Announcements Office

Australian Securities Exchange

4th Floor, 20 Bridge Street

SYDNEY NSW 2000

Office of the Company Secretary

Level 41, 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA

ELECTRONIC LODGEMENT

• Telstra Group Limited (ACN 650 620 303) - ASX: TLS
• Telstra Corporation Limited (ACN 051 775 556) - ASX: TL1

Annual General Meeting presentations

In accordance with the Listing Rules, attached for release to the market by Telstra Group Limited are the presentations of the Chair, Chair Elect and Chief Executive Officer, which will be delivered today at the Telstra Group Limited 2023 Annual General Meeting.

The presentations are also provided for the information of Telstra Corporation Limited noteholders.

Release of announcement authorised by:

Sue Laver

Company Secretary

General Enquiries: 03 8647 4838; E:[e-mail]

Investor Relations: 1800 880 679; E:[e-mail]

CHAIR, CHAIR ELECT & CEO SPEECH NOTES TELSTRA ANNUAL GENERAL MEETING 17 OCTOBER 2023

JOHN MULLEN - CHAIR

Good morning, ladies and gentlemen.

My name is John Mullen, and it is my great pleasure to welcome you this morning to Telstra's 2023 Annual General Meeting.

Thank you all for joining us today and for your continued support and investment in Telstra.

This is of course also a hybrid meeting, so a very warm welcome to the many shareholders who have chosen to join us online.

A quorum is present, and it is my pleasure to formally declare today's meeting open.

A Notice of Meeting was distributed earlier setting out the business and resolutions to be considered today. I propose to take that Notice as read.

There are a number of items of business on today's agenda and all of them are now being shown on the screen.

SLIDE: ITEMS OF BUSINESS

Voting on items 3 to 5 will be conducted by poll and that poll is now open.

Instructions on how to participate in the poll were distributed earlier but assistance is available at any time, should you need it.

SLIDE: BOARD OF DIRECTORS

I am pleased to be joined on stage today by all of my fellow Board members, Company Secretary, Sue Laver, and our Chief Financial Officer, Michael Ackland.

Directors Maxine Brenner and Ming Long, having been appointed during the year, are standing for election. Current directors, Bridget Loudon and Elana Rubin are also both standing for re-election today. You will hear from each of them shortly.

Sarah Lowe from our auditors Ernst and Young is also here today and I'm sure she would be happy to answer any questions you may have on the conduct of the audit, or on the auditor's report itself.

The senior management team is also present.

This will be my last AGM as Chair as I come to the end of what has been a tremendously rewarding 15 years serving on the Telstra Board.

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I will only comment briefly on the year just passed, and will leave our CEO, Vicki Brady, to provide more detail, but I would like to take this opportunity to look back and reflect upon what has been an extraordinary 15 years.

There have been many ups and downs and lessons learned, and I'll share some reflections with you in a minute.

SLIDE: LAST 12 MONTHS

Firstly though, looking briefly back over the last 12 months…

• It has been a successful year on almost all fronts.
• We farewelled Andy Penn as a very successful CEO of Telstra, and we welcomed an outstanding new leader for the company in Vicki Brady.
• We attained most of our financial targets and delivered within guidance.
• We have made good progress in our first year of delivering against our T25 strategy
  - we have returned to growth, strength in mobiles, and our investment in customer experience paying off with Episode NPS at record highs and customer complaints at record lows.
• Our sustainability initiatives continue to progress well and lead the telco sector in Australia.

The year has seen substantial progress on most fronts, but of course there is always so much more to do.

SLIDE: THE VOICE

Before moving on, ahead of today's meeting we received a number of questions about Telstra's support for a First Nations Voice to Parliament, so let me address this up front.

We recognise that there are different and passionate views out there in the community, both for and against. In Telstra's case, we decided that supporting the Voice was in the best interests of the company and our shareholders.

This was not a decision taken as a result of the personal views of any board or management members individually, and indeed just like the community there are differing views amongst both our board and management. However, where we are all in agreement, is that support is in the best interests of the company and therefore our shareholders.

Telstra is a long-time supporter of reconciliation and has strong connections with First Nations through our employees, customers, stakeholders and communities across the country. It was made clear to us that the majority of First Nations peoples endorsed the Voice as critical to the future of reconciliation, and we take these views very seriously.

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We also strongly believe that reconciliation is a positive step forward for our country and for the economy, and therefore positive for our business and our shareholders.

For this reason, and because we are a values-based company that supports our words with actions, we supported the Yes campaign by providing $1 million of advertising spend.

Following the referendum outcome on the weekend, we respect the result that our democratic system has delivered. We remain committed to reconciliation and will continue to work in close partnership with First Nations people and communities across Australia.

SLIDE: REFLECTIONS ON THE LAST 15 YEARS

So now if I may, let me share a few reflections on the last 15 years, some of the things that went well, those that did not go so well, and some of the lessons learned.

Let me start by saying that Telstra is in a really good place.

The company is a completely different entity than it was 15 years ago - stronger and better in so many ways.

The speed and scale of change in the telco and technology sectors is staggering. These last 15 years have seen the launch of 3G, 4G and then 5G; the launch of the first iPhone through to the iPhone 15; and the complete revolution of mobile communications.

The Telstra that we knew then was also impacted significantly by the creation of the NBN. During this time, Telstra transformed itself into a dynamic modern telecommunications leader.

• We were the first to launch 4G and then 5G in Australia and we consistently rate as having one of the best mobile networks in the world.
• We cover more of Australia with our mobile network than any other company.
• And customers have access to high quality voice, text, video, and internet communications in more places at a range of different price points.

The last 15 years have also seen an exponential increase in the amount of mobile data flowing over our network, and the number of things connected on our network, from school rooms to tractors, telehealth services and work from home setups.

You may be surprised to know that the price of our entry level month to month mobile plan is just $2 more than what it was 10 years ago, but the data included has increased by 25 times - and that's not to mention the increases in coverage and speed on the network, and that nearly all of our in market mobile plans now come with unlimited standard voice calls in Australia.

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While providing this huge increase in data availability and speed, and helping to enable enormous digital advancement, Telstra has lost over $6 billion of profit in the last decade or so.

This has been predominantly from the impact of the nbn but also the loss of voice revenues, SMS revenues and other pressures, and had an inevitable impact on earnings, dividends and our share price.

But we have bounced back strongly.

Our T22 programme to radically restructure the company to offset some of these negative impacts has been extremely successful.

Financially, over those 15 years we have paid out over $45 billion in dividends to shareholders.

We have paid some $20 billion in tax to the nation.

And our contribution to society beyond financial considerations has also been considerable.

SLIDE: CORPORATE CITIZENSHIP

As a corporate citizen we are active on many fronts:

To protect customers and the public from ever rising cybercrime, Telstra blocks more than 9 million scam calls and almost 280 million incoming scam and unwanted emails every month, and around 20 million SMS messages since we launched our Cleaner Pipes initiative in 2022.

We are making a big contribution to the transition of Australia's energy sector by supporting more than $1 billion in renewable energy projects to date, and we are one of the largest corporate contributors to renewable energy projects in the country.

Last financial year we supported some 1.2 million customers in vulnerable circumstances to stay connected, and we have expanded this to reach more customers experiencing mental health challenges, disability, homelessness, family or domestic violence, or who need emergency relief due to natural disaster.

We also invest heavily in disaster preparedness and response to keep communities connected.

We are working to improve digital inclusion across a range of areas - in how we help senior and First Nation Australians to grow their digital skills, in how we provide a range of price points for customers experiencing cost of living pressures, and in how we are bringing new and better services to regional and remote Australia, including with LEO Satellites and other technologies.

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