ELECTRONIC LODGEMENT

Dear Sir or Madam

Restatement of prior periods' product reporting framework

In accordance with the Listing Rules, I attach an announcement and accompanying slides (included as a PDF attachment) for release to the market.

As foreshadowed at our FY21 results announcement and to align with our T25 strategy, Telstra is changing its product reporting framework. The new framework includes:

·      More transparency across our infrastructure business with InfraCo Fixed and Amplitel (InfraCo Towers) on a standalone basis

·      Mobile and Fixed product EBITDA margins after including intercompany infrastructure costs

In order to assist the market when reviewing Telstra's 2022 half-year results to be released on 17^th February 2022, a detailed income statement and summary product EBITDA for the financial years ending 2020 and 2021 are available from the Telstra Investor site: www.telstra.com.au/aboutus/investors/financial-information/financial-results

The figures have been restated for the new product reporting framework. The restatement relates to product reporting only and does not impact income, expenses, EBITDA or profit measures at an aggregate Telstra level.

We remain committed to all financial ambitions under our previous reporting framework. At our half-year 2022 results on 17^th February 2022, we will update how our previous product specific forward-looking statements translate into the new reporting framework.

A presentation regarding the new product reporting framework is attached.
http://www.rns-pdf.londonstockexchange.com/rns/2843Y_1-2022-1-12.pdf

Our auditor has performed agreed-upon procedures over the restatement as part our half-year 2022 financial reporting process.

Authorised for lodgement by:

Sue Laver

Company Secretary

Telstra Corporation Limited

ACN 051 775 556

ABN 33 051 77