The document summarizes InfraCo's journey since its creation in 2018 as part of Telstra's T22 strategy. It discusses the three phases InfraCo has gone through: 1) Establishing InfraCo as an independent infrastructure business, 2) Standing up its asset businesses, and 3) Unlocking value through initiatives like the recent towers monetization deal. It outlines InfraCo's strategy, priorities, and key accomplishments to date like expanding its fiber and tower networks, pursuing partnerships, and preparing assets for future monetization opportunities.

1. The Telstra InfraCo
Journey
Brendon Riley
CEO
March 2022

2. InfraCo’s journey so far
2018 2022
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3. InfraCo’s journey so far
2018
Launch of T22
• T22 announced and
InfraCo born
• CEO appointed
2022
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4. Copyright Telstra InfraCo© Page 4
Improve
infrastructure
operating
efficiency and
service delivery
Provide
optionality for
Telstra in the
future
Provide greater
transparency
on the value of
Telstra’s
underlying
infrastructure
Why create InfraCo?

5. Infra expertise
Talent
Brand and reputation
New offerings and
customers
Profitable and attractive
Flexible business model
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InfraCo is an
integrated
market-facing
asset-based
infrastructure
business
Improve
infrastructure
operating
efficiency and
service delivery
Provide
optionality for
Telstra in the
future
Provide greater
transparency
on the value of
Telstra’s
underlying
infrastructure

6. InfraCo’s journey so far
2018
Launch of T22
• T22 born and
InfraCo announced
• CEO appointment
Jun 2019 to Jun 2020
Phase 1: Establish InfraCo as an operating infrastructure business
• Portfolio options
• Operating Business vision
• SLT and Board alignment
• Scope and mission
• Principles
• Organisation and operating model design
• Intercompany agreements
• Investor Day market strategy
announcement
• New organisation and leadership team
announced
• Economic modelling
• Transition process from old to new
2022
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7. Key principles of Intercompany Agreements
Business Continuity
Market Differentiation
Market Competitiveness
Key Principles
Entity
Telstra
InfraCo Standalone Business
Strong InfraCo
Strong Telstra
Strategic Relationship
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Balance

8. InfraCo’s journey so far
2018
Launch of T22
• T22 born and
InfraCo announced
• CEO appointment
Jun 2019 to Jun 2020
Phase 1: Establish InfraCo as an operating infrastructure business
• Portfolio options
• Operating Business vision
• SLT and Board alignment
• Scope and mission
• Principles
• Organisation and operating model design
• Intercompany agreements
• Investor Day market strategy
announcement
• New organisation and leadership team
announced
• Economic modelling
• Transition process from old to new
2022
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9. InfraCo’s journey so far
2018
Launch of T22
• T22 born and
InfraCo announced
• CEO appointment
Jun 2019 to Jun 2020
Phase 1: Establish InfraCo as an operating infrastructure business
• Portfolio options
• Operating Business vision
• SLT and Board alignment
• Scope and mission
• Principles
• Organisation and operating model design
• Intercompany agreements
• Investor Day market strategy
announcement
• New organisation and leadership team
announced
• Economic modelling
• Transition process from old to new
2022
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Jul 2020 to Feb
2021
Phase 2: Stand-up and drive value from the asset businesses
• InfraCo fully operational
• New brand launch
• Asset business creation
• Build accounting and financial
systems
• Operate buy/sell side
• Asset maintenance, LCM & safety
• Investor Day asset business
strategies / financials, restructure
and plans to monetise towers
• External 1H financial results
• Dark fibre launch

10. Telstra
InfraCo
priorities
Key
programs
FY19/20
Stage 1
Standalone infra business unit
• Drive asset efficiencies
• Maintain existing customer and
offering portfolio
• Establish intercompany agreements
by asset class
• Asset accountabilities
• Detailed operating agreements
• Organisational structure, core
competencies and op model
• Financial reporting
• IT and process architecture
FY21/22
Stage 2
Asset and business value
creation
• Build out asset-based businesses
• Evolve market offerings and brand
• Partnerships to drive growth
• Asset business & company structures
• Market offerings, customer segments
and branding
• Capital and funding optionality
• Operational excellence
• Standalone processes and systems
In the future
Structural optionality
• Long term shareholder value
maximisation
• Readiness and flexibility
• Market options
• Co-operation options
We are transitioning from business building to business operations and asset
monetisation
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11. InfraCo’s journey so far
2018
Launch of T22
• T22 born and
InfraCo announced
• CEO appointment
Jun 2019 to Jun 2020
Phase 1: Establish InfraCo as an operating infrastructure business
• Portfolio options
• Operating Business vision
• SLT and Board alignment
• Scope and mission
• Principles
• Organisation and operating model design
• Intercompany agreements
• Investor Day market strategy
announcement
• New organisation and leadership team
announced
• Economic modelling
• Transition process from old to new
2022
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Jul 2020 to Feb
2021
Phase 2: Stand-up and drive value from the asset businesses
• InfraCo fully operational
• New brand launch
• Asset business creation
• Build accounting and financial
systems
• Operate buy/sell side
• Asset maintenance, LCM & safety
• Investor Day asset business
strategies / financials, restructure
and plans to monetise towers
• External 1H financial results
• Dark fibre launch
Mar 2021 onwards
Phase 3: Unlock value from our infrastructure /
Structural optionality and Towers monetisation
• Restructure preparations
• Towers focus/investor
readiness
• Towers offer and deal
• Towers sale announced
• Data Centre Co-location
launch
• Amplitel brand launch and
JV operational
• Investor Day fibre strategy

12. The InfraCo
Towers deal
was well
received
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13. InfraCo’s journey so far
2018
Launch of T22
• T22 born and
InfraCo announced
• CEO appointment
Jun 2019 to Jun 2020
Phase 1: Establish InfraCo as an operating infrastructure business
• Portfolio options
• Operating Business vision
• SLT and Board alignment
• Scope and mission
• Principles
• Organisation and operating model design
• Intercompany agreements
• Investor Day market strategy
announcement
• New organisation and leadership team
announced
• Economic modelling
• Transition process from old to new
2022
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Jul 2020 to Feb
2021
Phase 2: Stand-up and drive value from the asset businesses
• InfraCo fully operational
• New brand launch
• Asset business creation
• Build accounting and financial
systems
• Operate buy/sell side
• Asset maintenance, LCM & safety
• Investor Day asset business
strategies / financials, restructure
and plans to monetise towers
• External 1H financial results
• Dark fibre launch
Mar 2021 onwards
Phase 3: Unlock value from our infrastructure /
Structural optionality and Towers monetisation
• Restructure preparations
• Towers focus/investor
readiness
• Towers offer and deal
• Towers sale announced
• Data Centre Co-location
launch
• Amplitel brand launch and
JV operational
• Investor Day fibre strategy
2022
• Intercapital Fibre /
Viasat partnership
• Fixed Network Sites strategy
• InfraCo Fixed as an investible
entity

14. InfraCo’s
strategy
Our
purpose
and
values
To build a connected future so everyone can thrive
We are changemakers We are better together​ We care​ We make it simple​
Our
building
blocks
Our
ambition
To deliver customer value & profitable growth by improving access, utilisation and scale of our
infrastructure
Provide accessible
infrastructure for the
nation
Enhance our
infrastructure expertise
Establish globally
competitive &
sustainable asset
businesses
Execute on Amplitel’s
strategy with our new
partners
InfraCo Fixed
readiness to explore
future monetisation or
other opportunities
Create strategic InfraCo
| Customer
partnerships
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15. Amplitel is shaping the market
• Australia’s largest tower network with over
8,000 sites
• Supporting all carriers’ bids for co-funding
to improve coverage in regional areas
• Increased asset utilisation a core focus
Supporting expanded mobile
coverage for all Australians
• Customer access to new asset management
system live this month, enabling self service
for new and existing orders
• Innovative Digital Twin program helping
customers visualise equipment on site
Improving access to
Amplitel’s tower network
• Landbanking and build-to-suit programs
• Site acquisition, planning, and design
• Structural assessment and strengthening
• Equipment installation, commissioning, and
while-we-are-there maintenance services
Launching full tower
infrastructure services
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16. • 20,000 kms of new fibre technology over
five years. Dual terrestrial cables allow
high capacity with maximum flexibility
for customers
• Ultra-high capacity, low-latency fibre will
enable higher transmission rates between
capital cities
• Construction in Bakers Hill WA underway, and
Orange NSW imminent
Intercapital fibre network
of the future
InfraCo’s unrivalled fibre footprint will continue to grow, construction underway
• Combining our leading fibre footprint and fixed
network assets provides unique opportunities
for our customers
• Viasat partnership combines fibre,
data centre connectivity and network
management to support Viasat’s new
Asia-Pacific satellite constellation
Unique connectivity
to critical infrastructure
• New Dark Fibre Premise offer launched
across six metro capital cities
• Additional launches in FY22 will expand our
dark fibre into more cities and add additional
non-premise service point offerings
Expanding our dark fibre
product set to meet market
needs
Dark Fibre
DC-DC/POI
Dark Fibre
Premise
Dark Fibre
POI Ring
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17. Ready to go national infrastructure, wherever you need it
• 370,000km of duct, 59% metro and 41% in
regional/remote areas
• 7.5m pits and manholes, 60% metro and 40%
in regional/remote areas
• 160,000 poles suited to small cell, emergency
services and IoT usage
• Simple and efficient access, quotes and
bookings via the Automated Duct Reservation
tool
Ducts, pits/manholes & poles
are used by many carriers
• Over 10,000 fixed network sites including
111 nbn POIs, fibre amplifier sites and access
points
• 2 dedicated data centres and carrier neutral
DC colocation space in 7 additional
metropolitan sites
• Investment in energy efficiency to contribute to
50% reduction in greenhouse gas emissions
by 2030
Fixed network sites are
where the network is
• Site access and services tailored to the needs
of Telstra, nbn, carriers, government and
enterprise customers
• New product development coordination across
InfraCo ensures we bring a similar integration
approach to every opportunity
Infrastructure expertise
enhances strategic partnerships
with customers
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18. Our asset portfolio leads the market in terms of
scale, coverage and mix
We will continue to make large scale investments
in our networks, infrastructure and solutions
We are committed to opening up more innovative
ways for customers to access our infrastructure
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19. Thank you