Commentary & Deal Flow

Spread set at: 7yr: SARON MS+65bp
IPTs: 7yr: SARON MS+60/65bp

• Issuer: Telstra Group Limited (ABN 56 650 620 303)
• Ticker: TLSAU
• Guarantor: Telstra Corporation Limited (ABN 33 051 775 556) and Telstra Limited (ABN 64 086 174 781) (each, a "Guarantor" and together, the "Guarantors")
• Issuer / Guarantor Domicile: Australia
• Format: Public Fixed Rate Notes
• Status: Unsubordinated and unsecured
• Issuer Ratings: A2/A- (Moody's/S&P), both stable
• Exp. Issue Ratings: A2/A- (Moody's/S&P)
• Min. Size: CHF 175m
• Coupon: 1.15% p.a. (indicative), will price at par
• Maturity: 30-Sep-33 (7 years)
• Spread/Yield: SARON MS+65bp / YTM 1.15%/1.20% / Govt.+81/+86bp
• Lead Manager(s): UBS, BNP
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the Issuer's €20,000,000,000 Debt Issuance Program including the Offering Circular dated 18-Aug-26 ("Offering Circular")
• FinSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection with the Notes will be governed by, and shall be construed in accordance with, English law. The Guarantee is governed by the laws of the state of Victoria, Australia.
• Covenants: Pari passu; Negative Pledge; Cross Default, each in accordance with the Terms and Conditions of the Notes
• Early Redemption: Clean Up Call at par at 80%, Redemption for Tax Reasons
• SIX Listing: 28-Sep-26
• Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: As per the Program Documentation and the relevant Pricing Supplement
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MiFID II / UK MIFIR Product Governance): Eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Today's business, books can close at short notice
• Settle: 30-Sep-26 (T+15)
• Deal Roadshow Material: An investor presentation and recording, and other supporting documentation can be found at: https://dealroadshow.finsight.com/e/TLS26