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Dear colleagues,

Over recent days we have renewed our public advocacy to communicate Telstra’s pro-consumer, pro-growth, pro-innovation and pro-competition agenda.

Over the coming weeks, we will be communicating with our shareholders, customers, employees and others. Our agenda: To better inform stakeholders about how current and proposed regulations and administrative practices impede our ability to grow our business and offer our customers the products and services they want at competitive prices.

In particular we need to make sure:

• our stakeholders know and understand the importance of the management review that is now in progress, the results of which will be announced in October;

• our shareholders know and understand management and regulatory issues and what’s at stake for them and the price of their shares;

• consumers know about the lower prices and service bundles they are being denied because of intrusive regulation;

• the public knows the costs of regulation and how it limits consumer choice, reduces competition, increases costs, disadvantages rural and remote areas, slows the build-out of the nation’s telecommunications infrastructure while favouring bigger profits for foreign-owned competitors; and

o all Australians know that these are not simply the views of the Telstra management, but are views also rooted in assessments of Telstra’s situation by leading institutions in the domestic and international financial community.

In the time ahead, there will be many interpretations placed on what we are trying to achieve as we drive a continuing flow of information out to Telstra stakeholders…information that shows how our operations and performance are affected by intrusive and unbalanced regulations. Let me give you our purpose as we see it: to have the freedom to compete for revenues, including from new and emerging technologies, that can expand and improve the services we provide to our customers -- and to enjoy regulatory practices that allow us to earn a competitive return on the investments we make in technologies and services for our customers – both wholesale and retail.

Let me assure you that our issues are not with individuals. Our agenda for telecommunications in this country is pro-consumer, pro-growth, pro-competition and pro-innovation. Let me also assure you that we will continue to comply with all laws, rules and regulations even as we seek to change some of them so that we can better serve our customers, grow our business for our shareholders and improve the performance and expand the communications capacity of the nation.

As Telstra stakeholders, I want to encourage you to follow these issues and get engaged as we seek to improve the operating environment for Telstra employees, customers and shareholders. We will keep you informed as the work unfolds.

Regards,

Phil Burgess

Group Managing Director

Public Policy Communications

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