• Institutional Reinvestment Plan to raise up to $550 million
• Retail Reinvestment Plan to raise up to $138 million
• Aims to offset potential impact of $1.61 cash distribution on free float

TPG Telecom Limited has announced the launch of a Reinvestment Plan, which includes a non-underwritten offer of new fully paid shares (New Shares) to eligible institutional shareholders and other institutional investors to raise up to approximately $550 million (Institutional Reinvestment Plan) and a non-underwritten offer of New Shares to eligible retail shareholders to raise up to approximately $138 million (Retail Reinvestment Plan). The Reinvestment Plan is designed to offset the potential impact of the $1.61 cash distribution on TPG Telecom's free float market capitalization, increase minority ownership, and increase free float liquidity. Eligible Institutional Shareholders will be able to reinvest their $1.61 cash distribution for New Shares in TPG Telecom at $3.61 per share, representing a 5.0% discount to the last close. Eligible Retail Shareholders will also be provided the opportunity to reinvest their $1.61 cash distribution for New Shares under a prospectus, which is expected to be lodged on or around Wednesday, 19 November 2025. Eligible Institutional Shareholders will be able to oversubscribe for institutional shortfall shares, but only eligible TPG Telecom shareholders on the register at the record date have certainty of participation. The Reinvestment Plan is not underwritten, with the potential to raise up to approximately $688 million in total.