• Raised $300 million through the Institutional Reinvestment Plan
• Issued approximately 83 million new shares at $3.61 per share
• Objective is to offset the impact of the capital return on TPG's free float market capitalization

TPG Telecom Limited (ASX: TPG) has completed the institutional component of its Reinvestment Plan, raising $300 million. Approximately 83 million new fully-paid ordinary shares were issued at a price of $3.61 per share, representing a 5.0% discount to TPG Telecom's last close price of $3.80 on Friday, 14 November 2025. The Reinvestment Plan offers minority shareholders the opportunity to re-invest their proceeds from the capital return of $1.61 per share (approved by TPG Telecom shareholders at the EGM on 11 November) into new TPG shares. The objective of the Reinvestment Plan is to offset the impact on TPG's free float market capitalization of the capital return, thereby increasing minority ownership and ASX index weighting of the Company. The Institutional Reinvestment Plan was launched on Monday, 17 November 2025 and generated very strong demand, materially above the initial target amount of up to $550 million. However, due to the announcement of a tragic incident related to a Lebara customer and an overall deterioration in global equity market conditions, TPG Telecom reduced the size of the Institutional Reinvestment Plan to $300 million. The New Shares issued will rank equally with all existing fully-paid ordinary shares of TPG Telecom.