Media Release, 23 February 2012

Telstra today lodged a revised Structural Separation Undertaking (SSU) with the Australian Competition and Consumer Commission (ACCC) for approval.

Telstra CEO David Thodey said the revised SSU came after multiple rounds of public consultation and the ACCC had publicly indicated Telstra had adequately responded to the issues raised.

“I am pleased the ACCC has acknowledged that their concerns have been addressed and I note their commitment to consider the SSU promptly,” Mr Thodey said.

ACCC acceptance of the SSU is the key outstanding condition precedent to the finalisation of Telstra’s Definitive Agreements with NBN Co for Telstra’s participation in the roll out of the National Broadband Network.

The changes made to the revised SSU lodged in December 2011 include clarification on the operation of the overarching equivalence commitment, and how wholesale customers access reference prices for regulated services.

Telstra believes the changes made to the SSU since it was lodged in July 2011 do not constitute material change in the context of the Proposed Transaction approved by Telstra shareholders in October 2011.

Following acceptance of the SSU there is a small number of largely procedural matters that need to be addressed before the agreements are implemented.

The revised SSU will be available on the ACCC website.