no Ianwill, the divvy of 22 cents includes special divvy.
the easiest way to understand it, is from the TLS report. they have a bar graph explaining it.
basically, the last divvy of 31 cents included a special divvy component of 7.5 cents and the 2018 divvy will have the same component(75% of one off NBN), but because it will drop to 70% payout of EPS , it gets you to 22 cents.
cheers crazypunter
Where to now for long term investors of Telstra, page-79
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