TELSTRA GROUP LIMITED — Board/Management Information 2004

Nov 30, 2004

1 December 2004

The Manager

Company Announcements Office Australian Stock Exchange
4^th Floor, 20 Bridge Street SYDNEY NSW 2000

Office of the Company Secretary

Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA

Telephone 03 9634 6400 Facsimile 03 9632 3215

ELECTRONIC LODGEMENT

Dear Sir or Madam

Telstra Chief Executive Officer, Dr Ziggy Switkowski to step down in 2005

In accordance with the listing rules, I attach an announcement for release to the market.

Yours sincerely

North brake

Douglas Gration Company Secretary

Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556

1 December 2004

Telstra Chairman Mr Donald McGauchie AO announced today that following discussions between Telstra Chief Executive Officer Dr Ziaau Switkowski and the Board, the Board and Dr Switkowski have agreed that Dr Switkowski will step down as CEO on 1 July 2005 or earlier if a new CEO is appointed before that date.

Mr McGauchie said that the Board through its Nominations & Remuneration Committee would immediately commence a wide-ranging search to identify a suitable successor to Dr Switkowski. The Board considers it veru important to aive the market, potential investors and staff as much certainty as possible regarding the leadership of the company through its expected full privatisation and beyond.

Mr McGauchie confirmed that the Board remains committed to the company's current strategu and capital management program announced in June this year and will continue to work over the next six months with Dr Switkowski to implement the agreed strategy. Mr McGauchie said that Dr Switkowski has successfully led the company through a particularly complex and demanding period in the telecommunications industry. He has developed an outstanding executive team and Telstra is now well positioned as a competitive, full-service, integrated telecommunications company that is committed to delivering for its shareholders and the nation.

Dr Switkowski said he looked forward to thanking the staff of Telstra and in particular his senior leadership team for the privilege of leading them through a very rewarding and challenging chapter in the history of Telstra and the telecommunications industry. Dr Switkowski said that the company was performing well and he was confident that he would hand over a company in very sound shape to his successor.

In accordance with the previously disclosed terms of his employment contract, Dr Switkowski will receive an agreed payment of \$2,092,000. Dr Switkowski will also receive fixed remuneration in lieu of notice if he steps down before 1 July 2005. In addition to these payments. Dr Switkowski will be paid accrued leave and incentive payments as at the date he steps down in accordance with the terms of his contract.

Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556