TELSTRA GROUP LIMITED — Director's Dealing 2003

Mar 20, 2003

21 March 2003

The Manager Company Announcements Office Australian Stock Exchange 10th Floor, 20 Bond 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

Appendix 3Y - Change of Directors' Interest Notice

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

Yours sincerely

Port brak-

Douglas Gration Company Secretary

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

Appendix 3Y Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity TELSTRA CORPORATION LIMITED

ABN 33 051 775 556

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	JOHN STOCKER
Date of last notice	13 MARCH 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	CHANGE TO INDIRECT INTERESTS ONLY
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	JOHN STOCKER FAMILY TRUST
Date of change	19 MARCH 2003
No. of securities held prior to change	$DIRECT - 800$ $INDIRECT - 52,580$
Class	ORDINARY
Number acquired	12,500
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$49,750.00
No. of securities held after change	$DIRECT - 800$ $INDIRECT - 65,080$
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ON MARKET TRADE.

Part 2 - Change of director's interests in contracts NIL