TELSTRA GROUP LIMITED — Director's Dealing 2005

Mar 20, 2005

21 March 2005

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

AMENDED Appendix 3y - Change in Directors' interest Notice

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

The Appendix 3Y lodged on behalf of Mr John Fletcher on 25 February 2005 incorrectly stated the number of securities acquired under the DirectShare scheme. An amending form correcting the error is attached.

Yours sincerely

North brake

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 FLETCHER
Date of last notice	25 FEBRUARY 2005

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	ALLOCATION OF SHARES TO TELSTRA
(including registered holder)	GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the	TELSTRA DIRECTSHARE PLAN
relevant interest.
Date of change	NOT APPLICABLE
No. of securities held prior to change	DIRECT-NIL
	$INDIRECT - 52,976$
Class	ORDINARY
Number acquired	NOT APPLICABLE
Number disposed	42
Value/Consideration	NOT APPLICABLE
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT - NIL
	INDIRECT - 52,934
Nature of change	CORRECTING AN ADMINISTRATIVE
Example: on-market trade, off-market trade, exercise of options,	ERROR ON PREVIOUS ALLOCATION OF
issue of securities under dividend reinvestment plan, participation in buy-back	TELSTRA SHARES UNDER THE
	DIRECTSHARE PLAN.

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