TELSTRA GROUP LIMITED — Director's Dealing 2006

Nov 9, 2006

10 November 2006

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

Appendix 3Y - Change in Director's interest Notice - John Zeglis

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

Yours sincerely

Port 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 ZEGLIS
Date of last notice	24 AUGUST 2006

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 DIRECT INTERESTS ONLY
Nature of indirect interest	PURCHASE OF ADRS ON THE NEW YORK
(including registered holder)	STOCK EXCHANGE
Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	3 NOVEMBER 2006
No. of securities held prior to change	DIRECT-NIL
	INDIRECT-1,897
Class	ORDINARY
Number acquired	3,300 ADRS (EQUIVALENT TO 16,500 TLS
	SHARES)
Number disposed	NIL
Value/Consideration	US\$50,353.05
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT-16,500
	INDIRECT-1,897
Nature of change	ON MARKET TRADE OF ADRS
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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