TELSTRA GROUP LIMITED — Director's Dealing 2006

Feb 21, 2006

22 February 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 Notices

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

The change to the Director's indirect holdings in Telstra Growthshare Pty Ltd as trustee for the Telstra DirectShare Plan represent an allocation of Telstra Shares to Directors on 17 February 2006 under the DirectShare Plan.

Yours sincerely

North book

Douglas Gration Company Secretary

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

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	23 AUGUST 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 relevant interest.	TELSTRA DIRECTSHARE PLAN
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	DIRECT-NIL
	$INDIRECT - 57,117$
Class	ORDINARY
Number acquired	5,687
Number disposed	NIL
Value/Consideration	\$23,032
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT-NIL
	INDIRECT – 62,804
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	BELINDA HUTCHINSON
Date of last notice	11 NOVEMBER 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 DIRECT AND INDIRECT
	INTERESTS ONLY
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1) PURCHASE OF ADDITIONAL SHARES - GEARED EQUITY INVESTMENTS 2) ALLOCATION OF SHARES TO TELSTRA GROWTHSHARE PTY LIMITED ATF TELSTRA DIRECTSHARE PLAN
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	DIRECT-38,337 INDIRECT - 32,289
Class	ORDINARY
Number acquired	$1)$ 575 DIRECT 3,577 INDIRECT 2).
Number disposed	NII.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$1)$ \$2,328 2) \$14,487
No. of securities held after change	DIRECT-38,912 INDIRECT - 35,866
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	SHARES FROM THE PROCEEDS OF $\mathbf{D}$ SPECIAL DIVIDEND ALLOCATION OF TELSTRA 2) SHARES UNDER THE DIRECTSHARE PLAN.

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	CATHERINE LIVINGSTONE
Date of last notice	23 AUGUST 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 (including registered holder)	ALLOCATION OF SHARES TO TELSTRA GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the relevant interest.	TELSTRA DIRECTSHARE PLAN
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	DIRECT-10,400 $INDIRECT - 20,557$
Class	ORDINARY
Number acquired	3,731
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$15,111
No. of securities held after change	DIRECT-10,400 INDIRECT – 24,288
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ALLOCATION OF TELSTRA SHARES UNDER THE DIRECTSHARE PLAN.

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	CHARLES MACEK
Date of last notice	23 AUGUST 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 (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	ALLOCATION OF SHARES TO TELSTRA GROWTHSHARE PTY LIMITED ATF TELSTRA DIRECTSHARE PLAN.
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	DIRECT-NIL INDIRECT - 44,538
Class	ORDINARY
Number acquired	4,038
Number disposed	NIL.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$16,354
No. of securities held after change	DIRECT-NIL $INDIRECT - 48,576$
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ALLOCATION OF TELSTRA SHARES UNDER THE DIRECTSHARE PLAN.

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	DONALD MCGAUCHIE
Date of last notice	23 AUGUST 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 relevant interest.	TELSTRA DIRECTSHARE PLAN
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	DIRECT-NIL
	INDIRECT - 47,887
Class	ORDINARY
Number acquired	9,754
Number disposed	NII.
Value/Consideration	\$39,504
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT - NIL
	$INDIRECT - 57,641$
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	23 AUGUST 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 relevant interest.	TELSTRA DIRECTSHARE PLAN
Date of change	17 FEBRUARY 2006
No. of securities held prior to change	$DIRECT - 800$
	INDIRECT - 91,942
Class	ORDINARY
Number acquired	4,499
Number disposed	NIL
Value/Consideration	\$18,221
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	$DIRECT - 800$
	INDIRECT – 96,441
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.