TELSTRA GROUP LIMITED — Director's Dealing 2007

Sep 24, 2007

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25 September 2007

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

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

The change to Dr Stocker’s interest in shares is as a result of participation in Telstra’s Dividend Reinvestment Plan.

Yours sincerely

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Claire Elliott Acting Company Secretary

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

Rule 3.19A.2

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	22 AUGUST 2007

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	ALLOCATION OF SHARES FOLLOWING PARTICIPATION IN THE DIVIDEND REINVESTMENT PLAN (DRP)
Date of change	21 SEPTEMBER 2007
No. of securities held prior to change	DIRECT – 8,026 (FPO) INDIRECT – 104,809 (FPO) & 24,150 (IR)
Class	ORDINARY
Number acquired	DIRECT - 199 (FPO) INDIRECT – 2,341(FPO)
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	DRP ALLOCATION AT $4.3272 PER SHARE
No. of securities held after change	DIRECT – 8,225 (FPO) INDIRECT – 107,150(FPO)& 24,150(IR)
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 DIVIDEND REINVESTMENT PLAN.

Part 2 – Change of director’s interests in contracts

NIL