TELSTRA GROUP LIMITED — Director's Dealing 2010

Feb 25, 2010

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26 February 2010

The Manager

Company Announcements Office Australian Securities Exchange 4[th] Floor, 20 Bridge Street SYDNEY NSW 2000

Office of the Company Secretary

Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA General Enquiries 08 8308 1721 Facsimile 03 9632 3215

ELECTRONIC LODGEMENT

Dear Sir or Madam

Appendix 3Y – Changes in Director’s Interest Notice

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

The change to Mr Zeglis’ indirect holdings in Telstra Growthshare Pty Ltd, as trustee for the Telstra DirectShare plan, represents an allocation of Telstra shares on 19 February 2010 under the DirectShare Plan.

Yours sincerely

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Carmel Mulhern 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 ZEGLIS
Date of last notice	25 AUGUST 2009

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	19 FEBRUARY 2010
No. of securities held prior to change	DIRECT – 16,500 INDIRECT –30,684
Class	ORDINARY
Number acquired	6,809
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$22,538
No. of securities held after change	DIRECT – 16,500 INDIRECT – 37,493
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.

Part 2 – Change of director’s interests in contracts

NIL