TELSTRA GROUP LIMITED — Investor Presentation 2003

Nov 20, 2003

21 November 2003

The Manager Company Announcements Office Australian Stock Exchange 10th Floor, 20 Bond 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

Dr Switkowski's presentation to UBS Investor Conference 2003

This presentation is provided for information only and does not contain price sensitive information not previously released to the market.

Yours sincerely

Pont braking

Douglas Gration Company Secretary

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

Disclaimer

This presentation includes certain forward-looking statements that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, those forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Telstra, which may cause actual results to differ materially from those expressed in the statements contained herein. For example, the factors that are likely to affect the results of Telstra include general economic conditions in Australia; exchange rates; competition in the markets in which Telstra will operate; the inherent regulatory risks in the businesses of Telstra and the Australian market; and the substantial technological changes taking place in the telecommunications industry; and the continuing growth in the data, internet, mobile and other telecommunications markets where Telstra will operate.

ROBIT

Key Messages

Full service model... Teistra has a competitive advantage, with large market shares in each product.

Scope for EPS growth in a low revenue growth environment.... Costs expected to grow less than revenues driving margin expansion.

Leverage to improved revenue growth...

Any improvement in revenues combined with cost out will accelerate earnings growth.

Matching technological change with customer demand ... Telstra is well placed to manage product substitution while maintaining strong returns.

Active Capital Management driving shareholder value... Prionties are to invest the core, accretive acquisitions or return capital.

Disciplined management with focus on free cash flow and shareholder returns

The Company