TELSTRA GROUP LIMITED — Investor Presentation 2004

Sep 13, 2004

14 September 2004

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

International Investor Roadshow presentation - Hong Kong CSLA conference

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

Yours sincerely

North brake

Douglas Gration Company Secretary

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

	Highlights of 2003/04
kenned Profil & Strong Free Costillow		NPAC14-15-02%1 ECF (excluding asset sales / acquisitions) \$4,80 (+20%)
	Contal Mortugement Initiatives	New their alberting ets - Increased Ordinary Olyldend (13cps lina), +8.3%) 3 war \$1.5b p.d. program announced
	Improved Domestic Revenue Growth	Stronger 2nd Half momentum +3%
	Recent Acquisitions on Track	Tradho Post Group integration with Serials proceeding sensoring. KAY Group performing to expect of long
	KEACH Anaratal re-structure	REACH an a stranger footing going forward
Telstra's fundamentals are strong		2000 - Andrew Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria . .

Underlying Results				- cistro
Continues except in 1970			% A
Sales Revenue	20 S	201	20	.
Underlying Domestic Sales Revenue	12. WA	i Sergentin	$\lambda$ . In
Operating Expenses	10 X	10 G	(1. A)
EBITDA	n Br		30
ren 1	$f_1$ , $f_2$	6. Z	$\mathcal{L}^{\mathcal{A}}$
NPAT		$\mathbb{Z}^n$	20	manan n an an an an an an an an an an an an an
EBITDA Margin (%)	48.8	心脏器	$\perp$ $\Omega$
Domesic Orchanic Copix		$\hat{\textbf{z}}^{\text{g}}=2.9$ m)	(8 G)
Free Cash Flow	$\mathcal{L}(\mathbf{0})$	A R	20.2
Steady improvement across key financial metrics	111111111111111111111111111111111111111 4. _________