TELSTRA GROUP LIMITED — Investor Presentation 2004

Apr 27, 2004

28 April 2004

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

Presentation to ABN Amro Communications Conference

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

Telsira Gorooranoolainulted ABNAmic Commissions Contered

John Stanhope Chief Financial Officer 28 April 2004

PLAYING IN THE DIGITAL SPACE - TEIStra's "New Wave" to drive growth

AGENDA

• ** Introduction and Overview
• ** Driving Broadband Growth
• ** Growing Sensis as an Advertising Business
• ** Effective Partnering with Foxtel
• ** Conclusion and Outlook

Telstra

Driving Profitable Revenue Growth

Maximise traditional revenues

• Rebalancing
• Value Added Services
• Increase utilisation
• Price innovation
• Customer service
• Reduce costs / improve margin

Transformation 2181 Contury IP Network

Telstra 1s GIBIOTEF CHYER

Grow New Wave

Sidex

• Explored Science E Mobility
• E Advertising

Services + Relationships + Efficiency = Profitable Growth

A Paradigm Shift

PLAYING IN THE DIGITAL SPACE - Telstra's "New Wave" to drive growth

AGENDA

• ** Introduction and Overview
• ** Driving Broadband Growth
• ** Growing Sensis as an Advertising Business
• ** Effective Partnering with Foxtel
• ** Conclusion and Outlook

Sides

The Broadband Value Chain

Broadband Access Drives Commercial Activity

Percentage change in usage in first 4 weeks post moving from dial-up to broadband

Telstra Services Solutions incl KAZ

Voice, Data, Internet / IP and Mobile networks

ELSTRA

Meets customer demands to provide a full range of ICT solutions

Sideri

Wireless Broadband

PLAYING IN THE DIGITAL SPACE - Telstra's "New Wave" to drive growth

AGENDA

• ** Introduction and Overview
• ** Driving Broadband Growth
• ** Growing Sensis as an Advertising Business
• Effective Partnering with Foxtel
• ** Conclusion and Outlook

Telstra

Sensis: Greating a Leader in Local Advertising

PLAYING IN THE DIGITAL SPACE - Telstra's "New Wave" to drive growth

AGENDA

• ** Introduction and Overview
• ** Driving Broadband Growth
• ** Growing Sensis as an Advertising Business
• ** Effective Partnering with Foxtel
• ** Conclusion and Outlook

Telstra

FOXTEL marrying broadband with broadcast

• Foxtel Digital is taking off
• Interactive content will drive connectivity demand over time
• Foxtel is a key element in the product bundle $\bullet$
• We are committed to our 50% shareholding

FOXTEL

is delivering a better TV experience

Sideski

The Digital Revolution - Summary

• Access is key, Telstra is well positioned
• Wireline and Wireless will converge as an integrated solution
• Sensis and Foxtel are growth drivers
• Content strategy driven by alliances and parinerships
• Bundling across product sets

Telstra is embracing new growth markets

Sidest!

Outlook

• Free cashflow generation is strong and growing
• Cost reductions and productivity improvements on track
• Group margins will expand
• Accelerating profitable revenue growth over time
• Any acquisitions must meet strict criteria $\bullet$
• Further capital management initiatives will be considered. $\bullet$

Company Focus: Cashflow Margin and Revenue

Telstro

Sidesid