TELSTRA GROUP LIMITED — Major Shareholding Notification 2007

Mar 1, 2007

98795219

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603 page 1/2 15 July 2001

orm 603 -
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Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Telstra Corporation Limited
ACN/ARSN	051 775 556
1. Details of substantial holder (1) Name	The Future Fund Board of Guardians
ACNIARSN (If applicable)
The holder became a substantial holder on	28/02/2007

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary shares -----	2.104.657.933	2 104.657.933	16.914%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
The Future Fund Board of Guardians	Transfer in accordance with Future Fund Act 2006	2,104,657,933 ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
The Future Fund Board of Guardians	The Future Fund Board of Guardians		2.104,657,933 ordinary shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a
substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number
		Cash	Non-cash	of securities
The Future Fund Board of Guardians	28 / 02 / 2007	Nil		2 104,657,933 ordinary shares

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603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if a applicable) _____ ______	Nature of association .
__	______ ______
	---------------------------------------

7. Addresses

The addresses of persons named in this form are as follows:

----------- Name	Address
The Future Fund Board of Guardians	Locked Bag 20010, Melbourne VIC 3001

Signature

print name	David Murray	capacity Chairman of the Board
sign here	Clarenz.	date 02/03/2007

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of
  an equity trust), the names could be included in an ann $(1)$ paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• $(7)$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document $(a)$ setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities $(b)$ to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

$(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

$(9)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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$"A"$

The attached transfer is a true copy of the document required by section 671B(4)(a) of the Corporations Act 2001 (Cth) to accompany the Form 603 - Notice of initial substantial holder.

This is Annexure "A" of [3] pages to Form 603 - Notice of initial substantial holder signed by me/us and dated 2 March 2007

ହ .
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(Signature)

SHARE	Duty stamp here
TRANSFER FORM
FULL NAME OF CORPORATION
Name: Telstra Corporation Limited ACN 051 775 556	Place of registration: Australian Capital Territory
DESCRIPTION OF SECURITIES
Class: Ordinary	If not fully paid, paid to:
REGISTER ON WHICH SECURITIES REGISTERED
Members
QUANTITY
Words:	Figures:
Two billion, one hundred and four million, six hundred and fifty seven thousand and nine hundred and thirty three	2,104,657,933
FULL NAME(S) OF TRANSFEROR/SELLER
Commonwealth of Australia
CONSIDERATION/PRICE
Nil. Pursuant to clause 6(1) of Schedule 1 of the Future Fund Act 2006	Date of transfer/purchase: 28/2/2007
FULL NAME(S) OF TRANSFEREE/BUYER
Future Fund Board of Guardians
FULL ADDRESS OF TRANSFEREE/BUYER
Locked Bag 20010, Melbourne VIC 3001
and to be bound by the constitution of the corporation.	The transferor, being the registered holder of the above securities, transfers to the transferee those securities for the above consideration or price, subject to the conditions on which they are held at the time of the signing of this transfer. The transferee agrees to accept the securities subject to those conditions

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Mar 02 07 11:49a Sarah

28/02 2007 14:14 FAX 61 2 6215 2140

T3 - share transfer to Futura Fund

SIGNATURE

Signed sealed and delivered for and on behalf of the Commonwealth of Australia represented by and acting through Mark Heazlett Branch Manager, Telstra 3 Sale Taskforce Department of Figure and Additionation

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Date signed:

28/2/2007

Ĭ. Signature

HEAZLE MARKHENRY Name (please print)

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page 2

SIGNATURE		$\lambda$
Signed sealed and delivered
for and on behalf of the
Future Fund Board of Guardians	Date signed:	2721 2007
by the Chief Operating Officer
Signature
Exant S
Name (please print)

Freehills Malbourne\004939280

$\sim 200$

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