TELSTRA GROUP LIMITED — Major Shareholding Notification 2008

Oct 19, 2008

Australian Government

Future Fund

20 October 2008

The Manager Company Announcements Office Australian Securities Exchange 4th Floor 20 Bridge Street SYDNEY NSW 2000

By Facsimile: 1300 135 638

Future Fund Board of Guardians - Notice of change of interests of substantial holder

Earlier today Telstra Corporation Limited (Telstra) lodged with the Australian Securities Exchange (ASX) an Appendix 3B in relation to a number of Telstra shares held by the Future Fund Board of Guardians (Future Fund). These shares are presently held in escrow under the terms of the Telstra 3 share offer, and will be released from escrow on 20 November 2008.

In light of the above, the Future Fund wishes to confirm to the market its current holding in Telstra and all movements in its holding since it last lodged a substantial holding notice.

Accordingly, the Future Fund attaches Form 604 - Notice of change of interests of substantial holder for release to the market.

Yours sincerely,

Ms Robyh Fr Secretary

Encl.

604 page 1/2 15 July 2001

	Form 604 Corporations Act 2001 Section 671B
	Notice of change of interests of substantial holder
To Company Name/Scheme	Teistra Corporation Limited ("Telstra")
ACN/ARSN	051 775 556
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	Future Fund Board of Guardians
There was a change in the interests of the
substantial holder on:	Batwaan 28 / 06 / 2007 and 03/04/2008
The previous notice was given to the company on The previous notice was dated	02/03/2007 02/03/2007

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person s votes	Voling power (5)
Ordinary Shares	2.104.657.933	16.914% ____	2,000.376.090	16.076%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or schame, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant Interest changed	Nature of change (6).	Consideration given in relation. to change (7)	Class and number of securities affected	Person's votes affected
28 / 06 / 2007	Future Fund Board of Guardians	iTranafar in accordance with the Future Fund Act 2006 Fund Act 2006 - see copy of transfer : lin Annexure A	INII. Pursuant to clause 6(1) of Schedule 1 of the Future Shares	21,894,459 Ordinary 21,894,459
20 / 09 / 2007	Future Fund Board of Sale to satisfy Guardians	Idemand in Telstra's dividend reinvestmenti plan- see copy of transfer in Annexure	\$4,3272 per Ordinary Share 73,977,074 Ordinary 73,977,074	lShares
103/04/2008	Future Fund Board of Guardians	Sale to satisfy idemand in Telstra's ldividend reinvestmentl lplan- see copy of transfer in Annexure	\$4,2696 per Ordinary Shara 52,199,228 Ordinary 52,199,228	Shares

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
Future Fund lBoard of Guardians	Future Fund Board of lGuardians		Holder of the Ordinary Shares	2,000.376,090 Ordinary Shares	2.000.376.090

604 page 2/2 15 July 2001

5. Changes In association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

---- Name and ACN/ARSN (if applicable y	__ Nature of association
ln/a	In/a	_____

6. Addresses

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

Name	$\cdots$ Address
Future Fund Board of Guardians	C/- Future Fund Management Agency, Locked Bag 20010, MELBOURNE VIC 3001

Signature

print name	CORM MARLE AM	capacity	ECTUS TANCY
aign here		date	20 / 10 / 2008

"A"

The attached transfers are true copies of the original documents to accompany Form 604 -Notice of change of interests of substantial holder.

This is Annexure "A" of 5 pages to Form 604 - Notice of change of interests of
substantial holder signed by me and dated 20 October 2008.

Robyn Ma ie⁄Fry Secretary

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Place of registrations Australian Capital Territory If not fully poid, paid to:
Date of transfer/purchase: 2009/2007
سمعها وعاجوها والمشاب الملاحية The transition, being the registered holder of the above securities, transfers to the transferse those securities for the above consideration or pice, subject to the conditions on which they are held at the time of the bigning of this transfer. The transferre sprees to accept the securities mused to those condition. and to be bound by the construction of the corporation. أسرائهم فاستأملت بالمربوب والمتحور ومساعد وبالمستمل أحمد
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BIGNATURE
Signed sealed and delivered for and on behalf of the Future Fund Board of Guardlana by the Hand of Operations BRIZIKEJ Slegature. GORDON MOKELLAR	Date stansad.	27 1872007
Name (please print)

Freehlis Sydney 008270657

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		the cabere transfer to Future Pund-
AIGNATURE
Bigned sealed and delivered for and on behalf of the Commonwealth of Australia represented by and abing inrough Branch Manager, Tolstra 3 Sale Taskforce	Date algned:	27/6/2007
Signature MARK HEAZLETT Nome (please print)
Freehold Dynamore 270667	Printed 27, 8000 2007 (0:01)	Wer

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	For Non-Market Transactions
Affix Stamp Duty Here
FULL NAME OF CORPORATION (and ABN, ACN or ARBN if applicable)	Telstra Corporation Limited ACN 081 778 866
STATE OR TERRITORY WHERE CORPORATION 18 TAKEN TO BE REGISTERED	Australian Capital Territory
DESCRIPTION OF SECURITIES	Class: Ordinary If not fully paid, the issue price per security was SNA which is paid per security to. SNIA
QUANTITY	Seventy Three Million Nine Hundred and Seventy Seven Thousand and Seventy Words: Four
	78,977,074 Figures:
FULL NAME OF TRANSFEROR (BELLER)	Future Fund Board of Guardiana
CONSIDERATION	\$A 320,113,594.60	Date of Purchase 20 / 9 / 2007
JLL NAME OF (R ANSFEREE (BUYER)	Pacific Custodians Pty Limited ACN 009 682 868
FULL ADDRESS OF TRANSFEREE (BUYER)	a/o Link Market Bervices Limited Looked Bag A14
	Sydney South NSW 1235
BTATEMENT UNDER SECTION 1072H:	Under section 1072H of the Corporations Act 2001 NON-BENEFICIALLY (Cth), the transferee states that upon registration of this transfer it will hold the ascurition:
	I the registered holder and undersigned transferor/seller for the above consideration transfer to the transferee/buyer named above the
conditions.	securities as specified above standing in my name in the books of the corporation named above, subject to the several conditions on which I held those securities at the time of signing and I the transferse/buyer named above agree to accept those securities on the same
signed,	I have not received any notice of revocation of the Power of Attorney by death of the grantor or otherwis e, under w hich this transfer is AOARA
SIGNATURE OF TRANSFEROR (SELLER)	The seal of the Future Fund Board of Guardians affixed in accordance with the Future Fund Act in the presence of:	C omman Seal ABN 405 597 854,
	{Fa ul CoatsNo ] 66 Brian W ' / JEEEAFY Brownt + Board Member : [G iainna n/Board member, Futun
DATE SIGNED	Fund Board of Guardianal Management Agency 191 12007
SIGNATURE OF TRANSFEREE (BUYER)
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Affix Stemp Duty Here	For Non-Market Transactions
FULL NAME OF CORPORATION (and ABN, ACN or ARBN if applicable)		Teletra Corporation Limited ACN 061 776 656
STATE OR TERRITORY WHERE CORPORATION IS TAKEN TO BE REGISTERED	Australian Capital Territory
DESCRIPTION OF SECURITIES	Class: Ordinary If not fully paid,	the issue price par security was which is paid per security to	SN/A SN/A
QUANTITY	Words:	Twenty Eight		Fifty Two Million, One Hundred and Ninety Nine Thousand, Two Hundred and
	Figures: 62,199,228
FULL NAME OF TRANSFEROR (SELLER)	Future Fund Board of Guardians
CONSIDERATION	S A 222,869,823.87			Dete of Purchase 03/04/2008
FULL NAME OF TRANSFEREE (BUYER)		Pacific Custodians Pty Limited ACN 009 682 866
FULL ADDRESS OF TRANSFEREE (BUYER)	o/o Link Market Services Limited Locked Bag A14
	Sydney South NSW 1235
STATEMENT UNDER SECTION 1072H:	this transfer it will hold the securities:	Under section 1072H of the Corporations Act 2001 (Cth), the transferee states that upon registration of	NON-BENEFICIALLY
I the registered holder and undersigned transferor/seller for the above consideration transfer to the transferee/buyer named above the securities as specified above standing in my name in the books of the corporation named above, subject to the several conditions on which I hald those securities at the time of eigning and I the transferee/buyer named above agree to accept those securities on the same conditions.
I have not received any notice of revocation of the Power of Attorney by death of the grantor or otherwise, underwise and the same for the eigned.				ON.
SIGNATURE OF TRANSFEROR (SELLER)	The seal of the Future Fund Board of Guardians affixed in accordance with the Future Fund Act in the presence of:			'Common 60MQ Seal ABN 404859785
	JEFFREY BROWNE [Chelvmen/Board member, Future Fund Board of Guardians]		[General-Manager, Future Fund Management Agency	JOHN PATERSON-BOARD MEMBER
DATE SIGNED
SIGNATURE OF TRANSFEREE (BUYER)