TELSTRA GROUP LIMITED — Major Shareholding Notification 2008

Jun 11, 2008

Australian Government

Department of Finance and Deregulation

The Manager Company Announcements Office $4^th$ Floor. 20 Bridge Street SYDNEY NSW 2000

Dear Sir or Madam

Telstra Corporation Limited: Notice of Change of Interests of Substantial Holder

In accordance with section 671B of the Corporations Act 2001, I attach a notification for the market indicating movement in the Commonwealth of Australia's interest in Telstra.

Although Telstra is now privately-owned, this procedural notice is required as a technical matter to reflect the changes to the combined relevant interests in Telstra (TLS) of two entities legally related to the Commonwealth - the Future Fund and the Telstra Sale Company Ltd (which holds the shares underlying Telstra instalment receipts sold in the Telstra 3 Share Offer in trust until final payment is made). These changes arise from the transfer of shares from the Telstra Sale Company to, or in respect of, applicants who prepaid or paid the Telstra 3 Final Instalment which was due on or by 29 May 2008, and from the sale of shares by the Future Fund to satisfy demand in Telstra's Dividend Reinvestment Plan.

Yours sincerely

Mark Heazlétt

Branch Manager Telstra 3 Sale Branch $\sqrt{2}$ June 2008

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	TELSTRA CORPORATION LIMITED ("Telstra")
ACN/ARSN	33 051 755 556
1. Details of substantial holder(1)
Name	The Crown in right of the Commonwealth of Australia ("Commonwealth")
ACN/ARSN (if applicable)	N/A
There was a change in the interests of	Between
the substantial holder on	10/10/2007
	and 10/6/2008
The previous notice was given to the
company on	24/09/2007
The previous notice was dated:
	24/09/2007

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	Voting power (5)
ORD	6.270.223.121	50.4%	2.060.960.245	16.56%

604 page 1/2 15 July 2001

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 scheme, since the substantial holder was last required to give

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
10/10/2007	Telstra Sale Company Limited	Transfer of shares to applicants who pre-paid the Telstra 3 Final Instalment. Refer Telstra 3 Share Offer Prospectus	Refer Telstra 3 Share Offer Prospectus	804,400 Ordinary	804,400
13/11/2007	Telstra Sale Company Limited	As above	As above	341 750 Ordinary	341.750
12/12/2007	Telstra Sale Company Limited	As above	As above	535.473 Ordinary	535,473
14/1/2008	Telstra Sale Company Limited	As above	As above	44,638 Ordinary	44,638
12/2/2008	Telstra Sale Company Limited	As above	As above	589,000 Ordinary	589,000
13/3/2008	Telstra Sale Company Limited	As above	As above	1.525.913 Ordinary	1,525,913
11/4/2008	Telstra Sale Company Limited	As above	As above	3,826,871 Ordinary	3,826,871
31/3/2008	Future Fund Board of Guardians	Sale	\$4.2696 per Ordinary Share	52,199,228 Ordinary	52,199,228
10/06/2008	Telstra Sale Company Limited	Transfer of shares (including any valid Bonus Loyalty Share entitlements) to or in respect of applicants who paid the Telstra 3 Final Instalment. Refer Telstra 3 Share Offer Prospectus	Refer Telstra 3 Share Offer Prospectus	4,149,395,603 Ordinary	4,149,395,603

4. Present relevant interests

$\ddot{\phantom{0}}$

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

$\sim 10^6$

$\mathcal{A}^{\pm}$ $\hat{\boldsymbol{\theta}}$

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Commonwealth	Telstra Sale Company Limited	Telstra Sale Company Limited	Security Interest and other interests as set out in the Teistra Instalment Receipt and Bonus Lovalty Share Trust Deeds	60.584,155 Ordinary Shares	60.584 155
Commonwealth	Future Fund Board of Guardians	Future Fund Board of Guardians	Certain powers of direction in relation to the disposal of Telstra shares transferred to the Future Fund as set out in the Future Fund Act 2006	2,000,376,090 Ordinary Shares	2,000,376,090

604 page 1/2 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)	Nature of association

All the shares which are the subject of this notice are shares in which the substantial holder itself has a relevant interest. There are no shares which are included in this notice only because of relevant interests of associates.

6. Addresses

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

Name	Address
Commonwealth	C/- Department of Finance and Deregulation, John Gorton Building, King Edward Terrace PARKES ACT 2600
Telstra Sale Company Limited	C/- Maxim Chartered Accountants, 6 Oxley Street GRIFFITH ACT 2603
Future Fund Board of Guardians	C/- Future Fund Management Agency, Locked Bag 20010, MELBOURNE VIC 3001

Signature

print name: Mark Heazlett

capacity Branch Manager, Telstra 3 Sale Branch Department of Finance and Deregulation, for and on behalf of the Minister for Finance and Deregulation.

date $\sqrt{6}/6$ Og