================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE: FOR THE PERIOD ENDING 29 FEBRUARY 2004
TELSTRA CORPORATION LIMITED
ACN 051 775 556
242 Exhibition Street
Melbourne Victoria 3000
Australia
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
================================================================================
INDEX
Date change for 2004 AGM
Analyst Briefing - Half year results presentation pack
Appendix 3Y - Change in Directors' Interests Notices
Appendix 3Y - Change in Directors' Interests Notices
[TELSTRA LOGO]
11 February 2004 OFFICE OF THE COMPANY SECRETARY
The Manager Level 41
242 Exhibition Street
Company Announcements Office MELBOURNE VIC 3000
Australian Stock Exchange AUSTRALIA
10th Floor, 20 Bond Street Telephone 03 9634 6400
SYDNEY NSW 2000 Facsimile 03 9632 3215
ELECTRONIC LODGEMENT
Dear Sir or Madam
DATE CHANGE FOR 2004 AGM
Telstra wishes to advise its shareholders that as a result of improved reporting
processes the Annual General Meeting for 2004 will now be held on Thursday 28
October 2004 in Melbourne.
Details of the AGM will be sent to all shareholders with their Notice of Meeting
later in the year.
Yours sincerely
/s/ Douglas Gration
------------------------
DOUGLAS GRATION
Company Secretary
Telstra Corporation Limited
ACN 051 775 556
ABN 33 051 775 556
TELSTRA CORPORATION LIMITED
1ST HALF FISCAL 2004 RESULTS
Dr Ziggy Switkowski
Chief Executive Officer
[TELSTRA LOGO]
HIGHLIGHTS*
MARGIN EXPANSION CONTINUES - EBITDA margin up 2% over pcp(to 50.4%)
IMPROVED MOBILE PERFORMANCE - Mobile revenue growth accelerating (+ 6.4%)
BROADBAND GROWTH - Subscribers up 108% to 507k
COST REDUCTIONS ON TRACK - Projects gaining traction
- New initiatives identified
STRONG FREE CASH FLOW - FCF +18% underpins our flexibility
CAPITAL MANAGEMENT - Successful Buy-back, increased ordinary
dividend
----------------------------------------
TELSTRA
*underlying is positioned for profitable growth
----------------------------------------
Slide 2 [TELSTRA LOGO]
UNDERLYING RESULTS
($ BILLIONS EXCEPT EBITDA MARGIN) 1H03 1H04 %(delta)*
-------------------------------------------------------------------------
Sales Revenue 10.5 10.5 (0.1)
Domestic Sales Revenue 9.5 9.7 1.8
---- ---- ----
Operating Expenses 5.5 5.3 (4.1)
EBITDA 5.1 5.3 3.9
EBIT 3.4 3.5 3.0
NPAT & MI 2.0 2.1 5.7
EBITDA Margin (%)(1) 48.4 50.4 2.0
Free Cash Flow(2) 1.5 1.8 18.2
* % calculated on actual numbers
1. % movement
2. Adjusted for large one off assets sales in 1H03 - Properties $570m
-------------------------------------
Margin expansion
driven by operating cost reductions
-------------------------------------
Slide 3 [TELSTRA LOGO]
1H 2004 FINANCIAL OUTCOMES
[BAR CHART]
$millions 2003 2004
--------- ----- ------
EBITDA MARGIN(1) 48.4% 50.4% 2%
EBIT MARGIN(1) 32.1% 33.1% 1%
FCF(2) 1,546 1,827 18%
EPS(1) 15.7c 16.7c 6.3%
ORDINARY DIVIDEND 12c 13c 8%
(1) Underlying
(2) Net of large one off asset sales
-----------------------------
Good progress
on key performance measures
-----------------------------
Slide 4 [TELSTRA LOGO]
TELSTRA'S MARKET SHARE REMAINS STRONG
[PIE CHARTS]
TELSTRA SHARE OTHER RESOLD
------------- ----- ------
LOCAL 75% 8% 17%
DOMESTIC LD 66% 34% 0%
INTERNATIONAL LD 53% 47% 0%
MOBILE* 45% 55% 0%
BASIC ACCESS 76% 9% 15%
DATA** 63% 37% 0%
SUBSCRIPTION TV 59% 41% 0%
SENSIS ADVERTISING (MAIN MEDIA) 13% 87% 0%
NARROWBAND 24% 76% 0%
BROADBAND 47% 30% 23%
INTERNET & IP** 39% 61% 0%
*Market Shares as at Oct 31 2003
**Market Shares as at June 2003
Source Product Management Estimates
--------------------------------
TELSTRA'S FULL SERVICE MODEL
is a competitive advantage
--------------------------------
Slide 5 [TELSTRA LOGO]
SIGNIFICANT REGULATORY SETTINGS IN PLACE
KEY REGULATORY SETTINGS NOW IN PLACE: SIGNIFICANT UPCOMING ISSUES:
- Regulated prices for wholesale services - USO/CSG review
- Safe harbour for Foxtel digital investment - Mobile termination report
- Price caps review
CURRENT EVENTS - INDICATIVE DATES
Digital HFC Accounting Mobile
Investment Separation reports Termination USO
Exemption released (final report) Review Price Caps
DEC 2003 DEC 2003 1ST HALF 2004 1ST HALF 2004 JUN 2005
-------------------
Regulatory risks
are manageable
-------------------
Slide 6 [TELSTRA LOGO]
REVENUE GROWTH
- BOTH ORGANIC AND ACQUISITIVE
MAXIMISE TRADITIONAL REVENUES
- Rebalancing
- Value Added Services
- Increase utilisation
- Price innovation
- Customer service
- Reduce costs / improve margin
Telstra is
CUSTOMER DRIVEN
TRANSFORMATION
21st Century
IP Network
GROW NEW WAVE
- Broadband
- Mobility
- Advertising
----------------------------------------
Services + Relationships + Efficiency
= Profitable Growth
----------------------------------------
Slide 7 [TELSTRA LOGO]
A PARADIGM SHIFT
YESTERDAY TOMORROW
---------------- -----------------------
Fixed network Broadband Ubiquitous
and services everywhere wireless
Mobile network
and services IP NETWORK
Internet network PSTN Multi-access
and services access innovative
devices
-----------------------------
The shift to IP
can be managed effectively
-----------------------------
Slide 8 [TELSTRA LOGO]
TELSTRA INTERNATIONAL STRATEGY
FOCUS DRIVER APPROACH OUTCOMES
ACQUISTION DRIVEN
MOBILITY ASIA - CORE COMPETENCY - DIRECT ORIGINATION EPS GROWTH
- SCALE
OPERATIONAL EXTENSION
CSL -CHINA - LOW CAPITAL - ALLIANCES EARNINGS
INTENSITY GROWTH - REGULATORY DIVERSITY
REACH - STRATEGIC "CONNECTION" - TRAFFIC CONSOLIDATION
- OPERATIONAL CONSOLIDATION
GLOBAL SALES - CUSTOMERS' NEEDS - SELECTED PRESENCE GROW OUR
- LEADERSHIP SUPPORT KNOWLEDGE, CAPABILITY
- FOLLOW THE CUSTOMER AND LEADERSHIP
NZ - SCALE - TELSTRACLEAR-ORGANIC
- INTEGRATION BENEFITS
RESPECTED OPERATIONAL DISCIPLINED FINANCIAL GROWTH
BRAND COMPETENCY PROCESSES STRENGTH MINDSET
Slide 9 [TELSTRA LOGO]
TELSTRA PATH TO VALUE CREATION
Higher Growth + Lower Costs = Financial Outcomes
- Wireless - Service Rationalisation - Margin expansion
- Broadband - Network Rationalisation - EPS growth
- Advertising - IT Savings - Cash flow growth
- Digital Entertainment - 6 Sigma Methodology - Capital management options
INCREASE MARKET SHARE IN $800M REDUCTION BY 2006 INCREASED SHAREHOLDER VALUE
SEGMENTS GROWING ABOVE
INDUSTRY AVERAGE
----------------------------
ON TRACK
to meet our objectives
----------------------------
Slide 10 [TELSTRA LOGO]
OUTLOOK
- INDUSTRY REVENUE GROWTH EXPECTED TO CONTINUE AROUND 4-5%
- STRONG FOCUS ON ACCELERATING REVENUE GROWTH TOWARDS INDUSTRY GROWTH RATE
- COSTS WILL GROW LESS THAN REVENUES
- UNDERLYING EBIT AND EBITDA MARGINS WILL CONTINUE TO RISE
- DOMESTIC CAPEX GUIDANCE UNCHANGED AT $2.9 BILLION
- CAPITAL MANAGEMENT PRIORITIES UNCHANGED
- INVEST IN THE CORE
- ACCRETIVE ACQUISITIONS
- RETURN CAPITAL
---------------------------------
COMPANY FOCUS:
REVENUE, MARGIN AND CASH FLOW
---------------------------------
Slide 11 [TELSTRA LOGO]
TELSTRA CORPORATION LIMITED
1ST HALF FISCAL 2004 RESULTS
Chief Financial Officer
John Stanhope
[TELSTRA LOGO]
FINANCIAL HIGHLIGHTS
- Domestic Sales Revenue up 2%(1)
BUSINESS - Mobiles Revenue up 6%, SIOs up 15%
GROWTH - Internet & IP Revenue up 18%, Broadband SIOs up 108%
- Sensis Revenue up 5%
COST - Operating Expenses down 4%(2)
MANAGEMENT - Margin Growth : Underlying EBITDA margin up 2% pts to 50.4%
- Cost reductions on track
- Free Cash Flow up 18% to $1.8b(3)
CAPITAL - Operating Capex down 11% (13% sales)
MANAGEMENT - Interim Ordinary Dividend Growth up 8% to 13cps
- Successful completion of $1b buyback
1. Less International, NDC and cable recovery
2. Underlying before depreciation, amortisation
3. Adjusted for one-off asset sales
------------------------------
CAPEX AND COST MANAGEMENT
driving strong Free Cash flow
------------------------------
Slide 13 [TELSTRA LOGO]
REPORTED RESULTS
($ BILLIONS EXCEPT EPS & DPS) 1H03 1H04 %(Delta)*
----------------------------- ------ ------ ---------
Sales Revenue 10.5 10.5 (0.1)
EBIT 2.6 3.5 38.1
NPAT & MI(1) 1.2 2.3 93.7
EPS (cents) 9.2 17.9 94.6
OPERATING CAPEX 1.6 1.4 (10.7)
ORDINARY DPS (CENTS)(2) 12 13 8.3
* % calculated on actual numbers
1. Prior year includes impact of non cash Reach write-down
of $965m
2. Excludes 3(cent) Special Dividend 1H 03
------------------------
INCREASED
Profits and Dividends
------------------------
Slide 14 [TELSTRA LOGO]
UNDERLYING RESULTS
($ BILLIONS EXCEPT EBITDA MARGIN) 1H03 1H04 % (Delta)*
--------------------------------- ------ ------ ----------
Sales Revenue 10.5 10.5 (0.1)
Underlying Domestic Sales Revenue 9.5 9.7 1.8
---- ---- ----
Operating Expenses 5.5 5.3 (4.1)
EBITDA 5.1 5.3 3.9
EBIT 3.4 3.5 3.0
NPAT & MI 2.0 2.1 5.7
EBITDA Margin (%)(1) 48.4 50.4 2.0
Free Cash Flow(2) 1.5 1.8 18.2
* % calculated on actual numbers
1. Absolute change in % calculation
2. Adjusted for large one off asset sales in 1H03 - Properties $570m
-------------------------------------
Margin expansion
driven by Operating cost reductions
-------------------------------------
Slide 15 [TELSTRA LOGO]
UNDERLYING DOMESTIC OPERATIONS
($ MILLIONS) 1H03 1H04 % (Delta)*
--------------------------------- ------ ------- ----------
Underlying Sales Revenue 10,468 10,456 (0.1)
Less International 816 717
Domestic Sales Revenue 9,652 9,739 0.9
Less: NDC/Cable Recovery 124 36
Underlying Domestic Sales Revenue 9,528 9,703 1.8
* Percentage growth represents the percentage
movement from the prior corresponding period
----------------------
Good Growth
in Domestic business
----------------------
Slide 16 [TELSTRA LOGO]
UNDERLYING SALES
[BAR CHART]
GROWTH IN
REVENUE FROM MOVEMENT A$M A$M ACTUAL GROWTH%
-------------------------------- ------------ ---------- -------
Total mobiles 115 1,919 6.4
Internet & IP solutions 72 463 18.4
PSTN 58 4,047 1.5
Sensis (Advertising/Directories) 38 769 5.2
ISDN -25 471 (5.0)
Other Sales & Service -80 322 (19.9)
HK CSL -107 377 (22.1)
FX - $93M
----------------------------------------
Strong Growth in mobiles, Internet & IP.
FX impacting HK CSL.
----------------------------------------
Slide 17 [TELSTRA LOGO]
MOBILES TRENDS IMPROVING
MOBILE QUARTERLY ARPUs
[LINE GRAPH]
SEP-02 DEC-02 MAR-03 JUN-03 SEP-03 DEC-03
PREPAID $14 $15 $14 $15 $15 $15
POSTPAID $61 $59 $55 $57 $57 $59
TOTAL $46 $45 $42 $42 $42 $43
MOBILE SUBSCRIBERS
[BAR CHART]
------------------------------
ARPU improving
from better yield management
------------------------------
Slide 18 [TELSTRA LOGO]
MOBILES INCLUSIVE OF TERMINATING REVENUES
[BAR CHART]
1. Includes estimate of fixed line calls terminating on our Mobile networks
-------------------------
Stronger performance
on a comparative basis
-------------------------
Slide 19 [TELSTRA LOGO]
DATA AND AIRTIME DRIVE
MOBILES REVENUE GROWTH
REVENUE MOVEMENT BY CATEGORY
[BAR CHART]
SMS* VOLUMES CONTINUE TO GROW
[BAR CHART]
----------------------------
Access fees & call charges
return to growth
----------------------------
* Mobile originating
Slide 20 [TELSTRA LOGO]
STRONG GROWTH IN INTERNET & IP SOLUTIONS
[BAR CHART]
NARROWBAND SUBSCRIBERS (000S)
[BAR CHART]
BROADBAND SUBSCRIBERS (000S)
[BAR CHART]
------------------------
On Track
to meet milestones
------------------------
Slide 21 [TELSTRA LOGO]
PSTN REBALANCED PRODUCTS GROW +1.5%
-ARPU* UP 1% TO $66/MONTH
BASIC ACCESS REVENUES GROW...ACCESS LINES STABLE
[BAR CHART]
LOCAL CALL REVENUES AND VOLUMES DOWN
[BAR CHART]
STD VOLUMES DOWN... YIELD IMPROVEMENT
[BAR CHART]
F2M MINUTES AND REVENUES UP
[BAR CHART]
-----------------
Rebalancing
delivers growth
-----------------
* Excludes Inbound and ISDN
Slide 22 [TELSTRA LOGO]
IMPROVED CALL COMPLETION RATES
[LINE GRAPH]
-----------------------------
Mitigates declines
in calling product volumes
-----------------------------
Slide 23 [TELSTRA LOGO]
SENSIS (ADVERTISING & DIRECTORIES)
-CONTINUING GROWTH STORY
[BAR CHART]
(R)Registered Trade Mark of
Telstra Corporation Ltd
-----------------------------
New products and features
drive growth
-----------------------------
Slide 24 [TELSTRA LOGO]
ISDN FOCUSSED ON CONSUMER & SME
[BAR CHART]
VOICE LINE EQUIVALENTS (000S) STABLE
[BAR CHART]
---------------------------------
Changing market mix and migration
impacting yields
---------------------------------
Slide 25 [TELSTRA LOGO]
REVENUES IMPACTED BY VARIOUS FACTORS
- CONTROLLED ENTITIES
- OTHER SALES AND SERVICE
[BAR CHART]
----------------------------------------------------
Negative impacts from FX and slowing of
non core activities but Domestic business growing
----------------------------------------------------
1. Includes balance of revenues across Controlled entities and Other sales &
service
2. Net of bundling revenue increase less service centre transfer to Foxtel
Slide 26 [TELSTRA LOGO]
UNDERLYING OPERATING EXPENSES IMPROVE
[BAR CHART]
UNDERLYING OPERATING EXPENSES
LABOUR +0.7%
FTEs down 6.9%(1) to 40,080
Pay increases
Higher overtime/casual
NDC payroll now charged to Labour
GOODS & SERVICES PURCHASED -13.2%
Lower International Network payments
Reduced NDC construction activity
OTHER OPERATING EXP. +0.8%
Service Contracts & Agreements
- prior year one-offs
- Efficiency gains
Increased project costs expensed
Higher marketing costs
--------------------------------------------
Continued cost focus
can accommodate pursuit of top line growth
--------------------------------------------
1. Includes NDC staff whose labour expense is reported in Direct Cost of Sales
in prior year
Slide 27 [TELSTRA LOGO]
OPERATING COST REDUCTION PROGRESS
[BAR CHART]
---------------
Cost Reductions
on track
---------------
Slide 28 [TELSTRA LOGO]
NGCR III -NEW PROJECTS
PRODUCT & PRICING
SIMPLIFICATION
MOBILES ACTIVATION TTIP ORGANISATION
REVIEW
NETWORK OPERATIONS NETWORK PLATFORM
REVIEW RATIONALISATION
ORDER DATA
QUALITY
--------------------------------------------------------------------------------
Additional initiatives to impact in 04/05
and beyond to offset cost increases related to revenue growth
--------------------------------------------------------------------------------
Slide 29 [TELSTRA LOGO]
DEPRECIATION & AMORTISATION
[BAR CHART]
---------------------------------------
Depreciation & Amortisation
growth expected to slow from FY2005
---------------------------------------
Slide 30 [TELSTRA LOGO]
FINANCIAL OVERVIEW - INTERNATIONAL
CONTRIBUTION TO TELSTRA GROUP RESULTS 6 MONTHS TO 31 DECEMBER 2003
EBIT CARRYING
TOTAL REVENUE EBITDA (POST G'WILL) VALUE (1)
------------- ------------- -------------- ---------
(A$ MILLIONS) 1H03 1H04 1H03 1H04 1H03 1H04
----------------------------- -----------------------------------------------
CSL 507 377 153 124 28 8 2,105
Reach (2) - - (946) - (946) - -
TelstraClear 273 283 38 57 (32) (17) 596
Other Cons. & Equity Acc. Op. 88 60 (11) 2 (11) 2 -
--------------------------------------------------------
Total 868 720 (766) 183 (961) (7)
--------------------------------------------------------
1. Carrying value on Telstra's balance sheet after consolidation adjustments.
2. This includes accounting impact of A$(965)m in relation to the write-down
of the investment. As Reach was equity accounted there was no revenue impact.
Ceased equity accounting end of Dec 02.
--------------------------------------
International represents 7% of sales -
impacted by rising A$
--------------------------------------
Slide 31 [TELSTRA LOGO]
TELSTRACLEAR
-LEADING CHALLENGER IN NEW ZEALAND
HIGHLIGHTS
- Solid revenue growth
- Retail 6%
- Wholesale - rate reductions in international market
- Continuing operational efficiencies and improved cash management driving opex
reductions of 2%
- Leadership in Internet Protocol
- Corporate customer wins
- Increasing ability to reach Corporate and Small Business markets, via
- increasing application of business resale regulatory determination
- Wireless Local Loop roll out in Auckland, Rotorua, Dunedin and Napier
[TELSTRACLEAR LOGO]
KEY FINANCIALS (NZ$M)(1)
1H03 1H04
Total revenue 311 321
Total opex 349 339
EBITDA 43 65
EBIT (38) (18)
Telstra Ownership 100% 100%
Carrying Value $m A$42 A$596
1. Excludes intercompany revenues/expenses
------------------
Approaching EBIT
positive
------------------
Slide 32 [TELSTRA LOGO]
CSL - HONG KONG'S LEADING MOBILE BUSINESS
HIGHLIGHTS
- Market condition was adversely affected by SARS and ongoing price war
- However, CSL continued its leadership in key value performance metrics
- Launched EDGE service in September
- Closer Economic Partnership Arrangements (CEPA) with Chinese government are
expected to bring new opportunities - CSL has been certified as a HK
Service Provider.
OUTLOOK
- Remain focused on value share
- Continue to pursue synergy with Telstra, especially in data application
developments and advancing business opportunities in China.
- Continue to adopt prudent approach regarding 3G deployment.
[CSL LOGO]
KEY FINANCIALS (HK$M)(1)
1H03 1H04
Total revenue 2,191 2,014
Total opex 1,528 1,356
EBITDA 663 658
EBIT 242 248
Telstra Ownership 100% 100%
Telstra Carrying Value A$2,805 A$2,105
----------------------------
CSL continues to perform
in difficult conditions
----------------------------
1. Excludes intercompany revenues/expenses
Slide 33 [TELSTRA LOGO]
REDUCED OPERATING CAPITAL EXPENDITURE
...CAPEX TO SALES IS FALLING
[BAR CHART]
CORE CAPEX ALLOCATIONS REMAIN TIGHT...
[BAR CHART]
----------------------------
Capital Allocation process
driving lower Capex spend
----------------------------
Slide 34 [TELSTRA LOGO]
FREE CASH FLOW & DIVIDENDS UP
TIGHT CAPEX MGT, COST CONTROL
HAVE GROWN FREE CASH FLOW ...
[BAR CHART]
... AND ORDINARY DIVIDENDS UP
[BAR CHART]
FREE CASH FLOW ORDINARY INTERIM DIVIDEND PER SHARE
------------------------
Continuing strong growth
in free cash flow
------------------------
1. Computershare in 1H02: Properties sale 1H03;
No significant asset sales in 1H04
Slide 35 [TELSTRA LOGO]
PREMIUM BALANCE SHEET RETAINED
CREDIT RATINGS S&P MOODYS FITCH
-------------------- ------ ------ -------
- Long term > 1 year AA- Aa3 AA-
- Outlook Stable Stable Negative
DEBT POSITION A$ BILLION
- Gross Debt 12,196
- Net Debt (defined as Gross Debt less interest 11,055
bearing)
- Shareholders funds 15,116 AVERAGE MATURITY
- Net Debt to Market Value 18% = 4.8 YEARS
- Net debt/Shareholders funds 73%
- Net debt /Book capitalisation 42%
- Interest cover (EBITDA/ Net Interest*) 13.6x
* Net Interest includes capitalised interest
-------------------------------------
Financial settings ensure flexibility
for future directions
-------------------------------------
Slide 36 [TELSTRA LOGO]
TARGET FINANCIAL PARAMETERS
GEARING-GROSS DEBT
[BAR CHART]
GEARING-NET DEBT
[BAR CHART]
INTEREST COVER-EBITDA/NET INT. EXPENSE
[BAR CHART]
DISCRETIONARY CASH FLOW TO NET DEBT*
[BAR CHART]
* Not measured at 1H 04
--------------------
Strong Balance Sheet
& Cash flows
--------------------
Slide 37 [TELSTRA LOGO]
FINANCIAL PRIORITIES:
FREE CASH FLOW & REVENUE GROWTH
- Improved EBITDA/EBIT Margin
OPERATIONAL - Process improvement using Six Sigma
EXCELLENCE - Tight capex management
- Customer satisfaction
- EPS accretive by year two, ROIC
ACCRETIVE - Operational control
ACQUISITIONS - Incremental in size
- Gross & Net Debt to Equity
TARGET PARAMETERS - EBITDA/Net Interest
- Discretionary cash flow to net debt
INCREASE IN LONG-TERM - Improve Return on Equity and EPS
SHAREHOLDER VALUE - Flexible balance sheet settings
- Active Capital Management
--------------------
Strong Cash Flow
gives us Options
--------------------
Slide 38 [TELSTRA LOGO]
OUTLOOK
BUSINESS - Improving Domestic growth
GROWTH - Mobiles - increase in ARPUs & Market Share
- Broadband - New plans stimulating demand
- Sensis - advertising growth opportunities
- Continue to increase utilisation of PSTN
COST - Revenue growth exceed cost growth - Margin expansion
MANAGEMENT - NGCR III implemented and on track
- Additional initiatives being scoped
CAPITAL - Continuing Strong Free Cash Flows to enable:
MANAGEMENT - Pursuit of organic and acquisition opportunities
OPTIONS - Increased Dividends and Capital Returns where appropriate
-----------------
Telstra leveraged
for growth
-----------------
Slide 39 [TELSTRA LOGO]
[TELSTRA LOGO]
19 February 2004 OFFICE OF THE COMPANY SECRETARY
The Manager Level 41
242 Exhibition Street
Company Announcements Office MELBOURNE VIC 3000
Australian Stock Exchange AUSTRALIA
10th Floor, 20 Bond Street
SYDNEY NSW 2000 Telephone 03 9634 6400
Facsimile 03 9632 3215
ELECTRONIC LODGEMENT
Dear Sir or Madam
APPENDIX 3Y - CHANGE IN DIRECTORS' INTERESTS NOTICES
In accordance with the listing rules, I attach an announcement for release to
the market.
Mr Clark has become a director of Park Avenue Investments Pty Ltd -
Superannuation Fund and has acquired a relevant interest in shares owned by the
fund.
Yours sincerely
/s/ DOUGLAS GRATION
------------------------------
DOUGLAS GRATION
Company Secretary
Telstra Corporation Limited
ACN 051 775 556
ABN 33 051 775 556
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR ANTHONY CLARK
DATE OF LAST NOTICE 31 OCTOBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
------------------------------------------------- ----------------------------------
NATURE OF INDIRECT INTEREST PARK AVENUE INVESTMENTS PTY LTD.-
(INCLUDING REGISTERED HOLDER) SUPERANNUATION FUND
Note: Provide details of the circumstances giving
rise to the relevant interest.
DATE OF CHANGE 17 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 10,000
INDIRECT - 10,486
CLASS ORDINARY
NUMBER ACQUIRED 40,000
NUMBER OF SHARES IN WHICH DIRECTOR HAS CEASED TO NOT APPLICABLE
HAVE A RELEVANT INTEREST.
VALUE/CONSIDERATION NOT APPLICABLE
Note: If consideration is non-cash, provide
details and estimated valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 10,000
INDIRECT - 50,486
NATURE OF CHANGE MR CLARK HAS BECOME A DIRECTOR OF
Example: on-market trade, off-market trade, PARK AVENUE INVESTMENTS PTY LTD -
exercise of options, issue of securities under SUPERANNUATION FUND AND HAS
dividend reinvestment plan, participation in ACQUIRED A RELEVANT INTEREST IN
buy-back SHARES OWNED BY THE FUND.
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
[TELSTRA LOGO]
26 February 2004 OFFICE OF THE COMPANY SECRETARY
The Manager Level 41
242 Exhibition Street
Company Announcements Office MELBOURNE VIC 3000
Australian Stock Exchange AUSTRALIA
10th Floor, 20 Bond Street
SYDNEY NSW 2000 Telephone 03 9634 6400
Facsimile 03 9632 3215
ELECTRONIC LODGEMENT
Dear Sir or Madam
APPENDIX 3Y - CHANGE IN DIRECTORS' INTERESTS NOTICES
In accordance with the listing rules, I attach an announcement for release to
the market.
The changes to Directors' indirect holdings in Telstra Growthshare Pty Ltd as
trustee for the Telstra DirectShare Plan represent an allocation of Telstra
shares to Directors on 20 February 2004 under the DirectShare plan.
Yours sincerely
/s/ Douglas Gration
------------------------------
DOUGLAS GRATION
Company Secretary
Telstra Corporation Limited
ACN 051 775 556
ABN 33 051 775 556
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR ANTHONY CLARK
DATE OF LAST NOTICE 19 FEBRUARY 2004
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving TELSTRA DIRECTSHARE PLAN
rise to the relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 10,000
INDIRECT - 50,486
CLASS ORDINARY
NUMBER ACQUIRED 2,017
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $9,500.71
Note: If consideration is non-cash, provide
details and estimated valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 10,000
INDIRECT - 52,503
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, UNDER THE DIRECTSHARE PLAN.
exercise of options, issue of securities under
dividend reinvestment plan, participation in
buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR JOHN FLETCHER
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
------------------------------------------------- ----------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving TELSTRA DIRECTSHARE PLAN
rise to the relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - NIL
INDIRECT - 43,814
CLASS ORDINARY
NUMBER ACQUIRED 4,246
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $19,998.66
Note: If consideration is non-cash, provide
details and estimated valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - NIL
INDIRECT - 48,060
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, UNDER THE DIRECTSHARE PLAN.
exercise of options, issue of securities under
dividend reinvestment plan, participation in
buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR BELINDA HUTCHINSON
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving TELSTRA DIRECTSHARE PLAN
rise to the relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 37,111
INDIRECT - 26,138
CLASS ORDINARY
NUMBER ACQUIRED 1,699
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $8,002.29
Note: If consideration is non-cash, provide
details and estimated valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 37,111
INDIRECT - 27,837
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, UNDER THE DIRECTSHARE PLAN.
exercise of options, issue of securities under
dividend reinvestment plan, participation in
buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR CATHERINE LIVINGSTONE
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 10,400
INDIRECT - 14,024
CLASS ORDINARY
NUMBER ACQUIRED 2,017
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $9,500.07
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 10,400
INDIRECT - 16,041
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR CHARLES MACEK
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTH SHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - NIL
INDIRECT - 37,445
CLASS ORDINARY
NUMBER ACQUIRED 2,017
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $9,500.07
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - NIL
INDIRECT - 39,462
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECT SHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR ROBERT MANSFIELD
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 20,00
INDIRECT - 72,938
CLASS ORDINARY
NUMBER ACQUIRED 5,945
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $28,000.95
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 20,000
INDIRECT - 78,883
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR DONALD MCGAUCHIE
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - NIL
INDIRECT - 29,440
CLASS ORDINARY
NUMBER ACQUIRED 3,185
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $15,001.35
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - NIL
INDIRECT - 32,625
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR BILL OWENS
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - NIL
INDIRECT - 10,459
CLASS ORDINARY
NUMBER ACQUIRED 3,185
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $15,001.35
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - NIL
INDIRECT - 13,644
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR JOHN RALPH
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 1,000
INDIRECT - 71,871
CLASS ORDINARY
NUMBER ACQUIRED 2,972
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $13,998.12
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 1,000
INDIRECT - 74,843
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
Rule 3.19A.2
APPENDIX 3Y
CHANGE OF DIRECTOR'S INTEREST NOTICE
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 30/9/2001.
NAME OF ENTITY TELSTRA CORPORATION LIMITED
ABN 33 051 775 556
We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.
NAME OF DIRECTOR JOHN STOCKER
DATE OF LAST NOTICE 10 SEPTEMBER 2003
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust
DIRECT OR INDIRECT INTEREST CHANGE TO INDIRECT INTERESTS ONLY
----------------------------------------------------------------- ---------------------------------
NATURE OF INDIRECT INTEREST ALLOCATION OF SHARES TO TELSTRA
(INCLUDING REGISTERED HOLDER) GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the TELSTRA DIRECTSHARE PLAN
relevant interest.
DATE OF CHANGE 20 FEBRUARY 2004
NO. OF SECURITIES HELD PRIOR TO CHANGE DIRECT - 800
INDIRECT - 72,728
CLASS ORDINARY
NUMBER ACQUIRED 8,216
NUMBER DISPOSED NIL
VALUE/CONSIDERATION $38,697.36
Note: If consideration is non-cash, provide details and estimated
valuation
NO. OF SECURITIES HELD AFTER CHANGE DIRECT - 800
INDIRECT - 80,944
NATURE OF CHANGE ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, UNDER THE DIRECTSHARE PLAN.
issue of securities under dividend reinvestment plan,
participation in buy-back
PART 2 - CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS
NIL
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TELSTRA CORPORATION LIMITED
/s/ Douglas Gration
---------------------------
Name: Douglas Gration
Title: Company Secretary
Date: 29 February 2004