Share Change For Telstra Corporation Limited In The S&P/ASX All Australian 50 Index

Standard & Poor’s will make the following changes in the S&P/ASX All Australian 50 Index effective after the close of trading on Thursday, May 15, 2008:

Telstra Corporation Limited (Australia, SEDOL: 6087289, GICS Code: 50101020), a member of the S&P/ASX All Australian 50 Index, will increase its shares to 10,318,893,498. This change is the result of the conversion of Telstra Installment Receipts (Australia, SEDOL: B1FW0K7, GICS Code: 50101020) to a fully paid ordinary share from a partly paid security.

As a result of the conversion of Telstra Installment Receipts to a fully paid security, the Telstra Installment Receipts will be removed from the S&P/ASX All Australian 50 and will merge with existing Telstra Corporation Limited shares after the close of trading on Thursday, May 15, 2008.

The Telstra Installment Receipts are currently an extra secondary class of security for Telstra Corporation Limited within S&P/ASX indexes and will not be replaced in related indices upon removal.

The following is a summary of the announced change: