52VQ Gforth 18-1 M S

RNS Number:9461S
JPMorgan Securities Ltd
14 March 2007


14 March 2007

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                          Telstra Corporation Limited
                              Stabilisation Notice

JPMorgan Securities Limited, (contact: Roibn Stoole telephone: 0207 779 2468)
hereby gives notice that the Stabilising Manager(s) named below may stabilise
the offer of the following securities in accordance with Commission Regulation
(EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The securities:

Issuer:                                   Telstra Corporation Limited

Guarantor (if any):                       n/a

Aggregate nominal amount:                 EUR 1bn

Description:                              10yr Fixed, 4,750 %, Maturity 21 March
                                          2017

Offer price:                              99.836

Other offer terms:                        London listing, Minimum Denominations
                                          50,000

Stabilisation:

Stabilising Manager(s):                   JPMorgan Securities Limited
                                          125 London Wall,
                                          London EC2Y 5AJ
                                          Deutsche Bank
                                          77 London Wall
                                          1 Great Winchester Street
                                          London EC2M 2DB
                                          BNP Baribas
                                          10 Harewood Avenue
                                          London NW1 6AA
                                          Barclays Capital
                                          5 The North Colonade
                                          London E14 4BB

Stabilisation period expected to start    14 March 2007
on:

Stabilisation period expected to end no   14 April 2007
later than:

Maximum size of over-allotment facility:  5% of the aggregate nominal amount
(1)                                       stated above.

In connection with the offer of the above securities, the Stabilising 
Manager(s), or persons acting on behalf of the Stabilising Manager(s) may over-
allot the securities, provided that the aggregate principal amount of the
securities allotted does not exceed 105 percent of the aggregate principal
amount of the securities, or effect transactions with a view to supporting the
market price of the securities at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager(s) or
persons acting on behalf of the Stabilisation Manager(s) will take any
stabilisation action. Stabilisation action may begin on or after the date on
which adequate public disclosure of the final terms of the offer is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30
days after the issue date of the securities and 60 days after the date of
allotment of the securities.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only
addressed to and directed at persons outside the United Kingdom and persons in
the United Kingdom who have professional experience in matters related to
investments or who are high net worth persons within article 12(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and
must not be acted on or relied on by other persons in the United Kingdom.
In addition, if and to the extent that this announcement is communicated in, or
the offer of the securities to which it relates is made in, any EEA Member State
that has implemented Directive 2003/71/EC (together with any applicable
implementing measures in any Member State, the "Prospectus Directive") before
the publication of a prospectus in relation to the securities which has been
approved by the competent authority in that Member State in accordance with the
Prospectus Directive (or which has been approved by a competent authority in
another Member State and notified to the competent authority in that Member
State in accordance with the Prospectus Directive), this announcement and the
offer are only addressed to and directed at persons in that Member State who are
qualified investors within the meaning of the Prospectus Directive (or who are
other persons to whom the offer may lawfully be addressed) and must not be acted
on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United States.
The securities have not been, and will not be, registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an exemption from registration. There will be no
public offer of securities in the United States. END



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