Commonwealth Numbered Regulations

TELSTRA CORPORATION (OWNERSHIP - INTERESTS IN SHARES) REGULATIONS 1997 No. 244 - REG 8

8. (1) An interest in a share is an interest of a prescribed kind if the
interest exists solely as a result of an action taken by the interest-holder
in the interest-holder's capacity as depositary or custodian for, or nominee
of, another person.

(2) For the avoidance of doubt, action of the kind mentioned in subregulation
(1) includes action by a person who is:

   (a)  a depositary in connection with a program for the issue of
        Interim American Depositary Shares or American Depositary Shares; or

   (b)  a custodian for a depositary mentioned in paragraph (a); or

   (c)  a clearing agency registered under section 17a of the Securities
        Exchange Act of 1934, as amended, of the United States of America, as
        in force at the commencement of these Regulations, or a nominee of
        such a clearing agency. [NOTE: A person whose interest is disregarded
        under this regulation is a person prescribed under regulation 17.]