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Healthy dividend for Telstra shareholders

28 October 2002 345/2002

Healthy dividend for Telstra shareholders

Telstra Corporation today paid a $1.4 billion dividend to its shareholders, taking the total for the full year to a record $2.8 billion, making it Australia's largest ordinary dividend payment ever made.

At the Full Year Financial result announcement on 28 August, Telstra Directors declared a final ordinary dividend of 11 cents per share fully franked at a 30 percent tax rate bringing the full year dividend to 22 cents per share.

This represents a full year dividend payment of $2.8 billion, up 15.8 percent on last year for the company’s 1.86 million shareholders.

Chief Executive Officer Dr Ziggy Switkowski, said the payment, announced at the company's full year results in August, reflected the strong performance of the company and the Board’s expectation of continuing good cash generation performance by the company.

"Our retail shareholders, all 1.86 million of them will receive on average, if they have 1740 shares, either a direct credit or a cheque in the mail for almost $200. This is a healthy injection of cash into the pockets of our shareholders," he said.

Of the $1.4 billion paid today by Telstra, the Federal Government as 50.1 percent major shareholder receives $701 million.

People who owned shares on the record date of 20 September, 2002 will receive the dividend payment. Currently more than 66 percent of shareholders receive their payment via direct credit with the rest receiving cheques.

The Telstra Annual General Meeting will be held at the Melbourne Exhibition and Convention Centre, Clarendon Street, Melbourne on 15 November, from 10.00am. Proceedings will be webcast for shareholders via www.telstra.com.au/investor.

ENDS

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