Share Change For Telecom Corp. Of New Zealand Ltd. In The S&P/ASX All Australian 50 Index

Date 15/06/2007

Standard & Poor’s will make the following changes in the S&P/ASX All Australian 50 Index effective after the close of trading on Wednesday, June 20, 2007:

Telecom Corporation of New Zealand Ltd. (Australia, SEDOL 6881500, GICS 50101020), a member of the S&P/ASX 50 Index, will increase its shares to 2,015,019,102. This change is the result of a dividend reinvestment plan.

The following is a summary of the announced change:

S&P/ASX All Australian 50 Index – June 20, 2007 After Market Close
S&P Index	Company Name	New Total	New IWF
S&P/ASX 50	Telecom Corporation of New Zealand Ltd.	2,015,019,102	0.5 (No Change)