Share Changes For Telecom Corporation In The S&P/ASX 50 Index

Standard & Poor’s will make the following changes in the S&P/ASX 50 Index effective after the close of trading Tuesday March 29th 2005:

Telecom Corporation (Australia, SEDOL: 6881500, GICS Code: 50101020) a member of the S&P/ASX 50 Index will increase its shares to 1,936,552,844. This change is due to a Dividend Reinvestment Plan.

Following is a summary of the announced changes:

S&P/ASX 50 Index – March 29th 2005 after the market close
S&P Index	Company Name	New Total	New IWF
S&P/ASX 50	Telecom Corporation	1,936,552,844	0.50 (no change)

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