Share Change For Telecom Corp. Of New Zealand Limited In S&P/ASX 50 Index

Date 13/09/2006

Standard & Poor’s will make the following changes to the S&P/ASX 50 Index effective after the close of trading on Monday, Sept. 18, 2006:

Telecom Corporation of New Zealand (Australia, SEDOL: 6881500, GICS Code: 50101020), a member of the S&P/ASX 50 Index, will increase its shares to 1,979,016,561. This change is the result of a distribution-reinvestment plan.

Following is a summary of the announced change:

S&P/ASX 50 Index – Sept. 18, 2006 After Market Close
S&P Index	Company Name	New Total	New IWF
S&P/ASX 50	Telecom Corporation of New Zealand	1,979,016,561	0.5 (No Change)