Perpetual Limited — Major Shareholding Notification 2004

Jun 27, 2004

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To Company Name/Scheme TELECOM CORPORATION OF NEW ZEALAND LIMITED

ACNIARBN 050 611 277

	Details of substantial holder (1)
Name		PERPETUAL TRUSTEES AUSTRALIA LIMITED
	ACN (if applicable)	000 431 827

The holder became a substantial holder on $-24$ / 06 / 2004

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6)
Ordinary	97,060,854	97,060,854	5.01%

3. Details of relevant interests

The nature of the refevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Refer annexure1 & 2

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph above are as follows:

Holder of relevant interest	Registered holder of securities	Persons entitled to be registered as holder (8)	Class and number of securities
Refer annexure 1

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
Refer annexure 3		Cash	Non - Cash

Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable)	Nature of association
Refer to Annexure 1 & 2

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Refer to Annexure 1

Signature

Print name GLENDA CHARLES

Capacity

ASST. COMPANY SECRETARY

Perpetual Investments Account Codes & Details

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
PMISF1	RBC Global Services Australia Nominees Pty Limited ACF: Perpetual's Industrial Share Fund Account Code: PMISF1 Level 19 / 1 Castlereagh Street Sydney NSW 200	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PMISF 2	RBC Global Services Australia Nominees Pty Limited ACF: Perpetual's Industrial Share Fund Account Code: PMISF2 Level 19 / 1 Castlereagh Street Sydney NSW 200	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PMISFJ	RBC Global Services Australia Nominees Pty Limited ACF: Perpetual's Industrial Share Fund Account Code: PMISFJ Level 19 / 1 Castlereagh Street Sydney NSW 200	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
NSWTC	Cogent Nominees Pty Ltd ACF NSW Treasury Corporation. Account Code: HGFPTE RBC Global Services Australia Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	Cogent Nominees Pty Limited P.O. Box R209, Royal Exchange, Sydney NSW 1225
ARF	JP Morgan Chase Nominees Ltd ACF: Australian Retirement Fund. Account Code: ARF RBC Global Services Australia Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
PIFIJI	National Nominees Limited ACF: Fiji National Provident Fund Account Code: PIFIJI C/- RBC Global Services Australia Nominees Pty Ltd Level 19 Castlereagh Street Sydney NSW 2000	National Australia Custodian Services A/C FNPEAE/9353-16 5th Floor South 271 Collins Street Melbourne VIC 3000
PIACT	JP Morgan Chase Nominees Ltd ACF: Australian Capital Territory Treasury. Account RBC Global Services Australia Code: PIACT Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
SMF	ACF: Permanent Trustee Australia Ltd SMF Funds Management Account Code: SMF RBC Global Services Australia Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	Permanent Trustee Australia Ltd GPO Box 4270 Sydney NSW 2000
GSF	RBC Global Services Australia Nominees Pty Limited. ACF: Perpetual Australia Share Fund. Account Code: ASF / GSF Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PMBHP	JP Morgan Chase Nominees Ltd ACF: BHP Superannuation Fund. Account Code: PMBHP RBC Global Services Australia Nominees Pty Limited. Level 19 / 1 Castlereagh Street Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
PMSCA	RBC Global Services Australia Nominees Pty ATF: Perpetual's Smaller Companies Limited Analyst Fund Account Code: PMSCA. Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000

PMCBUS	National Nominees Ltd ACF: Construction & Building Union Superannuation Fund Account Code: PMCBUS RBC Global Services Australia Nominees Pty Limited. Level 19 / 1 Castlereagh Street Sydney NSW 200	National Australia Custodian Services 5th Floor South, 271 Collins Street Melbourne VIC 3000
PPSF	RBC Global Services Australia Nominees Pty Limited ATF: Perpetual Property Securities Fund Account Code: PPSF. Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
SASFIT	JP Morgan Chase Nominees Ltd ACF: South Australia Superanuuation Fund Account Code: SASFIT RBC Global Services Australia Nominees Pty Limited. Level 19 / 1 Castlereagh Street Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7 Royal Exchange Sydney NSW 2000
ICIS	RBC Global Australia Nominees Pty Limited ACF: Perpetual Investor Choice Industrial Asset Group Account Code: ICIS. Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
ICAS	RBC Global Services Australia Nominess Pty Limited. ACF: Perpetual Investor Choice Australian Asset Group. Account Code: ICAS Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
ICSC	RBC Global Services Australia Nominees Pty Limited. ACF: Perpetual Investor Choice Smaller Asset Group Account Code: ICSC. Level 19 / 1 Castlereagh Street Sydney NSW 2000 JP Morgan Chase Nominees Limited ACF: Host - Plus Pty Ltd Accoutn Code: PMHOST RBC Global Services Australia PMHOST Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000 National Nominees Limited. ACF: Care Super Fund Account Code: PMCARE PMCARE RBC Global Services Australia Nominees Pty Limited. Level 19, 1 Castlereagh Street, Sydney NSW 2000
PMPSS	JP Morgan Chase Nominees Limited ACF: PSS Board & Total Risk Management Account Code: PMPSS RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
PMMLC2	Westpac Custodian Nominees $ACF$ : MLC Statutory Fund No.2 Account Code: PMMLC2 RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7M6 Level 9, 50 Pitt Street Sydney NSW 2000
PMMLC3	Westpac Custodian Nominees ACF: MLC Statutory Fund No.3 Account Code: PMMLC3 RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7K4 Level 9, 50 Pitt Street Sydney NSW 2000

PMMLC4	ACF: Westpac Custodian Nominees MLC Statutory Fund No.4 Account Code: PMMLC4 RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7MD Level 9, 50 Pitt Street Sydney NSW 2000
PMMLCI	ACF: Westpac Custodian Nominees MLC Masterkey Account Code: PMMLCI RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7MH Level 9, 50 Pitt Street Sydney NSW 2000
PMMLCL	ACF: Westpac Custodian Nominees MLC Lifetime Fund Account Code: PMMLCL RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7K9 Level 9, 50 Pitt Street Sydney NSW 2000
PMMLCP	Westpac Custodian Nominees ACF: MLCI Pool - Perpetual Australian Share Trust Account Code: PMMLCP RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	Westpac Custodian Nominees State Street Fund Q7L5 Level 9.50 Pitt Street Sydney NSW 2000
PMCSS	ACF: JP Morgan Chase Nominees Limited CSS Board & Total Risk Management Account Code: PMCSS RBC Global Services Australia Nominees Pty Limited, Level 19, 1 Castlereagh Street, Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
SSAUEQ	RBC Global Services Australia Nominees Pty Limited ACF: Perpetual Investments Management Account Code: SSAUEQ L19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
ICPS	RBC Global Services Australia Nominees Pty Limited, ACF: Perpetual Investor Choice Property Securities Asset Group. Account Code: ICPS. Level 19 / 1 Castlereagh Street Sydney NSW 2000
NFMGT	National Nominees Limited ACF: National Financial Management Account Code: NU/NUPPAE RBC Global Services Australia Nominees Pty Limited, Level 19 / 1 Castlereagh Street Syndey NSW 2000
PMONE	National Nominees Limited ACF: OneSteel Suerannuation Fund Account Code: PMONE, RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	National Australia Custodian Services OneSteel Superannuation Fund OSPEAE / 6571-17 5th Floor South 271 Collins Street Melbourne VIC 3000
PCEF	RBC Global Services Australia Nominees Pty Limited. Account Code: PCEF Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000

QITE2	RBC Global Services Australia Nominees Pty Limited AFT: Quantitative Investments TE 2 Equity Fund. Account Code: QITE2 Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PIMIT	Guardian TrustAustralia Ltd ACF: Perpetual James Fielding Meridian Investment Trust Account code PIMIT C/- RBC Global Services Australia Nominees Pty Ltd Level 19, I Castlereagh St Sydney NSW 2000	Guardian Trust Australia Ltd <meridian A/C> GPO Box 469 Sydney NSW 2001</meridian
PIWGAF	UBS Nominee Pty Ltd ACF: Perpetual Wholesale Geared Australian Share Fund Account code PIWGAF C/- RBC Global Services Australia Nominees Pty Ltd Level 19, 1 Castlereagh St Sydney NSW 2000	UBS Nominee Pty Ltd <prime brokingA/C> Level 25, 1 Farrer Place Govenor Phillip Tower Sydney NSW 200
PIWSPF	UBS Nominee Pty Ltd ACF: Perpetual Wholesale Share Plus Fund Account code PIWSPF C/- RBC Global Services Australia Nominees Pty Ltd Level 19, 1 Castlereagh St Sydney NSW 2000	UBS Nominee Pty Ltd <prime brokingA/C> Level 25, 1 Farrer Place Govenor Phillip Tower Sydney NSW 200
PMFSAS	JP Morgan Chase Nominees Limtied ACF: Funds SA Small Co Portfolio Account Code: PMFSAS RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
PMSTA	National Nominees Limited ACF: Super Trust of Australia Account Code: PMSTA. RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	National Australia Custodian Services 5th Floor South 271 Collins Street Melbourne VIC 3000
PMWSCM	RBC Global Australia Nominees Pty Limited ACF: Perpetual Wholesale Smaller Co Fund Account Code: PWSCF, Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PMWSCS	RBC Global Australia Nominees Pty Limited ACF: Perpetual Wholesale Smaller Co Fund Account Code: PWSCF, Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PMREST	JP Morgan Chase Nominees Limited ACF: Retail Employers Superannuation Fund Account Code: PMREST. RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 200	JP Morgan Chase Nominees Locked Bag 7, Royal Exchange Sydney NSW 2000
National Nominees Ltd ACF: A.M. Corporation Account. Account Code: AMCORP RBC Global Services Australia AMCORP Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 200		National Australia Custodian Services A/C ATPFAE 6822 - 16. 5th Floor South 271 Collins Street Melbourne VIC 3000
TEL	National Nominees Limited ACF: Telstra Superannuation Pty Limited Account Code: TEL RBC Global Services Australia Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	National Australia Custodian Services A/C 3093-15 TSPPAE 5th Floor South 271 Collins Street Melbourne VIC 3000

PMFR	Westpac Custodian Nominees ACF: Frank Russell Investment Management Account Code: PMFR RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	Westpac Custodian Nominees State Street Fund BQ8D Level 9 / 50 Pitt Street Sydney NSW 2000
PMCPSF	Citicorp Nominees Pty Ltd EPSS03: Commonwealth Property Fund 3 Account Code: PMCPSF. RBC Global Services Australia Pty Ltd, Level 19/1 Castlereagh St. Sydney NSW 2000	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
PMCGSF	Citicorp Nominees Pty Ltd EASS11: Commonwealth Aust Shares Fund 11 Account Code: PMCGSF RBC Global Services Australia Pty Ltd Level 19/1 Castlereagh St. Sydney NSW 2000	Citicorp Nominees Pty Ltd GPO Box 764G, Melbourne VIC 3001
CBAISF	Citicorp Nominees Pty Ltd. EASS04: Commonwealth Aust Shares Fund 4. Account Code: CBAISF, RBC Global Services Australia Pty Ltd Level 19/1 Castlereagh St. Sydney NSW 2000	Citicorp Nominees Pty Ltd GPO Box 764G, Melbourne VIC 3001
PMWSRF	RBC Global Services Australia Nominees Pty Limited ACF Perpetual's Wholesale Ethical SRI Fund Account Code: PMWSRF Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2000
PTGEN	Perpetual Trustee Services General A / C Account Code: PTGEN RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTAL	Perpetual Trustees Australia Limited Account Code: PTAL RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTQLD	Perpetual Trustee Queensland Limited Account Code: PTQLD RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTCO	Perpetual Trustee Co. Limited Account Code: PTCO RBC Global Services RBC Global Services Australia Nominees Australia Nominees Pty Limited Pty Limited GPO Box 5430, Level 19 / 1 Castlereagh Street Sydney NSW Sydney NSW 2000 2000
PTNM	P.T.A. Nominees Limited ATF: Perpetual Trustees Nominees Limited Account Code: PTNM RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTVIC	Perpetual Trustee Victoria Limited Account Code: PTNM RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000

PNOM	Perpetual Nominees Pty Limited RBC Global Services Account Code: PNOM Australia Nominbees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTAN	Perpetual Nominees Limited Account Code: PTAN RBC Global Services Australia Nominees Pty Limited, Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PML	Perpetual Management Limited Account Code: RBC Global Services Australia PML. Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
PTWA	Perpetual Trustee WA Limited Account Code: PTWA RBC Global Services Australia Nominees Pty Limited Level 19 / 1 Castlereagh Street Sydney NSW 2000	RBC Global Services Australia Nominees Pty Limited GPO Box 5430, Sydney NSW 2000
Τ2	Perpetual Trustee Company Limited Private Client Division)	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000
T3	Perpetual Trustees Victoria Limited (Private Client Division)	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000
T4	Perpetual Trustees Queensland Limited (Private Client Division)	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000
Τ6	Perpetual Trustees WA Limited Private Client Division )	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000
T7	Perpetual Trustee Company Canberra Limited (Private Client Division)	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000
DIRECTOR	Perpetual Trustees Australia Limited, Directors Personal Holdings	Perpetual Trustee Company Limited 39 Hunter Street, Sydney 2000

PRESENT RELEVANT INTERESTS

Summary (Perpetital Indiana) FIE			stali xi
TEL (TELECOM CORP NZ)		Portfolios
Portolo	EURT	Holdings
v knotne	PM	1,081,847
ARF #	PM	3,792,665
GSF صحيحا	PM	11,720,921
ICAS	PM	1,565,002
همينا ' ICIS	PM	7,407,088
NSWTC هن	PM	2,023,453
PCEF هن	PМ	3,806,403
SMF	PM	516,224
TEL	PM	1,545,613
T 2 المن الم	PCD	10,313
PMCBUS همجال	PМ	2,625,792
PMHOST	PM	1,008,791
PMSTA	PM	2,613,954
PMCGSF	PM	1,098,371
PMWSRF	PM	368,669
PMISFJ	PM	23,864,393
CBAISF	PM	2,665,353
PMISF1 المنحولة ا	PМ	20,119,312
PMISF2	PМ	7,139,186
PIWGAF	PM	319,823
PIWSPF	PМ	129,190
PIACT همكا	РM	791,857
PIFIJI هما	PМ	249,297
فنختلط SSCEF	SS	547,671
SSCCM وهي	SS	49,666

CHANGES IN RELEVANT INTERESTS

Account	Security	Quantity	Value	Price	DateAsAt
AMCORP	TEL	4,053	21,380	\$ 5.28	24-Jun-04
GSF	TEL	87,275	460,376	\$ 5.28	24-Jun-04
ICAS	TEL	10,682	56,348	\$ 5.28	24-Jun-04
NSWTC	TEL	9,463	49,917	\$ 5.28	24-Jun-04
PCEF	TEL	62,484	329,603	\$ 5.28	24-Jun-04
PIACT	TEL	11,116	58,637	\$ 5.28	24-Jun-04
PIFIJI	TEL	1,673	8,825	\$ 5.28	24-Jun-04
PIWGAF	TEL	10,695	56,416	\$ 5.28	24-Jun-04
PIWSPF	TEL	3,074	16,215	\$ 5.28	24-Jun-04
PMCBUS	TEL	1,400	7,385	\$ 5.28	24-Jun-04
PMCGSF	TEL	6,901	36,403	\$ 5.28	24-Jun-04
CBAISF	TEL	45,063	237,707	\$ 5.28	24-Jun-04
CBAISF	TEL	17,127	89,283	\$ 5.21	22-Jun-04
CBAISF	TEL	17,787	93,826	\$ 5.28	24-Jun-04
ICIS	TEL	18,434	97,239	\$ 5.28	24-Jun-04
ICIS	TEL	14,886	77,601	\$ 5.21	22-Jun-04
ICIS	TEL.	28,754	151,677	\$ 5.28	24-Jun-04
PMISF1	TEL	167,987	875,716	\$ 5.21	22-Jun-04
PMISF1	TEL	153,459	809,496	\$ 5.28	24-Jun-04
PMISFJ	TEL	211,503	1,115,678	\$ 5.28	24-Jun-04
PMWSRF	TEL	640	3,376	\$ 5.28	24-Jun-04
SMF	TEL	8,292	43,740	\$ 5.28	24-Jun-04
TEL	TEL	7,252	38,254	\$ 5.28	24-Jun-04

This is annexure 3 Page 1 of 1 referred to in Form 603
Title: Notice of initial substantial holder

Signature ____________________________________