IN CERTAIN CIRCUMSTANCES SHARES REPRESENTED BY THIS RECEIPT MAY BE SOLD WITHOUT THE CONSENT OF OWNERS. IN ADDITION THE RIGHT OF OWNERS OF RECEIPTS TO DIRECT THE VOTING OF SHARES MAY BE RESTRICTED AS DESCRIBED IN PARAGRAPH 9 BELOW. Effective September...American Depositary Receipt • September 24th, 2007 • Telecom Corp of New Zealand LTD • Telephone communications (no radiotelephone)
THE BANK OF NEW YORK AMERICAN DEPOSITARY RECEIPT FOR ORDINARY SHARES HAVING NO PAR VALUE OF TELECOM CORPORATION OF NEW ZEALAND LIMITED (INCORPORATED UNDER THE LAWS OF NEW ZEALAND) The Bank of New York as depositary (hereinafter called the Depositary), hereby certifies that ____________________, or registered assigns IS THE OWNER OF ___________________________________ AMERICAN DEPOSITARY SHARES representing deposited Ordinary Shares (herein called Shares) of Telecom Corporation of New Zealand Limited, incorporated under the laws of New Zealand (herein called the Company). At the date hereof, each American Depositary Share represents eight (8) Shares which are either deposited or subject to deposit under the deposit agreement at the principal Melbourne, Victoria, Australia office of Australia and New Zealand Banking Group Limited, the principal Melbourne, Victoria, Australia office of National Australia Bank or the principal Wellington, New Zealand office of the Bank of New Zealand (here
