RELINT: TEL: Officer Disclosure - Houlden

11 May 2010 10:58 am

TEL 11/05/2010 RELINT

REL: 1058 HRS Telecom Corporation of New Zealand Limited (NS)

RELINT: TEL: Officer Disclosure - Houlden

Ongoing Disclosure Notice Section 19T(2), Securities Markets Act 1988

A Details of director or officer Name of director or officer of public issuer: John Russell Houlden Name of public issuer: Telecom Corporation of New Zealand Limited Name of related body corporate (if applicable): Position held in public issuer: Chief Financial Officer

B Securities in public issuer or related body corporate to which this disclosure relates Number, class, and type of securities: 68,186 ordinary shares

C Nature of relevant interest and name of registered holder Nature of relevant interest in securities: Legal ownership of 68,186 ordinary shares Name of registered holder of securities: John Russell Houlden

D Details of acquisitions and disposals If the relevant interest was acquired-- Date of acquisition: 11 May 2010 Consideration paid for acquisition: Nil (services) in respect of the exercise of options under the Telecom Share Rights Scheme

If the relevant interest was disposed of-- Date of disposal: Consideration paid for disposal:

Type of transaction Describe the arrangement pursuant to which, or the circumstances in which, the acquisition or disposal took place: Exercise of 68,186 share rights under the Telecom Share Rights Scheme

E Total number of transactions this notice relates to: One

F Date of last disclosure notice (whether in form 1 or form 2) by director or officer: 23 September 2009

G Signature Signature of director or officer:

Date of signature:

or Signature of person authorised to sign on behalf of director or officer:

Date of signature: Name and title of authorised person: End CA:00194745 For:TEL Type:RELINT Time:2010-05-11:10:58:33

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