ALLOT: TEL: Allotment of Securities

11 May 2010 3:30 pm

TEL 11/05/2010 ALLOT

REL: 1530 HRS Telecom Corporation of New Zealand Limited (NS)

ALLOT: TEL: Allotment of Securities

NOTIFICATION OF ALLOTMENT OF SECURITIES

For the purposes of Listing Rule 7.12.1 of the NZSX Listing Rules, Telecom Corporation of New Zealand Limited advises the following securities have been issued pursuant to the employee share scheme:

a) Class of Security Ordinary Shares ISIN NZTELE0001S4

b) Number Issued 68,186

c) Issue Price Nil

d) Payment terms n/a

e) Amount Paid Up In full

f) Percentage of total class issued 0.0036%

g) Reason for issue Exercise of share rights

h) Authority for issue Telecom share rights scheme

i) Terms of Issue The shares rank pari passu with the existing ordinary shares

j) Total number of securities after issue 1,916,860,491

l) Date of issue 11/05/2010 End CA:00194768 For:TEL Type:ALLOT Time:2010-05-11:15:30:06

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