ASSET: TEL: Telecom Announces Sale of Stake in Macquarie Telecom

29 Jul 2010 2:34 pm

TEL 29/07/2010 ASSET

REL: 1434 HRS Telecom Corporation of New Zealand Limited (NS)

ASSET: TEL: Telecom Announces Sale of Stake in Macquarie Telecom

STOCK EXCHANGE ANNOUNCEMENT

29 July, 2010

Telecom announces sale of stake in Macquarie Telecom

Telecom has previously advised that it would consider offers in relation to the AAPT business that are in the best interests of shareholders. Telecom is currently considering strategic options in respect of these assets.

As part of this review Telecom has today announced the sale of its stake in Macquarie Telecom for A$9.9m. The carrying value of this investment was A$9.5 million at 30 June 2010. There are no changes to guidance as a result of this sale.

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For media queries, please contact: Mark Watts Head of External Media +64 (0) 27 250 4018

For investor relations queries, please contact: Mark Laing GM Investor Relations +64 (0) 272 275 890 End CA:00197775 For:TEL Type:ASSET Time:2010-07-29:14:34:15

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