Ann: BUYBACK: TEL: Telecom share buyback passes N

• Release Date: 21/11/12 11:13
• Summary: BUYBACK: TEL: Telecom share buyback passes NZ$200 million
• Price Sensitive: No
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TEL
21/11/2012 09:13
BUYBACK

REL: 0913 HRS Telecom Corporation of New Zealand Limited

BUYBACK: TEL: Telecom share buyback passes NZ$200 million

MEDIA RELEASE

21 November 2012

Telecom share buyback passes NZ$200 million

Telecom announced today that share purchases via its on-market buyback
programme have passed the NZ$200 million mark.

The average price paid since recommencing the buyback in August 2012 is
$2.35. The total number of ordinary shares acquired under the buyback is
approximately 83 million, with an overall average price of $2.44.

Telecom announced in February 2012 it would undertake an on-market share
buyback of up to NZ$300 million during the 2012 calendar year, to reset
Telecom's capital structure and return surplus capital to shareholders.

ENDS

For media queries, please contact:

Andrew Pirie
Head of Communications
+64 (0) 27 555 0275

For investor queries, please contact:

Mark Laing
GM Capital Markets & Investor Relations
Telecom New Zealand
+64 (0) 27 227 5890
End CA:00230023 For:TEL    Type:BUYBACK    Time:2012-11-21 09:13:30