Telecom Confirms November 30 Demerger Date

MEDIA RELEASE

11 November, 2011

Telecom Confirms November 30 Demerger Date

Telecom has today confirmed receipt of the Final Court Orders from the High Court, which allows the demerger of Chorus to proceed as planned, on 30 November 2011.

Telecom will demerge its Chorus local fixed line infrastructure business, to enable it to participate in the Government’s Ultra-fast Broadband initiative.

“Receipt of the court orders was the final box to be ticked in the demerger process,” said Paul Reynolds, Telecom CEO. “I can now confirm that Telecom will complete this extremely complex transaction, which has been delivered in a very tight timeframe, on schedule.”

Chorus shares will be distributed to eligible Telecom Shareholders at a ratio of one Chorus share for every five Telecom shares held.

The record date for the demerger is 7.00pm (NZ time) on 25 November 2011. All eligible Telecom Shareholders who hold Telecom shares then will be entitled to receive Chorus shares under the demerger.

Key dates - NZSX:

• 22 November – Last date Telecom shares trade on the NZSX with an entitlement to participate in the demerger

• 23 November – Ex date – first date Telecom shares trade on the NZSX without an entitlement to participate in the demerger
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• 23 November – Chorus shares start trading on the NZSX on a deferred settlement basis
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• 25 November – Chorus shares commence trading on the NZSX on a normal settlement basis.
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Key dates – ASX:

• 18 November – Last date Telecom shares trade on the ASX with an entitlement to participate in the demerger

• 21 November – Ex date – first date Telecom shares trade on the ASX without an entitlement to participate in the demerger

• 21 November – Chorus shares begin trading on the ASX on a deferred settlement basis

• 1 December – Chorus shares begin trading on a normal settlement basis on the ASX

Key dates – NYSE:

• 21 November – Last date Telecom ADSs can be issued (until 28 November 2011)

• 21 November - Ex-date for Telecom ADSs trading on the NYSE

• 23 November – ADSs record date

• On or about 30 November - Chorus ADSs allocated to registered holders
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ENDS

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