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Offer For AAPT Shares Closed

Telecom Corporation of New Zealand Limited's wholly owned subsidiary, TCNZ Australia Investments Pty Limited ("TNZ Australia") today announced that its takeover offer to acquire shares in AAPT Limited at $7.25 per share has closed.

At the close of the bid, TNZ Australia has relevant interests in 99.15% of AAPT shares.

TNZ Australia will today commence the compulsory acquisition process to acquire the shares of AAPT shareholders who did not accept the offer.

Trading in AAPT shares on the Australian Stock Exchange is expected to be suspended at the close of trading on 6 November 2000, with removal of AAPT from the official list of the Exchange expected to occur on 9 November 2000.

The compulsory acquisition of AAPT shares is expected to be completed within four to six weeks from today. Shares will be acquired on the same terms as the takeover bid.

AAPT shareholders who accepted the offer by the closing date of 28 October 2000 will receive payment as follows:

(a) shareholders who accepted the offer on or before 20 October 2000 (and who provided any necessary transfer documents with the acceptance) have already been sent payment for their AAPT shares;

(b) shareholders whose acceptances were received after 20 October but before the closing date (who have provided any necessary transfer documents with the acceptance) will be sent payment for their shares within five business days after the date their acceptance was received.


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