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Telecom Shareholders Welcome New Directors

Telecom Shareholders Welcome New Directors

Telecom shareholders re-elected businessmen Rob McLeod and Wayne Boyd as directors of the company at Telecom’s annual meeting in Wellington today.

This follows their appointment to the Board in July this year. Shareholders also re-elected Rod McGeoch and Michael Tyler who were standing for re-election by rotation.

Approximately 110 shareholders who attended the meeting were asked to vote on six resolutions, all of which were passed by a substantial majority.

Chairman Roderick Deane welcomed the shareholders’ decision to support the re-election of all four directors. “We have a very broad and well balanced set of skills and experience around the Telecom Board table.” Dr Deane said.

Resolutions passed by shareholders today were: • Authorising the directors to fix the remuneration of the Auditors • Re-election of directors • and • Amending the Telecom constitution to incorporate the New Zealand Exchange Listing Rules by reference.

The list of resolutions, along with the outcome of shareholder voting, is provided below:

RESOLUTION 1 That the directors be authorised to fix the Auditors’ remuneration. % of shares voted for: 99.99% % of shares voted against: 0.01%

RESOLUTION 2 That Mr Rod McGeoch be re-elected as a director of Telecom % of shares voted for: 95.39% % of shares voted against:4.61%

RESOLUTION 3 That Mr Michael Tyler be re-elected as a director of Telecom % of shares voted for: 99.25% % of shares voted against: 0.75%

RESOLUTION 4 That Mr Wayne Boyd be re-elected as a director of Telecom % of shares voted for: 99.51% % of shares voted against: 0.49%

RESOLUTION 5 That Mr Rob McLeod be re-elected as a director of Telecom % of shares voted for: 99.67% % of shares voted against: 0.33%

RESOLUTION 6 That Telecom’s constitution be amended, effectively immediately, as set out in the Annexure to the Explanatory Notes accompanying the Notice of Meeting. % of shares voted for: 99.90% % of shares voted against: 0.10%

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