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New Three-Year Agreement

2 June 2005

Telecom And The Commonwealth Bank Sign New Three-Year Agreement

New contract extends Voice and Contact Centres services

Telecom and the Commonwealth Bank of Australia have signed a new three-year agreement to extend the provision of voice and contact centre services until August 2008, with a further option to extend another 27 months.

General Manager Rhoda Holmes, of Telecom, said the new agreement gives the Commonwealth Bank significant cost savings and will see Telecom investing to future-proof voice and contact centre technologies. Mrs Holmes said Telecom was very excited about the new agreement and sees great potential in the extended relationship.

“On the heels of the data services agreement we signed in December, this is great news. We are looking forward to building on the work already underway and continuing to deliver excellent service and value for the Bank.” To date, Telecom has re-contracted around 75 per cent of the revenues covered in the original contract with the Bank. In addition, the group will continue to provide the Bank with a range of services on separate contractual arrangements. For more information, please contact:

ENDS

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