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TCNZ Finance Fixed Rate Bonds (“Telebonds”)

TCNZ Finance Fixed Rate Bonds (“Telebonds”)

TCNZ Finance said today it has placed the following tranches of TeleBonds with New Zealand brokers and institutional investors:

7 Year TeleBonds (maturing 22 March 2013) $250,000,000

10 Year TeleBonds (maturing 22 March 2016) $150,000,000

There will be no public pool set aside.

The TeleBonds are unsecured unsubordinated interest bearing obligations of TCNZ Finance. Application has been made to NZX for permission to list the securities on the NZDX Market. All the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this media release have been duly complied with. However, NZX accepts no responsibility for any statement in this media release.

For the full terms of the offer of TeleBonds, please refer to the TCNZ Finance Investment Statement relating to the TeleBonds dated 3 March 2006.

ENDS

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