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Statement From Telecom Chairman Dr Roderick Deane

Statement From Telecom Chairman

Dr Roderick Deane, Chairman of Telecom New Zealand Ltd., confirmed today that he had informed the board a considerable period of time ago of his wish to retire as Chairman. He said the timing of this depended on the board’s ongoing implementation of its succession planning but would be no later than within the next 12 months.

As part of a recent review of board responsibilities, Mr Robert McLeod had been appointed as Chairman of the Audit Committee to succeed Mr Paul Baines who had advised his wish to relinquish that role. In addition, Mr Wayne Boyd was appointed Chairman of the Nominations and Governance Committee. Mr Boyd and Mr McLeod were appointed to the board in 2004.

In line with normal corporate practice, the board has an appropriate director succession plan in place.

Dr Deane indicated that he had decided quite some time ago to reduce his corporate responsibilities and with this in mind is retiring shortly as a director of the ANZ Banking Group Ltd. (after 12 years on that board), as Chairman of the ANZ National Bank Ltd., as Chairman of Te Papa Tongarewa, the National Museum of New Zealand, and as Chairman of the City Gallery Wellington Foundation.

Dr Deane said he had a number of other activities which he and his wife Gillian had been pursuing over recent years and to which he was keen to devote more time.

Dr Deane said he would continue as Chairman of Fletcher Building Ltd., as a director of Woolworths Ltd. in Australia, as Chairman of the New Zealand Seed Fund, as a member of the Board of Governance of the IHC and as a trustee of MOTU, an economic and social research group.

ENDS


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