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Statement From Telecom re David Cunliffe

Statement From Telecom In Response To Reported Comments By Communications Minister David Cunliffe

Telecom said today, as it had previously advised, it would update the market on its capital management plans no later than its fourth quarter announcement in August.

Telecom also confirmed, as it said on Friday, it would give an update on the business implications of the Government policy by late June, including guidance on capital expenditure for 2006-07.

Telecom Chairman Roderick Deane said Telecom had not given any indications on capital management and future dividend policy to the Minister of Communications David Cunliffe.

Nor did Telecom receive any prior advice from Mr Cunliffe about the comments he made today.

Dr Deane said Telecom needed to assure the market, the NZX and the Securities Commission that those comments appear to have been speculation on Mr Cunliffe's part.

Dr Deane said Telecom is totally committed to the new direction it outlined last week.

ENDS


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