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Telecom Dividend Payout Ratio

Telecom Dividend Payout Ratio

There has been some confusion in early media reports of Telecom’s dividend
payout ratio for the coming year.

On a like for like basis, the target payout ratio is unchanged.

The write-down of Australian operations recognised at 30 June 2006 will
have the flow-on effect of reducing next year’s depreciation charge.

If we had not adjusted the target ratio to 75% of net earnings to reflect
this, we would actually be increasing our distributions potentially to the
detriment of our target credit ratios.

Adjusting for the depreciation impact of the write-down, Telecom’s target
payout ratio for the 2007 financial year remains constant at 85% of net
earnings, the same as for 2006.

ENDS

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