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Telecom Responds To Elliott International PR

Telecom Responds To Press Release From Elliott International

Auckland, NZ (11 August 2008) - Telecom Corporation of New Zealand Limited ("Telecom") today issued the following statement regarding the press release by Elliott International regarding their nomination of new Board candidates and the strategic direction of the company.

Wayne Boyd, Chairman of the Board, stated, "The Board welcomes the interest of shareholders in Telecom's strategy. We have met with Elliott International, a US hedge fund, on several occasions over the last twelve months to discuss their views on Telecom's strategic direction, including the implications of structural separation.

Telecom has carefully considered the implications of structural separation, and does not believe that separating our retail and network businesses would be in the best interest of shareholders at this time. The Board of Telecom continues to be fully committed to considering all available options to enhance shareholder value and we believe we have the management team, strategy and financial expertise to maximise long-term shareholder value."


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