Telecom Corporation of New Zealand Limited

Questions for the Determinations Committee 1. Has a Succession Event occurred with respect to Telecom Corporation of New Zealand Limited (“TCNZ”)? (a) Demerger booklet relating to demerger of Chorus Limited http://www.asx.com.au/asxpdf/20110913/pdf/4211bz3d4dsx0f.pdf (b) Document evidencing demerger occurred https://www.nzx.com/files/attachments/150130.pdf (c) Documents evidencing exchange of both series of GBP EMTNs https://www.nzx.com/companies/TCN/announcements/216433 http://www.asx.com.au/asxpdf/20110923/pdf/42189lc5rl4xpq.pdf 2. Is the legally effective date of the Succession Event 30th November 2011? Documents evidencing demerger took effect on 30th November 2011 https://www.nzx.com/files/attachments/150130.pdf http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_232223&WT.mc_id=NLTITLE_YYYYMMDD_PR_232223 http://www.craigsip.com/markets/pricing-charting/announcement-text.html?security=TCN&vendor=NZCR&gmt=634582125792400000 3. Are Chorus Limited and TCNZ each a Successor (in accordance with Section 2.2(a)(iv) of the Definitions)? (a) Demerger booklet (evidencing amount of outstanding TCNZ obligations, and referring to early redemption of USD, CHF and CAD EMTNs, and exchange of GBP EMTNs) http://www.asx.com.au/asxpdf/20110913/pdf/4211bz3d4dsx0f.pdf (b) Documents evidencing redemption of CHF and CAD EMTNs https://www.nzx.com/companies/TCN/announcements/216816 https://www.nzx.com/companies/TCN/announcements/216773 Note that the Bloomberg screen page for the USD EMTNs also indicates an early maturity of 30/11/11 (c) Documents evidencing amount of GBP EMTNs retained by TCNZ and amount exchanged http://www.craigsip.com/markets/pricing-charting/announcement-text.html?security=TCN&vendor=NZCR&gmt=634582125792400000 http://www.asx.com.au/asxpdf/20110923/pdf/42189lc5rl4xpq.pdf