CHORUS LIMITED — Board/Management Information 2011

Nov 30, 2011

MEDIA RELEASE

1 December 2011

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Telecom completes Chorus demerger

Telecom New Zealand has today announced that it has completed the separation of Chorus via a demerger, meaning that Chorus is now an entirely stand-alone company.

“The demerger of Chorus has been an enormous undertaking, and to complete it in such a short timeframe is testament to the phenomenal work of hundreds of people across both Telecom and Chorus,” said Paul Reynolds, Telecom CEO.

“We can now look forward to two fresh and dynamic companies each having their role to play in the delivery of world class telecommunications throughout New Zealand.”

Telecom has also confirmed the appointment of its new Chairman and Board members from today, 1 December 2011.

As announced on 13 September 2011, Mark Verbiest has become Chairman, and he is joined on the board by new appointees Charles Sitch, Justine Smyth, Maury Leyland and Paul Berriman. Murray Horn, Kevin Roberts and Paul Reynolds will remain on the Telecom board.

Wayne Boyd, Ron Spithill and Sue Sheldon have today stepped down from Telecom’s board, with Sue taking up her role as Chairman of Chorus.

ENDS

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