Telecom Corp of New Zealand : Ceasing to be a substantial holder

605 page 1/2 15 July 2001

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme

Telecom Corporation of New Zealand (TEL)

ACN/ARSN

1. Details of substantial holder(1)

Name
ACN/ARSN (if applicable)

BlackRock Investment Management (Australia) Limited and associated entities (BlackRock Group)

The holder ceased to be a substantial holder on
The previous notice was given to the company on
The previous notice was dated

28 /12 /2011

21 /11 / 2011

08 /11 / 2011

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
	see Annexure A

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
see Annexure B

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
see Annexure B

Signature

print name Costa Tzatzakis
capacity Director

sign here date

20 / 01

/ 12
605 page 2/2 15 July 2001

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
(2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. (3) See the definition of "associate" in section 9 of the Corporations Act 2001.
(4) Include details of:
(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
(6) The voting shares of a company constitute one class unless divided into separate classes.
(7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

This is Annexure A of 1 page referred to in form 605 Notice of ceasing to be a substantial shareholder

20-Jan-12

Costa Tzatzakis, Director Date 2. Changes in relevant interests Annexure A Telecom Corporation of New Zealand (TEL) Date of Change Person whose relevant interest changed Nature of change (4) Consideration given in relation to change (5) (AUD) Class (6) and number of securities affected Person's votes affected

9 Nov 2011 to

28 Dec 2011

BlackRock Group Purchases 17,387,575 ord 10,763,272 10,763,272

BlackRock Group Sales 17,354,647 ord 11,254,324 11,254,324

TEL Page 1 of 2

Annexure B

This is Annexure B of 1 page referred to in form 605 Notice of ceasing to be a substantial shareholder

Costa Tzatzakis, Director

20-Jan-12

4. Addresses

The addresses of persons named in this form are as follows:

Name Address

BlackRock Capital Management, Inc. 100 Bellevue Parkway

Wilmington, DE 19809

BlackRock Investment Management (Dublin) Ltd Dublin, Ireland

BlackRock (Netherlands) B.V. Rembrandt Tower, 17th floor

Amstelplein

Amsterdam Netherlands

BlackRock Fund Managers Ltd 12 Throgmorton Avenue

London EC2N 2DL UK

BlackRock Asset Management Canada Limited 161 Bay Street, Suite 2500

Toronto, Ontario M5J 2S1

BlackRock Investment Management (Aust) Ltd (ACN

006 165 975)

Level 19, 120 Collins St

Melbourne Australia

BlackRock International Ltd. 40 Torphichen Street

Edinburgh EH3 8JB

BlackRock Investment Management, LLC 1 University Square Drive, Princeton, NJ 08540

BlackRock Financial Management, Inc. 40 E. 52nd Street

New York, NY 10022

BlackRock Asset Management Japan Limited Marunouchi Trust Tower Main,

1-8-3 Marunouchi, Chiyoda-ku

Tokyo 100-8217

BlackRock Investment Management (UK) Ltd 12 Throgmorton Avenue

London EC2N 2DL UK

BlackRock Asset Management Australia Limited (ACN Level 43, Grosvenor Place

001 804 566)

225 George Street

Sydney NSW 2000 Australia

BlackRock Institutional Trust Company, N.A. 400 Howard Street

San Francisco, CA, 94105

BlackRock Advisors (UK) Ltd. Murray House, 1 Royal Mint Court

London, EC3N 4HH, UK

BlackRock Fund Advisors 400 Howard Street

San Francisco, CA, 94105

TEL Page 2 of 2