Telecom to Offer Yellow Pages Group for Sale

Telecom to Offer Yellow Pages Group for Sale

Telecom New Zealand said today that it would launch a competitive sale
process for its Yellow Page Group business.

This follows a scoping study and a review by Telecom’s Board which
concluded that a sale would be in the best interests of the Telecom Group
and its shareholders in the longer term.

The Yellow Pages Group includes the printed Yellow Pages, White Pages and
their on-line equivalents, Local Directories, New Zealand Retirement Guide
and the newly acquired New Zealand Tourism Online.

Telecom’s Chief Executive Theresa Gattung said there had already been
considerable interest shown in the future of Yellow Pages Group based on
recent media speculation.

“We expect that the sale should be completed by the end of this financial
year,” Ms Gattung said.

“Telecom expects to appoint external advisers shortly to assist in
managing the sale process.’’

Ms Gattung said Telecom would provide an update on its capital management
plans after any sale had been completed.

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About Yellow Pages Group

Yellow Pages Group is the publishers of the print directories Yellow
Pages®, White Pages®, and Local Directories™, as well as the online
directories equivalent and the 018 service. Recently, Yellow Pages Group
has also acquired the New Zealand Tourism Online, New Zealand Retirement
Guide. Each year Yellow Pages Group is responsible for printing and
distributing more than 6 million directories – 18 regional editions of
Yellow Pages and White Pages, and 22 editions of Local Directories –
across the nation. Yellow Pages Group aims to be New Zealanders’ number
one find-it resource and has over 50 million look-ups across their
products and services every month.

Yellow Pages Group has over 600 employees nationally with annual revenue
of $250 million.

ENDS

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