NZ Communications Signs Deal With Chinese

Media Release

NZ Communications Ltd

26 March 2007

NZ Communications Ltd Signs Agreement with leading Chinese Telecommunications Equipment Supplier, Huawei

NZ Communications Ltd, formerly Econet Wireless New Zealand (EWNZ), has announced the signing of a major contract with leading Chinese telecommunications supplier, Huawei. This follows capital investment from international private equity funds, GEMS and CVP.

NZ Communications Ltd Chairman, Bill Osborne, has welcomed the Huawei contract, to build a national cellular network, as an important milestone for the company. “For the original EWNZ shareholders, Hautaki Trust and Econet Wireless International, this contract marks an important milestone. We have worked very hard over the past few years to build a business case, mobilise resources and secure the capital needed for a third mobile network. There is a lot of hard work in front of us yet, but having a company like Huawei on board is tremendous,” said Osborne.

Osborne also reflected on the significance of the milestone to bedrock Maori investor, the Hautaki Trust – of which he is also Chairman. “We have taken the first step to develop spectrum that was made available to Maori on a commercial basis. We have secured shareholding partners, investment, developed IP and now signed up a great supply partner. That is very satisfying. But, we are under no illusion. This is just one step in a long journey.”

ENDS

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