Certificate of Registration of Court Order Confirming Minute of Reduction In the matter of the Companies Act 1955, and in the matter of Telecom Corporation of New Zealand Limited: Notice is hereby given that the order of the High Court dated the 7th day of February 1994, confirming the reduction of the authorised capital of Telecom Corporation of New Zealand Limited (``Telecom'') from $5,000,000,001 to $4,527,600,001 and of the issued capital of Telecom from $2,362,000,001 to $1,889,600,001, and the minute approved by the Court showing the particulars of the company's capital as altered, were registered by the Registrar of Companies on the 9th day of February 1994. Dated this 10th day of February 1994. CHAPMAN TRIPP SHEFFIELD YOUNG, Solicitors for Telecom.