Reduction of Capital In the High Court of New Zealand, Auckland Registry M. No. 545/96 In the matter of the Companies Act 1955, and in the matter of Tubemakers of New Zealand Limited Applicant: Notice is hereby given that the order of the High Court of New Zealand, dated on the 24th day of May 1996, confirming the reduction of the issued capital of the above-named company from $64,173,614 to $47,173,614 and the minute approved by the Court were registered by the District Registrar of Companies at Auckland on the 28th day of June 1996. The said minute is in the words and figures following: The capital of Tubemakers of New Zealand Limited is $47,173,614 divided into 100 fully paid ordinary shares of $1 each and 47 173 514 fully paid redeemable preference shares of $1 each having been reduced from $64,173,614 divided into 100 fully paid ordinary shares of $1 each and 64 173 514 fully paid redeemable preference shares of $1 each. Dated this 28th day of June 1996. RUSSELL McVEAGH McKENZIE BARTLEET & CO, Solicitors for the Company.