“Exhibit 8”

LIST OF SIGNIFICANT SUBSIDIARIES

As at 30 June 2006, the significant subsidiaries of Telecom Corporation of New Zealand Limited and their country of incorporation were:

Subsidiary	Country of Incorporation
AAPT Limited	Australia
TCNZ Australia Investments Pty Limited	Australia
TCNZ Australia Pty Limited	Australia
TCNZ (Bermuda) Limited	Bermuda
TCNZ Equities	New Zealand
TCNZ Finance Limited	New Zealand
TCNZ Financial Services Limited	New Zealand
TCNZ (UK) Investments Limited	United Kingdom
TCNZ (United Kingdom) Securities Limited	United Kingdom
Teleco Insurance Limited	Bermuda
Teleco Insurance Investments Limited	Bermuda
Telecom Directories Limited*	New Zealand
Telecom Directories Holdings Limited	New Zealand
Telecom Enterprises Limited	New Zealand
Telecom Europe APS	Denmark
Telecom Europe Holdings APS	Denmark
Telecom Europe 3G APS	Denmark
Telecom Investments Limited	New Zealand
Telecom IP Limited	New Zealand
Telecom Leasing Limited	New Zealand
Telecom Mobile Leasing No.1 Limited	New Zealand
Telecom Mobile Leasing No.2 Limited	New Zealand
Telecom Mobile Limited	New Zealand
Telecom New Zealand Limited	New Zealand
Telecom Pacific Limited	New Zealand
Telecom Purchasing Limited	New Zealand
Telecom Southern Cross Limited	New Zealand
Telecom US Leasing Limited	New Zealand
Telecom US Leasing No.2 Limited	New Zealand
Xtra Limited	New Zealand

All subsidiaries listed above are 100% owned.

* This company’s name was changed to Yellow Pages Group Limited subsequent to 30 June 2006.