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Shareholders Snap Up Nuplex Capital Notes

MEDIA RELEASE
20 May 2002

Shareholders Snap Up Nuplex Capital Notes

Statement made by Graeme J. Storey, Nuplex Industries Limited

Nuplex shareholders and the investor community have been quick to take up the “first come first served” subscriptions for Capital Notes, and the $60 million offer has closed $15 million over subscribed.

We are delighted at the wide appeal of the Capital Notes and their fast uptake.

Shareholder interest was so high that their pool filled very quickly and while additional shareholder requests were moved into the public pool on a preferential basis, regrettably, some shareholders missed out.

Of the $15million of over subscriptions $7.5 million was set aside for shareholders.

The uptake indicates the competitive rate we are paying and Nuplex’s standing as a long established, well performing publicly listed company.

The interest rate paid on the Capital Notes will be determined on 18 June 2002 but will not be less than 9.3% per annum. Interest will be paid quarterly from September 2002.

The capital raising is part of Nuplex's ongoing strategy to expand the company and maintain its position as Australasia’s largest manufacturer of resins for coatings, adhesives, composites and paper, and distributor of other functional chemicals.

The term of the Capital Notes is for approximately five years with the first election date being 15 September 2007. Nuplex intends to seek approval to list the Capital Notes on the New Zealand Stock Exchange.

At its next annual meeting in November 2002, Nuplex will seek shareholder approval to convert the Capital Notes into ordinary shares at the first election date.

Ends.

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