Vertex Group Holdings Limited Confirms IPO

News Release, 13 May, 2002

Vertex Group Holdings Limited Confirms IPO

Vertex Group Holdings Limited today confirmed its intention to seek a listing on the New Zealand Stock Exchange through the sale by way of IPO of ordinary shares held by Pacific Equity Partners ("PEP"), Bain Capital Limited ("Bain"), and various associated companies. In addition, the IPO may include an issue of new ordinary shares by the Company to the public. Details of the size and structure of the offer are yet to be finalised, but it is expected that the IPO will represent approximately 90% to 95% of the ordinary shares in the Company.

Vertex Group Holdings Limited is the parent company of Vertex Pacific Limited.

The offer is expected to open in early June. Further details on the offer structure will be released closer to the date of launching the offer.

JBWere (NZ) Limited has been appointed Lead Manager and Underwriter, and UBS Warburg New Zealand Limited has been appointed Co-Lead Manager. It is intended that the shares will be offered widely through JBWere as Lead Manager, and other members of the NZSE. Shares will be allocated to New Zealand retail and institutional investors. There will be no public pool.

ENDS

Issued on May 13, 2002 by Porter Novelli New Zealand Ltd (Cedric Allan), ph 09 366 7652, on behalf of Vertex Group Holdings Limited.

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