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Nuplex Looks To Sustain International Growth

Nuplex Looks To Sustain International Growth

Statement made by Fred Holland, Chairman, Nuplex Industries Limited

Nuplex is to seek shareholder support at its annual meeting to increase directors’ fees and introduce a share based incentive scheme for senior managers to hold and attract the director and manager talent it needs to continue its international expansion.

Already more than 77% of Nuplex’s $655 million revenue and 81% of its $28.4 million profit is generated outside New Zealand, and the international growth of its operations will continue.

We have recently announced an investment in China, and are progressively looking to other parts of the world beyond Australia and Vietnam where we are not represented.

If we are to retain and recruit the director and senior management talent necessary to sustain our growth and take advantage of the opportunities available to us we need to offer these people market competitive remuneration packages.

The board is asking shareholders to increase directors’ remuneration by 86% on the fee level last increased in 2000. This will fairly compensate directors for the time required for appropriate governance in a group with the complexity resulting from international expansion and growth ambitions.

The new maximum of $650,000 will also give us the flexibility to appoint a seventh director, possibly resident in a country other than New Zealand and Australia. Individual directors fees will not be increased for a period of 3 years without shareholder approval.

The incentive share scheme for senior managers is designed to be part of the annual remuneration package of participating senior management and to reward management only when the share price and dividend payout outperforms predetermined benchmarks over a three year period.

The participating senior managers will only benefit if shareholders have also benefited from wealth creation in terms of their own investments. It is a fair and equitable scheme that aligns the total employment cost of senior management with shareholder returns. Shares would be purchased on market to avoid dilution.

Shareholders will vote on the two proposals at the annual meeting in Auckland on Friday, 29 October 2004.

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