Correspondence

[copy of letter sent to Nuplex Industries Limited]

01 April 2009

Nuplex Industries Limited

PO Box 12841

Penrose

Auckland 1642

Attention: The Chairman

Dear Sir

TOP UP PLACEMENT AND UNDERWRITING FEES

May we first commend you on proceeding with a pro rata rights issue to all shareholders in respect of your primary capital raising. We fundamenatlly believe that a primary right of shareholders is the right to own and we also believe that subject to market conditions and share liquidity, that any need for new capital within a business currently owned by certain shareholders, should be the prerogative of those shareholders to provide in the first instance.

In respect of the top up issue, it is our view that this is in essence an additional underwrite fee, and as such should be factored in to your capital raising costs. On this basis it would seem that the costs are excessive, relative to the risks undertaken by the underwriters. This said these are indeed exceptional times.

We do however have the following questions in respect of this top up placement:

1.  When was the request for a top up issue made to you, and by whom? Was it before or after the head underwriting agreement was signed with First NZ Capital?

2.  In respect of this top up issue, clearly these additional shares may well create a significant over hang to the market, if the financial intermediaries which have provided you with this underwrite seek to off load this stock. Please advise whether or not you have obtained from the sub underwriters as part of their underwrite, a lock up agreement in respect of these additional new shares.

As I am sure you are aware, all correspondenece between the New Zealand Shareholders Association and other parties, is published on our website (www.nzshareholders.co.nz) and in due course your reply will also be published.

Yours faithfully

NEW ZEALAND SHAREHOLDERS ASSOCIATION

Bruce Sheppard

Chairman