Auditors Report

To the shareholders of Nuplex Industries Limited

We have reviewed the attached consolidated interim financial statements in accordance with the Review Engagement Standards issued by the Institute of Chartered Accountants of New Zealand. The consolidated interim financial statements provide information about the past financial performance of Nuplex Industries Limited and its financial position as at 31 December 2008.

Directors’ responsibilities

The Directors of Nuplex Industries Limited are responsible for the preparation of the consolidated interim financial statements which give a true and fair view of the financial position of the Group as at 31 December 2008 and the results of its operations and cash flows for the six-month period ended on that date.

Reviewers’ responsibilities

It is our responsibility to express an independent opinion on the consolidated interim financial statements presented by the Directors and report our opinion to you.

Basis of opinion

A review is limited primarily to enquiries of Group personnel and analytical review procedures applied to the financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Our firm has also provided other services to the Group in relation to taxation and general accounting services. These matters have not impaired our independence as auditors of the Group. The firm has no other relationship with, or interest in, the Group.

Emphasis of matter

In forming our unqualified opinion, we have considered the adequacy of the disclosures made in the consolidated interim financial statements concerning the failure to comply with the Senior Debt Cover ratio covenant and the ability of the Group to amend its existing banking facilities to ensure its ongoing operations. While currently the outcome is uncertain, the Directors believe the matters will be resolved appropriately.

The validity of the going concern assumption on which the consolidated interim financial statements have been prepared is dependent on the successful resolution of this matter. Should the Group be unable to successfully conclude a variation to the banking facility agreements to remedy the failure to comply with the Senior Debt Cover Ratio covenant this may result in the banks requiring repayment of the existing facilities prior to their current expiry dates. This would require the Group to identify alternative sources of funds to replace the existing facilities and should this not be achieved within an acceptable timeframe adjustments may be required to the carrying values of assets and liabilities reflected in these interim financial statements. Further details of the circumstances relating to this matter are described in note 8.

Review opinion

Based on our review, nothing has come to our attention that causes us to believe that the attached consolidated interim financial statements do not give a true and fair view of the financial position of Nuplex Industries Limited as at 31 December 2008, the results of its operations and cash flows for the six-month period ended on that date in accordance with NZ IAS 34 Interim Financial Reporting.

Our review was completed on 26 February 2009 and our opinion is expressed as at that date.

Auckland