Auditors Report

To the shareholders of Nuplex Industries Limited

We have audited the financial statements on pages 38 to 79. The financial statements provide information about the past financial performance and financial position of the Company and Group as at 30 June 2008. This information is stated in accordance with the accounting policies set out on pages 41 to 46.

Directors’ responsibilities

The Directors are responsible for the preparation of financial statements which give a true and fair view of the financial position of the Company and Group as at 30 June 2008 and the results of their operations and cash flows for the year ended on that date.

Auditors’ responsibilities

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

Basis of opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:

• the significant estimates and judgements made by the Directors in the preparation of the financial statements;
• whether the accounting policies are appropriate to the Company’s and Group’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.

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

Unqualified opinion

We have obtained all the information and explanations we have required.

In our opinion:
• proper accounting records have been kept by the Company as far as appears from our examination of those records;
• the financial statements on pages 38 to 79:

- comply with New Zealand generally accepted accounting practice;
- give a true and fair view of the financial position of the Company and Group as at 30 June 2008 and the results of their operations and cash flows for the year ended on that date.

Our audit was completed on 28 August 2008 and our unqualified opinion is expressed as at that date.

Auckland