PMP Limited Analyst Presentation

1. PMP Limited Analyst Presentation Thursday 1st April 2004

2. AGENDA • Introduction David Kirk (CEO) • $A330m Debt Facility Richard Allely (CFO) • Capital Investment Program David Kirk (CEO) • Financial Impact David Kirk (CEO) • Questions

3. Introduction David Kirk – Chief Executive Officer

4. $A330m Debt Facility Richard Allely – Chief Financial Officer

5. $A330m Debt Facility • Multi-currency senior debt facility – 5 year term • Participating Banks • ANZ (Lead arranger) - CBA (Arranger) - TDAL & HVB • Purpose of new debt facility • replace expensive US Notes $US89m ($A142m ) • Improve debt covenants • provide working capital support for the capital investment program • Significant reduction in cash interest cost (approx. $7m p.a.) • Break costs re: US Notes approx. $12 million (Payback approx. 2 yrs) • Write off of non-cash cost of $8 million (capitalised cost of previous facility)

6. Capital Investment Program David Kirk – Chief Executive Officer

7. Capital Investment Program • Key deliverables • Improved format flexibility • Quicker time to market • Higher quality • More consistent national quality • More capacity in faster growing NSW & QLD markets • Lower manufacturing costs – scaleable platform • Capacity configured for competitiveness in all market segments

8. Capital Investment Program • Capital spend $124 million • 4 new 64 page web heat set presses (two with 2x32 page configuration) • 2 new saddle staplers • New trimming/log palletising capacity • Relocation of 2 existing presses within their current sites • Relocation of 1 existing press between sites • Subject to acceptable conditions for greenfield site in SA • 1 new web cold set press • 1 new sheet fed press

9. Capital Investment Program • Other features of the investment include: • Attractive payment terms • Significant earnings benefits – returns above cost of capital today • Improved health & safety environment • Modest increase in overall capacity – significant re-balancing for growing markets • Contribution to further streamlining of manufacturing processes

10. Financial Impact

11. Financial Impact • Reduction in cash interest cost of $7m • Net Debt target for FY04 of <$221 million will be impacted by: • Break costs associated with US Notes (approx. $A12 million) • Deposit payments associated with the Capital Program • Restructuring costs for FY04 approx. $38 million as follows: • $18 million as previously advised • $12 million break costs associated with US Notes • $8 million write off of previously capitalised financing costs

12. Thank You! Questions?