19 January 2009

NEW BRITAIN PALM OIL LIMITED 

Director's Shareholding

New Britain Palm Oil Limited (the 'Company') announces that following the FSA's statement of 9 January 2009 in respect of 'Disclosure and Model Code obligations in respect of the use of shareholdings as security' and an internal review of shareholdings and dealings by the Company's directors and persons discharging managerial responsibilities and their respective connected persons, Pacific Rim Plantation Services Pte. Limited ('Pacific Rim') has confirmed to the Company that 6,630,000 ordinary shares of no par value in the capital of the Company ('Ordinary Shares'), representing approximately 4.57 per cent. of the Company's issued share capital, held by it are subject to charges in favour of Pacific Rim's banks. One of these charges was entered into in July 2007, prior to the Company's admission to the Official List in December 2007, in respect of 5,880,000 Ordinary Shares. Following the review referred to above, Pacific Rim notified the Company on 15 January 2009 that it had entered into that charge and that a subsequent charge in respect of 750,000 Ordinary Shares was entered into on 24 June 2008. The Company confirms that it was not in a close period when the second charge was entered into.

Alan Chaytor, an executive director of the Company, is the 100 per cent. beneficial owner of Pacific Rim and as such Pacific Rim is deemed a connected person of Alan Chaytor.  Pacific Rim continues to hold an additional 69,000, representing less than 0.01 per cent. of the Company's issued share capital, Ordinary Shares which are not subject to any third party charges.  Pacific Rim has confirmed that it is not in default of any of its banking commitments and that it has no current intention of selling any of its shares in the Company.  

Enquiries:

Website: www.nbpol.com.pg