Cadmus releases Prospectus for Notes Issue

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Cadmus releases Prospectus for Notes Issue Series Three

Auckland, 24 November 2006 - Cadmus Technology Limited (NZX: CTL) today announced that its wholly-owned subsidiary, Cadmus Developments Limited, has lodged a prospectus for registration to raise up to $7.5 million through the issue of first secured notes.

The net proceeds of the issue of the new notes will be used to redeem the current first secured notes (and repay funds borrowed for the purpose of such redemption) and to provide further funding for the continued growth of Cadmus in both the NZ and international markets.

The offer will remain open until 28 March 2007 or such earlier date as Cadmus may determine. The offer is underwritten (subject to certain limited conditions) up to $3.5 million by FE Investments Limited.

The notes will attract an interest rate of 9.9 percent p.a. (gross) and are secured by a first-ranking security interest (subject to prior charges at law) over the assets of Cadmus Developments Limited.

To obtain an investment statement in relation to the issue contact FE Securities Limited on 0800 873 863, or a NZX Firm. Printed copies of the investment statement will be available in the week commencing 27 November 2006.

Application has been made to New Zealand Exchange Limited for permission to list the First Secured Notes Series Three and all requirements of NZX relating thereto that can be complied with on or before the date of distribution of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement.

ENDS

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