Result of Equity Issue

Bodycote International PLC 01 April 2004 1 April 2004 NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICA Bodycote International plc RESULTS OF RIGHTS ISSUE The Company announces that the 1 for 4 rights issue of 64,157,581 New Ordinary Shares at 100 pence per share, as detailed in the Prospectus published by Bodycote on 9 March 2004 and in the announcement made on 9 March 2004, closed at 9:30 a.m. on 31 March 2004. Valid acceptances have been received in respect of 61,273,536 New Ordinary Shares from Qualifying Shareholders, which represents a take-up of approximately 95.5 per cent. The balance of the New Ordinary Shares which were not taken up, being 2,884,045 New Ordinary Shares, has been placed with institutional investors at a price of 135.25 pence per share. Non-participating Shareholders will be sent a cheque for their share of the premium over the Rights Issue Price less the related expenses of procuring those investors including commissions and amounts in respect of value added tax, save that amounts of less than £3.00 will be retained for the benefit of the Company. Fractional entitlements to New Ordinary Shares have been sold in the market for the benefit of the Company as part of the placing referred to above. It is expected that definitive share certificates in respect of the New Ordinary Shares will be despatched by 8 April 2004. The Rights Issue was fully underwritten by Dresdner Bank AG. Directors' shareholdings In accordance with the intentions stated in the Prospectus, the figure for valid acceptances noted above includes 83,185 New Ordinary Shares subscribed for by Bodycote's Directors taking up their rights. Following the Rights Issue, and as notified to Bodycote today by each of the Directors, the shareholdings of the Directors (and their associates) are as follows: Director No. of shares subscribed Resultant holding % of enlarged issued share capital J.A.S. Wallace 11,457 57,287 0.02 J.D. Hubbard 49,103 949,103 0.30 D.F. Landless 1,375 6,875 - D.R. Sleight 17,500 87,500 0.03 R.T. Scholes 3,750 18,750 0.01 J. Vogelsang Nil Nil Nil L.P. Bermejo Nil Nil Nil Following the rights issue of 64,157,581 Ordinary 10 pence shares the total number of shares in issue will be 320,787,907 Ordinary 10 pence shares. Definitions used in the Prospectus dated 9 March 2004 and the announcement made on 9 March 2004 shall have the same meanings when used in this announcement, unless the context requires otherwise. Enquiries: Bodycote International plc Tel: 01625 505 300 James Wallace, Chairman John D. Hubbard, Chief Executive David Landless, Group Finance Director Dresdner Kleinwort Wasserstein Limited Tel: 020 7623 8000 Chris Treneman Christopher Baird Financial Dynamics Tel: 020 7831 3113 Jon Simmons This announcement shall not constitute or form any part of any offer or invitation to subscribe for, or otherwise acquire, or any solicitation of any offer to purchase or subscribe for the New Ordinary Shares (the 'Securities'). Any purchase of, or application for the Securities in the Rights Issue should only be made on the basis of information contained in the Prospectus and any supplement thereto. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or under the laws of any State in the United States nor will they qualify for distribution under any of the relevant securities laws of the Excluded Territories nor has any Prospectus in relation to the New Ordinary Shares been lodged with or registered by the Australian Securities and Investments Commission. Accordingly, subject to certain exemptions, the Securities may not be offered, sold, delivered, renounced or transferred, directly or indirectly, in or into the Excluded Territories. There is no public offer of Securities in the United States or any other Excluded Territory. Dresdner Kleinwort Wasserstein Limited and Dresdner Kleinwort Wasserstein Securities Limited, which are authorised and regulated by the Financial Services Authority, are acting for Bodycote International plc in connection with the matters referred to in this announcement and are not acting for any person other than Bodycote International plc and will not be responsible for any person other than Bodycote International plc for providing the protections afforded to customers of Dresdner Kleinwort Wasserstein Limited and Dresdner Kleinwort Wasserstein Securities Limited or for providing advice to any person in connection with the Rights Issue or any other matters referred to in this announcement. Persons needing advice should consult an independent financial adviser. Certain statements made in this announcement are forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. The information and opinions contained in this announcement are subject to change without notice and Bodycote International assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. This information is provided by RNS The company news service from the London Stock Exchange

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