In reply to winhill:
From a boat building perspective, rather than wall building experience...
BS1088 Marine grade ply is best. (It is not just about the glues ability to resist damp but also the quality and strength of the veneers, no voids, thickness of the veneers etc). Exterior grade ply may be ok but will not be so strong and is likely to be poor quality timber, more voids, thicker veneers etc.
Epoxy is great but has is disadvantages - probably a waste of money in this case. Epoxy is reliant total encapsulation to keep the water out, the moment it chips or cracks the moisture gets in it starts to lift the epoxy. Also it is a surprisingly skilled job to use epoxy effectively (mix and to get it to stick to timber well) and epoxy is generally not UV stable, so will degrade quickly in daylight unless coated in paint or varnish. If you're not familiar/experienced with using epoxy it will be a waste of money.
In my opinion wood preservative is better for household protection of timber - as it soaks into the timber, will not flake like other coatings and you can just slap on more easily each year.