Refining NZ Throughput and Margin Report for Nov/Dec 2016

Refining NZ achieved a high Gross Refinery Margin (GRM) of USD 9.20 per barrel for the November/December period. With high throughput of 7.5 million barrels, Refining NZ captured Processing Fee income of NZD 67.6 million for the period. Both the Singapore Dubai complex margin and Refining NZ's uplift over that margin tracked above their respective historical ranges for the November/December period. The Singapore Dubai complex margin for the period was USD 4.19 per barrel, USD 1.01 per barrel or 32% up on the previous period. Refining NZ's uplift over the Singapore Dubai complex margin continued on strongly from the September/October period with a healthy USD 5.06 per barrel uplift for November/December, the highest for the year. This was driven by sustained good operational performance. The average exchange rate for the November/December period was USD/NZD 0.71. Refining NZ achieved record annual throughput of 42.7 million barrels in 2016 and a historically high average GRM of USD 6.47 per barrel. This earned Processing Fee income of NZD 276.6 million. The 2016 Fee income is the third highest annual income earned by the company in the last ten years. Appendix I shows further information on throughput, margin and refining income. Historical Analysis A five year history of Throughput, Margins and Processing Fees is attached as Appendix II and can also be found on the company's website: www.refiningnz.com End CA:00295688 For:NZR Type:MONTHLY Time:2017-01-18 09:05:39