Refining NZ Margin & Throughput Report for Jan/Feb 2017

Refining NZ achieved a Gross Refinery Margin(1) (GRM) of USD 6.58 per barrel for the January/February period. With strong throughput of 7.2 million barrels, Refining NZ captured Processing Fee income of NZD 45.9 million for the period. The Singapore Dubai complex margin for the January/February period was USD 3.42 per barrel and Refining NZ's uplift over the Singapore Dubai complex margin was USD 3.16 per barrel. The uplift was impacted by residue stock build for the March shutdown. The average exchange rate for the January/February period was USD/NZD 0.72. Despite inclement weather over the past few weeks, the March shutdown is progressing to plan. 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 (1)- Refining NZ's Gross Refining Margin is defined as the typical market value of the products produced minus the typical market value of the feedstock used, expressed per barrel of feedstock used. The margin incorporates the cost of the hydrocarbon used for fuel and incurred as process losses. End CA:00298692 For:NZR Type:MONTHLY Time:2017-03-22 12:03:28