Throughput and Margin Report for September-October 2017

Refining NZ achieved a Gross Refinery Margin1) (GRM) of USD 9.31 per barrel for the September/October period and captured Processing Fee income of NZD 62.2 million, compared with NZD 63.6 million for the July/August period. Year to date Processing Fee income is NZD 278.3 million which is 33% higher than the NZD 209.0 million earned in the equivalent 2016 period. Throughput for the September/October period was 6.8 million barrels which was lower than plan due to the leak suffered on the refinery to Auckland pipeline. As communicated previously, Refining NZ expects to process 42 million barrels by year-end. The pipeline has been in stable operation since 27 September and we are on schedule to return it to full capacity in Q1 2018. The Singapore Dubai complex margin for the September/October period was USD 4.73 per barrel, similar to the July/August period. Refining NZ's uplift over the Singapore Dubai complex margin strengthened to USD 4.58 per barrel from USD 4.17 per barrel in July/August. The average exchange rate for the September/October period was USD/NZD 0.71. 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:00310617 For:NZR Type:MKTUPDTE Time:2017-11-20 09:38:43