Throughput and Margin Report -January-February 2018

Refining NZ achieved a Gross Refinery Margin1) (GRM) of USD 7.54 per barrel for the January/February period and captured Processing Fee income of NZD 50.8 million for the period. This GRM was USD 0.71 per barrel higher than the November/December 2017 GRM of USD 6.83 per barrel even though the Singapore Dubai complex margin fell by USD 0.30 per barrel. Key drivers for this good result include the increased 2018 freight uplift and the benefits being realised from our growth initiatives. Throughput for the January/February period was 7.0 million barrels supported by 100% availability of all major process units. The Singapore Dubai complex margin for the January/February period was USD 3.37 per barrel, down from the USD 3.67 per barrel margin for the November/December period. Refining NZ's uplift over the Singapore Dubai complex margin was USD 4.17 per barrel in January/February, an increase of USD 1.01 per barrel compared to November/December. The average exchange rate for the January/February period was USD/NZD 0.73. 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:00315765 For:NZR Type:MKTUPDTE Time:2018-03-20 12:03:58