SPH Notice – Wellington Management Group LLP

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To NZX Limited and To The New Zealand Refining Company Limited Relevant event being disclosed: Increased holding by >1% through market trading Date of relevant event: 12th April 2018 Date this disclosure made: 13th April 2018 Date last disclosure made: 20th July 2017 Substantial product holder(s) giving disclosure Full name(s): Wellington Management Group LLP, 280 Congress Street, Boston 02210, MA USA Summary of substantial holding Class of quoted voting products: Ordinary Shares (NZX code: NZR) Summary for Wellington Management Group LLP For this disclosure,-- (a) total number held in class: 19,242,852 (b) total in class: 312,576,453 (c) total percentage held in class: 6.15% For last disclosure,-- (a) total number held in class: 15,950,723 Ordinary Shares (b) total in class: 312,576,453 (c) total percentage held in class: 5.10% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Between 19th July 2017 and 12th April 2018, 6,669,917 Ordinary Shares were purchased on market at an average price of NZ$ 2.53. Between 19th July 2017 and 12th April 2018, 3,377,788 Ordinary Shares were sold on market at an average price of NZ$ 2.48. The total net number of Ordinary Shares traded in the period since becoming a Substantial Holder is 3,292,129. Details after relevant event Details for [name of substantial product holder(s)] Nature of relevant interest(s): [eg, registered holder and beneficial owner of financial products, conditional put option with X Limited, derivative relevant interest over quoted underlying. State whether a relevant agreement document is attached (with the number of pages) or was attached to a previous disclosure (with date of that disclosure) or need not be attached under regulation 139.] For that relevant interest,-- (a) number held in class: [number] (b) percentage held in class: [%] (c) current registered holder(s): [name(s), or state "unknown" or that no change since last disclosure] (d) registered holder(s) once transfers are registered: [name(s), or state "unknown"] For a derivative relevant interest, also-- (a) type of derivative: (b) details of derivative: (c) parties to the derivative: (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: Additional information Address(es) of substantial product holder(s): 280 Congress Street, Boston, 02210 MA, USA Contact details: Meredith Smart, Phone: +44 207 126 6311, Email: beneficialownership@wellington.com Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A Certification I, Meredith Smart, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00316762 For:NZR Type:SHINTR Time:2018-04-16 08:31:01