Throughput and Margin Report for March-April 2018

Processing Fee income for the March/April period was a solid NZD 45.8 million, underpinned by a Gross Refinery Margin3) (GRM) of USD 6.82 per barrel for the period and healthy throughput of 7.0 million barrels. The average exchange rate for the March/April period was USD/NZD 0.73. The Singapore Dubai complex margin for the March/April period was USD 3.75 per barrel, up from the USD 3.37 per barrel margin for the January/February period. Refining NZ's uplift over the Singapore Dubai complex margin was USD 3.07 per barrel in March/April, impacted by a three-day trip on the hydrocracking unit and the commencement of the Refinery maintenance shutdown. The planned maintenance shutdown is into its third week of eight with good progress being made across all work fronts. Critical maintenance work on our second crude distiller unit and the hydrogen manufacturing unit is progressing to plan. The total shutdown of all process and utility units has now commenced and will see the entire Refinery shut for around ten days, the first time in 15 years that a total shutdown has been effected at Marsden Point. We are cooperating closely with our customers to ensure that reliable fuels supply to New Zealand is maintained. Further information about the shutdown including progress reports, will be available via the Refining NZ Facebook. 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:00318036 For:NZR Type:MKTUPDTE Time:2018-05-16 09:25:13