Refinery Update

Further to the Company's announcements of the 28th May and 22nd June 2018 regarding delays to the restart, we expect the hydrocracker to produce on specification fuels today. We are now able to advise latest estimates of the shutdown costs which are in the range of $25-$30 million over the original $85m previously indicated to the market. The impact on 2018 Net Profit After Tax is expected to be an additional negative $10 million over the Company's earlier indication of a negative $30 million Net Profit After Tax impact of the shutdown. ENDS. Further information: Greg McNeill Communications and External Affairs Manager T: 094325115; M: 021 873623; E: greg.mcneill@refiningnz.com End CA:00319869 For:NZR Type:MKTUPDTE Time:2018-06-25 09:17:45