Throughput and Margin Report – May-June 2018

Processing Fee income for the May/June period was NZD -2.8 million due to the impact of the May/ June maintenance shutdown. Major refits were completed successfully during this one in fifteen year event and position the refinery to capitalise on refining margins going forward. The refinery has been back in full operation since 6 July. Throughput for the May/June period was 3.9 million barrels. The Gross Refinery Margin3) (GRM) was USD -0.71 per barrel for the period. The average exchange rate for the May/June period was USD/NZD 0.69. The Singapore Dubai complex margin for the May/June period was USD 2.02 per barrel, down from USD 3.75 per barrel margin for the March/April period. Appendix I shows further information on throughput, margin and refining income. End CA:00320892 For:NZR Type:MKTUPDTE Time:2018-07-17 08:30:10