Throughput and Margin Report for September/October 2018

Processing Fee income for the September/October period was strong at NZD 57.8 million, underpinned by a Gross Refinery Margin (GRM) of USD 7.09 per barrel for the period and throughput of 7.64 million barrels - the second-highest in Refining NZ's history. The Singapore Dubai complex margin for the September/October period was USD 2.47 per barrel, 10 cents lower than the July/August period. Refining NZ's uplift over the Singapore Dubai complex margin was healthy at USD 4.62 per barrel in September/October. Refining NZ's balanced product slate enabled it to achieve a healthy margin notwithstanding current global pressure on gasoline margins. The average exchange rate for the September/October period was USD/NZD 0.66. Appendix I shows further information on throughput, margin and refining income. Natural Gas supply in the New Zealand market is currently under pressure as a result of unplanned field outages. Due to Refining NZ's ability to use multiple fuel sources, this is not expected, at this stage, to have a material impact on the Company. The Company is currently undertaking a review, to "Refine its Future"; identifying opportunities to leverage its strategic advantages and core competencies, to deliver improved shareholder returns over the medium and longer term. The emergence of multiple technical pathways to carbon neutral transportation fuels, including electric vehicles, hydrogen and biofuels could open up new opportunities for Refining NZ. The potential opportunities, including adjacencies, will be further explored over the coming months. An update on the insights arising from the review, including details of the longer term strategy, will be provided to the market in due course. 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:00326985 For:NZR Type:MKTUPDTE Time:2018-11-16 14:31:55