Quotation Notice – NZR Subordinated Notes (“NZR010”)

QUOTATION NOTICE: NZX DEBT MARKET THE NEW ZEALAND REFINING COMPANY LIMITED ("NZR010") SUBORDINATED NOTES Issuer: The New Zealand Refining Company Limited ("NZR") Security Code: NZR010 ISIN: NZNZRDT001C8 Details of Issue: An offer of up to $75million of unsecured, subordinated notes Opening Date: Friday, 30 November 2018 Closing Date: Wednesday, 12 December 2018 Interest Rate: 5.10% per annum Election Dates Friday, 1 March 2024 and Thursday, 1 March 2029 Maturity Date: Wednesday, 1 March 2034 Issue/Allotment Date: Friday, 14 December 2018 Interest Payment Dates: 1 March and 1 September in each year up to and including the Maturity Date Date of First Interest Payment: Friday, 1 March 2019 First Interest Paid To: Original Subscriber Record Date: 10 calendar days before the relevant payment date (or, if that is not a business day, the immediately preceding business day) Minimum Application Amount: $5,000 and multiples of $1,000 thereafter Minimum Holding: $5,000 Face Value: $1.00 per note Lead Manager/Organising Participant: First NZ Capital Securities Limited Supervisor Name: The New Zealand Guardian Trust Company Limited Trust Deed Dated: 20 November 2018 Registrar: Computershare Investor Services Limited Settlement Status: NZCDC Settlement System Expected Commencement of Trading on the NZX Debt Market: Monday, 17 December 2018 Mark Peterson Chief Executive Officer NZX Limited 29 November 2018 End CA:00327611 For:NZR Type:OFFER Time:2018-11-29 16:46:08