Notice of Allotment of Unsecured Subordinated Notes

For the purposes of Listing Rule 7.12.1, The New Zealand Refining Company Limited (Refining NZ) advises the following securities have been issued on 14 December 2018. (a) Class of security and ISIN: Unsecured subordinated Notes (Notes)(ISIN NZNZRDT001C8). (b) Number issued: 75,000,000. (c) Issue price: $1.00. (d) Payment terms: Cash. (e) Amount paid up: Fully paid. (f) Principal terms of securities: Not applicable. (g) Percentage of class of securities: 100% (post allotment). (h) Reason for issue: Applications received and processed under Product Disclosure Statement for the offer of unsecured subordinated notes dated 20 November 2018. (i) Authority for issue: Product Disclosure Statement dated 20 November 2018 authorised by resolution of the board of directors of Refining NZ dated 7 November 2018. (j) Terms of issue: As set out in the Product Disclosure Statement dated 20 November 2018. (k) Number of securities in existence after the issue: 75,000,000. (l) Date of issue: 14 December 2018 For further information, please contact: Arranger and Joint Lead Manager First NZ Capital Securities Limited Phone: 0800 005 678 Joint Lead Managers ANZ Bank New Zealand Limited Phone: 0800 269 476 Bank of New Zealand Phone: 0800 284 017 Forsyth Barr Limited Phone: 0800 367 227 Refining NZ Denise Jensen Chief Financial Officer / Company Secretary T: +64 9 432 8311 E: corporate@refiningnz.com End CA:00328334 For:NZR Type:OFFER Time:2018-12-14 08:52:32