Operational Update for May/June 2021

HIGHLIGHTS o Excellent personal health and safety performance continued with no recordable injuries. o RAP volumes were similar to March/April, with a slight recovery in jet volumes since the Australia/New Zealand travel bubble was opened in mid-April. o Processing Fee revenue was NZ$23.5 million, including Fee Floor payments of NZ$2.9 million. o June's net debt closed at NZ$230.2 million, reflecting the simplified refinery's cash neutral operations at the Fee Floor. o A Special Meeting of Refining NZ shareholders will be held on 6 August 2021 for shareholders to consider and vote on the Import Terminal Proposal. COMMENTARY Refining NZ's excellent personal health and safety performance continued with no recordable injuries. The Company reported an environmental non-compliance that occurred on nine occasions and acted promptly to prevent further reoccurrence. RAP throughputs at 2.5 Mbbls were higher than the same period last year and c.75% compared to the same period in 2019, due to the lower jet fuel demand at Auckland International Airport. Jet fuel volumes still remain low at c.40% of pre-COVID levels since the Australia/New Zealand travel bubble was opened in mid-April. Combined petrol and diesel RAP throughput for May/June was similar to the comparable period in 2019. The May/June GRM was US$4.07/bbl, generating processing fee revenue of NZ$20.6 million, prior to Fee Floor top ups of NZ$2.9 million. Singapore Dubai complex margins for the May/June period averaged negative US$2.62/bbl impacted by on-going COVID-19 demand destruction. Refining NZ's GRM uplift over the Singapore margin was US$6.69/bbl driven primarily by lower prices for crudes processed relative to Dubai crude and the low fuel-oil make. June's net debt closed at NZ$230.2 million reflecting cash neutral operations at the Fee Floor. The Company remains on track to deliver cash neutral operations across the full year. A Special Meeting of Refining NZ shareholders will be held on 6 August 2021 for shareholders to consider and vote on the Import Terminal Proposal, following Refining NZ reaching in principle agreement with bp and Z Energy earlier this year on key commercial terms, including price. Negotiations with Mobil are ongoing on the basis of those terms. A copy of the Notice of Special Meeting, Explanatory Booklet and Independent Appraisal Report in connection with the Import Terminal Proposal are available on the Company's website www.refiningnz.com. Authorised by: Chris Bougen General Counsel and Company Secretary For further information: Laura Malcolm Communications Advisor communications@refiningnz.com +64 (0)21 0236 3297 End CA:00375951 For:NZR Type:MKTUPDTE Time:2021-07-21 08:31:02