Operational Update for July/August 2021

HIGHLIGHTS o Excellent personal health and safety performance continued with no recordable injuries. o RAP volumes were lower than May/June, due to the Level 4 lockdown in August and the closure of the Australia/New Zealand travel bubble. o Processing Fee revenue was NZ$23.9 million, including Fee Floor payments of NZ$7.1 million. o August's net debt closed at NZ$230 million, reflecting the simplified refinery's cash neutral operations at the Fee Floor. o In-principle agreement reached with all three customers, with shareholder and lenders consent to the import terminal conversion secured. o Refining NZ is working to finalise Terminal Services Agreements with customers in October which would enable a conversion to occur in the first half of 2022. COMMENTARY Refining NZ's excellent personal health and safety performance continued with no recordable injuries. RAP throughputs at 2.4 Mbbls were higher than the same period last year but c.29% lower compared to the same period in 2019, due to the lower jet fuel demand at Auckland International Airport and lower petrol and diesel demand following the Level 4 lockdown which commenced on 17 August. Jet fuel volumes fell to c.36% of pre-COVID levels in July/August, down from c.40% in May/June, following the closure of the Australia/New Zealand bubble. Since the commencement of Level 4 lockdown, petrol and diesel RAP volumes have averaged c.30% and c.50% of pre-COVID levels, respectively. The July/August GRM was US$2.96/bbl, generating processing fee revenue of NZ$16.7 million, prior to Fee Floor subsidy payments of NZ$7.1 million. Singapore Dubai complex margins for the July/August period averaged negative US$2.54/bbl, impacted by on-going COVID-19 demand destruction. Refining NZ's GRM uplift over the Singapore margin was US$5.49/bbl driven primarily by lower prices for crudes processed relative to Dubai crude and the low fuel-oil make. August's net debt closed at NZ$230 million reflecting cash neutral operations at the Fee Floor. The Company remains on track to deliver cash neutral operations across the full year. Refining NZ has now reached in-principle agreement with Mobil, the third and final customer, on key commercial terms for a potential import terminal operation at Marsden Point. The Company has also secured shareholder and lender consents and is close to completing the detailed planning to be ready for a final investment decision by the Refining NZ Board. Finalisation of Terminal Services Agreements with customers is now the key remaining step ahead of a final investment decision. Refining NZ is working to finalise agreements with customers in October, which would enable conversion to occur in the first half of 2022. 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:00379457 For:NZR Type:MKTUPDTE Time:2021-09-21 08:30:55