Operational Update for September/October 2021

HIGHLIGHTS o The Company celebrated two years without a recordable injury in October. o RAP volumes were c. 37% lower than the same period last year due to Auckland's Level 4 and Level 3 lockdowns. o Processing Fee revenue was NZ$23.5 million, at Fee Floor levels. o October's net debt closed at NZ$230 million, reflecting the simplified refinery's cash neutral operations at the Fee Floor. o Detailed planning for an import terminal conversion in 1H22 has been completed. The Company is in the final stages of concluding Terminal Services Agreements with customers which will enable a final investment decision to be taken by the Board. COMMENTARY Refining NZ's excellent personal health and safety performance continued, with the Company celebrating the significant milestone of two years without a recordable injury in October. There were no Tier 1 or 2 process safety events during the period. RAP throughputs at 1.6 Mbbls were c.37% lower than the same period last year, due to the lower jet fuel demand at Auckland International Airport and lower petrol and diesel demand following Auckland's Level 4 and Level 3 lockdowns during the period. With the Australia/New Zealand travel bubble closed throughout the period, jet fuel volumes fell to c.22% of pre-COVID levels, down from c.36% in July/August. Petrol and diesel RAP volumes in September/October averaged c.50% and c.80% of pre-COVID levels, respectively before recovering to c.70% and c.100% of pre-COVID levels by the end of October. The September/October GRM was US$4.62/bbl, generating processing fee revenue of NZ$23.5 million at the Fee Floor. Singapore Dubai complex margins for the September/October period increased to an average US$0.70/bbl, due to demand recovery and reduced Chinese exports. However, margins remain volatile with the resurgence of COVID-19 cases and supply changes with the return of refineries from maintenance and level of Chinese exports. Refining NZ's GRM uplift over the Singapore margin was US$3.92/bbl, impacted by higher prices for crudes processed relative to Dubai crude and the export of jet fuel, petrol and fuel oil during the period to help manage stocks, following the reduced New Zealand product demand. October'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. The Company has completed operational planning for the conversion of the Marsden Point site into a fuels import terminal and is in the final stages of concluding the Terminal Services Agreements with customers, which is the key remaining step ahead of the Refining NZ Board's final investment decision. Preparations for a conversion in H1 2022 remain on track. Authorised by: Denise Jensen Chief Financial Officer For further information: Laura Malcolm Communications Advisor communications@refiningnz.com +64 (0)21 0236 3297 End CA:00383147 For:NZR Type:MKTUPDTE Time:2021-11-19 09:39:50