First day of trading as Channel Infrastructure

Channel Infrastructure, the Marsden Point fuel import terminal, has today officially launched, with trading on the NZX opening in the renamed company under the new ticker CHI this morning. This follows completion of the safe shutdown of refining operations at Marsden Point over the last two weeks. The long-term Terminal Services Agreements with customers bp, Mobil and Z Energy have commenced today and the first import shipment is expected to discharge at Marsden Point in the coming days. CEO Naomi James said: "This is a significant milestone for the Company. After 60-years of operations as New Zealand's only oil refinery, we look back on our past with pride, and because of this change, we can now also look to the future with confidence that we have a sustainable business that will continue to contribute to our community, and New Zealand, long into the future." "I want to acknowledge the dedication and commitment of our workforce over the last two years, and in the past few weeks as we completed the safe shutdown of the refinery, while ensuring that we have continued to safely and reliably keep New Zealand supplied with its fuel needs." "The transition to Channel Infrastructure with its ownership of critical infrastructure and long-term contracts represents a fundamental reset in our business providing stable earnings and returns for our shareholders." "Channel Infrastructure is New Zealand's leading fuel infrastructure company, and we have strong aspirations for growth. We are well positioned to support New Zealand's changing future fuel needs, with further growth opportunities for repurposing of the Marsden Point site available to us." Next week, the Company will release its first Sustainably Report, which will outline further detail about how Channel Infrastructure will contribute to New Zealand's energy transition in the years ahead. ENDS Authorised by: Chris Bougen General Counsel and Company Secretary End CA:00389883 For:CHI Type:GENERAL Time:2022-04-01 08:30:54