Historical

Presentation to Analysts - 22nd February 2012

11:07am, 22 Feb 2012 | ADDRESS

REFINING NZ - ANALYST PRESENTATION - 22nd FEBRUARY 2012

The attached presentation was made to Analysts on Wednesday 22nd February 2012.

The presentation is in four segments:

1. Performance Highlights
• Results for the period ending 31 December 2011
including variance analysis

2. Capital Development
• Update on Capital Expenditure – 2012-2016

3. Global Refining Situation
• Update on international markets
• Update on refining margins and product demand
• Refining NZ in the NZ Marketplace

4. Outlook Summary
• Overview and Outlook
• Definitions & Terminology

5. Growth Project
(refer separate shareholders presentation)
• Key Benefits to Refining NZ
• Financial Assessment & Implications
• Shareholder Approval Process

D.M. Jensen
Company Secretary / Chief Financial Officer