New Zealand Refining : Notification of Acquisition of Ordinary Shares

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REFINING NZ

•,, Your Energy Hive

5 May 2017

NOTIFICATION OF ACQUISITION OF SECURITIES - ORDINARY SHARES

For the purposes of Listing Rule 7.12 .1of the NZX Main Board/Debt Market Listing Rules, The New Zealand Refining Company Limited ( NZR ) advises that the following securities have been acquired:

1. Class of security ISIN

2. Number acquired

3. Acquisition price

4. Payment

5. Amount paid up

6. Principle terms of securities

7. Percentage of class of securities

8. Reason for acquisition

Authority for acquisition Terms of acquisition

Ordinary Shares NZNZRE0001S9 154,808

$2.39

Cash

Fully paid up ordinary shares N/A

0.05%

Ordinary shares were acquired to be held by CRS Nominees Limited pending grant to employees under NZR's Employee Share Purchase Scheme

Resolution of the Board and Listing Rule 7 .6 . (a)

Shares to be held on trust for participants in the Employee Share Purchase Scheme pending transfer to them on expiry of the vesting period and subject to the employee's continued employment

k Total number of ordinary shares in 312,576,453

existence after the acquisition

Treasury stock

m Date acquired

N/A

4 May 2017

Yours faithfully,

ni e Jensen

ie Financial Officer/ Company Secretary