New Chief Executive for Refining NZ

On behalf of the Refining NZ Board, I am pleased to announce that Sjoerd Post will succeed Ken Rivers as Refining NZ's Chief Executive Officer.

Sjoerd Post is currently Executive Vice President Downstream Strategy & Portfolio of Shell International Petroleum Co Ltd based in London- a position he has held for the last year after running Shell's Global Aviation fuels and lubricants business for the previous five years - andhas held a wide variety of leadership, technical and strategic roles during 30 years with Shell International. Early in his career, Mr Post worked for Shell New Zealand holding positions in IT & telecommunications, sales and customer service, before moving to Europe.

The appointment was made after a broad international search and follows the announced departure of incumbent CEO, Ken Rivers earlier this year.

"Sjoerd proved himself a very strong candidate for this critical position. The Board believes his skills and experience are not only a good match for the challenges the Company faces but that he will build on the strategic direction and performance improvement journey that Refining NZ is on".

Ken Rivers will continue as CEO until December, 2012. Thereafter, Refining NZ Project Director, Jack Ariel will be acting CEO until Sjoerd Post takes up his position in January 2013.

A Dutch national, Mr Post is married with two children and has New Zealand permanent residency.

David Jackson

New Zealand Refining Company Limited - Chairman

24 July 2012

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