Capital Change Notice – Employee Share Purchase Scheme

Capital Change Notice

Updated as at 17 October 2019


Section 1: Issuer information
Name of issuer The New Zealand Refining Company Limited
NZX ticker code NZR
Class of financial product Ordinary Shares (Shares)
ISIN (If unknown, check on NZX website) N/A
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 590,916
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0.4675
Nature of the payment (for example, cash or
other consideration)
Cash
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
0.19%
For an issue of Convertible Financial Products
or Options, the principal terms of Conversion
(for example the Conversion price and
Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial
Product) or the Option (for example, the
exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/
redemption/ (the reason for change must be
identified here)
Issue of Shares under The New Zealand
Refining Company Limited’s (NZR)
Employee Share Purchase Scheme
(Scheme), authorised pursuant to a
resolution of the Board.
Total number of Financial Products of the Class
after the issue/acquisition/redemption/
Conversion (excluding Treasury Stock) and the
total number of Financial Products of the Class
held as Treasury Stock after the
issue/acquisition/redemption.
313,484,559
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Resolution of the Board and Listing Rule
4.6.1.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
Each participating employee is invited to
acquire $1,001 worth of Shares, contributing
$1 themselves with the remaining $1,000
funded by NZR. These funds are provided to

CRS Nominees Limited (Trustee), as trustee
of the Scheme, to pay the subscription price
in cash for the issue of the Shares as fully
paid ordinary shares. The Shares are held by
the Trustee for the participants until they are
withdrawn by the participants following a
restricted period of 3 years from the
acquisition date, unless released earlier in
certain limited circumstances (e.g. death,
sickness etc). The participants may vote the
Shares and receive dividends, if paid.
Date of issue/acquisition/redemption 1 April 2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Chris Bougen
Contact person for this announcement Chris Bougen
Contact phone number +64 27 444 3220
Contact email address Chris.Bougen@refiningnz.com
Date of release through MAP

6 April 2021