Special Meeting of Shareholders – voting results

6 August 2021 NZX announcement

Refining NZ shareholders vote to approve import terminal proposal

At the Special Meeting of the Shareholders of The New Zealand Refining Company Limited held
today shareholders have voted to approve the Company’s transition to become an import-only fuel
terminal, under the name ‘Channel Infrastructure’.

As required by NZX Listing Rule 6.1, all voting was conducted by a poll. The resolutions passed by
shareholders (and the voting results) were:

Resolution For Against Abstain
That the Proposal is approved for the purposes of NZX
Listing Rule 5.1.1(a) and, to the extent applicable, NZX
Listing Rule 5.1.1(b) and section 129 of the Companies
Act 1993, subject to the Approved Requirements.
222,230,068 1,921,412 876,228
That Refining NZ’s entry into documentation with
each of the Customers (or their nominees) for the
provision of import terminal services and transitional
arrangements from the Processing Agreements, is
approved as a Material Transaction under NZX Listing
Rule 5.2.1.
88,913,843 1,568,278 134,545,587

The proposal remains conditional on entry into final agreements with customers, lender consents,
and a final investment decision by the Refining NZ Board, based on front end engineering and design
(FEED) work by management. The Company is targeting a final investment decision around the end
of Q3 2021, with a target for transition by mid-2022.
Board Chairman, Simon Allen said:
“Ahead of a final investment decision to be taken by Refining NZ’s Board in coming months, the
company will negotiate binding legal agreements with customers – including Mobil, who we are in
advanced discussions with – and proceed with detailed engineering and design plans to enable this
change. We expect to be operating as a fuel-import terminal by mid-2022, with full plant
decommissioning and terminal upgrade works set to continue for a number of years.”
CEO, Naomi James, added:
“This is a major milestone for Refining NZ and takes us a step closer to our new business. Channel
Infrastructure has a vision to be New Zealand’s leading independent fuel infrastructure company,
that utilises Marsden Point’s highly strategic assets for the benefit of our community, and all New
Zealanders.”

“Over this period of change at the refinery, I want to pay particular tribute to our workforce who
have continued to work incredibly hard to ensure the safe operation of the refinery. While this
change to our operations will have little impact for most New Zealanders, this is a significant change
for our people, and the Marsden Point community. That is why we have been working alongside
them to prepare for this change, and we have given our workforce as much certainty as we can
about the future.”
Channel Infrastructure will be New Zealand’s leading independent fuel infrastructure company. The
Company will utilise the deep-water harbour and jetty infrastructure of Marsden Point to import
refined fuel, owned by its customers. This will replace the crude oil that our customers import today
for refining.
Fuel would be stored at the Marsden Point site in existing tanks at what would be the largest fuel
terminal in New Zealand, with 180 million litres of shared capacity, as well as capacity to provide
additional storage if required. Channel Infrastructure will continue quality fuel testing services both
at the Marsden Point site and around New Zealand, through its IPL subsidiary.

Fuel from Marsden Point would then be distributed on behalf of Channel Infrastructure’s customers
primarily to the Auckland and Northland markets, which make up around 40% of New Zealand fuel
demand, through the 170-kilometre Refinery to Auckland Pipeline (the RAP) and the truck loading
facility (the TLF) located adjacent to the Marsden Point site.


Authorised by:
Chris Bougen
General Counsel and Company Secretary

For further information:
Laura Malcolm
Communication Advisor
communications@refiningnz.com
+64 (0)21 0236 3297