Capital Change Notice – Employee Share Purchase Plan

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 in The New Zealand
Refining Company Limited
ISIN (If unknown, check on NZX website) NZNZRE0001S9
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 306,605
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0.8650
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)
0.085%
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.
360,813,847
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,
redundancy etc). The participants may
vote the Shares and receive dividends, if
paid.
Date of issue/acquisition/redemption 15 December 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

16 December 2021