Investor Presentaiton

BALANCE SHEET Summarised Balance Sheet [1] FY 20 FY 21 Cash NZ$M 43 16 Receivables and inventory NZ$M 175 148 Current Assets NZ$M 218 164 Property, Plant and Equipment NZ$M 882 869 Intangibles &other non-currents NZ$M 33 42 Deferred Tax Assets NZ$M 35 82 Total Assets NZ$M 1,168 1,157 Trade and Other Payables NZ$M 164 156 Employee Benefits NZ$M 11 10 Provisions NZ$M 87 Current Liabilities NZ$M 175 253 Borrowings NZ$M 275 200 Employee Benefits & other NZ$M 49 10 • Provisions NZ$M 8 98 Deferred Tax Liabilities NZ$M 97 101 Total Liabilities NZ$M 604 662 • Net assets NZ$M 564 495 Net assets as at 31 December 2021, equivalent to $1.33 per share Impacts of conversion on FY21 Balance Sheet Overview of Accounting Adjustments for Conversion Impairment of refining assets • REFINING NZ 2021 ANNUAL RESULTS PRESENTATION Non-cash impairment of refinery assets of $567 million Net residual value of $34 million for scrap & other assets with residual value Provisions for Conversion Costs • Recognition of $176 million of conversion provisions including workforce transition costs, shutdown and decommissioning costs and future demolition of refinery Reduction in employee benefits reflects pension and medical plan cash-out offers, payment of simplification redundancies and conversion adjustments Revaluation of Import Terminal Assets Import terminal assets have been revalued to "fair value" based on independent valuation resulting in net carrying value for PPE of $869 million The "uplift" on revaluation of import terminal assets of $423 million is recognised in equity revaluation reserve Recognition of tax losses following refinery closure (with transfer from PPE to tax losses) - in addition to existing tax losses of $70 million Subject to shareholder continuity or (if breached) business continuity test Tax losses of $350-400 million expected to be recognised 1. The above summarised balance sheet, should be read in conjunction with the FY21 Financial Statements, available at http://www.refiningnz.com/investor-centre.aspx 12

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