QUOTATION NOTICE: NZX DEBT MARKET
THE NEW ZEALAND REFINING COMPANY LIMITED (“NZR010”) SUBORDINATED NOTES

Issuer: The New Zealand Refining Company Limited (“NZR”)

Security Code: NZR010

ISIN: NZNZRDT001C8

Details of Issue: An offer of up to $75million of unsecured, subordinated notes

Opening Date: Friday, 30 November 2018

Closing Date: Wednesday, 12 December 2018

Interest Rate: 5.10% per annum

Election Dates Friday, 1 March 2024 and Thursday, 1 March 2029

Maturity Date: Wednesday, 1 March 2034

Issue/Allotment Date: Friday, 14 December 2018

Interest Payment Dates: 1 March and 1 September in each year up to and including the Maturity Date

Date of First Interest Payment: Friday, 1 March 2019

First Interest Paid To: Original Subscriber

Record Date: 10 calendar days before the relevant payment date (or, if that is not a business day, the immediately preceding business day)

Minimum Application Amount: $5,000 and multiples of $1,000 thereafter

Minimum Holding: $5,000

Face Value: $1.00 per note

Lead Manager/Organising Participant: First NZ Capital Securities Limited

Supervisor Name: The New Zealand Guardian Trust Company Limited

Trust Deed Dated: 20 November 2018

Registrar: Computershare Investor Services Limited

Settlement Status: NZCDC Settlement System

Expected Commencement of Trading on the NZX Debt Market: Monday, 17 December 2018

Mark Peterson
Chief Executive Officer
NZX Limited

29 November 2018