Page 1

HY21 INTERIM RESULTS REFINING NZ Your Energy Hive NZX Release 19 August 2021 Summary • The simplified refinery plan , implemented from the beginning of the year , enabled the Company to safely operate cash neutral at the Fee Floor , with net debt at $ 230 million as at 30 June 2021 ( FY20 : $ 231 million ) . • The Company's record personal health and safety performance continued with no recordable injuries during the period . Two tier 1 process safety incidents were responded to quickly with no significant damage to the plant and actions taken to prevent reoccurrence . • The planned maintenance turnaround , including the first statutory inspection of the CCR , was completed safely , to plan and below budget . • An average Gross Refining Margin of US $ 3.19 per barrel was earned ( HY20 : US $ 1.82 ) , and circa $ 29 million of Fee Floor subsidies paid by Customers in the six months ended 30 June 2021 ( HY20 : $ 39 million ) . • A $ 25 million reduction in total operating costs through refinery simplification and optimisation of the balance sheet , increasing EBITDA by circa 169 % to $ 41.5 million ( HY20 : $ 15.4 million ) . • A reported net loss after tax of $ 4.9 million ( HY20 : ( $ 186.4 ) million , including a non - cash impairment of $ 158 million ) . • The Company continues to prepare for a final investment decision around the end of Q3 / 21 , following 99 % of shareholders voting in support of an import terminal conversion and lender consent being given .