AMPOL LIMITED — Capital/Financing Update 2014

Jul 20, 2014

BY ELECTRONIC LODGEMENT

ASX ANNOUNCEMENT

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CALTEX AUSTRALIA LIMITED ACN 004 201 307 LEVEL 24, 2 MARKET STREET SYDNEY NSW 2000 AUSTRALIA

21 July 2014

Company A nnounce m ents Offic e Australian Securities E xchange

CALTEX AUSTRALIA LIMITED CALTEX REFINER MARGIN UPDATE (JUNE 2014)

An ASX R e lease title d “Caltex R e finer Mar g in Update ( June 2014 ) ” is attach e d for immediate release to the market .

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Peter Lim

Company Secretary

Phone: (02) 9250 5562 / 0414 815 732 Attach.

ASX - CRM Update (June 2 0 14)

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Caltex Australia ASX Release For immediate release 21 July 2014

Caltex Refiner Margin Update (June 2014)

C a ltex advises its realised lagged[1] Caltex Refiner M argin (CRM2), in respec t of CRM sa l es from pro d uction for t h e m o nth of June 2014.

o nth of June 2014.
	June 2014	M ay 2014	Jun e 2013
UnlaggedC RM	US$8.87/bbl	US $9.41/bbl	US$ 14.33/bbl
Impact of 7 daylag posit ive/(negative )	U S($0.20)/bb l	US $0.29/bbl	US($ 2.01)/bbl
Realised CR M	US$8.67/bbl	US $9.70/bbl	US$ 12.32/bbl
CRM Sales fromproduc tion	992ML	862ML	7 71ML

The June unla g ged CRM w as US$8.8 7 /bbl. This is below the p r ior month ( M ay 2014: U S $9.41/bbl) a nd lower th a n the prior year equi v alent (US$ 1 4.33/bbl). R egionally, t h e unlagged C altex Sing a pore Weigh t ed Average Margin was U S $10.94/bbl, lower than t h e prior mo n th (May 2014: US$12.1 2 /bbl) and prior year (Ju n e 2013: US $ 15.47/bbl).

Hi g her Brent prices in the l a st week of J une more t h an offset th e increase i n the Austral i an dollar, resulting in an unfavourable U S$0.20/bbl 7 day timing lag (May fa v ourable: U S $0.29/bbl).

June 2014 rea l ised CRM w as US$8.67 / bbl. Whilst t his compar e s favourabl y to Caltex’s f irst half pro f it outlook as s umption of US$7.80/bb l , it is below both May 2 0 14 of US$9.70/bbl, and t he prior ye a r comparati v e (June 2013: U S $12.32/bbl) .

S a les from production in J u ne 2014 (9 9 2ML) were h igher than p rior year (J u ne 2013: 7 7 1ML), and 15% higher t h an th e preceding m onth (862 M L). For the six mo n ths from 1 J anuary 201 4 to 30 June 2014, the a v erage reali s ed CRM w a s US$9.20/ b bl (2013: U S $11.76/bbl) with CRM s a les from pr o duction tot a lling 5,548 M L (2013: 5, 0 44ML).

Period end 30 June	YTD 2 014		YTD 20 13
Realised CR M	US$9.2 0/bbl		US$11.76 /bbl
UnlaggedC RM	US$8.9 3/bbl		US$12.15 /bbl
CRM Sales fromproduc tion	5,548 ML		5,044M L

Notes

1. A fall in t he Australian d ollar crude price, particularly a t the latter end of the month produces a positi v e lag effect on the CRM (i.e. increas e s the CRM) an d , conversely, i n the event of a rise in the Aus t ralian dollar cr u de price, a ne g ative lag effect occurs (i.e. re d uces the CR M ). 2. CRM re p resents the dif f erence between the cost of i m porting a standard Caltex bas k et of products t o eastern Aust r alia and the cost of importin g the crude oil r equired to make that product b asket. The CR M is calculated in the following manner: Weight e d Singapore pr o duct prices (for a standard C a ltex basket of p roducts) Less: Reference cr u de price (from 1 January 201 1 the Caltex ref e rence crude marker is Dated B rent) Equals: Singapore Wei g hted Average M argin (Dated B rent basis) Plus: Product quality premium Crude discount Product freig h t Less: Crude premi u m Crude freight Yield Loss

Equals: Caltex Refiner M argin

Caltex Australia Limited ACN 004 201 307

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The Caltex Refiner Margin is converted to an Australian dollar basis using the prevailing average monthly exchange rate.

CRM is just one contributor to the Replacement Cost Operating Profit (RCOP) EBIT earnings (excluding significant items). Other items contributing to the RCOP EBIT include Transport Fuels Marketing volume and margin, Lubricants and Specialties volume and margin, Non-Fuel Income and Other Margin less Operating Expenses.

Analyst contact

Rohan Gallagher GM, Investor & Corporate Affairs Phone: 02 9250 5247 Email: rohan.gallagher@caltex.com.au