AMPOL LIMITED — Capital/Financing Update 2012

ASX ANNOUNCEMENT

BY ELECTRONIC LODGEMENT

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CALTEX AUSTRALIA LIMITED ACN 004 201 307

LEVEL 24, 2 MARKET STREET SYDNEY NSW 2000 AUSTRALIA

21 Dece m ber 2012

Compan y Announ c ements O f fice Australian Securities Exchang e

CALTEX AUSTRALIA LIMITED CALTEX REFINER MARGIN UPDATE (NOVEMBER 2012)

An ASX Release tit l ed “Calte x Refiner M argin U p date (No v ember 20 1 2)” is att a ched for immediate release t o the mar k et.

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Peter Lim Company Secretary

Contact number: (02) 9250 5562 / 0414 815 732

Attach.

Caltex Australia

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ASX Release For immediate release 21 December 2012 Caltex Refiner Margin Update (November 2012) C a ltex advises its realised lagged[1] Caltex Refiner M argin (CRM2) in respect of CRM sal e s from production for th e m o nth of November 2012.

The unlagged C RM result f or Novemb e r was US$1 2 .98/bbl. Th i s compares favourably v ersus the p r ior year equivalent (U S $6.42/bbl), though do w n on the pri o r month (U S $16.72/bbl) . R e gionally, th e unlagged S ingapore W e ighted Ave r age Margin (WAM) was impacted b y the return o f previous p l anned and unplanne d regional Asian refinery p lant shutdo w ns. Nove m ber unlagged WAM was US$13.84// b bl (October 2012: U S $15.97/bbl) .

St r onger Date d Brent crud e and gasoli n e prices in t he last wee k of November drove an unfavourabl e 7 day timi n g lag of US$(0.39)/bbl.

N o vember 2012 CRM sale s from prod u ction were i n broadly lin e with the pr i or month a n d up 27% o n the same m onth la s t year. This was a functi o n of contin u ed strong r e finery prod u ction in November and l o wer buy-sell sales in N o vember last year.

O n a 2012 ye a r to date (Y T D) basis, C a ltex’s aver a ge realised C RM is US$11.73/bl. Th i s compares favourably to the 2011 equivale n t of US$7.9 9 /bbl. On a v olume basi s , YTD sales from produ c tion total 9, 9 62 ML, 9.7 % above the prior ye a r (9,078 M L ).

There is no ch a nge to Calt e x’s 2012 fu l l year profit o utlook (an n ounced 14 D ecember 2 0 12).

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 Investor Relations Manager Phone: 02 9250 5247 Email: [email protected]