Type of Bond: Secured, senior, fixed rate, listed debt obligations of the Issuer.
Closing Date: 5 August 2011

Interest rate 7.25% p.a.
Interest Payment Dates: 15 February, 15 May, 15 August and 15 November of each year until and including the Maturity Date (commencing on 15 August 2011)

Maturity Date: 15 August 2018

Bonds rank equally with the bonds already issued by Greenstone Energy Finance Limited (in respect of which Z Energy Limited became the substituted issuer)
Ranking: The Bonds will constitute secured senior obligations of the Issuer and rank equally with each other and the existing Series of bonds issued by the Issuer. Bondholders and Z Energy Group’s banks share the same security on an equal ranking basis, with both groups ranking behind Shell’s security over petroleum products supplied by Shell to the extent that it has not received payment of the purchase price for them, and behind statutorily preferred creditors.
NZX ticker code “ZEL” has been reserved for the Issuer.