Investor Roadshow · Gas 11% Oil 6% LPG 3% Renewable generation 30% Thermal generation 12% 1% Residential electricity 20% Business electricity 6% LPG 7% Gas 4% KUPE 20% WHOLESALE

Investor Roadshow

November 2018

G E N E S I S E N E R G Y L I M I T E D

Marc England – CHIEF EXECUTIVEChris Jewell – CHIEF FINANCIAL OFFICERWendy Jenkins – GROUP MANAGER INVESTOR RELATIONS

Tokyo, Hong Kong, Singapore, New York, Boston, Chicago & Los Angeles

Disclaimer

This presentation has been prepared by Genesis Energy Limited (‘Genesis Energy’) for information purposes only. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information required for an investor to evaluate an investment. This presentation may contain projections or forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks.

Although management may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realised. EBITDAF, underlying profit and free cash flow are non-GAAP (generally accepted accounting practice) measures. While all reasonable care has been taken in compiling this presentation, to the maximum extentpermitted by law Genesis Energy accepts no responsibility for any errors or omissions and no representation is made as to theaccuracy, completeness or reliability of the information. This presentation does not constitute investment advice.

Genesis Energy Limited Investor Roadshow November 2018 2.

308

345 335 333361

350-370

FY14 FY15 FY16 FY17 FY18 FY19f

$ MILLIONS

Our investment proposition of strong yield is underpinned by growth

13.0

16.0 16.4 16.6 16.9

7.2%

9.2%

7.7%

6.8% 6.9%

0%

2%

4%

6%

8%

10%

12%

0FY14 FY15 FY16 FY17 FY18

Dividends (CPS) Net Yield %

DIVIDEND CENTS PER SHARE & YIELD

1. Net dividend yield based on year end closing share price as at 30 June (FY18 $2.44)

2. FY18 full year dividend of 16.9 cps declared (up 1.8%), with 80% imputation, representing a 6.9% net yield. DRP offer remains in place with 2.5% discount

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2015 2015 2016 2016 2017 2017 2018

Mean 90th Percentile

75th Percentile 25th Percentile

GNE

NZX 50 / ASX 100 YIELD COMPARISON

Bloomberg

EBITDAF



The New Zealand Market

About New Zealand— Good growth in a stable political and regulatory environment

Source: Economy Rankings 2018 (The World Bank), The Heritage Foundation 2017, Legatum Prosperity Index 2017, Energy ArchitecturePerformance Index 2017 (World Economic Forum)

Ease of doing business

st

Investor Protection

st

billion, 3% growth

GDP

Global ProsperityIndex

Providing Sustainable, Secure Energy

th

EconomicFreedom

rd nd


New Zealand’s energy market— Deregulated unsubsidised market with an established operating system

1 state owned national transmission grid operator1 privately owned gas transmission network

5 major electricity generators15 producing gas fields

29 electricitylines companies

5 gas distributors

4 LPG distributors

2m electricity customers

270,000 gas customers,

220,000 LPG customers

48% residential customers

Retail 39% small, medium enterprises

13% commercial & industrial customers


Core markets stable or growing

Growth is forecast in NZ energy demand

0

40,000

80,000

120,000

160,000

200,000

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

Sep

-18

LPG GROWTH CONTINUES ROLLING 12 MONTH SALES (KT)

Bulk Market 45 kg Market Forklift Market 9 KG Market Auto Market

LPG data

-

10

20

30

40

50

60

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

GAS DEMAND STABLE 4 QUARTER MOVING AVERAGE (PJ)

Consumption Energy Transformation Non-Energy Use

MBIE data

LPG 45 kg market grew

6% in last 12 months

35,000

40,000

45,000

50,000

55,000

60,000

65,000

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

GRID DEMAND FORECASTS (GWH)

Historical demand Transpower

MBIE - Low MBIE - High

Productivity Comm. - Low Productivity Comm. - High

2,800

3,000

3,200

3,400

3,600

3,800

4,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

GRID DEMAND SHOWING SIGNS OF GROWTH (GWH)

5 year range 2018EA data

Est.

kg


…with electricity markets reflecting tighter capacity margins

EA data

Energy and capacity

shortages showing

Tiwai 4th

potlineadds to demand

Regulatory review of electricity

prices underway

0%

5%

10%

15%

20%

25%

2018 2019 2020 2021 2022

NEW ZEALAND WINTER ENERGY MARGIN FORECAST TO TIGHTEN

1% demand growth 2% demand growth

REQUIRED SECURITY MARGIN

Transpower data

22

23

24

25

26

27

28

29

30

31

32

2013 2014 2015 2016 2017 2018

RESIDENTIAL ELECTRICITY PRICE (C/KWH)

0

50

100

150

200

250

300

350

400

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

WHOLESALE ELECTRICITY PRICE ($/MWH)

MBIE data Average over the period


…and fuel markets tightening

LPG market

moves to net import

International oil prices have

increased

Oil and gas exploration to be restricted

0

2

4

6

8

10

12

14

0

50

100

150

200

250

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

FORECAST GAS AND LPG PRODUCTION PROFILE

Gas (PJ - LH Axis) LPG (PJ - RH Axis)

0

20

40

60

80

100

120

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

BRENT CRUDE (USD/BBL)

BloombergMBIE data

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

Export parity Import parity

NZ LPG IMPORT/EXPORT PARITY PRICING (NZD/T)

Woodward


800

1000

1200

1400

2015 2016 2017 2018 estimate

RESIDENTIAL LITHIUM-ION BATTERY STORAGE COSTS (USD/MWH)

Lazard

Energy transformation is creating opportunities

$0

$5

$10

$15

$20

$25

$30

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Dec

-19

Jun

-20

Dec

-20

Jun

-21

NEW ZEALAND CARBON UNITS PRICE

Desktop search

Mobile search

ENERGY SEARCH VOLUME TREND

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%Ju

n-1

4

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Dec

-19

Jun

-20

Dec

-20

Jun

-21

ELECTRIC VEHICLE FLEET PENETRATION (NZ)

Light Vehicle fleet EV Penetration

Projection 50% CAGR

Projection 100% CAGR

NZTA

0%

1%

2%

3%

4%

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Dec

-19

Jun

-20

Dec

-20

Jun

-21

SOLAR MARKET PENETRATION (NZ)

ICP uptake rate (%)

Projection linear

Projection 50% CAGRElectricity Authority

0.8

1

1.2

1.4

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Dec

-19

Jun

-20

Dec

-20

Jun

-21

WIND TURBINE PRICE INDEX

Price index Projection BNEF Google

250

200

150

100

50

0

Jan

-14

Jan

-15

Jan

-16

Jan

-17

Jan

-18


Regulatory environmentPolicy cohesion is key, underpinned by principles of collaboration and customer-centric approach

KEY OBSERVATIONS / RECOMMENDATIONS

Retail market • Competition is working to deliver choice & innovation• Strong trend toward more meaningful transparency for

customers around their energy use and choices.• EnergyIQ is a good example of this. • More targeted solutions in collaboration with Government

are key to ‘energy hardship’• Drivers of usage (i.e. quality of housing) must be addressed

to improve affordability for the truly vulnerable

Electricity industry

• The sector is delivering secure, reliable, and affordable electricity

• Improved transparency across all segments will drive trust, confidence and more efficient investment, especially in the monopoly segments

Transition to low emissions economy

• The electricity sector has a key role to play in further decarbonising the economy. Its stability is key

• The transition must be well managed to ensure costs are contained and avoid unintended consequences

Our focus is on making thoughtful contributions to meaningful solutions

Zero Carbon Bill

Low emissions economy

Environment Committee

Crown Minerals (Petroleum) Amendment Bill1

1 Gives effect to the Government's announcement to cease issuing permits for new offshore oil and gas exploration



Genesis Energy Overview

About Genesis Energy— Our vision is to be customers’ first choice for energy management

KEY INFORMATION

Revenue (FY18): NZ$2.3 billion

EBITDAF (FY18): NZ$361 million

Dividend Yield (FY18): 6.9%

Share Price: NZ$2.50

Market Capitalisation: NZ$2.5 billion

Enterprise Value (FY18): NZ$3.7 billion

Average Daily Turnover: 610,000 shares

Credit Rating: BBB+ (Standard & Poors)

Genesis Energy is a large, fully integrated energy management company. It is New Zealand’s largest energy retailer, generates electricity from a diverse portfolio of thermal and renewable assets located throughout the country, and has an interest in the Kupe oil and gas field offshore of Taranaki.

,


Why Genesis?


Diversity of earnings across sectors, fuels and marketsGROSS MARGIN CONTRIBUTION (FY18)

Gas 11%

Oil 6% LPG 3%

Renewable generation 30%

Thermal generation 12%

LPG

1%

Residential electricity 20%Business

electricity 6%

LPG 7% Gas 4%

KUPE 20% WHOLESALE 43% CUSTOMER 37%

Electricity Gas LPG Oil


FY18 Results at a glance

EBITDAF

FY17 $333m

m

$

m

$

due to generation revaluations FY17 $119m

$

Operating cashflowFY17 $249m

FY18 total dividend

FY17 16.6c Imputation 80%

cps

billing platform servicing EOL & Genesis brands. 100,000+ EOL customers successfully migrated.

Kupe gas production

PJ

Record

m integrated operations centre delivering operational efficiencies, digital interactions up 46%.

integrated LPG distribution platform. Genesis now servicing around 60,000 LPG customers.

Energy IQ launched with over 100,000 unique users engaged

Brand revitalised

“With You, For you”

New Zealand’s 2018 # 1 energy utility (Colmar Brunton & Reptrak)

GWhsupports volatile market

,

Up5%

Up11%

Total generation

NPAT

Excellence in execution on foundational investment

Up8%

Down83%

Up2%

Up33%


Outlook and guidance— Guidance for FY19 EBITDAF is $350 to $370 million

• FY19 EBITDAF guidance range is $350 to $370 million subject to hydrological conditions, any material events, one-off expenses or other unforeseeable circumstances. Key assumptions include:

• $10 million negative impact from Huntly Unit 5 mid-life inspection

• Return to normal hydrology

• Increase in emissions costs through higher carbon prices (average of $6/tCO2 achieved FY18) and change to ETS1

• Growth in Customer segment

• FY19 capital expenditure guidance of up to $85 million

• FY20 EBITDAF to be impacted by planned Kupe 25-30 day outage and increased emissions costs

• FY21 target remains to deliver $400+ million EBITDAF

1. Reflects change to the Emissions Trading Scheme to move to a one-for-one unit obligation from 1 January 2019



Our Company Strategy

Our VISION is to be customers’ first choice for energy management

Our PURPOSE is to reimagine energy to put control in our customers’ hands

PERFORMING

TRANSFORMING

Increase # of customers using energy management tools and

increase digital interactions

Grow our earnings and deliver top quartile shareholder returns

Be #1 or #2 in every product market

Energise our people and improve engagement

Keep our people healthy and safe

Maximise the value of our assets, products and businesses

Embrace diversity of thought

Employees are engaged advocates for our brands and products

Move toward a lower carbon future

Be New Zealand’s most loved brand

Our STRATEGY is to maximise value through our market position

Wholesale & Kupe segment

• Our integrated fuel position minimises costs for us and our customers• Our generation mix gives us flexibility to maximise value in the energy markets• We are leading the way to transition the NZ energy sector successfully to a more

renewable future

Customer segment

• We offer a full three fuel (electricity, gas and LPG) solution for our customers• We aim to differentiate our products with seamless service, useful insights and digital tools• Our ambition is to change how consumers engage with their energy

We are performing while transforming


0.26 1.20

0

1

2

3

4

5

6

7

8

0

1

2

3

4

Oct-1

6

Dec-1

6

Feb

-17

Ap

r-17

Jun

-17

Au

g-17

Oct-1

7

Dec-1

7

Feb

-18

Ap

r-18

Jun

-18

Au

g-18

Oct-1

8

Act

ual

Inju

ries

Freq

uen

cy R

ate

GENESIS EMPLOYEE & CONTRACTORS TRIFROct 2016 - Oct 20181

Lost Time Restricted Work

Medical TRIFR

Our diversity and culture drive our successful strategy delivery

GENDER MIX

%male

%female

of senior management including Directors are female

%

Commitment to being an inclusive and diverse employer

through Genesis’ employee share scheme

38% of employees have bought nearly $1 million of shares

0%

10%

20%

30%

40%

50%

60%

70%

80%

FY17 FY18

STAFF BELIEVE OUR PRODUCTS AND SERVICES ARE AS GOOD AS, OR BETTER

THAN, OUR COMPETITORS

30% point lift

Two thirds of employees engaged into

Genesis R U OK programmes

Gender pay gap has dropped

.%

.%

MINDING THE GAP

Engagement and confidence in business success on the rise

Wellbeing and safety is more than just a responsibility

1 LPG business purchased August 2017


Genesis Sustainability Framework launched FY19

Caring for our environment

Emissions

Water and Wildlife

2019 on – Reduce and offset our non-generation carbon emissions

2020 - 100% EV / hybrid light fleet by 2020, 50% EV/hybrid heavy fleet by 2025

Our intention is to phase out coal completely by 2030 (and to use only in abnormal market conditions after 2025)

Our ambitions include

Building strong communities

Our Communities

Our People

Living wage in place by 2020

Mobilise Genesis people to volunteer: 2019 onwards

School-gen website used by over 50% of NZ schools by 2020


Putting control in our customers’ hands

Delivering New Zealand’senergy future

40% of customers using information and insight via our digital tools to make active choices about their day-to-day energy use by 2025

At least 2 new sustainable products for customers by 2020


Powering New Zealand

200,000 customers actively providing more information about their homes to access advanced energy services by 2021


Our purpose is to reimagine energy to put control in our customers’ hands

Fuels PlatformBrands


Our brand re-launch has helped us regain market leadership

“THE MARKET LEADER” 28+7 PTS

19+4 PTS

17+7 PTS

9+1 PT

19NC

“PUTTING PEOPLE IN CONTROL OF THEIR ENERGY USE”

23+8 PTS

15+3 PTS

11+1 PTS

16+1 PT

11+1 PT

“LEADING THE WAY WITH NEW TECHNOLOGY”

28+14 PTS

15+6 PTS

15+9 PTS

13+1 PTS

9+4 PTS

Change in score from May 2017 to August 2018

WHEN ASKED, PEOPLE RECOGNISED GENESIS AS:


Focusing on enhancing loyaltyFY19 will deliver product differentiation at scale

GENESIS CUSTOMER CHURN RATE (BY MONTH, ALL FUELS)1

1 Monthly Churn Annualised (most recent 2 months are estimated on EOM losses and may change)2 Based on Total Residential ICPs for electricity, gas and LPG

1% churn equals ~$1-2mEBITDAF

per annum2

1% price increase equals ~$7-8mEBITDAFper

annum 20%

5%

10%

15%

20%

25%

30%

Jul-

17

Au

g-1

7

Se

p-1

7

Oct-

17

Nov-1

7

Dec-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Total Single Fuel Dual Fuel

Power

Shout I

Power

Shout II

Energy IQ

Launch

Bottle Gas

Monitoring Launch

Power

Shout III

Power

Shout IV

Move to the

Future II

Electricity

Monitoring Launch

Dual

Fuel

Refresh

Next 3 - 6

months

Move to the

Future I


BUSINESS SALES TEAM COVERAGE

FY17 FY19

Electricity & Gas

Electricity, LPG & Gas

Electricity & LPG

BUSINESS NETBACK

Focus on growing business volumeTargeted growth in agriculture and hospitality

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY16 FY17 FY18 FY19 FY20 FY21

LPG

to

nn

e

Elec

tric

ity

& G

as G

Wh

BUSINESS BILLED VOLUME

Electricity Forecast Electricity Actual Gas Forecast

Gas Actual LPG Forecast

FY17 FY18 FY19 (f)

Electricity ($/MWh) 88.5 87.7 88 - 91

Gas ($/GJ) 7.8 7.6 8 - 9

LPG ($/Tonne) n/a 755 850 - 900

Monitoring

Bottled gas monitoring


Integrated portfolio provides flexibilityMaximising value as NZ transitions to a low carbon future


Securing low cost renewable electricity

Flexibility from fuels and working towards a

transition from coal

Creating flexibility from existing assets.

Weekly and seasonal flex

Our emissions are largely hedged through to 2025We are also investigating longer term hedging options

FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

NZ

Un

its

as %

of

po

ten

tial

exp

osu

re

Hedged Emission Unhedged Volume

$6 $9-14 $15-20 $17-22 $17-22 $19-24 $20-25 $20-25

CARBON HEDGE POSITION

Short-hedging has been successful to date

For longer term hedging, we are investigating the full spectrum of possible options, ranging from direct ownership of forests to off-take agreements



The Kupe stake and fuel contract position provide commercial upside

Kupe Gas ProjectSettled joint venture focused on enhancing Kupe’s value

Economic interests aligned

Engagement

Transparency

Discussion

Improved Collaboration

Phase Two DevelopmentTwo distinct projects

Inlet compression Development well


Long-term Gas Contract Position

0

5

10

15

20

25

30

35

40


PJ

TAKE-OR-PAY FORWARD GAS PURCHASES1

1 Represents gas contracts under which Genesis is required to take the product or pay a penalty. Includes Kupe and Producer Price Index adjustments

BENEFITS AND TIMING OF ALTERNATIVE GAS PURCHASE COST2

$8.00 -$9.00

$8.00 -$9.00

$8.00 -$9.00 $8.50 -

$9.50

$8.50 -$9.50

$8.50 -$9.50

$7.50 -$8.50

2 Assumes approx. 37PJs of gas continues to be procured over the timeframe FY21 to FY26, at indicative gas market prices ranging from $6/GJ to $7/GJ (in real terms)

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90


$6/GJ $7/GJ



Targeting FY21 EBITDAF of $400-430m & top quartile TSR

350

20

10

17400

370

30

15

27

430

FY19 Guidance Retail Growth Optimisation Gas SupplyAgreements

roll-off

FY21 Target

Minimum Maximum

The plan is in place to FY21 and beyondDriven by retail growth, optimisation and rolling off of legacy contracts

PATHWAY TO FY21 EBITDAF FY21 SENSITIVTIES

1 Retail growth represents gross margin improvements in the Customer segment through volume and value growth.2 Optimisation represents value creation from reduced operating expenses, enhanced wholesale revenues through

improved plant and fuel efficiency

21

Churn

Oil Price

LPG Price

Retail Price

GWAP

Extended WetSequence

Extended DrySequence

+/- $2/MWhchange in GWAP

Range of USD$50 to USD$90/bbl

+/- $300/t change in LPG prices

+/- 1% change in retail prices

+/- 1% change in churn

EBITDAF +$5m +$10m +$15m-$15m -$10m -$5m

Perc. change in hydro sequence

25th P. 10th P.

90th P.75th P.


Sustained earnings and dividend growthUnderpinned by long dated debt book

308345 335 333

361

350-370

0

100

200

300

400

FY14 FY15 FY16 FY17 FY18 FY19f

$ MILLIONS

EBITDAF

AVERAGE FIXED RATE DEBT TENURE NET DEBT AND NET DEBT/EBITDAF RATIO (S&P BBB+ RATED)

966 905833

1,212 1,183

2.9 2.5 2.6

3.33.0

0.0

1.0

2.0

3.0

4.0

5.0

0

200

400

600

800

1000

1200

FY14 FY15 FY16 FY17 FY18

$ MILLIONS

Net debt Net debt/EBITDAF S&P Target Debt Ratio (2.4 - 3.0)

DIVIDEND CENTS PER SHARE & PAYOUT HISTORY1

13.0

16.0 16.4 16.6 16.9

70%

74%87% 91% 92%

-20%

30%

80%

130%

0FY14 FY15 FY16 FY17 FY18

Dividends (CPS) % of Free Cash Flow

0%

20%

40%

60%

80%

100%

FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27

% of Debt on Fixed Rate

Average debt

capacity tenure at

11.4 years, with an

average fixed interest

rate of 5.8%

1 DRP supported by 29% of holders and has raised $38m of new capital since February 2018

Target Dividend/ Free Cash Flow

of < 90%


Documents

Investor Roadshow · Gas 11% Oil 6% LPG 3% Renewable generation 30% Thermal generation 12% 1% Residential electricity 20% Business electricity 6% LPG 7% Gas 4% KUPE 20% WHOLESALE