Investor Roadshow Presentation – November 2018

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 EXECUTIVE
Chris Jewell –CHIEF FINANCIAL OFFICER
Wendy 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 requiredfor 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 extent
permitted by law Genesis Energy accepts no responsibility for any errors or omissions and no representation is made as to the
accuracy, completeness or reliability of the information. This presentation does not constitute investment advice.
Genesis Energy Limited Investor Roadshow November 2018 2.

308
345
335
333
361
350-370
FY14FY15FY16FY17FY18FY19f
$ 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%
0
FY14FY15FY16FY17FY18
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%
2015201520162016201720172018
Mean90th Percentile
75th Percentile25th Percentile
GNE
NZX 50 / ASX 100 YIELD COMPARISON
Bloomberg
EBITDAF
Genesis Energy Limited Investor Roadshow November 2018 3.

G E N E S I S E N E R G Y L I M I T E D
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 Architecture
Performance Index 2017 (World Economic Forum)
Ease of doing
business
st
Investor
Protection
st
billion,
3% growth
GDP
Global Prosperity
Index
Providing
Sustainable,
Secure Energy
th
Economic
Freedom
rd
nd
Genesis Energy Limited Investor Roadshow November 2018 5.

New Zealand’s energy market
—Deregulatedunsubsidised market with an established operating system
1 state owned national
transmission grid operator
1 privately owned gas
transmission network
5major electricity
generators
15 producing
gas fields
29electricity
lines companies
5gas distributors
4LPG distributors
2melectricity customers
270,000gas customers,
220,000LPG customers
48%residential
customers
Retail
39%small,
medium
enterprises
13%commercial &
industrial customers
Genesis Energy Limited Investor Roadshow November 2018 6.

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 Market45 kg MarketForklift Market9 KG MarketAuto 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
200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030
GRID DEMAND FORECASTS (GWH)
Historical demandTranspower
MBIE - LowMBIE - High
Productivity Comm. - LowProductivity Comm. - High
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GRID DEMAND
SHOWING SIGNS OF GROWTH (GWH)
5 year range2018
EA data
Est.
kg
Genesis Energy Limited Investor Roadshow November 2018 7.

...with electricity markets reflecting tighter capacity margins
EA data
Energy and
capacity
shortages
showing
Tiwai4
th
potline
adds to
demand
Regulatory
review of
electricity
prices
underway
0%
5%
10%
15%
20%
25%
20182019202020212022
NEW ZEALAND WINTER ENERGY
MARGIN FORECAST TO TIGHTEN
1% demand growth2% demand growth
REQUIRED SECURITY MARGIN
Transpower data
22
23
24
25
26
27
28
29
30
31
32
201320142015201620172018
RESIDENTIAL ELECTRICITY PRICE (C/KWH)
0
50
100
150
200
250
300
350
400
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
WHOLESALE ELECTRICITY PRICE ($/MWH)
MBIE data
Average over the period
Genesis Energy Limited Investor Roadshow November 2018 8.

...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
201820192020202120222023202420252026202720282029203020312032203320342035
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)
Bloomberg
MBIE data
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20082009201020112012201320142015201620172018
Export parityImport parity
NZ LPG IMPORT/EXPORT PARITY PRICING (NZD/T)
Woodward
Genesis Energy Limited Investor Roadshow November 2018 9.

800
1000
1200
1400
2015201620172018 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%
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
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% CAGR
Electricity 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 indexProjection
BNEF
Google
250
200
150
100
50
0
Jan
-
14
Jan
-
15
Jan
-
16
Jan
-
17
Jan
-
18
Genesis Energy Limited Investor Roadshow November 2018 10.

Regulatory environment
Policy 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 Bill
1
1
Gives effect to the Government's announcement to cease issuing permits for new offshore oil and gas exploration
Genesis Energy Limited Investor Roadshow November 2018 11.

G E N E S I S E N E R G Y L I M I T E D
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.
,
Genesis Energy Limited Investor Roadshow November 2018 13.

Why Genesis?
Genesis Energy Limited Investor Roadshow November 2018 14.

Diversity of earnings across sectors, fuels and markets
GROSS 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%
ElectricityGasLPGOil
Genesis Energy Limited Investor Roadshow November 2018 15.

FY18 Results
at a glance
EBITDAF
FY17 $333m
m
$
m
$
due to generation
revaluations
FY17 $119m
$
Operating cashflow
FY17 $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%.
integratedLPG
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)
GWh
supports volatile market
,
Up
5%
Up
11%
Total generation
NPAT
Excellence in execution on foundational investment
Up
8%
Down
83%
Up
2%
Up
33%
Genesis Energy Limited Investor Roadshow November 2018 16.

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 ETS
1
•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
Genesis Energy Limited Investor Roadshow November 2018 17.

G E N E S I S E N E R G Y L I M I T E D
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 tomaximise valuein theenergy markets
•We are leading the way to transition the NZ energy sectorsuccessfully 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
Genesis Energy Limited Investor Roadshow November 2018 19.

0.26
1.20
0
1
2
3
4
5
6
7
8
0
1
2
3
4
Oct-16Dec-16Feb-17Apr-17Jun-17Aug-17Oct-17Dec-17Feb-18Apr-18Jun-18Aug-18Oct-18
Actual Injuries
Frequency Rate
GENESIS EMPLOYEE & CONTRACTORS TRIFR
Oct 2016 -Oct 2018
1
Lost TimeRestricted Work
MedicalTRIFR
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%
FY17FY18
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 Energy Limited Investor Roadshow November 2018 20.

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
Our ambitions include
Putting control in our
customers’ hands
Delivering New Zealand’s
energy 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
Our ambitions include
Powering
New Zealand
200,000 customers actively providing more
information about their homes to access advanced
energy services by 2021
Genesis Energy Limited Investor Roadshow November 2018 21.

Our purpose is to reimagine energy to put control in our customers’ hands
Fuels
Platform
Brands
Genesis Energy Limited Investor Roadshow November 2018 22.

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
19
NC
“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:
Genesis Energy Limited Investor Roadshow November 2018 23.

Focusing on enhancing loyalty
FY19 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 annum
2
1% price increase
equals ~$7-8m
EBITDAFper
annum
2
0%
5%
10%
15%
20%
25%
30%
Jul-17
Aug-17Sep-17
Oct-17
Nov-17Dec-17
Jan-18
Feb-18Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18Sep-18
TotalSingle FuelDual 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
Genesis Energy Limited Investor Roadshow November 2018 24.

BUSINESS SALES TEAM COVERAGE
FY17
FY19
Electricity & Gas
Electricity, LPG & Gas
Electricity & LPG
BUSINESS NETBACK
Focus on growing business volume
Targeted 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
FY16FY17FY18FY19FY20FY21
LPG tonne
Electricity & Gas GWh
BUSINESS BILLED VOLUME
Electricity ForecastElectricity ActualGas Forecast
Gas ActualLPG Forecast
FY17FY18FY19 (f)
Electricity($/MWh)
88.587.788 -91
Gas ($/GJ)
7.87.68 -9
LPG ($/Tonne)
n/a755850 -900
Monitoring
Bottled gas
monitoring
Genesis Energy Limited Investor Roadshow November 2018 25.

Integrated portfolio provides flexibility
Maximising value as NZ transitions to a low carbon future
Genesis Energy Limited Investor Roadshow November 2018 26.
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 2025
We are also investigating longer term hedging options
FY18FY19FY20FY21FY22FY23FY24FY25
NZ Units as % of potential exposure
Hedged EmissionUnhedged 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
Genesis Energy Limited Investor Roadshow November 2018 27.

G E N E S I S E N E R G Y L I M I T E D
The Kupe stake and fuel contract position
provide commercial upside

Kupe Gas Project
Settled joint venture focused on enhancing Kupe’s value
Economic interests
aligned
Engagement
Transparency
Discussion
Improved
Collaboration
Phase Two Development
Two distinct projects
Inlet compression
Development well
Genesis Energy Limited Investor Roadshow November 2018 29.

Long-term Gas Contract Position
0
5
10
15
20
25
30
35
40
FY19FY20FY21FY22FY23FY24FY25FY26
PJ
TAKE-OR-PAY FORWARD GAS PURCHASES
1
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 COST
2
$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
FY19FY20FY21FY22FY23FY24FY25FY26
$6/GJ $7/GJ
Genesis Energy Limited Investor Roadshow November 2018 30.

G E N E S I S E N E R G Y L I M I T E D
Targeting FY21 EBITDAF of $400-430m &
top quartile TSR

350
20
10
17
400
370
30
15
27
430
FY19 GuidanceRetail GrowthOptimisationGas Supply
Agreements
roll-off
FY21 Target
MinimumMaximum
The plan is in place to FY21 and beyond
Driven 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 Wet
Sequence
Extended Dry
Sequence
+/-$2/MWh
change 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
hydrosequence
25
th
P.10
th
P.
90
th
P.
75
th
P.
Genesis Energy Limited Investor Roadshow November 2018 32.

Sustained earnings and dividend growth
Underpinned by long dated debt book
308
345
335
333
361
350-370
0
100
200
300
400
FY14FY15FY16FY17FY18FY19f
$ MILLIONS
EBITDAF
AVERAGE FIXED RATE DEBT TENURE
NET DEBT AND NET DEBT/EBITDAF RATIO(S&P BBB+ RATED)
966
905
833
1,212
1,183
2.9
2.5
2.6
3.3
3.0
0.0
1.0
2.0
3.0
4.0
5.0
0
200
400
600
800
1000
1200
FY14FY15FY16FY17FY18
$ MILLIONS
Net debtNet debt/EBITDAFS&P Target Debt Ratio (2.4 - 3.0)
DIVIDEND CENTS PER SHARE & PAYOUT HISTORY
1
13.0
16.0
16.4
16.6
16.9
70%
74%
87%
91%
92%
-20%
30%
80%
130%
0
FY14FY15FY16FY17FY18
Dividends (CPS)% of Free Cash Flow
0%
20%
40%
60%
80%
100%
FY19FY20FY21FY22FY23FY24FY25FY26FY27
% 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%
Genesis Energy Limited Investor Roadshow November 2018 33.