FY16 Results Presentation FY16 Results Presentation 1 Disclaimer - PowerPoint PPT Presentation

FY16 Results Presentation FY16 Results Presentation 1

Disclaimer This presentation has been prepared by Genesis Energy Limited (‘Genesis Energy’) for information purposes only. The information in this presentationis 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 difger 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 profjt and free cash fmow are non-GAAP (generally accepted accounting practice) measures. Information regarding the usefulness, calculation and reconciliation of these measures is provided in the supporting material. Furthermore, 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 FY16 Results Presentation 2

Agenda 1 2 FY16 Operational Overview Performance Dame Jenny Shipley Marc England Chairman Chief Executive Vision and Strategy 3 4 Financial Refreshed Performance Chris Jewell Marc England Chief Financial Offjcer Chief Executive FY16 Results Presentation 3

FY16 1 Overview Dame Jenny Shipley Chairman FY16 Results Presentation 4

FY16 Overview A year of transition • Appointment of Marc England as Chief Executive • A resilient performance in challenging conditions • Total Shareholder Return of 32% • Extension of the Rankine units • Signifjcant upgrade to Kupe reserves • Restructuring of the long fuel book • Energy Online brand refresh and Energy Retailer of the Year fjnalist • Commenced a refresh of the Genesis Energy Board FY16 Results Presentation 5

2016 2 Operational Performance Marc England Chief Executive FY16 Results Presentation 6

FY16 Highlights A resilient performance in challenging conditions EBITDAF NPAT $335.3 m $184.2 m 3% lower year on year 76% higher driven by the Kupe reserves upgrade and a revaluation of the generation assets Energy Management: FREE CASH FLOW TOTAL DIVIDENDS resilient under pressure $200.2 m 16.4 cps Oil & Gas: lower due to global factors 1% higher due to coal stockpile 2.5% higher than FY15 management, lower interest, debt, capex Customer experience: stable against price competition FY16 Results Presentation 7

Generation Stable production in a soft market ANNUAL GENERATION PROFILE GWh 9,000 • Generation volumes of 6.7 TWh – in line with FY15 8,000 7,000 • Average price of $64/MWh – 15% lower than FY15 6,000 5,000 • Hydro infmows of 192 GWh – 7% below average 4,000 3,000 • Changed mix of thermal input fuel 2,000 1,000 — 17% increase in gas generation 0 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Huntly Unit 5 Huntly Unit 6 Tekapo A & B Hau Nui Wind — 36% reduction in coal generation Waikaremoana Huntly Rankine Units Tongariro — Rankine Units operated 33% of FY16 on gas FY16 ¡ FY15 ¡ (FY15 was 9%). Generation ¡Volumes Variance ¡% (GWh) (GWh) Gas ¡Generation 3,232 2,772 17% Coal ¡Generation 811 1,277 (36)% 4,043 4,049 (0)% Total ¡Thermal ¡Generation Hydro ¡Generation 2,654 2,627 1% Wind ¡Generation 24 22 9% Total ¡Renewable ¡Generation 2,678 2,649 1% Total ¡Generation 6,721 6,698 0% Average ¡Price ¡Received ¡for ¡Generation ¡($/MWh) $64.07 $75.41 (15)% FY16 Results Presentation 8

Huntly’s Rankine Units Operational extension until at least December 2022 • Swaption contracts cover operational and capital costs until 2022 • Remain an efgective thermal peaking option with fuel storage • Removes concerns of supply side constraints beyond 2018 USE OF GAS VS COAL GWh • Genesis Energy will continue to consider development 700 600 of future economic generation options at the Huntly 500 site, including a long term role for the Rankines 400 300 200 100 0 JUL-14 AUG-14 SEP-14 OCT-14 NOV-14 DEC-14 JAN-15 FEB-15 MAR-15 APR-15 MAY-15 JUN-15 JUL-15 AUG-15 SEP-15 OCT-15 NOV-15 DEC-15 JAN-16 FEB-16 MAR-16 APR-16 MAY-16 JUN-16 Rankine U1–4 Coal Rankine U1–4 Gas FY16 Results Presentation 9

Tiwai Point Impact De-risking the business for a Tiwai exit scenario • Genesis Energy has worked hard to mitigate the impact of any future closure of the Tiwai aluminium smelter • Most likely scenario in the event of Tiwai exit would be to close Rankine units • Built carve-out clauses for Tiwai exit into recently signed contracts: — 50MW supplied to Meridian Energy GENESIS ENERGY WHOLESALE ELECTRICITY SALES AND PURCHASES until end of 2018 GWh — Swaptions with Meridian Energy/Contact Energy 1,400 to recover Rankine’s capex 1,200 • Closer to material step down in gas supply at 2020 1,000 800 • Increasingly balanced in the market with generation 600 • Fuel book less exposed than before given termination 400 of coal contract in October 2015 200 • Strategic growth areas will diversify revenue over time 0 Q1 FY12 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Wholesale Sales Wholesale Purchases FY16 Results Presentation 10

Fuel Management Optimised working capital HUNTLY COAL STOCKPILE AND COAL USED IN GENERATION COAL STOCKPILE (’000 TONNES) COAL USED IN GENERATION (PJ) by reshaping fuel position 1,800 14 1,600 12 1,400 • A focus on optimising the fuel position resulting 10 1,200 8 in termination of Solid Energy coal contract 1,000 800 6 600 4 • 7.2PJ (12%) less fuel purchased in FY16 400 2 200 0 0 • Gas for generation at $7.85/GJ – 4% lower than FY15 FY11 Q1 Q2 Q3 Q4 FY12 Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14 Q1 Q2 Q3 Q4 FY15 Q1 Q2 Q3 Q4 FY16 Q1 Q2 Q3 Q4 Coal stockpile (kilotonnes) Coal used in generation (PJ) • Wholesale gas sales of 15.3PJ – 26% lower than FY15 — 5PJ translated to $12m of avoided losses compared FY16 ¡ FY15 ¡ Variance ¡ Fuel ¡Management to FY15 (PJ) (PJ) (%) Wholesale ¡Gas ¡Sales 15.3 20.6 (26)% • Coal stockpile reduced by 43% contributing to reduced Total ¡Gas ¡Purchases 47.9 48.5 (1)% 25.3 20.8 22% Gas ¡Used ¡in ¡Internal ¡Generation inventories – improved cashfmow Wholesale ¡Coal ¡Sales 1.0 0.7 43% Coal ¡Purchases 3.0 9.6 (69)% Coal ¡Used ¡in ¡Internal ¡Generation 9.3 14.2 (35)% Coal ¡Stockpile ¡(kilotonnes) 408.4 720.9 (43)% FY16 Results Presentation 11

Oil and Gas Sustained production in a KUPE ROLLING 12M GAS PRODUCTION (PJ) GAS PRODUCTION PJ OIL PRODUCTION KBBL challenging global oil market 30 600 500 25 • Kupe gas production down 3% due to a three yearly 400 20 major plant outage. 300 15 200 10 • Production was 92% of capacity 100 5 • Kupe milestone: 10 million barrels delivered since 0 0 Q1 FY12 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 commissioning Gas Production Oil Production • Kupe EBITDAF impacted by external factors; Variance ¡ — 41% reduction in international oil prices Kupe ¡Performance FY16 FY15 (%) to US $43/bbl 7.4 7.6 (3)% Gas ¡Sales ¡(PJ) Oil ¡Production ¡(kbbl) 427.3 502.1 (15)% Oil ¡Sales ¡(kbbl) 416.9 500.8 (17)% — FY16 oil sales were hedged at an average 28.1 31.6 (11)% LPG ¡Sales ¡(kilotonnes) of US$78.11/bbl Oil ¡and ¡Gas ¡EBITDAF ¡($m) 80.4 93.5 (14)% — LPG sales down 11% due to extended outage of LPG plant FY16 Results Presentation 12

Kupe reserves upgraded Signifjcant reserves upgrade GENESIS ENERGY SHARE OF KUPE RESERVES FY16 ¡ FY15 ¡ Variance ¡ Genesis ¡Energy ¡share ¡of ¡Kupe ¡reserves (PJ) (PJ) (%) • Developed reserves 35% higher than 30 June 2015 73.8 54.7 35% Developed ¡Reserves ¡(2P) Undeveloped ¡Reserves ¡(2P) 46.4 39.2 18% • Total reserves 28% higher than 30 June 2015 120.2 93.9 28% Total ¡Reserves ¡(2P) • Plateau period for Kupe extended CURRENT LEVELS OF KUPE HEDGING • Phase 2 Development later than previously planned Current levels of Oil ¡hedging FX ¡hedging ¡of ¡oil ¡sales Kupe ¡hedging • Phase 2 Development capex likely to be less (current Percentage ¡ Rate ¡ Percentage ¡ Rate ¡(USD/NZD) hedged (US$/bbl) hedged estimate $75m) FY17 73% $59.60 72% 64.5c FY18 52% $56.50 54% 63.5c • Business case for Phase 2 Development still to be assessed Hedged Position • FY17 oil sales volumes are 73% hedged at US$59.60/bbl and 72% covered at USD/NZD 64.5c FY16 Results Presentation 13