Q4 FY17 PERFORMANCE UPDATE QUARTER HIGHLIGHTS

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2 FY17 PERFORMANCE UPDATE QUARTER HIGHLIGHTS Nova Energy retail LPG acquisition Generation Kupe acquisition completed and integration progressing well up 13% on FY16 with GWAP up 21% production on target with record 1% production in June

3 FY17 Performance Summary Eventful final quarter with a major acquisition completed amidst favourable spot market conditions Customer Wholesale Kupe The acquisition of the Nova Energy retail LPG business placed Genesis as the second largest LPG retailer in New Zealand. This cements our unique position as the only retailer to offer an integrated customer experience across three fuels on one platform. Demand was up for the quarter as the business segment sales strategy continues to deliver with prices up in the mass market electricity segment but down in the TOU and gas segments. Genesis continues to increase its pace on innovating and driving new products and ways to reward loyalty with 3% of the customer and technology teams now working in an agile environment. Genesis Energy s diverse and flexible generation portfolio benefitted from the dry South Island, wet North Island operating conditions with generation up 12.6% and renewable up 31.% on FY16. The divergent hydrological conditions translated into higher wholesale prices up 21.4% with 98.6GWh of swaption calls made. Genesis is also providing further detail around its forward take-orpay gas purchases this quarter as part of its commitment to increase transparency. The increased 15% interest in Kupe delivered on expectations this quarter with gas production of 1.PJ bringing total production to 3.1PJ up 47.2% on FY16. Kupe ran at a record 1% of availability capacity of 77TJ per day for June to support the generation portfolio requirements. LPG production yields remain impacted by plant issues which are expected to be resolved in Q1 FY18. The completion of the Nova Energy retail LPG acquisition and the additional 15% Kupe stake meeting production expectations shows the benefit of our Invest strategy in delivering value-enhancing opportunities - Chris Jewell, CFO FY17 PERFORMANCE UPDATE 3

4 Customer Segment Performance Nova Energy retail LPG acquisition completed as Genesis drives towards an integrated customer experience $244.85/MWh Mass market volume weighted average electricity price Highs 1.7% 18,893 LPG customers excluding Nova 18.9% NPS Continues to improve, consistently positive for the quarter 1,55 GWh Retail electricity sales 6.5% >12, Customers linked to Flybuys Nova Energy retail LPG business acquisition successfully completed Lows 55,12 Electricity ICP s excluding vacants FY17 PERFORMANCE UPDATE 4 3.5% $26.15/GJ Volume weighted average gas selling price 2.6% All comparisons are against FY16 LPG bottles on display at Fieldays where Genesis promoted its new agri product as part of its strategic focus to grow the business segment

5 Wholesale Segment Performance A geographically diverse and flexible portfolio delivering value in all market conditions Highs Lows $78.88/MWh Average price received for generation 21.4% 835 GWh Total renewable generation 31.% 224 GWh Tekapo Hydro Generation 11.2% 98.6 GWh Swaptions called in June by South Island generators 93.2% Average monthly Equipment Availability Factor (EAF).5% 277 tco2/gwh Generation Carbon Intensity 17.7% The Huntly Emergency Response Team received a gold and silver medal for the 217 Sky Tower firefighter stair climb and raised $48, for Leukaemia and Blood Cancer NZ All comparisons are against FY16 FY17 PERFORMANCE UPDATE 5

6 1-Apr 6-Apr 11-Apr 16-Apr 21-Apr 26-Apr 1-May 6-May 11-May 16-May 21-May 26-May 31-May 5-Jun 1-Jun 15-Jun 2-Jun 25-Jun 3-Jun PJ Wholesale Segment Performance Hydrological conditions in last quarter highlights thermal as an enabler of NZ s high level of renewable DAILY AVERAGE WHOLESALE PRICES & NATIONAL HYDRO FY17 TAKE-OR-PAY FORWARD GAS PURCHASES 1 NEW DISCLOSURE Wholesale Price ($/MWh) $18 $16 $14 $12 $1 $8 April: Storage moves 7% below average, wholesale prices remain low May: Storage moves 15% below average, wholesale prices up 49% 1% hydro risk curve breached First swaption call made June: Storage moves 33% below average, wholesale prices up 71% Lake Storage (GWh) 6, 5, 4, 3, $7.5 - $8.5 $7.5 - $8.5 $8. - $9. $8. - $9. $8. - $9. $8.5 - $9.5 $8.5 - $9.5 $6 2, 1 $4 $2 $- All swaption tranches called 2% hydro risk curve breached 1, 5 $8.5 - $9.5 FY18 FY19 FY2 FY21 FY22 FY23 FY24 FY25 FY26 Benmore (BEN221) Storage Long Run Average (RHS) Source: COMIT, Genesis Energy FY17 PERFORMANCE UPDATE Otahuhu (OTA221) FY217 Storage 1. Represents gas contracts under which Genesis is required to take the product or pay a penalty. Excludes Kupe and includes PPI adjustments 6

7 Kupe Segment Performance Increased Kupe production supporting downstream portfolio flexibility Highs Lows 1.9 PJ Gas Retail Customers 1,55 GWh Electricity 1.7 kt LPG 1. PJ 15% acquisition achieved target 6 month production kbbl Kupe Oil Sales due to extra shipments 95.9% $49.69 USD/bbl Average Spot Brent Crude Oil price remains low Wholesale Market 2.9 PJ Gas 587 GWh Electricity Electricity Generation 8.1 kt LPG 1,9 GWh 11.6 kt LPG Production 97.5% 3.1 PJ Gas Production 47.2% 2,31 TJ June gas production hits record 1% of maximum capacity LPG Production Issue with propane compressor limiting total production capacity Fuels Portfolio 12.2 PJ Gas 1.5 PJ Coal 9.8 KT LPG 831 GWh Hydro GJ Diesel 4 GWh Wind GNE 46% Kupe share 152 kbbl Oil External Purchases 9.1 PJ Gas 1.3 PJ Coal External Sales 248 kbbl Oil 3.1 PJ Gas 11.6 kt LPG 1.2 kt LPG All comparisons are against FY16 FY17 PERFORMANCE UPDATE 7

8 Other Corporate Highlights Agile culture embracing and leading change 754 FTE excluding Nova as optimise initiatives continue Highs 12.3% 15+ employees working in agile environment in the business across 15 squads Lows.53 Total recordable 3.9% injury frequency rate Local Energy Project team member handing over the keys of a Nissan Leaf to the Featherstone Community Centre to use for a year >2 Customers in Local Energy Project Staylive Winner of the 217 EEA Aware for Workplace Safety Distributed energy Local Energy Project squad All comparisons are against FY16 FY17 PERFORMANCE UPDATE 8

9 Glossary CUSTOMER GENERATION WHOLESALE CORPORATE KUPE Net Promoter Score Electricity Market Share Gas Market Share Customer Connection Volume Weighted Average Electricity Selling Price - $/MWh Volume Weighted Average Gas Selling Price - $/MWh Average Retail Electricity Purchase Price - LWAP ($/MWh) LPG Customer Connections LPG 45kg Market Share (%) Bottled LPG Sales (tonnes) Wholesale LPG Sales (tonnes) Other LPG Sales (tonnes) Electricity Sales - Wholesale (GWh) Electricity Purchases - Wholesale (GWh) Retail Netback ($/MWh) Coal (GWh) Average Price Received for Generation - GWAP ($/MWh) Coal Used In Internal Generation (PJ) Rankines Fueled by Coal (%) Equipment Availability Factor (EAF) Foreced Outage Factor (FOF) Weighted Average Fuel Cost ($/MWh) Total Recordable Injury Frequency Rate Headcount Oil Hedge Levels (%) Based on survey question "How likely would you be to recommend Genesis Energy/Energy Online to your friends or family?" Market share based on Electricity Authority data for the end of quarter Market share based on Gas Industry Company data for the end of quarter Electricity and gas customers are defined by number of connections (ICP). Average selling price for customers including lines/transmission and distribution and after prompt payment discount Average selling price for customers including lines/transmission and distribution and after prompt payment discount Excludes settlements from electricity derivatives. Defined as number of customers Genesis Energy estimation based on company data, LPGA and MBIE data represents 45kg LPG bottle sales represents sales LPG retailers represents bulk, 3rd party distributors and export sales plus transfers to the Huntly Power Station includes contracts for difference and options includes contracts for difference and options Customer Segment EBITDAF plus electricity and gas purchase cost divided by total electricity and gas sales volumes Coal generation is calculated by applying coal burn to monthly average heat rates Excludes settlements from electricity derivatives. Results have been revised to reflect changes in coal kilotonnes to PJ conversion rate and volume methodology the percentage of time a power station is available to generate electricity the percentage of time a power station is unavailable to generate electricity due to unplanned failure or defect. Total cost of fuel burnt plus emissions on fuel burnt divided by total generation (thermal, hydro and wind) Rolling 12 month TRIFR per 2, hours worked Based on full time equivalents, excluding contractors % hedged for remainder of FY as % of forecast sales FY17 PERFORMANCE UPDATE 9

10 Metrics CORE FY17 FY16 % Change Var. YTD FY17 YTD FY16 % Change Var. CUSTOMER Volume Weighted Average Electricity Selling Price - MM ($/MWh) $ $ % $4.2 $242.3 $ % $4.3 Volume Weighted Average Electricity Selling Price - TOU ($/MWh) $ $ (2.3%) ($3.8) $12.4 $ % $3.63 Mass Market Electricity Sales (GWh) 1,123 1,116.6% 7 4,323 4,426 (2.3%) (12) TOU Electricity Sales (GWh) % 84 1,33 1, % 86 Electricity Sales - Retail (GWh) 1,55 1, % 91 5,653 5,669 (.3%) (16) Electricity Sales - Wholesale (GWh) % 225 1,998 1, % 768 Electricity Purchases - Retail (GWh) 1,587 1,484 7.% 13 5,964 5,965.% (1) Electricity Purchases - Wholesale (GWh) (21.6%) (78) 1,313 1, % 88 Average Retail Electricity Purchase Price - LWAP ($/MWh) $81.28 $ % $17.27 $6.53 $64.2 (5.4%) ($3.49) LWAP/GWAP Ratio (%) 13% 98% 4.6% 5% 1% 1% (.1%) % Volume Weighted Average Gas Selling Price ($/GJ) $26.15 $26.85 (2.6%) ($.71) $27.14 $ % $.15 Mass Market Gas Sales (PJ) % %.1 TOU Gas Sales (PJ).8.9 (8.4%) (.1) (1.9%) (.1) Retail Gas Sales (PJ) % %.1 Retail Gas Purchases (PJ) % %.1 FY17 PERFORMANCE UPDATE 1

11 Metrics CORE FY17 FY16 % Change Var. YTD FY17 YTD FY16 % Change Var. GENERATION WHOLESALE Gas (GWh) % 56 3,82 3,24 (4.9%) (158) Coal (GWh) (22.8%) (41) (76.9%) (617) Total Thermal (GWh) 1,65 1,5 1.5% 15 3,268 4,43 (19.2%) (775) Hydro (GWh) % 199 3,133 2, % 479 Wind (GWh) 4 5 (2.1%) (1) (13.1%) (3) Total Renewable (GWh) % 198 3,154 2, % 476 Total Generation (GWh) 1,9 1, % 213 6,422 6,721 (4.5%) (299) Average Price Received for Generation - GWAP ($/MWh) $78.88 $ % $13.88 $6.63 $64.7 (5.4%) ($3.44) Generation Emissions (ktco 2 ) (7.3%) (42) 1,474 2,194 (32.8%) (719) Generation Carbon Intensity (tco 2 /GWh) (17.7%) (6) (29.7%) (97) Forced Outage Factor (FOF).9%.3% 2.%.6%.9% 2.% (55.%) (1.1%) Equipment Availability Factor (EAF) 93.2% 92.7%.5%.5% 92.5% 89.% 3.9% 3.5% Gas Purchases (PJ) (2.4%) (.3) (4.4%) (2.1) Coal Purchases (PJ) 1.4..% (51.5%) (1.5) Wholesale Gas Sales (PJ) (21.9%) (.8) (6.2%) (.9) Wholesale Coal Sales (PJ).1.3 (5.4%) (.1).7 1. (24.9%) (.2) Gas Used In Internal Generation (PJ) % (5.2%) (1.3) Coal Used In Internal Generation (PJ) (28.7%) (.6) (75.6%) (7.) Weighted Average Fuel Cost ($/MWh) $36.43 $38.8 (4.3%) ($1.66) $32.54 $37.15 (12.4%) ($4.61) FY17 PERFORMANCE UPDATE 11

12 Metrics OPTIMISE FY17 FY16 % Change Var. YTD FY17 YTD FY16 % Change Var. CUSTOMER GENERATION CORPORATE Net Promoter Score - Genesis Energy (%) 1% -4% 125.% 5.% Electricity Market Share (%) 24.5% 25.6% (4.4%) (1.1%) Gas Market Share (%) 37.6% 39.3% (4.3%) (1.7%) Electricity ICP's Excluding Vacants (#) 55,12 523,174 (3.5%) (18,54) Electricity Vacant ICP's 2,377 2, % 216. Gas ICP's Excluding Vacants (#) 14,533 17,121 (2.4%) (2,588) Gas Vacant ICP's 7,866 3, % Retail Netback ($/MWh) $86.93 $87.3 (.1%) ($.1) $83.88 $84.14 (.3%) ($.26) Rankine Output (GWh) (15.7%) (51) (62.1%) (743) Rankines Fueled by Coal (%) 51% 56% (8.4%) (5%) 41% 67% (38.9%) (26%) Headcount (FTE) (12.3%) (16) Total Recordable Injury Frequency Rate %.2 FY17 PERFORMANCE UPDATE 12

13 Metrics INNOVATE FY17 FY16 % Change Var. YTD FY17 YTD FY16 % Change Var. CUSTOMER LPG Customer Connections (#) 18,893 15, % 3,3 Bottled LPG Sales (tonnes) 1,515 1, % 397 5,2 3, % 1,3 Other LPG sales (tonnes) 1,554 1,818 (14.5%) (264) 4,675 8, % (3,785) Wholesale LPG Sales (tonnes) 3,975 3, % 17 17,988 15, % 2,38 INVEST FY17 FY16 % Change Var. YTD FY17 YTD FY16 % Change Var. KUPE* CUSTOMER Gas Production (PJ) % % 1.9 Oil Production (kbbl) % % 48.5 Oil Sales (kbbl) % % 89.9 Average Brent Crude Oil (USD/bbl) $49.69 $ % $4.12 $49.7 $ % $7.8 LPG Sales (kt) % % 4.1 LPG Production (kt) % % 4.7 Nova Customer Connections (#) 36,279-36,279 - Nova LPG Sales (tonnes) 2,814-2,814 - *from 1 January 217, metrics include 46% ownership FY17 PERFORMANCE UPDATE 13

14 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 GWh GWh PJ PJ Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 Customers by connections Market Share Customers by connections Market Share Appendix: Customer Segment ELECTRICITY CUSTOMER CONNECTIONS & MARKET SHARE Customer Connections Share of Total Market (RHS) 55, 54, 53, 52, 51, 5, 49, 48, 47, 46, 45, 3% 29% 28% 27% 26% 25% 24% 23% 22% 21% 2% NATURAL GAS CUSTOMER CONNECTIONS & MARKET SHARE Customer Connections Share of Total Market (RHS) 13, 12, 11, 1, 9, 8, 5% 45% 4% 35% 3% Source: Company data, Electricity Authority Source: Company data, Gas Industry Co ELECTRICITY SALES VOLUMES (GWh) Quarterly TOU Sales Volumes Rolling 12month sales volume (RHS) Quarterly MM Sales Volumes RETAIL GAS SALES VOLUMES (PJ) Quarterly TOU Sales Volumes Rolling 12month sales volume (RHS) Quarterly MM Sales Volumes FY17 PERFORMANCE UPDATE 14

15 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Appendix: Customer Segment GENESIS ENERGY vs. INDUSTRY ELECTRICITY CUSTOMER CONNECTION SWITCHING Genesis Energy Monthly Switching Rate NZ Electricity Market Monthly Switching Rate Genesis Energy 12 Month Rolling Switching Rate Electricity Industry Rolling 12m % annualised 3% 28% 26% 24% 22% 2% 18% 16% 14% 12% 1% Source: Genesis Energy, Electricity Authority FY17 PERFORMANCE UPDATE 15

16 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 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 GWh Equipment Availability Factor (EAF) % Forced Outage Factor (FOF) % Appendix: Wholesale Segment GENERATION BY POWER STATION 8, PLANT PERFORMANCE 7, Monthly EAF 1% Monthly FOF 2% 6, 5, 4, 3, 2, Hau Nui Wind Farm Tekapo A and B power stations Waikaremoana Power Scheme Tongariro Power Scheme Huntly Unit 6 Huntly Unit 5 Huntly Units 1 to 4 Gas Huntly Units 1 to 4 Coal 9% 8% 7% 6% 5% 4% 3% 2% 1% 18% 16% 14% 12% 1% 8% 6% 4% 2% 1, % % YTD 217 YTD 216 FY17 PERFORMANCE UPDATE 16

17 1-Jan 6-Jan 11-Jan 16-Jan 21-Jan 26-Jan 31-Jan 5-Feb 1-Feb 15-Feb 2-Feb 25-Feb 2-Mar 7-Mar 12-Mar 17-Mar 22-Mar 27-Mar 1-Apr 6-Apr 11-Apr 16-Apr 21-Apr 26-Apr 1-May 6-May 11-May 16-May 21-May 26-May 31-May 5-Jun 1-Jun 15-Jun 2-Jun 25-Jun 3-Jun 1-Jan 6-Jan 11-Jan 16-Jan 21-Jan 26-Jan 31-Jan 5-Feb 1-Feb 15-Feb 2-Feb 25-Feb 2-Mar 7-Mar 12-Mar 17-Mar 22-Mar 27-Mar 1-Apr 6-Apr 11-Apr 16-Apr 21-Apr 26-Apr 1-May 6-May 11-May 16-May 21-May 26-May 31-May 5-Jun 1-Jun 15-Jun 2-Jun 25-Jun 3-Jun Appendix: Wholesale Segment TEKAPO STORAGE vs LONG RUN AVERAGE FY217 GWh Tekapo Storage WAIKAREMOANA STORAGE vs LONG RUN AVERAGE FY217 GWh Waikaremoana Storage Source: COMIT Source: COMIT NEW ZEALAND DAILY STORAGE 4,5 91 year Average 12month Rolling 4, 3,5 3, 2,5 2, 1,5 1, 5 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY17 PERFORMANCE UPDATE 17

18 Q1 FY12 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY12 Q1 FY13 Q1 FY14 Q1 FY15 Q1 FY16 Q1 FY17 Appendix: Kupe Segment KUPE GAS SALES VOLUMES (PJ) PJ Quarterly Sales Volumes 3.5 Rolling 12month sales volume (RHS) PJ KUPE OIL PRODUCTION VOLUMES (kbbl) 's of barrels Quarterly Production Volumes Rolling 12month production volumes (RHS) 's of barrels FY17 PERFORMANCE UPDATE 18

19 Appendix: Kupe Segment BRENT CRUDE OIL SPOT PRICE FY217 FY216 USD/bbl $6 $55 $5 $45 $4 $35 $3 $25 $2 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun OIL PRICE and FOREX RISK MANAGEMENT NEW DISCLOSURE FORWARD RISK MANAGEMENT % HEDGED Oil Price Hedges Average Oil Price 1-12 months 74% USD months 55% USD months 16% USD54.3 USD/NZD Hedges Rate 1-12 months 76% months 38% months 27%.687 FY17 PERFORMANCE UPDATE 19