New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Genesis Energy's (GNE) 46% ownership of the Kupe oil &amp; gas field is increasingly hard to justify and we have formed the view that selling it for nothing is a better outcome than retaining ownership</li><li>The strategic rationale for owning Kupe no longer exists and the arguments for not owning it continue to grow, including sustainability and attractiveness to investors, single asset risk, and decommissioning risk.</li><li>If GNE was able to sell Kupe (which is not straight forward), we estimate it would benefit from a ~+5% value uplift.</li></ul>

Genesis Energy's (GNE) 46% ownership of the Kupe oil &amp; gas field is increasingly hard to justify and we have formed the view that selling it for nothing is a better outcome than retaining ownershipThe strategic rationale for owning Kupe no longer exists and the arguments for not owning it continue to grow, including sustainability and attractiveness to investors, single asset risk, and decommissioning risk.If GNE was able to sell Kupe (which is not straight forward), we estimate it would benefit from a ~+5% value uplift.

Genesis Energy

Genesis Energy: Kupe, We Have a Problem