Summary: Genesis Energy Ltd.

Strong market position as the largest electricity and gas retailer and one of the four largest electricity generators in New Zealand; Limited growth investment opportunities given muted expected demand growth and surplus generation in the New Zealand market; and Continued exposure to volatile oil and gas sector through the Kupe joint venture. Credit metrics are expected to provide limited buffer to the current ratings over the near-term; Reduced financial flexibility over the next couple of years following the completion of the initial public offering in April 2014; and Strong positive free operating cash flows will support debt repayment and lead to a gradual improvement in financial metrics over the medium term. The stable outlook on Genesis Energy Ltd. reflects our

Summary