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>At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.</li><li>The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.</li><li>We lift our target price by +7cps (+2.7%) to NZ$2.62.</li></ul>

At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.We lift our target price by +7cps (+2.7%) to NZ$2.62.

Genesis Energy Consented For Higher Hydro