Strong interest in Genesis Energy Capital Bond offer

Media Statement 15 April 2011

Strong interest in Genesis Energy Capital Bond offer

Genesis Power Limited, trading as Genesis Energy, has today announced that the bookbuild for its capital bond offer has been successful, and confirmed that $275 million will be reserved for clients of participants in the bookbuild process who have received firm allocations. There will be no public pool.

Genesis Energy Chairman, Dame Jenny Shipley, said today she was delighted with the outcome of the offer and the widespread support shown by the New Zealand investment community and that the Company looks forward to welcoming many new investors to Genesis Energy.

Genesis Energy has set the minimum interest rate and the margin for the Capital Bonds. The minimum interest rate is 8.50% per annum (up until the First Reset Date on 15 July 2016) and the margin is 3.87%. The final interest rate will be set on 23 May as the higher of this minimum interest rate and the swap rate on this date plus the margin.

The offer opens today and closes on 18 May. Interest on the Capital Bonds will accrue at the final interest rate from the time an investor’s application money is banked. Investors are therefore encouraged to lodge their applications as soon as possible to take advantage of this. The final interest rate will be announced on 23 May.

To obtain an Investment Statement, investors should talk to their usual financial advisers or contact one of the Joint Lead Managers or the Co-Manager to the offer. The Arranger and Joint Lead Manager of the Genesis Energy Capital Bonds offer is Craigs Investment Partners Limited. The other Joint Lead Managers are ANZ, Forsyth Barr Limited and Westpac Institutional Bank. The Co-Manager is First NZ Capital Securities Limited. The Investment Statement is also available on Genesis Energy’s website at www.genesisenergy.co.nz/capitalbonds

Media Statement 15 April 2011 The Capital Bonds are unsecured, subordinated, capital bonds, with interest paid quarterly. The issue price is $1.00 per Capital Bond with a minimum holding and application amount of $5,000, thereafter in multiples of $1,000. Application has been made to NZX for permission to list the Capital Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of this media release have been duly complied with. However, the Capital Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this media release. NZX is a registered exchange (as defined in section 2(1) of the Securities Markets Act 1988).

ENDS

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