| /s/ James Lewis                       |   | /s/ Deb Merril                       |   | /s/ Pat McCullough                    |
|---------------------------------------|--------|--------------------------------------|--------|---------------------------------------|
|                                  |   |                                 |   |                                  |
| James LewisCo-Chief Executive Officer |   | Deb MerrilCo-Chief Executive Officer |   | Pat McCulloughChief Financial Officer |
| Toronto, Canada May 14, 2015          |   |                                 |   |                                  |

----

| /s/ James Lewis                       |   | /s/ Deb Merril                       |   | /s/ Pat McCullough                    |
|---------------------------------------|--------|--------------------------------------|--------|---------------------------------------|
|                                  |   |                                 |   |                                  |
| James LewisCo-Chief Executive Officer |   | Deb MerrilCo-Chief Executive Officer |   | Pat McCulloughChief Financial Officer |
| Toronto, Canada May 14, 2015          |   |                                 |   |                                  |

----

----

----

|                                                            |   | Notes    |   |   | 2015   |      |       | 2014   |   |
|-----------------------------------------------------------------|--------|----------|--------|--------|--------|-----------|------------|--------|--------|
| ASSETS                                                          |   |     |   |   |   |      |       |   |   |
| Non-current assets                                              |   |     |   |   |   |      |       |   |   |
| Property, plant and equipment                                   |   |  5  |   |   | $      | 23,815    |       |   | $      | 176,720 |   |
| Intangible assets                                               |   |  6  |   |   |   | 348,511   |       |   |   | 404,928 |   |
| Contract initiation costs                                       |   |     |   |   |   |      | 20,440     |   |   |   | 75,731 |   |
| Other non-current financial assets                              |   |  11 |   |   |   | 1,091     |       |   |   | 31,696 |   |
| Non-current receivables                                         |   |     |   |   |   |      | –    |   |   |   | 11,175 |   |
| Investments                                                     |   |  9  |   |   |   | 9,627     |       |   |   | 9,224 |   |
| Deferred tax asset                                              |   |  16 |   |   |   | 25,374    |       |   |   | 1,676 |   |
|                                                            |   |     |   |   |   |      | 428,858    |   |   |   | 711,150 |   |
| Current assets                                                  |   |     |   |   |   |      |       |   |   |   |   |   |
| Inventory                                                       |   |     |   |   |   |      | –    |   |   |   | 9,205 |   |
| Gas delivered in excess of consumption                          |   |     |   |   |   |      | 1,064      |   |   |   | 7 |   |
| Gas in storage                                                  |   |     |   |   |   |      | 5,167      |   |   |   | 2,387 |   |
| Current trade and other receivables                             |   |     |   |   |   |      | 459,427    |   |   |   | 426,971 |   |
| Accrued gas receivables                                         |   |     |   |   |   |      | 45,992     |   |   |   | 48,634 |   |
| Unbilled revenues                                               |   |     |   |   |   |      | 219,630    |   |   |   | 170,661 |   |
| Prepaid expenses and deposits                                   |   |     |   |   |   |      | 22,875     |   |   |   | 21,699 |   |
| Other current financial assets                                  |   |  11 |   |   |   | 4,834     |       |   |   | 103,502 |   |
| Corporate tax recoverable                                       |   |     |   |   |   |      | 13,067     |   |   |   | 9,754 |   |
| Restricted cash                                                 |   |  7  |   |   |   | 17,462    |       |   |   | 12,017 |   |
| Cash and cash equivalents                                       |   |     |   |   |   |      | 78,814     |   |   |   | 20,401 |   |
|                                                            |   |     |   |   |   |      | 868,332    |   |   |   | 825,238 |   |
| Assets classified as held for sale                              |   |     |   |   |   |      | –    |   |   |   | 106,262 |   |
|                                                            |   |     |   |   |   |      | 868,332    |   |   |   | 931,500 |   |
| TOTAL ASSETS                                                    |   |     |   |   |   | $         | 1,297,190  |   |   | $ | 1,642,650 |   |
| DEFICIT AND LIABILITIES                                         |   |     |   |   |   |      |       |   |   |   |   |   |
| Deficit attributable to equity holders of the parent            |   |     |   |   |   |      |       |   |   |   |   |   |
| Deficit                                                         |   |     |   |   |   | $         | (1,828,495 | )      |   | $ | (1,294,987 | ) |
| Accumulated other comprehensive income                          |   |  12 |   |   |   | 56,393    |       |   |   | 71,997 |   |
| Shareholders’ capital                                     |   |  13 |   |   |   | 1,063,423 |       |   |   | 1,033,557 |   |
| Equity component of convertible debentures                      |   |     |   |   |   |      | 25,795     |   |   |   | 25,795 |   |
| Contributed surplus                                             |   |     |   |   |   |      | 44,062     |   |   |   | 65,569 |   |
| Shareholders’ deficit                                     |   |     |   |   |   |      | (638,822   | )      |   |   | (98,069 | ) |
| Non-controlling interest                                        |   |     |   |   |   |      | –    |   |   |   | 6,427 |   |
| TOTAL DEFICIT                                                   |   |     |   |   |   |      | (638,822   | )      |   |   | (91,642 | ) |
| Non-current liabilities                                         |   |     |   |   |   |      |       |   |   |   |   |   |
| Long-term debt                                                  |   |  15 |   |   |   | 676,480   |       |   |   | 930,027 |   |
| Provisions                                                      |   |  17 |   |   |   | 4,307     |       |   |   | 3,760 |   |
| Deferred lease inducements                                      |   |     |   |   |   |      | 604        |   |   |   | 813 |   |
| Other non-current financial liabilities                         |   |  11 |   |   |   | 299,320   |       |   |   | 56,297 |   |
| Deferred tax liability                                          |   |  16 |   |   |   | –   |       |   |   | 32,935 |   |
|                                                            |   |     |   |   |   |      | 980,711    |   |   |   | 1,023,832 |   |
| Current liabilitiesTrade and other payables                     |   |     |   |   |   |      | 510,470    |   |   |   | 485,471 |   |
| Accrued gas payable                                             |   |     |   |   |   |      | 28,944     |   |   |   | 34,589 |   |
| Deferred revenue                                                |   |     |   |   |   |      | 1,573      |   |   |   | 82 |   |
| Income taxes payable                                            |   |     |   |   |   |      | 13,152     |   |   |   | 6,280 |   |
| Current portion of long-term debt                               |   |  15 |   |   |   | 23        |       |   |   | 51,999 |   |
| Provisions                                                      |   |  17 |   |   |   | 14,899    |       |   |   | 3,052 |   |
| Other current financial liabilities                             |   |  11 |   |   |   | 386,240   |       |   |   | 77,135 |   |
|                                                            |   |     |   |   |   |      | 955,301    |   |   |   | 658,608 |   |
| Liabilities relating to assets classified as held for sale      |   |     |   |   |   |      | –    |   |   |   | 51,852 |   |
|                                                            |   |     |   |   |   |      | 955,301    |   |   |   | 710,460 |   |
| TOTAL LIABILITIES                                               |   |     |   |   |   |      | 1,936,012  |   |   |   | 1,734,292 |   |
| TOTAL DEFICIT AND LIABILITIES                                   |   |     |   |   |   | $         | 1,297,190  |   |   | $ | 1,642,650 |   |
|  Commitments and Guarantees (Note 26)                      |   |     |   |   |   |      |       |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements |   |     |   |   |   |      |       |   |   |   |   |   |
| Approved on behalf of Just Energy Group Inc.                    |   |     |   |   |   |      |       |   |   |   |   |   |

| /s/ Rebecca MacDonald |   | /s/ Michael Kirby  |
|-----------------------|--------|--------------------|
|                  |   |               |
| Rebecca MacDonald     |   | Michael Kirby      |
| Executive Chair       |   | Corporate Director |

----

|                                                                         |   | Notes       |   |   | 2015   |      |     | 2014   |   |
|------------------------------------------------------------------------------|--------|-------------|--------|--------|--------|-----------|----------|--------|--------|
| CONTINUING  OPERATIONSSales                                        |   |  19    |   |   | $      | 3,895,940 |     |   | $      | 3,534,614 |   |
| Cost of sales                                                                |   |  18(b) |   |   |   | 3,295,871 |     |   |   | 3,029,083 |   |
| GROSS MARGIN                                                                 |   |        |   |   |   |      | 600,069  |   |   |   | 505,531 |   |
| EXPENSESAdministrative  expenses                                   |   |        |   |   |   |      | 154,222  |   |   |   | 116,713 |   |
| Selling and marketing expenses                                               |   |        |   |   |   |      | 225,243  |   |   |   | 189,890 |   |
| Other operating expenses                                                     |   |  18(a) |   |   |   | 114,590   |     |   |   | 99,794 |   |
|                                                                         |   |        |   |   |   |      | 494,055  |   |   |   | 406,397 |   |
| Operating profit before the following                                        |   |        |   |   |   |      | 106,014  |   |   |   | 99,134 |   |
| Finance costs                                                                |   |  15    |   |   |   | (73,680   | )        |   |   | (69,441 | ) |
| Change in fair value of derivative instruments                               |   |  11    |   |   |   | (635,204  | )        |   |   | 186,142 |   |
| Other income (loss)                                                          |   |        |   |   |   |      | (2,396   | )      |   |   | 2,921 |   |
| Income (loss) before income taxes                                            |   |        |   |   |   |      | (605,266 | )      |   |   | 218,756 |   |
| Provision for (recovery of) income taxes                                     |   |  16    |   |   |   | (28,889   | )        |   |   | 48,190 |   |
| PROFIT (LOSS) FROM CONTINUING OPERATIONS                                     |   |        |   |   |   | $         | (576,377 | )      |   | $ | 170,566 |   |
| DISCONTINUED  OPERATIONSIncome (loss) from discontinued operations |   |  8     |   |   |   | 132,673   |     |   |   | (33,625 | ) |
| PROFIT (LOSS) FOR THE YEAR                                                   |   |        |   |   |   | $         | (443,704 | )      |   | $ | 136,941 |   |
|  Attributable to:Shareholders of Just Energy                            |   |        |   |   |   | $         | (446,785 | )      |   | $ | 135,907 |   |
| Non-controlling  interest                                          |   |  10    |   |   |   | 3,081     |     |   |   | 1,034 |   |
| PROFIT (LOSS) FOR THE YEAR                                                   |   |        |   |   |   | $         | (443,704 | )      |   | $ | 136,941 |   |
| Earnings (loss) per share from continuing operations                         |   |  21    |   |   |   |      |     |   |   |   |   |
| Basic                                                                        |   |        |   |   |   | $         | (4.01    | )      |   | $ | 1.15 |   |
| Diluted                                                                      |   |        |   |   |   | $         | (4.01    | )      |   | $ | 1.11 |   |
| Earnings (loss) per share from discontinued operations                       |   |        |   |   |   |      |     |   |   |   |   |   |
| Basic                                                                        |   |        |   |   |   | $         | 0.94     |   |   | $ | (0.20 | ) |
| Diluted                                                                      |   |        |   |   |   | $         | 0.91     |   |   | $ | (0.20 | ) |
| Earnings (loss) per share available to shareholders                          |   |  21    |   |   |   |      |     |   |   |   |   |
| Basic                                                                        |   |        |   |   |   | $         | (3.07    | )      |   | $ | 0.95 |   |
| Diluted                                                                      |   |        |   |   |   | $         | (3.07    | )      |   | $ | 0.94 |   |
|  See accompanying notes to the consolidated financial statements        |   |        |   |   |   |      |     |   |   |   |   |   |

----

|                                                                                                            |   | Notes    |   |   | 2015   |     |     | 2014   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|--------|----------|----------|--------|--------|
| PROFIT (LOSS) FOR THE YEAR                                                                                      |   |     |   |   | $      | (443,704 | )        |   | $      | 136,941 |   |
| Other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:                     |   |  12 |   |   |   |     |     |   |   |   |   |
| Unrealized gain (loss) on translation of foreign operations from continuing operations                          |   |     |   |   |   |     | (13,139  | )      |   |   | 27,287 |   |
| Unrealized gain on translation of foreign operations from discontinued operations                               |   |     |   |   |   |     | –  |   |   |   | 2,556 |   |
| Realized loss on translation of foreign operations sold                                                         |   |     |   |   |   |     | (2,465   | )      |   |   | – |   |
| Amortization of deferred unrealized loss on discontinued hedges, net of income taxes of nil (2014 – $207) |   |     |   |   |   |     | –  |   |   |   | (5,001 | ) |
| Other comprehensive income (loss) to be reclassified to profit or loss in subsequent years, net of tax          |   |     |   |   |   |     | (15,604  | )      |   |   | 24,842 |   |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX                                                      |   |     |   |   |   | $        | (459,308 | )      |   | $ | 161,783 |   |
|                                                                                                            |   |     |   |   |   |     |     |   |   |   |   |   |
| Total comprehensive income (loss) attributable to:                                                              |   |     |   |   |   |     |     |   |   |   |   |   |
| Shareholders of Just Energy                                                                                     |   |     |   |   |   | $        | (462,389 | )      |   | $ | 160,749 |   |
| Non-controlling  interest                                                                             |   |     |   |   |   |     | 3,081    |   |   |   | 1,034 |   |
|                                                                                                            |   |     |   |   |   |     |     |   |   |   |   |   |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX                                                      |   |     |   |   |   | $        | (459,308 | )      |   | $ | 161,783 |   |
|                                                                                                            |   |     |   |   |   |     |     |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements                                                 |   |     |   |   |   |     |     |   |   |   |   |   |

----

|                                                                  |   | Notes       |   |   | 2015   |       |       | 2014   |   |
|-----------------------------------------------------------------------|--------|-------------|--------|--------|--------|------------|------------|--------|--------|
| ATTRIBUTABLE TO THE SHAREHOLDERSAccumulated earnings                  |   |        |   |   |   |       |       |   |   |
| Accumulated earnings, beginning of year                               |   |        |   |   | $      | 216,218    |       |   | $      | 87,496 |   |
| Loss on acquisition of non-controlling interest                       |   |        |   |   |   | –    |       |   |   | (7,185 | ) |
| Income (loss) for the period, attributable to shareholders            |   |        |   |   |   | (446,785   | )          |   |   | 135,907 |   |
| Accumulated earnings (deficit), end of year                           |   |        |   |   |   | (230,567   | )          |   |   | 216,218 |   |
|                                                                  |   |        |   |   |   |       |       |   |   |   |   |
| DIVIDENDS                                                             |   |        |   |   |   |       |       |   |   |   |   |
| Dividends, beginning of year                                          |   |        |   |   |   | (1,511,205 | )          |   |   | (1,387,776 | ) |
| Dividends                                                             |   |  25    |   |   |   | (86,723    | )          |   |   | (123,429 | ) |
| Dividends, end of year                                                |   |        |   |   |   |       | (1,597,928 | )      |   |   | (1,511,205 | ) |
| DEFICIT                                                               |   |        |   |   |   | $          | (1,828,495 | )      |   | $ | (1,294,987 | ) |
| ACCUMULATED OTHER COMPREHENSIVE INCOME                                |   |  12    |   |   |   |       |       |   |   |   |   |
| Accumulated other comprehensive income, beginning of year             |   |        |   |   |   | $          | 71,997     |   |   | $ | 47,155 |   |
| Other comprehensive income (loss)                                     |   |        |   |   |   |       | (15,604    | )      |   |   | 24,842 |   |
| Accumulated other comprehensive income, end of year                   |   |        |   |   |   | $          | 56,393     |   |   | $ | 71,997 |   |
|                                                                  |   |        |   |   |   |       |       |   |   |   |   |
| SHAREHOLDERS’ CAPITAL                                           |   |  13    |   |   |   |       |       |   |   |   |   |
| Shareholders’ capital, beginning of year                        |   |        |   |   |   | $          | 1,033,557  |   |   | $ | 1,018,082 |   |
| Share-based compensation awards exercised                             |   |        |   |   |   |       | 26,272     |   |   |   | 7,240 |   |
| Dividend reinvestment plan                                            |   |        |   |   |   |       | 3,594      |   |   |   | 8,235 |   |
| Shareholders’ capital, end of year                              |   |        |   |   |   | $          | 1,063,423  |   |   | $ | 1,033,557 |   |
|                                                                  |   |        |   |   |   |       |       |   |   |   |   |   |
| EQUITY COMPONENT OF CONVERTIBLE DEBENTURES                            |   |        |   |   |   |       |       |   |   |   |   |   |
| Balance, beginning of year                                            |   |        |   |   |   | $          | 25,795     |   |   | $ | 25,795 |   |
| Balance, end of year                                                  |   |        |   |   |   | $          | 25,795     |   |   | $ | 25,795 |   |
|                                                                  |   |        |   |   |   |       |       |   |   |   |   |   |
| CONTRIBUTED SURPLUS                                                   |   |        |   |   |   |       |       |   |   |   |   |   |
| Balance, beginning of year                                            |   |        |   |   |   | $          | 65,569     |   |   | $ | 70,893 |   |
| Reclassification of non-controlling interest on dissolution of entity |   |        |   |   |   |       | (2,443     | )      |   |   | – |   |
| Add: Share-based compensation awards                                  |   |  18(a) |   |   |   | 7,120      |       |   |   | 1,796 |   |
| Non-cash deferred share grant distributions                           |   |        |   |   |   |       | 88         |   |   |   | 120 |   |
| Less: Share-based compensation awards exercised                       |   |        |   |   |   |       | (26,272    | )      |   |   | (7,240 | ) |
| Balance, end of year                                                  |   |        |   |   |   | $          | 44,062     |   |   | $ | 65,569 |   |
|                                                                  |   |        |   |   |   |       |       |   |   |   |   |   |
| NON-CONTROLLING  INTEREST                                   |   |        |   |   |   |       |       |   |   |   |   |   |
| Balance, beginning of year                                            |   |        |   |   |   | $          | 6,427      |   |   | $ | (702 | ) |
| Disposal of non-controlling interest                                  |   |        |   |   |   |       | (5,602     | )      |   |   | – |   |
| Reclassification of non-controlling interest on dissolution of entity |   |        |   |   |   |       | 2,443      |   |   |   | – |   |
| Investment by non-controlling shareholders                            |   |        |   |   |   |       | –    |   |   |   | 11,063 |   |
| Foreign exchange impact on non-controlling interest                   |   |        |   |   |   |       | 66         |   |   |   | 1,176 |   |
| Distributions to non-controlling shareholders                         |   |        |   |   |   |       | (6,415     | )      |   |   | (6,144 | ) |
| Income attributable to non-controlling interest                       |   |        |   |   |   |       | 3,081      |   |   |   | 1,034 |   |
| Balance, end of year                                                  |   |        |   |   |   | $          | –    |   |   | $ | 6,427 |   |
| TOTAL DEFICIT                                                         |   |        |   |   |   | $          | (638,822   | )      |   | $ | (91,642 | ) |

----

|                                                                       |   | Notes       |   |   | 2015   |     |     | 2014   |   |
|----------------------------------------------------------------------------|--------|-------------|--------|--------|--------|----------|----------|--------|--------|
| Net inflow (outflow) of cash related to the following activities           |   |        |   |   |   |     |     |   |   |
| OPERATING                                                                  |   |        |   |   |   |     |     |   |   |
| Income (loss) from continuing operations before income taxes               |   |        |   |   | $      | (605,266 | )        |   | $      | 218,756 |   |
| Items not affecting cash                                                   |   |        |   |   |   |     |     |   |   |   |   |
| Amortization of intangible assets and related supply contracts             |   |  18(a) |   |   |   | 41,814   |     |   |   | 47,994 |   |
| Amortization of contract initiation costs                                  |   |        |   |   |   |     | 29,249   |   |   |   | 16,884 |   |
| Amortization of property, plant and equipment                              |   |  18(a) |   |   |   | 3,579    |     |   |   | 4,151 |   |
| Amortization included in cost of sales                                     |   |  18(b) |   |   |   | 1,398    |     |   |   | 440 |   |
| Share-based  compensation                                        |   |  18(a) |   |   |   | 7,120    |     |   |   | 1,598 |   |
| Financing charges, non-cash portion                                        |   |        |   |   |   |     | 15,609   |   |   |   | 14,271 |   |
| Other                                                                      |   |        |   |   |   |     | (227     | )      |   |   | (242 | ) |
| Change in fair value of derivative instruments                             |   |        |   |   |   |     | 635,204  |   |   |   | (186,142 | ) |
| Cash inflow (outflow) from operating activities of discontinued operations |   |        |   |   |   |     | 20,902   |   |   |   | 6,652 |   |
|                                                                       |   |        |   |   |   |     | 754,648  |   |   |   | (94,394 | ) |
| Adjustment required to reflect net cash receipts from gas sales            |   |  27    |   |   |   | (2,698   | )        |   |   | (6,186 | ) |
| Net change in non-cash working capital balances                            |   |  28    |   |   |   | (44,458  | )        |   |   | 45,765 |   |
|                                                                       |   |        |   |   |   |     | 102,226  |   |   |   | 163,941 |   |
| Income taxes recovered (paid)                                              |   |        |   |   |   |     | (6,014   | )      |   |   | 1,457 |   |
| Cash inflow from operating activities                                      |   |        |   |   |   |     | 96,212   |   |   |   | 165,398 |   |
|  INVESTING                                                            |   |        |   |   |   |     |     |   |   |   |   |   |
| Purchase of property, plant and equipment                                  |   |        |   |   |   |     | (5,769   | )      |   |   | (7,294 | ) |
| Purchase of intangible assets                                              |   |        |   |   |   |     | (7,632   | )      |   |   | (7,480 | ) |
| Proceeds on disposal of subsidiaries                                       |   |        |   |   |   |     | 195,510  |   |   |   | – |   |
| Acquisition of minority interest                                           |   |        |   |   |   |     | –  |   |   |   | (7,185 | ) |
| Contract initiation costs                                                  |   |        |   |   |   |     | (29,831  | )      |   |   | (23,164 | ) |
| Cash outflow from investing activities of discontinued operations          |   |        |   |   |   |     | (18,713  | )      |   |   | (68,120 | ) |
| Cash inflow (outflow) from investing activities                            |   |        |   |   |   |     | 133,565  |   |   |   | (113,243 | ) |
|  FINANCING                                                            |   |        |   |   |   |     |     |   |   |   |   |   |
| Dividends paid                                                             |   |        |   |   |   |     | (83,041  | )      |   |   | (115,072 | ) |
| Issuance of long-term debt                                                 |   |        |   |   |   |     | 310,279  |   |   |   | 601,534 |   |
| Repayment of long-term debt                                                |   |        |   |   |   |     | (381,359 | )      |   |   | (573,894 | ) |
| Debt issuance costs                                                        |   |        |   |   |   |     | (370     | )      |   |   | (11,245 | ) |
| Distributions to minority shareholder                                      |   |        |   |   |   |     | (6,415   | )      |   |   | (6,143 | ) |
| Cash inflow (outflow) from financing activities of discontinued operations |   |        |   |   |   |     | (15,560  | )      |   |   | 38,443 |   |
| Cash outflow from financing activities                                     |   |        |   |   |   |     | (176,466 | )      |   |   | (66,377 | ) |
| Effect of foreign currency translation on cash balances                    |   |        |   |   |   |     | 7,037    |   |   |   | 1,276 |   |
| Net cash inflow (outflow)                                                  |   |        |   |   |   |     | 60,348   |   |   |   | (12,946 | ) |
| Cash and cash equivalents reclassified to assets held for sale             |   |        |   |   |   |     | (1,935   | )      |   |   | (5,151 | ) |
| Cash and cash equivalents, beginning of year                               |   |        |   |   |   |     | 20,401   |   |   |   | 38,498 |   |
| Cash and cash equivalents, end of year                                     |   |        |   |   |   | $        | 78,814   |   |   | $ | 20,401 |   |
|  Supplemental cash flow information:                                  |   |        |   |   |   |     |     |   |   |   |   |   |
| Interest paid                                                              |   |        |   |   |   | $        | 56,505   |   |   | $ | 57,097 |   |
|  See accompanying notes to the consolidated financial statements      |   |        |   |   |   |     |     |   |   |   |   |   |

----

|   | 1 | ORGANIZATION |
|--------|---|--------------|

|   | 2 | OPERATIONS |
|--------|---|------------|

|   | 3 | SIGNIFICANT ACCOUNTING POLICIES |
|--------|---|---------------------------------|

|   | (a) | Basis of presentation and statement of compliance |
|--------|-----|---------------------------------------------------|

|   | (b) | Principles of consolidation |
|--------|-----|-----------------------------|

|   | (c) | Cash and cash equivalents and restricted cash |
|--------|-----|-----------------------------------------------|

|   | (d) | Accrued gas receivables/accrued gas payable or gas delivered in excess of consumption/deferred revenue |
|--------|-----|--------------------------------------------------------------------------------------------------------|

----

|   | (e) | Gas in storage |
|--------|-----|----------------|

|   | (f) | Property, plant and equipment |
|--------|-----|-------------------------------|

|   | Asset category         |   | Depreciation method |   | Rate/useful life |
|--------|------------------------|--------|---------------------|--------|------------------|
|   | Furniture and fixtures |   | Declining balance   |   | 20%              |
|   | Office equipment       |   | Declining balance   |   | 20%              |
|   | Computer equipment     |   | Declining balance   |   | 30%              |
|   | Leasehold improvements |   | Straight-line       |   | Term of lease    |
|   | Thermostats            |   | Straight-line       |   | 5 years          |

|   | (g) | Goodwill |
|--------|-----|----------|

|   | (h) | Intangible assets |
|--------|-----|-------------------|

----

|   | Intangible asset category                 |   | Amortization method |   | Rate             |
|--------|-------------------------------------------|--------|--------------------------|--------|------------------|
|   | Customer contracts                        |   | Straight-line            |   | Term of contract |
|   | Contract initiation costs                 |   | Straight-line            |   | Term of contract |
|   | Commodity billing and settlement systems  |   | Straight-line            |   | 5 years          |
|   | Sales network and affinity relationships  |   | Straight-line            |   | 5–8 years  |
|   | Information technology system development |   | Straight-line            |   | 5 years          |
|   | Software                                  |   | Straight-line            |   | 1 year           |
|   | Other intangible assets                   |   | Straight-line            |   | 5 years          |

|   | (i) | Impairment of non-financial assets |
|--------|-----|------------------------------------|

|   | (j) | Leases |
|--------|-----|--------|

----

|   | (k) | Financial  instruments |
|--------|-----|----------------------------------|

----

|   | (l) | Derivative instruments |
|--------|-----|------------------------|

|   | (m) | Offsetting of financial instruments |
|--------|-----|-------------------------------------|

|   | (n) | Fair value of financial instruments |
|--------|-----|-------------------------------------|

|   | (o) | Revenue  recognition |
|--------|-----|--------------------------------|

|   | (p) | Foreign currency translation |
|--------|-----|------------------------------|

----

|   | • | assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; and  |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | income and expenses for each consolidated statement of income are translated at the exchange rates prevailing at the dates of the transactions. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | Earnings per share amounts |
|--------|-----|----------------------------|

|   | (r) | Share-based  compensation  plans |
|--------|-----|------------------------------------------------------|

|   | (s) | Employee future benefits |
|--------|-----|--------------------------|

----

|   | (t) | Income taxes |
|--------|-----|--------------|

|   | • | Where the deferred tax asset/liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilized. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | Provisions |
|--------|-----|------------|

|   | (v) | Selling and marketing expenses and contract initiation costs |
|--------|-----|--------------------------------------------------------------|

----

|   | (w) | Green provision and certificates |
|--------|-----|----------------------------------|

|   | (x) | Non-current assets held for sale and discontinued operations |
|--------|-----|--------------------------------------------------------------|

|   | (y) | New standards, interpretations and amendments adopted by the Company during the year |
|--------|-----|--------------------------------------------------------------------------------------|

|   | 4 | (I)  SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS |
|--------|---|----------------------------------------------------------------------------|

----

----

|   | 5 | PROPERTY, PLANT AND EQUIPMENT |
|--------|---|-------------------------------|

|                                  |   | Computer equipment |    |   | Buildings |   |    | Furniture and fixtures |   |   | Vehicles |   |   | Office equipment |    |   | Home services equipment |   |    | Thermostats |   |   | Leasehold improvements |   |   | Solar equipment |    |   | Total  |   |
|---------------------------------------|--------|--------------------|---------|--------|-----------|--------|---------|------------------------|--------|--------|----------|--------|--------|------------------|---------|--------|-------------------------|--------|---------|-------------|--------|--------|------------------------|--------|--------|-----------------|---------|--------|--------|--------|
| Cost:                                 |   |               |    |   |      |   |    |                   |   |   |     |   |   |             |    |   |                    |   |    |        |   |   |                   |   |   |            |    |   |   |   |
| Opening balance – April 1, 2014 |   | $                  | 13,691  |   |      | $      | – |                   |   | $      | 6,864    |   |   | $                | 22      |   |                    | $      | 21,157  |        |   | $      | 190,618                |   |   | $               | 6,402   |   |   | $      | 9,079 |   |   | $ | – |   |   | $ | 247,833 |   |
| Additions (disposals)                 |   |               | 2,368   |   |      |   | – |                   |   |   | 51       |   |   |             | – |   |                    |   | 1,040   |        |   |   | –                |   |   |            | 2,291   |   |   |   | 19 |   |   |   | – |   |   |   | 5,769 |   |
| Transfer from NHS                     |   |               | – |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | 3,365   |   |   |   | – |   |   |   | – |   |   |   | 3,365 |   |
| Disposal on sale of subsidiary        |   |               | (598    | )      |      |   | – |                   |   |   | (254     | )      |   |             | (18     | )      |                    |   | (95     | )           |   |   | (190,618               | )      |   |            | (2,024  | )      |   |   | (527 | ) |   |   | – |   |   |   | (194,134 | ) |
| Exchange differences                  |   |               | 473     |   |      |   | – |                   |   |   | 311      |   |   |             | 1       |   |                    |   | 469     |        |   |   | –                |   |   |            | 296     |   |   |   | 95 |   |   |   | – |   |   |   | 1,645 |   |
| Ending balance, March 31, 2015        |   |               | 15,934  |   |      |   | – |                   |   |   | 6,972    |   |   |             | 5       |   |                    |   | 22,571  |        |   |   | –                |   |   |            | 10,330  |   |   |   | 8,666 |   |   |   | – |   |   |   | 64,478 |   |
| Accumulated amortization:             |   |               |    |   |      |   |    |                   |   |   |     |   |   |             |    |   |                    |   |    |        |   |   |                   |   |   |            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance – April 1, 2014 |   |               | (9,263  | )      |      |   | – |                   |   |   | (5,004   | )      |   |             | (17     | )      |                    |   | (13,536 | )           |   |   | (35,380                | )      |   |            | (784    | )      |   |   | (7,129 | ) |   |   | – |   |   |   | (71,113 | ) |
| Amortization charge to cost of sales  |   |               | – |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | (1,398  | )      |   |   | – |   |   |   | – |   |   |   | (1,398 | ) |
| Amortization charge for the year      |   |               | (1,413  | )      |      |   | – |                   |   |   | (335     | )      |   |             | – |   |                    |   | (1,357  | )           |   |   | –                |   |   |            | – |   |   |   | (474 | ) |   |   | – |   |   |   | (3,579 | ) |
| Transfer from NHS                     |   |               | – |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | (961    | )      |   |   | – |   |   |   | – |   |   |   | (961 | ) |
| Disposals                             |   |               | – |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | 164     |   |   |   | – |   |   |   | – |   |   |   | 164 |   |
| Disposal on sale of subsidiary        |   |               | 726     |   |      |   | – |                   |   |   | 170      |   |   |             | 13      |   |                    |   | – |        |   |   | 35,380                 |   |   |            | 340     |   |   |   | 345 |   |   |   | – |   |   |   | 36,974 |   |
| Exchange differences                  |   |               | (253    | )      |      |   | – |                   |   |   | (161     | )      |   |             | (1      | )      |                    |   | (207    | )           |   |   | –                |   |   |            | (39     | )      |   |   | (89 | ) |   |   | – |   |   |   | (750 | ) |
| Ending balance,March 31, 2015         |   |               | (10,203 | )      |      |   | – |                   |   |   | (5,330   | )      |   |             | (5      | )      |                    |   | (15,100 | )           |   |   | –                |   |   |            | (2,678  | )      |   |   | (7,347 | ) |   |   | – |   |   |   | (40,663 | ) |
| Net book value,March 31, 2015         |   | $                  | 5,731   |   |      | $      | – |                   |   | $      | 1,642    |   |   | $                | – |   |                    | $      | 7,471   |        |   | $      | –                |   |   | $               | 7,652   |   |   | $      | 1,319 |   |   | $ | – |   |   | $ | 23,815 |   |

|                                 |   | Computer equipment |    |   | Buildings |   |    | Furniture and fixtures |   |   | Vehicles |   |   | Office equipment |    |   | Home services equipment |   |    | Thermostats |   |   | Leasehold improvements |   |   | Solar equipment |    |   | Total  |   |
|--------------------------------------|--------|--------------------|---------|--------|-----------|--------|---------|------------------------|--------|--------|----------|--------|--------|------------------|---------|--------|-------------------------|--------|---------|-------------|--------|--------|------------------------|--------|--------|-----------------|---------|--------|--------|--------|
| Cost:                                |   |               |    |   |      |   |    |                   |   |   |     |   |   |             |    |   |                    |   |    |        |   |   |                   |   |   |            |    |   |   |   |
| Opening balance –April 1, 2013 |   | $                  | 11,729  |   |      | $      | 670     |                   |   | $      | 6,590    |   |   | $                | 22      |   |                    | $      | 19,216  |        |   | $      | 163,704                |   |   | $               | 835     |   |   | $      | 8,974 |   |   | $ | 101,003 |   |   | $ | 312,743 |   |
| Additions (disposals)                |   |               | 1,709   |   |      |   | (695    | )                      |   |   | 94       |   |   |             | – |   |                    |   | 1,691   |        |   |   | 26,914                 |   |   |            | 5,474   |   |   |   | 45 |   |   |   | – |   |   |   | 35,232 |   |
| Transfer to discontinued operations  |   |               | (4      | )      |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | – |   |   |   | – |   |   |   | (101,003 | ) |   |   | (101,007 | ) |
| Exchange differences                 |   |               | 257     |   |      |   | 25      |                   |   |   | 180      |   |   |             | – |   |                    |   | 250     |        |   |   | –                |   |   |            | 93      |   |   |   | 60 |   |   |   | – |   |   |   | 865 |   |
| Ending balance,March 31, 2014        |   |               | 13,691  |   |      |   | – |                   |   |   | 6,864    |   |   |             | 22      |   |                    |   | 21,157  |        |   |   | 190,618                |   |   |            | 6,402   |   |   |   | 9,079 |   |   |   | – |   |   |   | 247,833 |   |
| Accumulated amortization:            |   |               |    |   |      |   |    |                   |   |   |     |   |   |             |    |   |                    |   |    |        |   |   |                   |   |   |            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance –April 1, 2013 |   |               | (7,510  | )      |      |   | (56     | )                      |   |   | (4,422   | )      |   |             | (14     | )      |                    |   | (11,720 | )           |   |   | (23,003                | )      |   |            | (21     | )      |   |   | (6,516 | ) |   |   | (1,478 | ) |   |   | (54,740 | ) |
| Amortization charge to cost of sales |   |               | – |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | (12,385                | )      |   |            | (751    | )      |   |   | – |   |   |   | – |   |   |   | (13,136 | ) |
| Amortization charge for the year     |   |               | (1,622  | )      |      |   | (18     | )                      |   |   | (502     | )      |   |             | (3      | )      |                    |   | (1,699  | )           |   |   | –                |   |   |            | – |   |   |   | (587 | ) |   |   | – |   |   |   | (4,431 | ) |
| Disposals                            |   |               | – |   |      |   | 76      |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | – |   |   |   | – |   |   |   | – |   |   |   | 76 |   |
| Transfer to discontinued operations  |   |               | 2       |   |      |   | – |                   |   |   | –  |   |   |             | – |   |                    |   | – |        |   |   | –                |   |   |            | – |   |   |   | – |   |   |   | 1,478 |   |   |   | 1,480 |   |
| Exchange differences                 |   |               | (133    | )      |      |   | (2      | )                      |   |   | (80      | )      |   |             | – |   |                    |   | (117    | )           |   |   | 8                      |   |   |            | (12     | )      |   |   | (26 | ) |   |   | – |   |   |   | (362 | ) |
| Ending balance,March 31, 2014        |   |               | (9,263  | )      |      |   | – |                   |   |   | (5,004   | )      |   |             | (17     | )      |                    |   | (13,536 | )           |   |   | (35,380                | )      |   |            | (784    | )      |   |   | (7,129 | ) |   |   | – |   |   |   | (71,113 | ) |
| Net book value,March 31, 2014        |   | $                  | 4,428   |   |      | $      | – |                   |   | $      | 1,860    |   |   | $                | 5       |   |                    | $      | 7,621   |        |   | $      | 155,238                |   |   | $               | 5,618   |   |   | $      | 1,950 |   |   | $ | – |   |   | $ | 176,720 |   |

----

|   | 6 | INTANGIBLE ASSETS |
|--------|---|-------------------|

|                                  |   | Gas contracts |     |   | Electricity contracts |   |     | Water heater contracts |   |   | Goodwill |   |   | Sales network and affinity relationships |    |   | Brand  |   |     | Software |   |   | IT system development |   |   | Other  |    |   | Total  |   |
|---------------------------------------|--------|---------------|----------|--------|-----------------------|--------|----------|------------------------|--------|--------|----------|--------|--------|------------------------------------------|---------|--------|--------|--------|----------|----------|--------|--------|-----------------------|--------|--------|--------|---------|--------|--------|--------|
| Cost:                                 |   |          |     |   |                  |   |     |                   |   |   |     |   |   |                                     |    |   |   |   |     |     |   |   |                  |   |   |   |    |   |   |   |
| Opening balance – April 1, 2014 |   | $             | 116,787  |   |                  | $      | 272,553  |                   |   | $      | 51,839   |   |   | $                                        | 264,036 |   |   | $      | 136,404  |     |   | $      | 25,899                |   |   | $      | 23,430  |   |   | $      | 26,399 |   |   | $ | 9,753 |   |   | $ | 927,100 |   |
| Transfer to discontinued operations   |   |          | –  |   |                  |   | –  |                   |   |   | (51,839  | )      |   |                                     | (283    | )      |   |   | –  |     |   |   | –               |   |   |   | (294    | )      |   |   | – |   |   |   | (57 | ) |   |   | (52,473 | ) |
| Additions                             |   |          | –  |   |                  |   | –  |                   |   |   | –  |   |   |                                     | – |   |   |   | –  |     |   |   | –               |   |   |   | 4,601   |   |   |   | 2,009 |   |   |   | 1,022 |   |   |   | 7,632 |   |
| Exchange differences                  |   |          | 4,355    |   |                  |   | 39,718   |                   |   |   | –  |   |   |                                     | 14,015  |   |   |   | 19,878   |     |   |   | 3,772                 |   |   |   | 1,482   |   |   |   | 3,345 |   |   |   | 1,041 |   |   |   | 87,606 |   |
| Ending balance, March 31, 2015        |   |          | 121,142  |   |                  |   | 312,271  |                   |   |   | –  |   |   |                                     | 277,768 |   |   |   | 156,282  |     |   |   | 29,671                |   |   |   | 29,219  |   |   |   | 31,753 |   |   |   | 11,759 |   |   |   | 969,865 |   |
| Accumulated amortization:             |   |          |     |   |                  |   |     |                   |   |   |     |   |   |                                     |    |   |   |   |     |     |   |   |                  |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance –April 1, 2014  |   |          | (116,787 | )      |                  |   | (260,673 | )                      |   |   | (11,640  | )      |   |                                     | – |   |   |   | (85,874  | )        |   |   | –               |   |   |   | (19,987 | )      |   |   | (19,739 | ) |   |   | (7,472 | ) |   |   | (522,172 | ) |
| Transfer to discontinued operations   |   |          | –  |   |                  |   | –  |                   |   |   | 11,640   |   |   |                                     | – |   |   |   | –  |     |   |   | –               |   |   |   | 18      |   |   |   | – |   |   |   | 43 |   |   |   | 11,701 |   |
| Amortization charge for the year      |   |          | –  |   |                  |   | (7,292   | )                      |   |   | –  |   |   |                                     | – |   |   |   | (24,738  | )        |   |   | –               |   |   |   | (4,631  | )      |   |   | (5,052 | ) |   |   | (101 | ) |   |   | (41,814 | ) |
| Amortization in mark to market        |   |          | –  |   |                  |   | (5,016   | )                      |   |   | –  |   |   |                                     | – |   |   |   | –  |     |   |   | –               |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | (5,016 | ) |
| Exchange differences                  |   |          | (4,355   | )      |                  |   | (39,290  | )                      |   |   | –  |   |   |                                     | – |   |   |   | (15,204  | )        |   |   | –               |   |   |   | (1,193  | )      |   |   | (2,973 | ) |   |   | (1,038 | ) |   |   | (64,053 | ) |
| Ending balance, March 31, 2015        |   |          | (121,142 | )      |                  |   | (312,271 | )                      |   |   | –  |   |   |                                     | – |   |   |   | (125,816 | )        |   |   | –               |   |   |   | (25,793 | )      |   |   | (27,764 | ) |   |   | (8,568 | ) |   |   | (621,354 | ) |
| Net book value, March 31, 2015        |   | $             | –  |   |                  | $      | –  |                   |   | $      | –  |   |   | $                                        | 277,768 |   |   | $      | 30,466   |     |   | $      | 29,671                |   |   | $      | 3,426   |   |   | $      | 3,989 |   |   | $ | 3,191 |   |   | $ | 348,511 |   |

|                                  |   | Gas contracts |     |   | Electricity contracts |   |     | Water heater contracts |   |   | Goodwill |   |   | Sales network and affinity relationships |    |   | Brand  |   |    | Software |   |   | IT system development |   |   | Other  |    |   | Total  |   |
|---------------------------------------|--------|---------------|----------|--------|-----------------------|--------|----------|------------------------|--------|--------|----------|--------|--------|------------------------------------------|---------|--------|--------|--------|---------|----------|--------|--------|-----------------------|--------|--------|--------|---------|--------|--------|--------|
| Cost:                                 |   |          |     |   |                  |   |     |                   |   |   |     |   |   |                                     |    |   |   |   |    |     |   |   |                  |   |   |   |    |   |   |   |
| Opening balance – April1, 2013  |   | $             | 114,367  |   |                  | $      | 250,487  |                   |   | $      | 51,235   |   |   | $                                        | 256,382 |   |   | $      | 125,361 |     |   | $      | 23,802                |   |   | $      | 17,534  |   |   | $      | 23,470 |   |   | $ | 7,829 |   |   | $ | 870,467 |   |
| Transfer to discontinued operations   |   |          | –  |   |                  |   | –  |                   |   |   | –  |   |   |                                     | – |   |   |   | – |     |   |   | –               |   |   |   | (3      | )      |   |   | – |   |   |   | – |   |   |   | (3 | ) |
| Additions                             |   |          | –  |   |                  |   | –  |                   |   |   | 604      |   |   |                                     | – |   |   |   | – |     |   |   | –               |   |   |   | 4,980   |   |   |   | 1,163 |   |   |   | 1,342 |   |   |   | 8,089 |   |
| Exchange differences                  |   |          | 2,420    |   |                  |   | 22,066   |                   |   |   | –  |   |   |                                     | 7,654   |   |   |   | 11,043  |     |   |   | 2,097                 |   |   |   | 919     |   |   |   | 1,766 |   |   |   | 582 |   |   |   | 48,547 |   |
| Ending balance, March 31, 2014        |   |          | 116,787  |   |                  |   | 272,553  |                   |   |   | 51,839   |   |   |                                     | 264,036 |   |   |   | 136,404 |     |   |   | 25,899                |   |   |   | 23,430  |   |   |   | 26,399 |   |   |   | 9,753 |   |   |   | 927,100 |   |
| Accumulated amortization:             |   |          |     |   |                  |   |     |                   |   |   |     |   |   |                                     |    |   |   |   |    |     |   |   |                  |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance – April 1, 2013 |   |          | (96,073  | )      |                  |   | (228,651 | )                      |   |   | (7,129   | )      |   |                                     | – |   |   |   | (56,921 | )        |   |   | –               |   |   |   | (13,634 | )      |   |   | (14,131 | ) |   |   | (6,595 | ) |   |   | (423,134 | ) |
| Transfer to discontinued operations   |   |          | –  |   |                  |   | –  |                   |   |   | –  |   |   |                                     | – |   |   |   | – |     |   |   | –               |   |   |   | 3       |   |   |   | – |   |   |   | – |   |   |   | 3 |   |
| Amortization charge for the year      |   |          | (8,238   | )      |                  |   | (6,724   | )                      |   |   | (4,511   | )      |   |                                     | – |   |   |   | (22,851 | )        |   |   | –               |   |   |   | (5,545  | )      |   |   | (4,339 | ) |   |   | (302 | ) |   |   | (52,510 | ) |
| Amortization in mark to market        |   |          | (10,056  | )      |                  |   | (4,668   | )                      |   |   | –  |   |   |                                     | – |   |   |   | – |     |   |   | –               |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | (14,724 | ) |
| Exchange differences                  |   |          | (2,420   | )      |                  |   | (20,630  | )                      |   |   | –  |   |   |                                     | – |   |   |   | (6,102  | )        |   |   | –               |   |   |   | (811    | )      |   |   | (1,269 | ) |   |   | (575 | ) |   |   | (31,807 | ) |
| Ending balance, March 31, 2014        |   |          | (116,787 | )      |                  |   | (260,673 | )                      |   |   | (11,640  | )      |   |                                     | – |   |   |   | (85,874 | )        |   |   | –               |   |   |   | (19,987 | )      |   |   | (19,739 | ) |   |   | (7,472 | ) |   |   | (522,172 | ) |
| Net book value, March 31, 2014        |   | $             | –  |   |                  | $      | 11,880   |                   |   | $      | 40,199   |   |   | $                                        | 264,036 |   |   | $      | 50,530  |     |   | $      | 25,899                |   |   | $      | 3,443   |   |   | $      | 6,660 |   |   | $ | 2,281 |   |   | $ | 404,928 |   |

----

|   | 7 | RESTRICTED CASH |
|--------|---|-----------------|

|   | (i) | As part of the disposal of the Solar division, Just Energy was required to transfer cash into restricted bank accounts. The Company has indemnified the buyer for certain obligations. The cash will be released as these are satisfied. As of March 31, 2015, these restricted cash balances were $6,177. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | As part of a prior acquisition, Just Energy was required to transfer $11,152 into a restricted cash account. The balance as of March 31, 2015 was $11,285 (2014 – $9,832). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Restricted cash in the prior year was required as security relating to the lender of NHS. The balance of this account in the prior year was $2,185. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8 | DISCONTINUED OPERATIONS |
|--------|---|-------------------------|

|   | (i) | NHS |
|--------|-----|-----|

|                                                           |   | From April 1, 2014 to Nov. 24, 2014 |    |   | For the year ended March 31, 2014 |   |
|----------------------------------------------------------------|--------|-------------------------------------|---------|--------|-----------------------------------|--------|
| Sales                                                          |   | $                                   | 58,836  |   |                              | $      | 76,444 |   |
| Cost of sales                                                  |   |                                | 11,259  |   |                              |   | 16,376 |   |
| Gross margin                                                   |   |                                | 47,577  |   |                              |   | 60,068 |   |
| Expenses                                                       |   |                                |    |   |                              |   |   |   |
| Administrative, selling and operating expenses                 |   |                                | 34,589  |   |                              |   | 38,864 |   |
| Operating income (loss)                                        |   |                                | 12,988  |   |                              |   | 21,204 |   |
| Finance costs                                                  |   |                                | (14,180 | )      |                              |   | (21,328 | ) |
| Profit (loss) from discontinued operations before income taxes |   |                                | (1,192  | )      |                              |   | (124 | ) |
| Other loss                                                     |   |                                | (30     | )      |                              |   | – |   |
| Provision for income taxes                                     |   |                                | (21,838 | )      |                              |   | (4,250 | ) |
| Gain on disposal of net assets                                 |   |                                | 191,201 |   |                              |   | – |   |
| PROFIT (LOSS) FOR THE PERIOD FROM DISCONTINUED OPERATIONS      |   | $                                   | 168,141 |   |                              | $      | (4,374 | ) |
|                                                           |   |                                |    |   |                              |   |   |   |
| Earnings (loss) per share                                      |   |                                |    |   |                              |   |   |   |
| Basic earnings (loss) per share from discontinued operations   |   | $                                   | 1.16    |   |                              | $      | (0.02 | ) |
| Diluted earnings (loss) per share from discontinued operations |   | $                                   | 1.13    |   |                              | $      | (0.02 | ) |

|   | (ii) | Commercial Solar |
|--------|------|------------------|

----

|                                                                         |   | From April 1, 2014 to Nov. 5, 2014 |    |   | For the year ended March 31, 2014 |   |
|------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|-----------------------------------|--------|
| Sales                                                                        |   | $                                  | 4,355   |   |                              | $      | 3,894 |   |
| Cost of sales                                                                |   |                               | – |   |                              |   | 3,802 |   |
| Gross margin                                                                 |   |                               | 4,355   |   |                              |   | 92 |   |
| Expenses                                                                     |   |                               |    |   |                              |   |   |   |
| Administrative and operating expenses                                        |   |                               | 8,729   |   |                              |   | 6,682 |   |
| Operating income (loss)                                                      |   |                               | (4,374  | )      |                              |   | (6,590 | ) |
| Finance costs                                                                |   |                               | (3,100  | )      |                              |   | (7,677 | ) |
| Loss from discontinued operations before undernoted                          |   |                               | (7,474  | )      |                              |   | (14,267 | ) |
| Change in fair value of derivative instruments                               |   |                               | (225    | )      |                              |   | 2,500 |   |
| Other loss                                                                   |   |                               | (148    | )      |                              |   | (3 | ) |
| Provision for income taxes                                                   |   |                               | (5      | )      |                              |   | – |   |
| Realized foreign exchange gain on disposal                                   |   |                               | 2,465   |   |                              |   | – |   |
| Loss on disposal of net assets, net of impairment loss previously recognized |   |                               | (30,081 | )      |                              |   | (35,058 | ) |
| LOSS FOR THE PERIOD FROM DISCONTINUED OPERATIONS                             |   | $                                  | (35,468 | )      |                              | $      | (46,828 | ) |
|                                                                         |   |                               |    |   |                              |   |   |   |
| Loss per share                                                               |   |                               |    |   |                              |   |   |   |
| Basic and diluted loss per share from discontinued operations                |   | $                                  | (0.22   | )      |                              | $      | (0.30 | ) |

| (iii) |      Disposal of TGF |
|-------|------------------------------------------|

|                                                             |   |                              |   |
|------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                             |   | For the year ended March 31, 2014 |   |
| Sales                                                            |   | $                                 | 82,982 |   |
| Cost of sales                                                    |   |                              | 70,280 |   |
| Gross margin                                                     |   |                              | 12,702 |   |
| Expenses                                                         |   |                              |   |   |
| Administrative and operating expenses                            |   |                              | 5,131  |   |
| Operating income                                                 |   |                              | 7,571  |   |
| Finance costs                                                    |   |                              | (4,511 | ) |
| Profit (loss) from discontinued operations before the undernoted |   |                              | 3,060  |   |
| Loss on disposal of net assets                                   |   |                              | (8,653 | ) |
| Future income tax recovery                                       |   |                              | 24,151 |   |
| Transaction costs                                                |   |                              | (981   | ) |
| PROFIT FROM DISCONTINUED OPERATIONS                              |   | $                                 | 17,577 |   |
| Earnings per share                                               |   |                              |   |   |
| Basic earnings per share from discontinued operations            |   | $                                 | 0.12   |   |
| Diluted earnings per share from discontinued operations          |   | $                                 | 0.12   |   |

----

|   | 9 | INVESTMENTS |
|--------|---|-------------|

|   | (i) | In August 2012, the Company issued a US$2,500 promissory note to the non-controlling shareholder of a subsidiary. The promissory note receivable matures on August 24, 2037, and bears interest at the annual federal rate established by the Internal Revenue Service. Interest earned on this promissory note is recorded in other income. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | In August 2012, Just Energy through a subsidiary acquired an interest in ecobee Inc., a private company that designs, manufactures and distributes smart thermostats, for an amount of $6,460. The Company markets these smart thermostats in all its core markets, bundling the thermostats with commodity and home service products. As at March 31, 2015, Just Energy owns approximately 10% of ecobee Inc. The fair value of this investment is not disclosed because it cannot be determined reliably. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10 | MINORITY INTEREST |
|--------|----|-------------------|

| Name                      |   | 2015   |    |   | 2014   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Just Ventures (a)         |   |   | 50      | %      |   |   | 50 | % |
| Amigo Power LLC (b)       |   |   | – |   |   |   | 67 | % |
| Hudson Solar Entities (c) |   |   | – |   |   |   | 49%–51 | % |

|   | (a) | Just Energy has a 50% interest in Just Ventures. These entities operate out of North Carolina and are involved in the marketing of Just Energy products primarily through Internet- and telemarketing-based efforts. The non-controlling shareholder also has a 50% interest in these entities. Management has determined that Just Energy controls these entities due to its ability to affect the variable returns from these entities as a result of its control over the structuring and pricing of products, determining credit risk, servicing and billing customers and the level of input on the marketing activity in   given regions. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Just Energy and the non-controlling shareholders decided to dissolve this entity during the current fiscal year. The non-controlling interest balance has been reclassified to retained earnings. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Up until the date of acquisition, Just Energy through its Solar division had interests in entities with minority shareholders. In these structures Just Energy had equity interests of between 49% and 51%. Management had determined that Just Energy controls these entities due to its ability to affect the variable returns from these entities as a result of its control over negotiating power purchase agreements and managing the relevant activities of the underlying solar assets over their useful life. These entities are included in the discontinued operations as disclosed in Note 8. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                                                |   | 2015   |    |   | 2014   |   |
|-----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Accumulated balances of non-controlling interest    |   |   |    |   |   |   |
| Just Ventures                                       |   | $      | – |   |   | $      | – |   |
| Amigo Power LLC                                     |   |   | – |   |   |   | (2,385 | ) |
| Hudson Solar Entities                               |   |   | – |   |   |   | 8,812 |   |
| Profit (loss) allocated to non-controlling interest |   |   |    |   |   |   |   |   |
| Just Ventures                                       |   | $      | 6,415   |   |   | $      | 6,144 |   |
| Amigo Power LLC                                     |   |   | (64     | )      |   |   | (685 | ) |
| Hudson Solar Entities                               |   |   | (3,271  | )      |   |   | (4,425 | ) |

----

|                                                  |   | Just Ventures |       |   | Amigo  |   |    | Solar  |   |
|-------------------------------------------------------|--------|---------------|------------|--------|--------|--------|---------|--------|--------|
| Summarized financial information for 2015:            |   |          |       |   |   |   |    |   |   |
| Gross margin                                          |   | $             | 43,139     |   |   | $      | 1,866   |   |   | $ | – |   |
| Selling and marketing expenses                        |   |          | 30,309     |   |   |   | 4,855   |   |   |   | – |   |
| Administrative expenses                               |   |          | –110 |   |   |   | – |   |   |   |   |   |
| Profit from continuing operations                     |   |          | 12,830     |   |   |   | (3,079  | )      |   |   | – |   |
| Loss from discontinued operations                     |   |          | –    |   |   |   | – |   |   |   | 488 |   |
| Cash flows provided by (used in) operating activities |   |          | 12,830     |   |   |   | (3,079  | )      |   |   | (1,020 | )1 |
| Cash flows used in investing activities               |   |          | –    |   |   |   | – |   |   |   | (26 | )1 |
| Cash flows provided by financing activities           |   |          | (12,830    | )      |   |   | – |   |   |   | 1,1941 |   |

|                                                  |   | Just Ventures |    |   | Amigo  |   |    | Solar  |   |
|-------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
| Summarized financial information for 2014:            |   |          |    |   |   |   |    |   |   |
| Gross margin                                          |   | $             | 28,690  |   |   | $      | 648     |   |   | $ | – |   |
| Selling and marketing expenses                        |   |          | 16,402  |   |   |   | 2,599   |   |   |   | – |   |
| Administrative expenses                               |   |          | – |   |   |   | 125     |   |   |   | – |   |
| Loss from continuing operations                       |   |          | 12,288  |   |   |   | (2,076  | )      |   |   | – |   |
| Loss from discontinued operations                     |   |          | – |   |   |   | – |   |   |   | (662 | ) |
| Assets                                                |   |          | – |   |   |   | – |   |   |   | 31,2102 |   |
| Liabilities                                           |   |          | – |   |   |   | – |   |   |   | 11,7002 |   |
| Cash flows provided by (used in) operating activities |   |          | 12,288  |   |   |   | (2,076  | )      |   |   | (1,701 | )1 |
| Cash flows used in investing activities               |   |          | – |   |   |   | – |   |   |   | (14,490 | )1 |
| Cash flows provided by financing activities           |   |          | (12,288 | )      |   |   | – |   |   |   | 13,1801 |   |

|   | 1  | These are classified with cash flows from discontinued operations.             |
|--------|---------|--------------------------------------------------------------------------------|
|   | 2       | The assets and liabilities were classified as held for sale in the prior year. |

|   | 11 | FINANCIAL INSTRUMENTS |
|--------|----|-----------------------|

|   | (a) | Fair value of derivative financial instruments |
|--------|-----|------------------------------------------------|

|                                                                        |   | For the year ended March 31, 2015 |     |   | For the year ended March 31, 2014 |   |
|-----------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|-----------------------------------|--------|
| Physical forward contracts and options (i)                                  |   | $                                 | (434,755 | )      |                              | $      | 79,920 |   |
| Financial swap contracts and options (ii)                                   |   |                              | (201,734 | )      |                              |   | 121,691 |   |
| Foreign exchange forward contracts                                          |   |                              | (1,317   | )      |                              |   | (572 | ) |
| Amortization of deferred unrealized gains on discontinued hedges            |   |                              | –  |   |                              |   | 5,208 |   |
| Share swap                                                                  |   |                              | (5,372   | )      |                              |   | 3,736 |   |
| Amortization of derivative financial instruments related to acquisitions    |   |                              | (5,062   | )      |                              |   | (14,724 | ) |
| Liability associated with exchangeable shares and equity-based compensation |   |                              | 204      |   |                              |   | (146 | ) |
| Eurobond conversion feature                                                 |   |                              | 10,440   |   |                              |   | – |   |
| Other derivative options                                                    |   |                              | 2,392    |   |                              |   | (8,971 | ) |
| Change in fair value of derivative instruments                              |   | $                                 | (635,204 | )      |                              | $      | 186,142 |   |

----

|                                       |   | Other financial assets (current) |    |   | Other financial assets (non-current) |   |    | Other financial liabilities (current) |   |   | Other financial liabilities (non-current) |   |
|--------------------------------------------|--------|----------------------------------|---------|--------|--------------------------------------|--------|---------|---------------------------------------|--------|--------|-------------------------------------------|--------|
| Physical forward contracts and options (i) |   | $                                | 2,508   |   |                                 | $      | 119     |                                  |   | $      | 272,731                                   |   |   | $ | 174,495 |   |
| Financial swap contracts and options (ii)  |   |                             | 369     |   |                                 |   | 529     |                                  |   |   | 111,022                                   |   |   |   | 100,383 |   |
| Foreign exchange forward contracts         |   |                             | – |   |                                 |   | – |                                  |   |   | 2,375                                     |   |   |   | – |   |
| Share swap                                 |   |                             | – |   |                                 |   | – |                                  |   |   | –                                   |   |   |   | 17,551 |   |
| Eurobond conversion feature                |   |                             | – |   |                                 |   | – |                                  |   |   | –                                   |   |   |   | 6,891 |   |
| Other derivative options                   |   |                             | 1,957   |   |                                 |   | 443     |                                  |   |   | 112                                       |   |   |   | – |   |
| As at March 31, 2015                       |   | $                                | 4,834   |   |                                 | $      | 1,091   |                                  |   | $      | 386,240                                   |   |   | $ | 299,320 |   |

|                                        |   | Other financial assets (current) |    |   | Other financial assets(non-current) |   |    | Other financial liabilities (current) |   |   | Other financial liabilities(non-current) |   |
|---------------------------------------------|--------|----------------------------------|---------|--------|-------------------------------------|--------|---------|---------------------------------------|--------|--------|------------------------------------------|--------|
| Physical forward contracts and options (i)  |   | $                                | 61,169  |   |                                | $      | 26,600  |                                  |   | $      | 34,191                                   |   |   | $ | 18,404 |   |
| Financial swap contracts and options (ii)   |   |                             | 42,333  |   |                                |   | 4,853   |                                  |   |   | 28,159                                   |   |   |   | 20,572 |   |
| Foreign exchange forward contracts          |   |                             | – |   |                                |   | – |                                  |   |   | 1,058                                    |   |   |   | – |   |
| Share swap                                  |   |                             | – |   |                                |   | – |                                  |   |   | 12,179                                   |   |   |   | – |   |
| Cash-out option on stock-based compensation |   |                             | – |   |                                |   | – |                                  |   |   | 560                                      |   |   |   | – |   |
| Eurobond conversion feature                 |   |                             | – |   |                                |   | – |                                  |   |   | –                                  |   |   |   | 17,321 |   |
| Other derivative options                    |   |                             | – |   |                                |   | 243     |                                  |   |   | 988                                      |   |   |   | – |   |
| As at March 31, 2014                        |   | $                                | 103,502 |   |                                | $      | 31,696  |                                  |   | $      | 77,135                                   |   |   | $ | 56,297 |   |

|   | (i) | Physical forward contracts and options consist of: |
|--------|-----|----------------------------------------------------|

|   | • | Electricity contracts with a total remaining volume of 38,414,525 MWh, a weighted average price of $55.49 and expiry dates up to December 31, 2020. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Natural gas contracts with a total remaining volume of 73,064,462 GJs, a weighted average price of $3.68 and expiry dates up to March 31, 2019. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Renewable energy certificates and emission reduction credit contracts with a total remaining volume of 8,042,571 MWh and 1,245,513 tonnes, respectively, a weighted average price of $18.86/REC and $3.84/tonne, respectively, and expiry dates up to December 31, 2023. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Electricity generation capacity contracts with a total remaining volume of 8,460 MWCap, a weighted average price of $8,517.87/MWCap and expiry dates up to April 30, 2018. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Financial swap contracts and options consist of: |
|--------|------|--------------------------------------------------|

|   | • | Electricity contracts with a total remaining volume of 18,962,561 MWh, an average price of $48.20 and expiry dates up to December 31, 2019. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Natural gas contracts with a total remaining volume of 124,047,147 GJs, an average price of $4.07/GJ and expiry dates up to December 31, 2019. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Electricity generation capacity contracts with a total remaining volume of 22,175 MWCap, a weighted average price of $343.67 and expiry dates up to April 30, 2017. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                  |   | Level 1 |          |   | Level 2 |   |          | Level 3 |   |   | Total       |   |
|-------------------------------------------------------|--------|---------|---------------|--------|---------|--------|---------------|---------|--------|--------|-------------|--------|
| Financial assetsDerivative financial assets           |   | $       |  – |   |    | $      |  – |    |   | $      |  5,925 |   |   | $ |  5,925 |   |
| Financial liabilitiesDerivative financial liabilities |   |    | –       |   |    |   | (55,711       | )       |   |   | (629,849    | )      |   |   | (685,560 | ) |
| Total net derivative assets (liabilities)             |   | $       | –       |   |    | $      | (55,711       | )       |   | $      | (623,924    | )      |   | $ | (679,635 | ) |

|                                      |   | Level 1 |    |   | Level 2 |   |    | Level 3 |   |   | Total    |   |
|-------------------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|----------|--------|
| Financial assets                          |   |    |    |   |    |   |    |    |   |   |     |   |
| Derivative financial assets               |   | $       | – |   |    | $      | – |    |   | $      | 135,198  |   |   | $ | 135,198 |   |
| Discontinued operations (Note 8)          |   |    | – |   |    |   | – |    |   |   | 106,262  |   |   |   | 106,262 |   |
| Financial liabilities                     |   |    |    |   |    |   |    |    |   |   |     |   |   |   |   |   |
| Derivative financial liabilities          |   |    | – |   |    |   | (10,990 | )       |   |   | (122,442 | )      |   |   | (133,432 | ) |
| Discontinued operations (Note 8)          |   |    | – |   |    |   | – |    |   |   | (51,852  | )      |   |   | (51,852 | ) |
| Total net derivative assets (liabilities) |   | $       | – |   |    | $      | (10,990 | )       |   | $      | 67,166   |   |   | $ | 56,176 |   |

----

|   | (i) | up to 5% price-extrapolation to calculate monthly prices that extend beyond the market observable 12–15 month forward curve, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | discount for counterparty non-performance risk up to 5%, and |
|--------|------|--------------------------------------------------------------|

|   | (iii) | discount rate in the range of 6% to 8%. |
|--------|-------|-----------------------------------------|

|                       |   | March 31,2015 |     |   | March 31,2014 |   |
|----------------------------|--------|---------------|----------|--------|---------------|--------|
| Balance, beginning of year |   | $             | 67,166   |   |          | $      | (148,646 | ) |
| Total gains (losses)       |   |          | (336,308 | )      |          |   | 37,799 |   |
| Purchases                  |   |          | (347,062 | )      |          |   | 49,006 |   |
| Sales                      |   |          | 46,662   |   |          |   | (14,972 | ) |
| Settlements                |   |          | (54,382  | )      |          |   | 89,569 |   |
| Discontinued operations    |   |          | –  |   |          |   | 54,410 |   |
| Balance, end of year       |   | $             | (623,924 | )      |          | $      | 67,166 |   |

|   | (b) | Classification of non-derivative financial assets and liabilities |
|--------|-----|-------------------------------------------------------------------|

|   | (i) | the $328.4 million, $100 million and US$150 million convertible debentures, which are fair valued based on market value; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the fair value of the $105 million senior unsecured note is based on discounting future cash flows using a discount rate consistent with the above convertible  debentures. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Management of risks arising from financial instruments |
|--------|-----|--------------------------------------------------------|

|   | (i) | Market risk |
|--------|-----|-------------|

----

|   | (ii) | Credit risk |
|--------|------|-------------|

| The aging of the accounts receivable from the above markets was as follows: |   |  March 31, 2015 |    |   |  March 31, 2014 |   |
|-----------------------------------------------------------------------------|--------|----------------------|---------|--------|----------------------|--------|
| Current                                                                     |   | $                    | 146,044 |   |                 | $      | 104,297 |   |
| 1–30 days                                                             |   |                 | 40,911  |   |                 |   | 36,236 |   |
| 31–60 days                                                            |   |                 | 11,116  |   |                 |   | 10,405 |   |
| 61–90 days                                                            |   |                 | 6,140   |   |                 |   | 6,809 |   |
| Over 91 days                                                                |   |                 | 46,277  |   |                 |   | 51,517 |   |
|                                                                        |   | $                    | 250,488 |   |                 | $      | 209,264 |   |

----

|                                      |   | March 31,2015 |    |   | March 31,2014 |   |
|-------------------------------------------|--------|---------------|---------|--------|---------------|--------|
| Balance, beginning of year                |   | $             | 60,997  |   |          | $      | 40,190 |   |
| Reduction due to disposal of subsidiaries |   |          | (1,282  | )      |          |   | – |   |
| Provision for doubtful accounts           |   |          | 62,077  |   |          |   | 47,161 |   |
| Bad debts written off                     |   |          | (60,375 | )      |          |   | (25,845 | ) |
| Other                                     |   |          | (3,103  | )      |          |   | (509 | ) |
| Balance, end of year                      |   | $             | 58,314  |   |          | $      | 60,997 |   |

|   | (iii) | Liquidity risk |
|--------|-------|----------------|

|                     |   | Carrying amount |      |   | Contractual cash flows |   |      | Less than 1 year |   |   | 1–3 years |   |   | 4–5 years |      |   | More than 5 years |   |
|--------------------------|--------|-----------------|-----------|--------|------------------------|--------|-----------|------------------|--------|--------|-----------------|--------|--------|-----------------|-----------|--------|-------------------|--------|
| Trade and other payables |   | $               | 510,470   |   |                   | $      | 510,470   |             |   | $      | 510,470         |   |   | $               | –   |   |              | $      | – |   |   | $ | – |   |
| Long-term debt1          |   |            | 676,503   |   |                   |   | 723,433   |             |   |   | 23              |   |   |            | 328,420   |   |              |   | 394,990 |   |   |   | – |   |
| Derivative instruments   |   |            | 685,560   |   |                   |   | 4,074,637 |             |   |   | 2,167,000       |   |   |            | 1,596,187 |   |              |   | 274,187 |   |   |   | 37,263 |   |
|                     |   | $               | 1,872,533 |   |                   | $      | 5,308,540 |             |   | $      | 2,677,493       |   |   | $               | 1,924,607 |   |              | $      | 669,177 |   |   | $ | 37,263 |   |

|   | 1 | Included in long-term debt are the $328,420 and $100,000 relating to convertible debentures and US$150,000 relating to convertible bonds, which may be settled through the issuance of shares at the option of the holder or Just Energy upon maturity. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| As at March 31, 2014:    |   | Carrying amount |      |   | Contractual cash flows |   |      | Less than1 year |   |   | 1–3 years |   |   | 4–5 years |      |   | More than 5 years |   |
|--------------------------|--------|-----------------|-----------|--------|------------------------|--------|-----------|-----------------|--------|--------|-----------------|--------|--------|-----------------|-----------|--------|-------------------|--------|
| Trade and other payables |   | $               | 485,471   |   |                   | $      | 485,471   |            |   | $      | 485,471         |   |   | $               | –   |   |              | $      | – |   |   | $ | – |   |
| Long-term debt1          |   |            | 982,026   |   |                   |   | 1,043,061 |            |   |   | 51,999          |   |   |            | 166,276   |   |              |   | 605,103 |   |   |   | 219,683 |   |
| Derivative instruments   |   |            | 133,432   |   |                   |   | 3,112,996 |            |   |   | 1,668,975       |   |   |            | 1,183,717 |   |              |   | 257,893 |   |   |   | 2,411 |   |
|                     |   | $               | 1,600,929 |   |                   | $      | 4,641,528 |            |   | $      | 2,206,445       |   |   | $               | 1,349,993 |   |              | $      | 862,996 |   |   | $ | 222,094 |   |

|   | 1 | Included in long-term debt are the $328,420 and $100,000 relating to convertible debentures and US$150,000 relating to convertible bonds, which may be settled through the issuance of shares at the option of the holder or Just Energy upon maturity. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|              |   | Less than |   |   |            |   |   |            |   |   | More than |   |
|-------------------|--------|-----------|--------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------|--------|
|              |   | 1 year    |   |   | 1–3 years |   |   | 4–5 years |   |   | 5 years   |   |
| Interest payments |   | $         | 40,365 |   |            | $      | 88,790 |            |   | $      | 21,399    |   |   | $ | – |   |

|           (iv) | Supplier risk |
|-------------------------------------------------------------|---------------|

|   | 12 | ACCUMULATED OTHER COMPREHENSIVE INCOME |
|--------|----|----------------------------------------|

|                                                                                          |   | Foreign currency translation adjustments |    |   | Cash flow hedges |   |    | Total  |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|------------------|--------|---------|--------|--------|
| Balance, beginning of year                                                                    |   | $                                        | 71,997  |   |             | $      | – |   |   | $ | 71,997 |   |
| Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: |   |                                     |    |   |             |   |    |   |   |   |   |   |
| Unrealized foreign currency translation adjustment                                            |   |                                     | (13,139 | )      |             |   | – |   |   |   | (13,139 | ) |
| Realized loss on translation of foreign operations sold                                       |   |                                     | (2,465  | )      |             |   | – |   |   |   | (2,465 | ) |
| Balance, end of year                                                                          |   | $                                        | 56,393  |   |             | $      | – |   |   | $ | 56,393 |   |

|                                                                                          |   | Foreign currency translation |    |   | Cash flow |   |    |   |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------|---------|--------|-----------|--------|---------|--------|--------|
|                                                                                          |   | adjustments                  |    |   | hedges    |   |    | Total  |   |
| Balance, beginning of year                                                                    |   | $                            | 42,154  |   |      | $      | 5,001   |   |   | $ | 47,155 |   |
| Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: |   |                         |    |   |      |   |    |   |   |   |   |   |
| Unrealized foreign currency translation adjustment                                            |   |                         | 29,843  |   |      |   | – |   |   |   | 29,843 |   |
| Amortization of deferred unrealized gain on discontinued hedges, net of income taxes of $207  |   |                         | – |   |      |   | (5,001  | )      |   |   | (5,001 | ) |
| Balance, end of year                                                                          |   | $                            | 71,997  |   |      | $      | – |   |   | $ | 71,997 |   |

|   | 13 | SHAREHOLDERS’ CAPITAL |
|--------|----|-----------------------------|

|                                              |   | Year ended March 31, 2015 |        |   | Year ended March 31, 2014 |   |
|---------------------------------------------------|--------|--------------------------------|-------------|--------|---------------------------|--------|
|                                              |   | Shares                         |        |   | Amount                    |   |   | Shares |   |   | Amount |   |
| Issued and outstanding Balance, beginning of year |   |                           | 143,751,476 |   |                      | $      | 1,033,557 |   |   |   | 142,029,340 |   |   | $ | 1,018,082 |   |
| Share-based awards exercised                      |   |                           | 2,203,869   |   |                      |   | 26,272 |   |   |   | 550,382 |   |   |   | 7,240 |   |
| Dividend reinvestment plan                        |   |                           | 603,831     |   |                      |   | 3,594 |   |   |   | 1,171,754 |   |   |   | 8,235 |   |
| Balance, end of year                              |   |                           | 146,559,176 |   |                      | $      | 1,063,423 |   |   |   | 143,751,476 |   |   | $ | 1,033,557 |   |

----

|   | 14 | SHARE-BASED COMPENSATION PLANS |
|--------|----|--------------------------------|

|   | (a) | Stock option plan |
|--------|-----|-------------------|

|   | (b) | Restricted share grants |
|--------|-----|-------------------------|

|                       |   | 2015   |       |   | 2014   |   |
|----------------------------|--------|--------|------------|--------|--------|--------|
| Balance, beginning of year |   |   | 1,067,060  |   |   |   | 708,676 |   |
| Less: Granted              |   |   | (1,039,036 | )      |   |   | (234,903 | ) |
| Add: Cancelled/forfeited   |   |   | –    |   |   |   | 593,287 |   |
| Balance, end of year       |   |   | 28,024     |   |   |   | 1,067,060 |   |

|   | (c) | Performance bonus grants |
|--------|-----|--------------------------|

|                                      |   | 2015   |      |   | 2014   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Balance, beginning of year                |   |   | 3,570,784 |   |   |   | – |   |
| Add: Increase in PBGs available for grant |   |   | –   |   |   |   | 4,000,000 |   |
| Less: Granted                             |   |   | (665,973  | )      |   |   | (839,296 | ) |
| Add: Cancelled/forfeited                  |   |   | 202,085   |   |   |   | 410,080 |   |
|                                      |   |   | 3,106,896 |   |   |   | 3,570,784 |   |

----

|   | (d) | Deferred share grants |
|--------|-----|-----------------------|

|                                      |   | 2015   |    |   | 2014   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
| Balance, beginning of year                |   |   | 200,470 |   |   |   | 25,006 |   |
| Add: Increase in DSGs available for grant |   |   | – |   |   |   | 200,000 |   |
| Less: Granted during the year             |   |   | (22,334 | )      |   |   | (24,536 | ) |
| Balance, end of year                      |   |   | 178,136 |   |   |   | 200,470 |   |

|   | 15 | LONG-TERM DEBT AND FINANCING |
|--------|----|------------------------------|

|                                    |   | March 31, 2015 |    |   | March 31, 2014 |   |
|-----------------------------------------|--------|----------------|---------|--------|----------------|--------|
| Credit facility (a)                     |   | $              | – |   |           | $      | 69,500 |   |
| Less: debt issue costs (a)              |   |           | – |   |           |   | (2,449 | ) |
| $105 million senior unsecured note (b)  |   |           | 105,000 |   |           |   | 105,000 |   |
| Less: debt issue costs (b)              |   |           | (5,051  | )      |           |   | (6,221 | ) |
| NHS financing                           |   |           | – |   |           |   | 272,561 |   |
| $330 million convertible debentures (c) |   |           | 310,083 |   |           |   | 304,458 |   |
| $100 million convertible debentures (d) |   |           | 91,445  |   |           |   | 89,430 |   |
| US$150 million convertible bonds (e)    |   |           | 175,003 |   |           |   | 149,572 |   |
| Capital leases (f)                      |   |           | 23      |   |           |   | 175 |   |
|                                    |   |           | 676,503 |   |           |   | 982,026 |   |
| Less: Current portion                   |   |           | (23     | )      |           |   | (51,999 | ) |
|                                    |   | $              | 676,480 |   |           | $      | 930,027 |   |

| Future annual minimum repayments are as follows: |   |             |    |   |            |   |    |            |   |   |              |   |   |   |    |
|--------------------------------------------------|--------|------------------|---------|--------|-----------------|--------|---------|-----------------|--------|--------|-------------------|--------|--------|--------|---------|
|                                             |   | Less than 1 year |    |   | 1–3 years |   |    | 4–5 years |   |   | More than 5 years |   |   | Total  |    |
| $105 million senior unsecured note (b)           |   | $                | – |   |            | $      | – |            |   | $      | 105,000           |   |   | $      | – |   |   | $ | 105,000 |   |
| $330 million convertible debentures (c)          |   |             | – |   |            |   | 328,420 |            |   |   | –           |   |   |   | – |   |   |   | 328,420 |   |
| $100 million convertible debentures (d)          |   |             | – |   |            |   | – |            |   |   | 100,000           |   |   |   | – |   |   |   | 100,000 |   |
| US$150 million convertible bonds (e)             |   |             | – |   |            |   | – |            |   |   | 189,990           |   |   |   | – |   |   |   | 189,990 |   |
| Capital leases (f)                               |   |             | 23      |   |            |   | – |            |   |   | –           |   |   |   | – |   |   |   | 23 |   |
|                                             |   | $                | 23      |   |            | $      | 328,420 |            |   | $      | 394,990           |   |   | $      | – |   |   | $ | 723,433 |   |

----

|                                          |   | For the year ended March 31, 2015 |    |   | For the year ended March 31, 2014 |   |
|-----------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| Credit facility (a)                           |   | $                                 | 13,982  |   |                              | $      | 13,780 |   |
| $105 million senior unsecured note (b)        |   |                              | 11,443  |   |                              |   | 11,759 |   |
| $90 million convertible debentures            |   |                              | – |   |                              |   | 7,605 |   |
| $330 million convertible debentures (c)       |   |                              | 26,832  |   |                              |   | 26,330 |   |
| $100 million convertible debentures (d)       |   |                              | 7,764   |   |                              |   | 7,601 |   |
| US$150 million convertible bonds (e)          |   |                              | 13,651  |   |                              |   | 2,192 |   |
| Capital lease interest (f)                    |   |                              | 8       |   |                              |   | 22 |   |
| Unwinding of discount on provisions (Note 17) |   |                              | – |   |                              |   | 152 |   |
|                                          |   | $                                 | 73,680  |   |                              | $      | 69,441 |   |

|   | (a) | As at March 31, 2015, Just Energy has a $210 million credit facility to meet working capital requirements. The syndicate of lenders includes Canadian Imperial Bank of Commerce, Royal Bank of Canada, National Bank of Canada, The Toronto-Dominion Bank, The Bank of Nova Scotia, HSBC Bank Canada and Alberta Treasury Branches. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In December 2012, Just Energy issued $105 million in senior unsecured notes (“$105 million senior unsecured note”) bearing interest at 9.75% and maturing in June 2018. As at March 31, 2015, unamortized debt issue costs are $5,051. These costs will be charged to operations as finance costs over the term of the debt. The $105 million senior unsecured note is subject to certain financial and other covenants. As at March 31, 2015, all of these covenants have been met. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | Three months ended March 31, 2015 |      |   | Year ended March 31, 2015 |   |
|-------------------------------------|--------|----------------------------------------|-----------|--------|---------------------------|--------|
| Sales                               |   | $                                      | 1,123,866 |   |                      | $      | 3,643,501 |   |
| Gross margin                        |   |                                   | 186,454   |   |                      |   | 576,919 |   |
| Finance costs                       |   |                                   | 16,684    |   |                      |   | 73,680 |   |
| Loss for the year                   |   |                                   | (76,345   | )      |                      |   | (540,028 | ) |
| Non-cash financing costs            |   |                                   | 3,061     |   |                      |   | 15,609 |   |
| Share-based  compensation |   |                                   | 919       |   |                      |   | 7,110 |   |
| Income tax paid                     |   |                                   | 2,642     |   |                      |   | 6,014 |   |

----

|   | (c) | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the “$330 million convertible debentures”). The $330 million convertible debentures bear interest at a rate of 6% per annum payable semi-annually in arrears on June 30 and December 31, with a maturity date of June 30, 2017. Each $1,000 principal amount of the $330 million convertible debentures is convertible at any time prior to maturity or on the date fixed for redemption, at the option of the holder, into approximately 55.6 common shares of the Company, representing a conversion price of $18 per share. During the year ended March 31, 2015, interest expense amounted to $26,832. Prior to June 30, 2015, the $330 million convertible debentures may be redeemed by the Company, in whole or in part, on not more than 60 days’ and not less than 30 days’ prior notice, at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest, provided that the current market price (as defined herein) on the date   on which notice of redemption is given is not less than 125% of the conversion price ($22.50). On and after June 30, 2015, and prior to maturity, the $330 million convertible debentures may be redeemed by Just Energy, in whole or in part, at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the “$100 million convertible debentures”), which was used to fund an acquisition. The $100 million convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year and have a maturity date of September 30, 2018. Each $1,000 principal amount of the $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. Prior to September 30, 2016, the $100 million convertible debentures may be redeemed by the Company, in whole or in part, on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares is at least 125% of the conversion price. On or after September 30, 2016, the $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the “$150 million convertible bonds”). The $150 million convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year with a maturity date of July 29, 2019. The Company incurred transaction costs of $6,075 and has shown these costs net of the $150 million convertible bonds. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | The Company, through its subsidiaries, leases certain computer and office equipment and software. These financing arrangements bear interest at a rate of 9% and mature by June 30, 2015. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16 | INCOME TAXES |
|--------|----|--------------|

|   | (a) | Tax expense |
|--------|-----|-------------|

|                                                                                      |   | 2015   |     |   | 2014   |   |
|-------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Tax recognized in profit or loss                                                          |   | $      | 8,856    |   |   | $      | 765 |   |
| Current tax expense                                                                       |   |   | 8,856    |   |   |   | 765 |   |
| Deferred tax expense                                                                      |   |   |     |   |   |   |   |   |
| Origination and reversal of temporary differences                                         |   | $      | (236,104 | )      |   | $      | 53,865 |   |
| Expense (benefit) arising from a previously unrecognized tax loss or temporary difference |   |   | 198,359  |   |   |   | (6,440 | ) |
| Deferred tax expense (benefit)                                                            |   |   | (37,745  | )      |   |   | 47,425 |   |
| Provision for (recovery of) income taxes                                                  |   | $      | (28,889  | )      |   | $      | 48,190 |   |

|   | (b) | Reconciliation of the effective tax rate |
|--------|-----|------------------------------------------|

|                                                                                     |   | 2015   |     |   | 2014   |   |
|------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Income (loss) before income taxes from continuing operations                             |   | $      | (605,266 | )      |   | $      | 218,756 |   |
| Combined statutory Canadian federal and provincial income tax rate                       |   |   | 26.50    | %      |   |   | 26.50 | % |
| Income tax expense (benefit) based on statutory rate                                     |   | $      | (160,395 | )      |   | $      | 57,970 |   |
| Increase (decrease) in income taxes resulting from:                                      |   |   |     |   |   |   |   |   |
| Cost (benefit) of mark to market loss and other temporary differences not recognized     |   | $      | 198,359  |   |   | $      | (6,440 | ) |
| Variance between combined Canadian tax rate and the tax rate applicable to U.S. earnings |   |   | (66,345  | )      |   |   | 3,388 |   |
| Other permanent items                                                                    |   |   | (508     | )      |   |   | (6,728 | ) |
| Total income tax expense (benefit)                                                       |   | $      | (28,889  | )      |   | $      | 48,190 |   |

|   | (c) | Recognized deferred tax assets and liabilities |
|--------|-----|------------------------------------------------|

|                                               |   | 2015   |    |   | 2014   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Mark to market losses on derivative instruments    |   | $      | 52,053  |   |   | $      | 15,685 |   |
| Tax losses and excess of tax basis over book basis |   |   | 7,362   |   |   |   | 25,105 |   |
| Partnership loss deferred for tax purposes         |   |   | 117     |   |   |   | 329 |   |
| Total deferred tax asset                           |   |   | 59,532  |   |   |   | 41,119 |   |
| Offset of deferred taxes                           |   |   | (34,154 | )      |   |   | (39,698 | ) |
| Net deferred tax asset                             |   | $      | 25,378  |   |   | $      | 1,421 |   |
|                                               |   |   |    |   |   |   |   |   |
| Partnership income deferred for tax purposes       |   | $      | (23,483 | )      |   | $      | (30,479 | ) |
| Mark to market gains on derivative instruments     |   |   | (413    | )      |   |   | (657 | ) |
| Book to tax differences on other assets            |   |   | (959    | )      |   |   | (32,956 | ) |
| Convertible debentures                             |   |   | (9,303  | )      |   |   | (8,286 | ) |
| Total deferred tax liability                       |   |   | (34,158 | )      |   |   | (72,378 | ) |
| Offset of deferred taxes                           |   |   | 34,154  |   |   |   | 39,698 |   |
| Net deferred tax liability                         |   | $      | (4      | )      |   | $      | (32,680 | ) |

----

|   | (d) | Movement in deferred tax balances |
|--------|-----|-----------------------------------|

|                                                    |   | Balance April 1,2014 |    |   | Recognized in profit or loss |   |    | Disposal |   |   | Recognized in OCI |   |   | Foreign exchange impact |    |   | Balance March 31, 2015 |   |
|---------------------------------------------------------|--------|----------------------|---------|--------|------------------------------|--------|---------|----------|--------|--------|-------------------|--------|--------|-------------------------|---------|--------|------------------------|--------|
| Partnership income deferred for tax                     |   | $                    | (30,151 | )      |                         | $      | 6,784   |     |   | $      | –           |   |   | $                       | – |   |                   | $      | – |   |   | $ | (23,367 | ) |
| Book to tax differences – customer contracts      |   |                 | (5,139  | )      |                         |   | – |     |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | (5,139 | ) |
| Book to tax differences on other assets                 |   |                 | (2,716  | )      |                         |   | (17,822 | )        |   |   | 32,075            |   |   |                    | – |   |                   |   | – |   |   |   | 11,537 |   |
| Mark to market gains (losses) on derivative instruments |   |                 | 15,032  |   |                         |   | 36,009  |     |   |   | 605               |   |   |                    | – |   |                   |   | – |   |   |   | 51,646 |   |
| Convertible debentures                                  |   |                 | (8,286  | )      |                         |   | (1,017  | )        |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | (9,303 | ) |
|                                                    |   | $                    | (31,260 | )      |                         | $      | 23,954  |     |   | $      | 32,680            |   |   | $                       | – |   |                   | $      | – |   |   | $ | 25,374 |   |

|                                                    |   | Balance April 1,2013 |    |   | Recognized in profit or loss |   |    | Disposal |   |   | Recognized in OCI |   |   | Foreign exchange impact |    |   | Balance March 31,2014 |   |
|---------------------------------------------------------|--------|----------------------|---------|--------|------------------------------|--------|---------|----------|--------|--------|-------------------|--------|--------|-------------------------|---------|--------|-----------------------|--------|
| Partnership income deferred for tax                     |   | $                    | (15,259 | )      |                         | $      | (14,892 | )        |   | $      | –           |   |   | $                       | – |   |                  | $      | – |   |   | $ | (30,151 | ) |
| Book to tax differences – customer contracts      |   |                 | (9,846  | )      |                         |   | 4,707   |     |   |   | –           |   |   |                    | – |   |                  |   | – |   |   |   | (5,139 | ) |
| Book to tax differences on other assets                 |   |                 | (17,126 | )      |                         |   | 14,410  |     |   |   | –           |   |   |                    | – |   |                  |   | – |   |   |   | (2,716 | ) |
| Mark to market (losses) gains on derivative instruments |   |                 | 45,965  |   |                         |   | (31,073 | )        |   |   | –           |   |   |                    | 162     |   |                  |   | (22 | ) |   |   | 15,032 |   |
| Convertible debentures                                  |   |                 | (10,203 | )      |                         |   | 1,917   |     |   |   | –           |   |   |                    | – |   |                  |   | – |   |   |   | (8,286 | ) |
|                                                    |   | $                    | (6,469  | )      |                         | $      | (24,931 | )        |   | $      | –           |   |   | $                       | 162     |   |                  | $      | (22 | ) |   | $ | (31,260 | ) |

|   | (e) | Unrecognized deferred tax assets |
|--------|-----|----------------------------------|

|                                               |   | 2015   |    |   | 2014   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Losses available for carryforward                  |   | $      | 71,441  |   |   | $      | 3,269 |   |
| Mark to market on losses on derivative instruments |   |   | 189,950 |   |   |   | 17,403 |   |
| Excess of tax over book basis                      |   |   | 6,726   |   |   |   | 8,778 |   |
| Excess of tax over book – customer contracts |   |   | 2,894   |   |   |   | 8,778 |   |

|                      |   | 2015   |    |
|---------------------------|--------|--------|---------|
| 2028                      |   | $      | – |   |
| 2029                      |   |   | – |   |
| After 2030 and thereafter |   |   | 179,502 |   |
| Total                     |   | $      | 179,502 |   |

----

|   | 17 | PROVISIONS |
|--------|----|------------|

| Cost                                         |   | 2015   |    |   | 2014   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Balance, beginning of year                   |   | $      | 6,812   |   |   | $      | 6,836 |   |
| Discontinued operations                      |   |   | (558    | )      |   |   | (504 | ) |
| Provisions made during the year              |   |   | 16,233  |   |   |   | 645 |   |
| Provisions reversed and used during the year |   |   | (4,177  | )      |   |   | (844 | ) |
| Unwinding of discount                        |   |   | – |   |   |   | 152 |   |
| Foreign exchange impact                      |   |   | 896     |   |   |   | 527 |   |
| Balance, end of year                         |   | $      | 19,206  |   |   | $      | 6,812 |   |
|                                         |   |   |    |   |   |   |   |   |
| Current                                      |   |   | 14,899  |   |   |   | 3,052 |   |
| Non-current                                  |   |   | 4,307   |   |   |   | 3,760 |   |
|                                         |   | $      | 19,206  |   |   | $      | 6,812 |   |

----

|   | 18 | OTHER INCOME, EXPENSES AND ADJUSTMENTS |
|--------|----|----------------------------------------|

|   | (a) | Other operating expenses |
|--------|-----|--------------------------|

|                                          |   | Note   |   |   | For the year ended March 31, 2015 |    |    | For the year ended March 31, 2014 |   |
|-----------------------------------------------|--------|--------|--------|--------|-----------------------------------|---------|---------|-----------------------------------|--------|
| Amortization of gas contracts                 |   |   |   |   | $                                 | – |    |                              | $      | 8,238 |   |
| Amortization of electricity contracts         |   |   |   |   |                              | 7,292   |    |                              |   | 6,724 |   |
| Amortization of other intangible assets       |   |   |   |   |                              | 34,522  |    |                              |   | 33,032 |   |
| Amortization of property, plant and equipment |   |   |   |   |                              | 3,579   |    |                              |   | 4,151 |   |
| Bad debt expense                              |   |   |   |   |                              | 62,077  |    |                              |   | 46,051 |   |
| Share-based compensation                      |   |   | 14     |   |                              |    | 7,120   |                              |   |   | 1,598 |   |
|                                          |   |   |   |   |                              | $       | 114,590 |                              |   | $ | 99,794 |   |

|   | (b) | Amortization and energy costs included in cost of sales in the consolidated statements of income |
|--------|-----|--------------------------------------------------------------------------------------------------|

|                          |   | For the year ended March 31, 2015 |      |   | For the year ended March 31, 2014 |   |
|-------------------------------|--------|-----------------------------------|-----------|--------|-----------------------------------|--------|
| Amortization                  |   | $                                 | 1,398     |   |                              | $      | 440 |   |
| Direct energy costs and other |   |                              | 3,294,473 |   |                              |   | 3,028,643 |   |
|                          |   | $                                 | 3,295,871 |   |                              | $      | 3,029,083 |   |

|   | (c) | Included in change in fair value of derivative instruments |
|--------|-----|------------------------------------------------------------|

|                                  |   | For the year ended March 31, 2015 |    |   | For the year ended March 31, 2014 |   |
|---------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| Amortization of gas contracts         |   | $                                 | – |   |                              | $      | 10,056 |   |
| Amortization of electricity contracts |   |                              | 5,016   |   |                              |   | 4,668 |   |

|   | (d) | Employee benefits expense |
|--------|-----|---------------------------|

|                            |   | For the year ended March 31, 2015 |    |   | For the year ended March 31, 2014 |   |
|---------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| Wages, salaries and commissions |   | $                                 | 202,119 |   |                              | $      | 183,954 |   |
| Benefits                        |   |                              | 28,750  |   |                              |   | 21,973 |   |
|                            |   | $                                 | 230,869 |   |                              | $      | 205,927 |   |

----

|   | 19 | REPORTABLE BUSINESS SEGMENTS |
|--------|----|------------------------------|

|                                           |   | Consumer division |      |   | Commercial division |   |      | Ethanol |   |   | Home Services |   |   | Commercial Solar |    |   | Consolidated |   |
|------------------------------------------------|--------|-------------------|-----------|--------|---------------------|--------|-----------|---------|--------|--------|---------------|--------|--------|------------------|---------|--------|--------------|--------|
| Sales                                          |   | $                 | 2,113,828 |   |                | $      | 1,782,112 |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 3,895,940 |   |
| Gross margin                                   |   |              | 450,230   |   |                |   | 149,839   |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 600,069 |   |
| Amortization of property, plant and equipment  |   |              | 3,350     |   |                |   | 229       |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 3,579 |   |
| Amortization of intangible assets              |   |              | 16,490    |   |                |   | 25,324    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 41,814 |   |
| Administrative expenses                        |   |              | 121,170   |   |                |   | 33,052    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 154,222 |   |
| Selling and marketing expenses                 |   |              | 134,084   |   |                |   | 91,159    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 225,243 |   |
| Other operating expenses                       |   |              | 53,984    |   |                |   | 15,213    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 69,197 |   |
| Operating profit (loss) for the year           |   | $                 | 121,152   |   |                | $      | (15,138   | )       |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 106,014 |   |
| Finance costs                                  |   |              | (34,630   | )      |                |   | (39,050   | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | (73,680 | ) |
| Change in fair value of derivative instruments |   |              | (258,394  | )      |                |   | (376,810  | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | (635,204 | ) |
| Other loss                                     |   |              | (788      | )      |                |   | (1,608    | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | (2,396 | ) |
| Recovery of income taxes                       |   |              | (21,675   | )      |                |   | (7,214    | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | (28,889 | ) |
| Profit (loss) from continuing operations       |   | $                 | (150,985  | )      |                | $      | (425,392  | )       |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | (576,377 | ) |
| Discontinued operations                        |   |              | –   |   |                |   | –   |    |   |   | –       |   |   |             | 168,141 |   |         |   | (35,468 | ) |   |   | 132,673 |   |
| Profit (loss) for the year                     |   | $                 | (150,985  | )      |                | $      | (425,392  | )       |   | $      | –       |   |   | $                | 168,141 |   |         | $      | (35,468 | ) |   | $ | (443,704 | ) |
| Capital expenditures                           |   | $                 | 3,775     |   |                | $      | 1,994     |    |   | $      | –       |   |   | $                | 11,843  |   |         | $      | 8,334 |   |   | $ | 25,946 |   |
| Total goodwill                                 |   | $                 | 140,869   |   |                | $      | 136,899   |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 277,768 |   |
| Total assets                                   |   | $                 | 740,552   |   |                | $      | 556,638   |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 1,297,190 |   |
| Total liabilities                              |   | $                 | 1,354,666 |   |                | $      | 581,346   |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 1,936,012 |   |

----

|                                           |   | Consumer division |      |   | Commercial division |   |      | Ethanol |   |   | Home Services |   |   | Commercial Solar |    |   | Consolidated |   |
|------------------------------------------------|--------|-------------------|-----------|--------|---------------------|--------|-----------|---------|--------|--------|---------------|--------|--------|------------------|---------|--------|--------------|--------|
| Sales                                          |   | $                 | 2,022,270 |   |                | $      | 1,512,344 |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 3,534,614 |   |
| Gross margin                                   |   |              | 372,598   |   |                |   | 132,933   |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 505,531 |   |
| Amortization of property, plant and equipment  |   |              | 2,930     |   |                |   | 1,221     |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 4,151 |   |
| Amortization of intangible assets              |   |              | 23,260    |   |                |   | 24,734    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 47,994 |   |
| Administrative  expenses             |   |              | 84,646    |   |                |   | 32,067    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 116,713 |   |
| Selling and marketing expenses                 |   |              | 130,153   |   |                |   | 59,737    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 189,890 |   |
| Other operating expenses                       |   |              | 38,997    |   |                |   | 8,652     |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 47,649 |   |
| Operating profit for the year                  |   | $                 | 92,612    |   |                | $      | 6,522     |    |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 99,134 |   |
| Finance costs                                  |   |              | (30,068   | )      |                |   | (39,373   | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | (69,441 | ) |
| Change in fair value of derivative instruments |   |              | 175,440   |   |                |   | 10,702    |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 186,142 |   |
| Other income (loss)                            |   |              | 3,444     |   |                |   | (523      | )       |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 2,921 |   |
| Provision for income taxes                     |   |              | 45,267    |   |                |   | 2,923     |    |   |   | –       |   |   |             | – |   |         |   | – |   |   |   | 48,190 |   |
| Profit (loss) from continuing operations       |   | $                 | 196,161   |   |                | $      | (25,595   | )       |   | $      | –       |   |   | $                | – |   |         | $      | – |   |   | $ | 170,566 |   |
| Discontinued operations                        |   |              | –   |   |                |   | –   |    |   |   | 17,577        |   |   |             | (4,374  | )      |         |   | (46,828 | ) |   |   | (33,625 | ) |
| Profit (loss) for the year                     |   | $                 | 196,161   |   |                | $      | (25,595   | )       |   | $      | 17,577        |   |   | $                | (4,374  | )      |         | $      | (46,828 | ) |   | $ | 136,941 |   |
| Capital expenditures                           |   | $                 | 4,796     |   |                | $      | 2,498     |    |   | $      | –       |   |   | $                | 28,246  |   |         | $      | 23,526 |   |   | $ | 59,066 |   |
| As at March 31, 2014                           |   |              |      |   |                |   |      |    |   |   |          |   |   |             |    |   |         |   |   |   |   |   |   |   |
| Total goodwill                                 |   | $                 | 133,761   |   |                | $      | 129,992   |    |   | $      | –       |   |   | $                | 283     |   |         | $      | – |   |   | $ | 264,036 |   |
| Total assets                                   |   | $                 | 876,164   |   |                | $      | 363,125   |    |   | $      | –       |   |   | $                | 297,098 |   |         | $      | 106,263 |   |   | $ | 1,642,650 |   |
| Total liabilities                              |   | $                 | 824,629   |   |                | $      | 545,818   |    |   | $      | –       |   |   | $                | 311,993 |   |         | $      | 51,852 |   |   | $ | 1,734,292 |   |

|                                                |   | For the year ended March 31, 2015 |      |   | For the year ended March 31, 2014 |   |
|-----------------------------------------------------|--------|-----------------------------------|-----------|--------|-----------------------------------|--------|
| Canada                                              |   | $                                 | 685,700   |   |                              | $      | 757,965 |   |
| United States                                       |   |                              | 2,977,578 |   |                              |   | 2,706,486 |   |
| United Kingdom                                      |   |                              | 232,662   |   |                              |   | 70,163 |   |
| Total revenue per consolidated statements of income |   | $                                 | 3,895,940 |   |                              | $      | 3,534,614 |   |

----

|           |   | As at March 31, 2015 |    |   | As at March 31, 2014 |   |
|----------------|--------|----------------------|---------|--------|----------------------|--------|
| Canada         |   | $                    | 194,318 |   |                 | $      | 386,561 |   |
| United States  |   |                 | 177,358 |   |                 |   | 194,346 |   |
| United Kingdom |   |                 | 650     |   |                 |   | 741 |   |
| Total          |   | $                    | 372,326 |   |                 | $      | 581,648 |   |

|   | 20 | IMPAIRMENT TESTING OF GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE LIVES |
|--------|----|----------------------------------------------------------------------------|

|     |   | Consumer division |    |   | Commercial division |   |    | Home services |   |   | Total   |   |
|----------|--------|-------------------|---------|--------|---------------------|--------|---------|---------------|--------|--------|---------|--------|
|     |   | 2015              |    |   | 2014                |   |    | 2015          |   |   | 2014    |   |   | 2015 |   |   | 2014 |   |   | 2015 |   |   | 2014 |   |
| Goodwill |   | $                 | 140,869 |   |                | $      | 133,761 |          |   | $      | 136,899 |   |   | $ | 129,992 |   |   | $ | – |   |   | $ | 283 |   |   | $ | 277,768 |   |   | $ | 264,036 |   |
| Brand    |   |              | 15,706  |   |                |   | 12,190  |          |   |   | 13,966  |   |   |   | 13,709 |   |   |   | – |   |   |   | – |   |   |   | 29,672 |   |   |   | 25,899 |   |
|     |   | $                 | 156,575 |   |                | $      | 145,951 |          |   | $      | 150,865 |   |   | $ | 143,701 |   |   | $ | – |   |   | $ | 283 |   |   | $ | 307,440 |   |   | $ | 289,935 |   |

|   | • | Customer consumption assumptions used in determining gross margin |
|--------|---------|-------------------------------------------------------------------|

|   | • | New customer additions and attrition and renewals |
|--------|---------|---------------------------------------------------|

|   | • | Selling costs |
|--------|---------|---------------|

|   | • | Discount rates |
|--------|---------|----------------|

|   | • | Growth rates used to extrapolate cash flows beyond the budget period |
|--------|---------|----------------------------------------------------------------------|

----

|   | 21 | EARNINGS (LOSS) PER SHARE |
|--------|----|---------------------------|

|                                                                                   |   | For the year endedMarch 31, 2015 |        |   | For the year endedMarch 31, 2014 |   |
|----------------------------------------------------------------------------------------|--------|----------------------------------|-------------|--------|----------------------------------|--------|
| BASIC EARNINGS (LOSS) PER SHARE                                                        |   |                             |        |   |                             |   |
| Earnings (loss) from continuing operations available to shareholders                   |   | $                                | (582,728    | )      |                             | $      | 165,107 |   |
| Earnings (loss) available to shareholders                                              |   |                             | (446,785    | )      |                             |   | 135,907 |   |
| Basic shares outstanding                                                               |   |                             | 145,326,685 |   |                             |   | 143,044,739 |   |
| Basic earnings (loss) per share from continuing operations available to shareholders   |   | $                                | (4.01       | )      |                             | $      | 1.15 |   |
| Basic earnings (loss) per share available to shareholders                              |   | $                                | (3.07       | )      |                             | $      | 0.95 |   |
| DILUTED EARNINGS (LOSS) PER SHARE                                                      |   |                             |        |   |                             |   |   |   |
| Earnings (loss) from continuing operations available to shareholders                   |   | $                                | (582,728    | )      |                             | $      | 165,107 |   |
| Earnings (loss) available to shareholders                                              |   |                             | (446,785    | )      |                             |   | 135,907 |   |
| Adjustment for dilutive impact of convertible debentures                               |   |                             | 32,7711     |   |                             |   | 32,4111 |   |
| Adjusted earnings (loss) from continuing operations available to shareholders          |   | $                                | (549,957    | )      |                             | $      | 197,518 |   |
| Adjusted earnings (loss) available to shareholders                                     |   | $                                | (414,014    | )      |                             | $      | 168,318 |   |
| Basic shares outstanding                                                               |   |                             | 145,326,685 |   |                             |   | 143,044,739 |   |
| Dilutive effect of:                                                                    |   |                             |        |   |                             |   |   |   |
| Restricted share grants                                                                |   |                             | 3,067,8221  |   |                             |   | 3,760,097 |   |
| Deferred share grants                                                                  |   |                             | 165,2771    |   |                             |   | 165,047 |   |
| Convertible debentures                                                                 |   |                             | 39,929,1891 |   |                             |   | 26,653,0351 |   |
| Shares outstanding on a diluted basis                                                  |   |                             | 188,488,973 |   |                             |   | 173,622,918 |   |
| Diluted earnings (loss) per share from continuing operations available to shareholders |   | $                                | (4.01       | )      |                             | $      | 1.11 |   |
| Diluted earnings (loss) per share available to shareholders                            |   | $                                | (3.07       | )      |                             | $      | 0.94 |   |

|   | 1  The assumed conversion into shares results in an anti-dilutive position in the current year; whereas the assumed conversion into shares results in an anti-dilutive position only for the $150 million convertible bonds in the prior year; therefore, these items have not been included in computation of dilutive earnings (loss) per share. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22 | CAPITAL DISCLOSURE |
|--------|----|--------------------|

|   | (i) | enabling it to operate efficiently; |
|--------|-----|-------------------------------------|

|   | (ii) | providing liquidity and access to capital for growth opportunities; and |
|--------|------|-------------------------------------------------------------------------|

|   | (iii) | providing returns and generating predictable cash flow for dividend payments to shareholders. |
|--------|-------|-----------------------------------------------------------------------------------------------|

----

|   | 23 | GUARANTEES |
|--------|----|------------|

|   | (a) | Officers and directors |
|--------|-----|------------------------|

|   | (b) | Operations |
|--------|-----|------------|

|   | 24 | RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL REMUNERATION |
|--------|----|----------------------------------------------------------------------|

|                                | 2015   |   |   | 2014   |   |
|-------------------------------------|--------|--------|--------|--------|--------|
| Salaries and benefits               | $      | 6,747  |   |   | $      | 3,200 |   |
| Share-based  compensation |   | 2,371  |   |   |   | (1,771 | )1 |
|                                | $      | 9,118  |   |   | $      | 1,429 |   |
|                                |   |   |   |   |   |   |   |

|   | 25 | DIVIDENDS PAID |
|--------|----|----------------|

|   | 26 | COMMITMENTS AND GUARANTEES |
|--------|----|----------------------------|

| As at March 31, 2015                    |   | Less than1 year |      |   | 1–3 years |   |      | 4–5 years |   |   | More than5 years |   |   | Total  |   |
|-----------------------------------------|--------|-----------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|--------|------------------|--------|--------|--------|--------|
| Premises and equipment leasing          |   | $               | 6,163     |   |            | $      | 9,366     |            |   | $      | 6,445            |   |   | $      | 10,755 |   |   | $ | 32,729 |   |
| Long-term gas and electricity contracts |   |            | 2,167,000 |   |            |   | 1,596,187 |            |   |   | 274,187          |   |   |   | 37,263 |   |   |   | 4,074,637 |   |
|                                    |   | $               | 2,173,163 |   |            | $      | 1,605,553 |            |   | $      | 280,632          |   |   | $      | 48,018 |   |   | $ | 4,107,366 |   |

----

|   | 27 | ADJUSTMENTS REQUIRED TO REFLECT NET CASH RECEIPTS FROM GAS SALES |
|--------|----|------------------------------------------------------------------|

|                                   |   | 2015   |   |   | 2014   |   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|
| Changes in:Accrued gas receivables     |   | $      | 2,713  |   |   | $      | (16,493 | ) |
| Gas delivered in excess of consumption |   |   | (983   | )      |   |   | 8,642 |   |
| Accrued gas payable                    |   |   | (5,799 | )      |   |   | 6,886 |   |
| Deferred revenue                       |   |   | 1,371  |   |   |   | (5,221 | ) |
|                                   |   | $      | (2,698 | )      |   | $      | (6,186 | ) |

|   | 28 | CHANGES IN NON-CASH WORKING CAPITAL |
|--------|----|-------------------------------------|

|                                      |   | 2015   |    |   | 2014   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
| Accounts receivable and unbilled revenues |   | $      | (95,662 | )      |   | $      | (143,807 | ) |
| Gas in storage                            |   |   | (2,331  | )      |   |   | 6,431 |   |
| Prepaid expenses and deposits             |   |   | (27,058 | )      |   |   | (5,200 | ) |
| Trade and other payables and provisions   |   |   | 80,593  |   |   |   | 188,341 |   |
|                                      |   | $      | (44,458 | )      |   | $      | 45,765 |   |