| /s/ James Lewis            |   | /s/ Deb Merril             |   | /s/ Pat McCullough      |
|----------------------------|--------|----------------------------|--------|-------------------------|
|                       |   |                       |   |                    |
|                       |   |                       |   |                    |
| James Lewis                |   | Deb Merril                 |   | Pat McCullough          |
| Co-Chief Executive Officer |   | Co-Chief Executive Officer |   | Chief Financial Officer |

----

| /s/ James Lewis            |   | /s/ Deb Merril             |   | /s/ Pat McCullough      |
|----------------------------|--------|----------------------------|--------|-------------------------|
|                       |   |                       |   |                    |
|                       |   |                       |   |                    |
| James Lewis                |   | Deb Merril                 |   | Pat McCullough          |
| Co-Chief Executive Officer |   | Co-Chief Executive Officer |   | Chief Financial Officer |

----

----

----

| As at March 31 (in thousands of Canadian dollars) |
|---------------------------------------------------|

|                                                 |   |   | Notes  |   |   | 2016   |       |   | 2015   |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|
| ASSETS                                               |   |   |   |   |   |   |       |   |   |
| Non-current assets                                   |   |   |   |   |   |   |       |   |   |
| Property, plant and equipment                        |   |   | 7      |   |   | $      | 25,045     |   |   | $      | 23,815 |   |
| Intangible assets                                    |   |   | 8      |   |   |   | 345,873    |   |   |   | 348,511 |   |
| Contract initiation costs                            |   |   |   |   |   |   | –    |   |   |   | 20,440 |   |
| Other non-current financial assets                   |   |   | 14     |   |   |   | 3,384      |   |   |   | 1,091 |   |
| Investments                                          |   |   | 12     |   |   |   | 7,049      |   |   |   | 9,627 |   |
| Deferred tax asset                                   |   |   | 19     |   |   |   | 40,950     |   |   |   | 26,625 |   |
|                                                 |   |   |   |   |   |   | 422,301    |   |   |   | 430,109 |   |
| Current assets                                       |   |   |   |   |   |   |       |   |   |   |   |   |
| Gas delivered in excess of consumption               |   |   |   |   |   |   | 6,338      |   |   |   | 1,064 |   |
| Gas in storage                                       |   |   |   |   |   |   | 3,068      |   |   |   | 5,167 |   |
| Trade and other receivables                          |   |   | 10     |   |   |   | 362,255    |   |   |   | 459,427 |   |
| Accrued gas receivables                              |   |   |   |   |   |   | 13,617     |   |   |   | 45,992 |   |
| Unbilled revenues                                    |   |   |   |   |   |   | 227,366    |   |   |   | 219,630 |   |
| Prepaid expenses and deposits                        |   |   |   |   |   |   | 62,330     |   |   |   | 22,875 |   |
| Other current financial assets                       |   |   | 14     |   |   |   | 4,990      |   |   |   | 4,834 |   |
| Corporate tax recoverable                            |   |   |   |   |   |   | 10,079     |   |   |   | 13,067 |   |
| Restricted cash                                      |   |   | 9      |   |   |   | 7,495      |   |   |   | 17,462 |   |
| Cash and cash equivalents                            |   |   |   |   |   |   | 127,596    |   |   |   | 78,814 |   |
|                                                 |   |   |   |   |   |   | 825,134    |   |   |   | 868,332 |   |
| TOTAL ASSETS                                         |   |   |   |   |   | $      | 1,247,435  |   |   | $      | 1,298,441 |   |
| DEFICIT AND LIABILITIES                              |   |   |   |   |   |   |       |   |   |   |   |   |
| Deficit attributable to equity holders of the parent |   |   |   |   |   |   |       |   |   |   |   |   |
| Deficit                                              |   |   |   |   |   | $      | (1,838,683 | )      |   | $      | (1,828,495 | ) |
| Accumulated other comprehensive income               |   |   | 15     |   |   |   | 48,908     |   |   |   | 56,393 |   |
| Shareholders’ capital                          |   |   | 16     |   |   |   | 1,069,434  |   |   |   | 1,063,423 |   |
| Equity component of convertible debentures           |   |   |   |   |   |   | 25,795     |   |   |   | 25,795 |   |
| Contributed surplus                                  |   |   |   |   |   |   | 43,459     |   |   |   | 44,062 |   |
| TOTAL DEFICIT                                        |   |   |   |   |   |   | (651,087   | )      |   |   | (638,822 | ) |
| Non-current liabilities                              |   |   |   |   |   |   |       |   |   |   |   |   |
| Long-term debt                                       |   |   | 18     |   |   |   | 660,543    |   |   |   | 676,480 |   |
| Provisions                                           |   |   | 20     |   |   |   | 4,416      |   |   |   | 4,307 |   |
| Deferred lease inducements                           |   |   |   |   |   |   | 1,394      |   |   |   | 604 |   |
| Other non-current financial liabilities              |   |   | 14     |   |   |   | 286,952    |   |   |   | 299,320 |   |
| Deferred tax liability                               |   |   | 19     |   |   |   | 1,367      |   |   |   | 1,251 |   |
|                                                 |   |   |   |   |   |   | 954,672    |   |   |   | 981,962 |   |
| Current liabilities                                  |   |   |   |   |   |   |       |   |   |   |   |   |
| Trade and other payables                             |   |   |   |   |   |   | 458,922    |   |   |   | 510,470 |   |
| Accrued gas payable                                  |   |   |   |   |   |   | 11,253     |   |   |   | 28,944 |   |
| Deferred revenue                                     |   |   |   |   |   |   | 22,953     |   |   |   | 1,573 |   |
| Income taxes payable                                 |   |   |   |   |   |   | 9,287      |   |   |   | 13,152 |   |
| Current portion of long-term debt                    |   |   | 18     |   |   |   | –    |   |   |   | 23 |   |
| Provisions                                           |   |   | 20     |   |   |   | 13,573     |   |   |   | 14,899 |   |
| Other current financial liabilities                  |   |   | 14     |   |   |   | 427,862    |   |   |   | 386,240 |   |
|                                                 |   |   |   |   |   |   | 943,850    |   |   |   | 955,301 |   |
| TOTAL LIABILITIES                                    |   |   |   |   |   |   | 1,898,522  |   |   |   | 1,937,263 |   |
| TOTAL DEFICIT AND LIABILITIES                        |   |   |   |   |   | $      | 1,247,435  |   |   | $      | 1,298,441 |   |

| /s/ Rebecca MacDonald |   | /s/ David Wagstaff |   |
|-----------------------|--------|--------------------|--------|
|                  |   |               |   |
| Rebecca MacDonald     |   | David Wagstaff     |   |
| Executive Chair       |   | Corporate Director |   |

----

| JUST ENERGY GROUP INC.CONSOLIDATED STATEMENTS OF INCOME (LOSS)FOR THE YEARS ENDED MARCH 31(in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                           |   |   | Notes  |   |   | 2016   |      |   | 2015   |   |
|--------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|--------|
| CONTINUING OPERATIONS                                                          |   |   |   |   |   |   |      |   |   |
| Sales                                                                          |   |   | 22     |   |   | $      | 4,105,860 |   |   | $      | 3,895,940 |   |
| Cost of sales                                                                  |   |   | 21(b)  |   |   |   | 3,403,572 |   |   |   | 3,295,871 |   |
| GROSS MARGIN                                                                   |   |   |   |   |   |   | 702,288   |   |   |   | 600,069 |   |
| EXPENSES                                                                       |   |   |   |   |   |   |      |   |   |   |   |   |
| Administrative                                                                 |   |   |   |   |   |   | 170,330   |   |   |   | 154,222 |   |
| Selling and marketing                                                          |   |   |   |   |   |   | 257,349   |   |   |   | 225,243 |   |
| Other operating                                                                |   |   | 21(a)  |   |   |   | 94,548    |   |   |   | 114,590 |   |
|                                                                           |   |   |   |   |   |   | 522,227   |   |   |   | 494,055 |   |
| Operating profit before the following                                          |   |   |   |   |   |   | 180,061   |   |   |   | 106,014 |   |
| Finance costs                                                                  |   |   | 18     |   |   |   | (72,540   | )      |   |   | (73,680 | ) |
| Change in fair value of derivative instruments                                 |   |   | 14     |   |   |   | (22,803   | )      |   |   | (635,204 | ) |
| Other loss                                                                     |   |   |   |   |   |   | (2,542    | )      |   |   | (2,396 | ) |
| Income (loss) before income taxes                                              |   |   |   |   |   |   | 82,176    |   |   |   | (605,266 | ) |
| Recovery of income taxes                                                       |   |   | 19     |   |   |   | (318      | )      |   |   | (28,889 | ) |
| PROFIT (LOSS) FROM CONTINUING OPERATIONS                                       |   |   |   |   |   | $      | 82,494    |   |   | $      | (576,377 | ) |
|                                                                           |   |   |   |   |   |   |      |   |   |   |   |   |
| DISCONTINUED OPERATIONS                                                        |   |   |   |   |   |   |      |   |   |   |   |   |
| Income from discontinued operations                                            |   |   | 11     |   |   |   | –   |   |   |   | 132,673 |   |
| PROFIT (LOSS) FOR THE YEAR                                                     |   |   |   |   |   | $      | 82,494    |   |   | $      | (443,704 | ) |
|                                                                           |   |   |   |   |   |   |      |   |   |   |   |   |
| Attributable to:                                                               |   |   |   |   |   |   |      |   |   |   |   |   |
| Shareholders of Just Energy                                                    |   |   |   |   |   | $      | 64,604    |   |   | $      | (446,785 | ) |
| Non-controlling interest                                                       |   |   | 13     |   |   |   | 17,890    |   |   |   | 3,081 |   |
| PROFIT (LOSS) FOR THE YEAR                                                     |   |   |   |   |   | $      | 82,494    |   |   | $      | (443,704 | ) |
|                                                                           |   |   |   |   |   |   |      |   |   |   |   |   |
| Earnings (loss) per share from continuing operations available to shareholders |   |   | 24     |   |   |   |      |   |   |   |   |   |
| Basic                                                                          |   |   |   |   |   | $      | 0.44      |   |   | $      | (4.01 | ) |
| Diluted                                                                        |   |   |   |   |   | $      | 0.43      |   |   | $      | (4.01 | ) |
| Earnings per share from discontinued operations                                |   |   | 11     |   |   |   |      |   |   |   |   |   |
| Basic                                                                          |   |   |   |   |   | $      | –   |   |   | $      | 0.94 |   |
| Diluted                                                                        |   |   |   |   |   | $      | –   |   |   | $      | 0.91 |   |
| Earnings (loss) per share available to shareholders                            |   |   | 24     |   |   |   |      |   |   |   |   |   |
| Basic                                                                          |   |   |   |   |   | $      | 0.44      |   |   | $      | (3.07 | ) |
| Diluted                                                                        |   |   |   |   |   | $      | 0.43      |   |   | $      | (3.07 | ) |

----

| JUST ENERGY GROUP INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)FOR THE YEARS ENDED MARCH 31(inthousands of Canadian dollars) |
|-------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                          |   |   | Notes  |   |   | 2016   |    |   | 2015   |     |
|-----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|----------|
| PROFIT (LOSS) FOR THE YEAR                                                                    |   |   |   |   | $      | 82,494 |    |   | $      | (443,704 | ) |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |
| Other comprehensive loss to be reclassified to profit or loss in subsequent years:            |   |   | 15     |   |   |   |    |   |   |     |   |   |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| Unrealized loss on translation of foreign operations from continuing operations               |   |   |   |   |   |   | (7,485  | )      |   |     | (13,139 | ) |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| Realized loss on translation of foreign operations sold                                       |   |   |   |   |   |   | – |   |   |     | (2,465 | ) |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| Other comprehensive loss to be reclassified to profit or loss in subsequent years, net of tax |   |   |   |   |   |   | (7,485  | )      |   |     | (15,604 | ) |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX                                    |   |   |   |   |   | $      | 75,009  |   |   | $        | (459,308 | ) |
| Total comprehensive income (loss) attributable to:                                            |   |   |   |   |   |   |    |   |   |     |   |   |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| Shareholders of Just Energy                                                                   |   |   |   |   |   | $      | 57,119  |   |   | $        | (462,389 | ) |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| Non-controlling interest                                                                      |   |   | 13     |   |   |   | 17,890  |   |   |     | 3,081 |   |
|                                                                                          |   |   |   |   |   |   |    |   |   |     |   |   |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX                                    |   |   |   |   |   | $      | 75,009  |   |   | $        | (459,308 | ) |

----

| JUST ENERGY GROUP INC.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICITFOR THE YEARS ENDED MARCH 31(in thousands of Canadian dollars) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                  |   |   | Notes  |   |   | 2016       |       |   | 2015   |       |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|------------|------------|--------|--------|------------|
| ATTRIBUTABLE TO THE SHAREHOLDERS                                      |   |   |   |   |   |       |       |   |   |
| Accumulated earnings (deficit)                                        |   |   |   |   |   |       |       |   |   |
| Accumulated earnings (deficit), beginning of year                     |   |   |   |   | $      | (230,567   | )          |   | $      | 216,218    |   |
| Profit (loss) for the year, attributable to shareholders              |   |   |   |   |   | 64,604     |       |   |   | (446,785   | ) |
| Accumulated deficit, end of year                                      |   |   |   |   |   | (165,963   | )          |   |   | (230,567   | ) |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |
| Dividends                                                             |   |   |   |   |   |       |       |   |   |       |   |
| Dividends, beginning of year                                          |   |   |   |   |   | (1,597,928 | )          |   |   | (1,511,205 | ) |
| Dividends paid                                                        |   |   | 27     |   |   |       | (74,792    | )      |   |       | (86,723 | ) |
| Dividends, end of year                                                |   |   |   |   |   |       | (1,672,720 | )      |   |       | (1,597,928 | ) |
| DEFICIT                                                               |   |   |   |   |   | $          | (1,838,683 | )      |   | $          | (1,828,495 | ) |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |   |
| ACCUMULATED OTHER COMPREHENSIVE INCOME                                |   |   | 15     |   |   |       |       |   |   |       |   |   |
| Accumulated other comprehensive income, beginning of year             |   |   |   |   |   | $          | 56,393     |   |   | $          | 71,997 |   |
| Other comprehensive loss                                              |   |   |   |   |   |       | (7,485     | )      |   |       | (15,604 | ) |
| Accumulated other comprehensive income, end of year                   |   |   |   |   |   | $          | 48,908     |   |   | $          | 56,393 |   |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |   |
| SHAREHOLDERS’ CAPITAL                                           |   |   | 16     |   |   |       |       |   |   |       |   |   |
| Shareholders’ capital, beginning of year                        |   |   |   |   |   | $          | 1,063,423  |   |   | $          | 1,033,557 |   |
| Share-based compensation awards exercised                             |   |   |   |   |   |       | 6,011      |   |   |       | 26,272 |   |
| Dividend reinvestment plan                                            |   |   |   |   |   |       | –    |   |   |       | 3,594 |   |
| Shareholders’ capital, end of year                              |   |   |   |   |   | $          | 1,069,434  |   |   | $          | 1,063,423 |   |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |   |
| 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                                            |   |   |   |   |   | $          | 44,062     |   |   | $          | 65,569 |   |
| Reclassification of non-controlling interest on dissolution of entity |   |   |   |   |   |       | –    |   |   |       | (2,443 | ) |
| Add:  Share-based compensation awards                       |   |   | 21(a)  |   |   |       | 5,348      |   |   |       | 7,120 |   |
| Non-cash deferred share grant distributions                           |   |   |   |   |   |       | 60         |   |   |       | 88 |   |
| Less: Share-based compensation awards exercised                       |   |   |   |   |   |       | (6,011     | )      |   |       | (26,272 | ) |
| Balance, end of year                                                  |   |   |   |   |   | $          | 43,459     |   |   | $          | 44,062 |   |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |   |
| NON-CONTROLLING INTEREST                                              |   |   |   |   |   |       |       |   |   |       |   |   |
| Balance, beginning of year                                            |   |   |   |   |   | $          | –    |   |   | $          | 6,427 |   |
| Disposal of non-controlling interest                                  |   |   |   |   |   |       | –    |   |   |       | (5,602 | ) |
| Reclassification of non-controlling interest on dissolution of entity |   |   |   |   |   |       | –    |   |   |       | 2,443 |   |
| Foreign exchange impact on non-controlling interest                   |   |   |   |   |   |       | –    |   |   |       | 66 |   |
| Distributions to non-controlling shareholders                         |   |   |   |   |   |       | (17,890    | )      |   |       | (6,415 | ) |
| Profit attributable to non-controlling interest                       |   |   |   |   |   |       | 17,890     |   |   |       | 3,081 |   |
| Balance, end of year                                                  |   |   |   |   |   | $          | –    |   |   | $          | – |   |
|                                                                  |   |   |   |   |   |       |       |   |   |       |   |   |
| TOTAL DEFICIT                                                         |   |   |   |   |   | $          | (651,087   | )      |   | $          | (638,822 | ) |

----

|  (in thousands of Canadian dollars) |
|------------------------------------------|

| Net inflow of cash related to the following activities            |   |   | Notes  |   |   | 2016   |     |   | 2015   |     |
|-------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|----------|
|                                                              |   |   |   |   |   |   |     |   |   |
| OPERATING                                                         |   |   |   |   |   |   |     |   |   |
| Profit (loss) from continuing operations before income taxes      |   |   |   |   | $      | 82,176 |     |   | $      | (605,266 | ) |
| Items not affecting cash                                          |   |   |   |   |   |   |     |   |   |     |   |
| Amortization of intangible assets and related supply contracts    |   |   | 21(a)  |   |   |   | 17,063   |   |   |     | 41,814 |   |
| Amortization of contract initiation costs                         |   |   |   |   |   |   | 19,440   |   |   |     | 29,249 |   |
| Amortization of property, plant and equipment                     |   |   | 21(a)  |   |   |   | 3,606    |   |   |     | 3,579 |   |
| Amortization included in cost of sales                            |   |   |   |   |   |   | 2,543    |   |   |     | 1,398 |   |
| Share-based compensation                                          |   |   | 21(a)  |   |   |   | 5,348    |   |   |     | 7,120 |   |
| Financing charges, non-cash portion                               |   |   |   |   |   |   | 15,471   |   |   |     | 15,609 |   |
| Other                                                             |   |   |   |   |   |   | (351     | )      |   |     | (227 | ) |
| Change in fair value of derivative instruments                    |   |   |   |   |   |   | 22,803   |   |   |     | 635,204 |   |
| Cash inflow from operating activities of discontinued operations  |   |   |   |   |   |   | –  |   |   |     | 20,902 |   |
|                                                              |   |   |   |   |   |   | 85,923   |   |   |     | 754,648 |   |
| Adjustment required to reflect net cash receipts from gas sales   |   |   | 29     |   |   |   | 14,895   |   |   |     | (2,698 | ) |
| Net change in non-cash working capital balances                   |   |   | 30     |   |   |   | 18,710   |   |   |     | (44,458 | ) |
|                                                              |   |   |   |   |   |   | 201,704  |   |   |     | 102,226 |   |
| Income taxes paid                                                 |   |   |   |   |   |   | (14,598  | )      |   |     | (6,014 | ) |
| Cash inflow from operating activities                             |   |   |   |   |   |   | 187,106  |   |   |     | 96,212 |   |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
| INVESTING                                                         |   |   |   |   |   |   |     |   |   |     |   |   |
| Purchase of property, plant and equipment                         |   |   |   |   |   |   | (6,897   | )      |   |     | (5,769 | ) |
| Purchase of intangible assets                                     |   |   |   |   |   |   | (10,062  | )      |   |     | (7,632 | ) |
| Proceeds on disposal of subsidiaries                              |   |   |   |   |   |   | –  |   |   |     | 195,510 |   |
| Contract initiation costs                                         |   |   |   |   |   |   | –  |   |   |     | (29,831 | ) |
| Restricted cash                                                   |   |   |   |   |   |   | 10,551   |   |   |     | – |   |
| Cash outflow from investing activities of discontinued operations |   |   |   |   |   |   | –  |   |   |     | (18,713 | ) |
| Cash inflow (outflow) from investing activities                   |   |   |   |   |   |   | (6,408   | )      |   |     | 133,565 |   |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
| FINANCING                                                         |   |   |   |   |   |   |     |   |   |     |   |   |
| Dividends paid                                                    |   |   |   |   |   |   | (74,732  | )      |   |     | (83,041 | ) |
| Issuance of long-term debt                                        |   |   |   |   |   |   | –  |   |   |     | 310,279 |   |
| Repayment of long-term debt                                       |   |   |   |   |   |   | (32,073  | )      |   |     | (381,359 | ) |
| Debt issuance costs                                               |   |   |   |   |   |   | (3,518   | )      |   |     | (370 | ) |
| Distributions to non-controlling interest                         |   |   |   |   |   |   | (17,890  | )      |   |     | (6,415 | ) |
| Cash outflow from financing activities of discontinued operations |   |   |   |   |   |   | –  |   |   |     | (15,560 | ) |
| Cash outflow from financing activities                            |   |   |   |   |   |   | (128,213 | )      |   |     | (176,466 | ) |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
| Effect of foreign currency translation on cash balances           |   |   |   |   |   |   | (3,703   | )      |   |     | 7,037 |   |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
| Net cash inflow                                                   |   |   |   |   |   |   | 48,782   |   |   |     | 60,348 |   |
| Cash and cash equivalents reclassified to assets held for sale    |   |   |   |   |   |   | –  |   |   |     | (1,935 | ) |
| Cash and cash equivalents, beginning of year                      |   |   |   |   |   |   | 78,814   |   |   |     | 20,401 |   |
| Cash and cash equivalents, end of year                            |   |   |   |   |   | $      | 127,596  |   |   | $        | 78,814 |   |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
|                                                              |   |   |   |   |   |   |     |   |   |     |   |   |
| Supplemental cash flow information:                               |   |   |   |   |   |   |     |   |   |     |   |   |
| Interest paid                                                     |   |   |   |   |   | $      | 58,481   |   |   | $        | 56,505 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

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

| 3. | BASIS OF PRESENTATION |
|----|-----------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 4. | SIGNIFICANT ACCOUNTING POLICIES |
|----|---------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 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          |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 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          |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

|   | · | income and expenses for each consolidated statements of income (loss) are translated at the exchange rates prevailing at the dates of the transactions. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|   | · | 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. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 5. | SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS |
|----|-------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 6. | ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE |
|----|---------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 7. | PROPERTY, PLANT AND EQUIPMENT |
|----|-------------------------------|

|                                 |   | Computer equipment |    |   | Furniture and fixtures |   |    | Vehicles |   |   | Office equipment |   |   | Thermostats |    |   | Leasehold improvements |   |    | Total  |   |
|--------------------------------------|--------|--------------------|---------|--------|------------------------|--------|---------|----------|--------|--------|------------------|--------|--------|-------------|---------|--------|------------------------|--------|---------|--------|--------|
| Cost:                                |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |
| Opening balance –              |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |
| April 1, 2015                        |   | $                  | 15,934  |   |                   | $      | 6,972   |     |   | $      | 5                |   |   | $           | 22,571  |   |                   | $      | 10,330  |   |   | $ | 8,666 |   |   | $ | 64,478 |   |
| Additions                            |   |               | 3,480   |   |                   |   | 270     |     |   |   | –          |   |   |        | 496     |   |                   |   | 2,405   |   |   |   | 246 |   |   |   | 6,897 |   |
| Exchange differences                 |   |               | 80      |   |                   |   | 58      |     |   |   | 1                |   |   |        | 90      |   |                   |   | 57      |   |   |   | 1 |   |   |   | 287 |   |
| Ending balance,                      |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |   |   |   |   |   |   |   |
| March 31, 2016                       |   |               | 19,494  |   |                   |   | 7,300   |     |   |   | 6                |   |   |        | 23,157  |   |                   |   | 12,792  |   |   |   | 8,913 |   |   |   | 71,662 |   |
| Accumulated amortization:            |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |   |   |   |   |   |   |   |
| Opening balance –              |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |   |   |   |   |   |   |   |
| April 1, 2015                        |   |               | (10,203 | )      |                   |   | (5,330  | )        |   |   | (5               | )      |   |        | (15,100 | )      |                   |   | (2,678  | )      |   |   | (7,347 | ) |   |   | (40,663 | ) |
| Amortization charge to cost of sales |   |               | – |   |                   |   | – |     |   |   | –          |   |   |        | – |   |                   |   | (2,543  | )      |   |   | – |   |   |   | (2,543 | ) |
| Amortization charge for the year     |   |               | (1,739  | )      |                   |   | (181    | )        |   |   | –          |   |   |        | (1,226  | )      |                   |   | – |   |   |   | (460 | ) |   |   | (3,606 | ) |
| Exchange differences                 |   |               | (26     | )      |                   |   | (33     | )        |   |   | (1               | )      |   |        | 12      |   |                   |   | 236     |   |   |   | 7 |   |   |   | 195 |   |
| Ending balance,                      |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |   |   |   |   |   |   |   |
| March 31, 2016                       |   |               | (11,968 | )      |                   |   | (5,544  | )        |   |   | (6               | )      |   |        | (16,314 | )      |                   |   | (4,985  | )      |   |   | (7,800 | ) |   |   | (46,617 | ) |
| Net book value,                      |   |               |    |   |                   |   |    |     |   |   |             |   |   |        |    |   |                   |   |    |   |   |   |   |   |   |   |   |   |
| March 31, 2016                       |   | $                  | 7,526   |   |                   | $      | 1,756   |     |   | $      | –          |   |   | $           | 6,843   |   |                   | $      | 7,807   |   |   | $ | 1,113 |   |   | $ | 25,045 |   |

|                                 |   | Computer equipment |    |   | Furniture and fixtures |   |    | Vehicles |   |   | Office equipment |   |   | Home services equipment |    |   | Thermostats |   |     | Leasehold improvements |   |   | Total   |   |
|--------------------------------------|--------|--------------------|---------|--------|------------------------|--------|---------|----------|--------|--------|------------------|--------|--------|-------------------------|---------|--------|-------------|--------|----------|------------------------|--------|--------|---------|--------|
| Cost:                                |   |               |    |   |                   |   |    |     |   |   |             |   |   |                    |    |   |        |   |     |                   |   |   |    |   |
| Opening balance –              |   |               |    |   |                   |   |    |     |   |   |             |   |   |                    |    |   |        |   |     |                   |   |   |    |   |
| April 1, 2014                        |   | $                  | 13,691  |   |                   | $      | 6,864   |     |   | $      | 22               |   |   | $                       | 21,157  |   |        | $      | 190,618  |                   |   | $      | 6,402   |   |   | $ | 9,079 |   |   | $ | 247,833 |   |
| Additions                            |   |               | 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 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 8. | INTANGIBLE ASSETS |
|----|-------------------|

|                                                   |   | Gas contracts |     |   | Electricity contracts |   |     | Goodwill |   |   | Sales network andaffinity relationships |   |   | Brand  |     |   | Software |   |    | IT system development |   |   | Other   |   |   | Total  |    |
|--------------------------------------------------------|--------|---------------|----------|--------|-----------------------|--------|----------|----------|--------|--------|-----------------------------------------|--------|--------|--------|----------|--------|----------|--------|---------|-----------------------|--------|--------|---------|--------|--------|--------|---------|
| Cost:                                                  |   |          |     |   |                  |   |     |     |   |   |                                    |   |   |   |     |   |     |   |    |                  |   |   |    |   |   |   |    |
| Opening balance – April 1, 2015                  |   | $             | 121,142  |   |                  | $      | 312,271  |     |   | $      | 277,768                                 |   |   | $      | 156,282  |   |     | $      | 29,671  |                  |   | $      | 29,219  |   |   | $      | 31,753  |   |   | $ | 11,759 |   |   | $ | 969,865 |   |
| Additions                                              |   |          | –  |   |                  |   | –  |     |   |   | –                                 |   |   |   | –  |   |     |   | – |                  |   |   | 5,807   |   |   |   | 3,009   |   |   |   | 1,246 |   |   |   | 10,062 |   |
| Exchange differences                                   |   |          | 868      |   |                  |   | 7,914    |     |   |   | 2,745                                   |   |   |   | 3,961    |   |     |   | 752     |                  |   |   | 251     |   |   |   | 625     |   |   |   | 207 |   |   |   | 17,323 |   |
| Ending balance, March 31, 2016                         |   |          | 122,010  |   |                  |   | 320,185  |     |   |   | 280,513                                 |   |   |   | 160,243  |   |     |   | 30,243  |                  |   |   | 35,277  |   |   |   | 35,387  |   |   |   | 13,212 |   |   |   | 997,250 |   |
|                                                   |   |          |     |   |                  |   |     |     |   |   |                                    |   |   |   |     |   |     |   |    |                  |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Accumulated amortization:                              |   |          |     |   |                  |   |     |     |   |   |                                    |   |   |   |     |   |     |   |    |                  |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Opening balance –   April 1, 2015 |   |          | (121,142 | )      |                  |   | (312,271 | )        |   |   | –                                 |   |   |   | (125,816 | )      |     |   | – |                  |   |   | (25,793 | )      |   |   | (27,764 | ) |   |   | (8,568 | ) |   |   | (621,354 | ) |
| Amortization charge for the year                       |   |          | –  |   |                  |   | –  |     |   |   | –                                 |   |   |   | (8,335   | )      |     |   | – |                  |   |   | (6,143  | )      |   |   | (1,608  | ) |   |   | (977 | ) |   |   | (17,063 | ) |
| Exchange differences                                   |   |          | (868     | )      |                  |   | (7,914   | )        |   |   | –                                 |   |   |   | (3,194   | )      |     |   | – |                  |   |   | (142    | )      |   |   | (639    | ) |   |   | (203 | ) |   |   | (12,960 | ) |
| Ending balance, March 31, 2016                         |   |          | (122,010 | )      |                  |   | (320,185 | )        |   |   | –                                 |   |   |   | (137,345 | )      |     |   | – |                  |   |   | (32,078 | )      |   |   | (30,011 | ) |   |   | (9,748 | ) |   |   | (651,377 | ) |
| Net book value, March 31, 2016                         |   | $             | –  |   |                  | $      | –  |     |   | $      | 280,513                                 |   |   | $      | 22,898   |   |     | $      | 30,423  |                  |   | $      | 3,199   |   |   | $      | 5,376   |   |   | $ | 3,464 |   |   | $ | 345,873 |   |

|                                  |   | 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 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 9. | 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, 2016, these restricted cash balances were $7,495 (2015 – $6,177). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | As part of a prior acquisition, Just Energy was required to transfer funds into a restricted cash account. The balance as of March 31, 2016 is $nil (2015 – $11,285). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | TRADE AND OTHER RECEIVABLES |
|-----|-----------------------------|

|                           |   | March 31, 2016 |    |   | March 31, 2015 |   |
|--------------------------------|--------|----------------|---------|--------|----------------|--------|
|                           |   |           |    |   |           |   |
| Trade account receivables, net |   | $              | 274,365 |   |           | $      | 375,715 |   |
| Other                          |   |           | 87,890  |   |           |   | 83,712 |   |
|                           |   | $              | 362,255 |   |           | $      | 459,427 |   |

| 11. | DISCONTINUED OPERATIONS |
|-----|-------------------------|

| (i) | National Home Services |
|-----|------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                                    |   | From April 1, 2014   |    |
|---------------------------------------------------------|--------|----------------------|---------|
|                                                    |   | to November 24, 2014 |    |
|                                                    |   |                 |    |
| Sales                                                   |   | $                    | 58,836  |   |
| Cost of sales                                           |   |                 | 11,259  |   |
| Gross margin                                            |   |                 | 47,577  |   |
|                                                    |   |                 |    |   |
| Expenses                                                |   |                 |    |   |
| Administrative, selling and operating                   |   |                 | 34,589  |   |
|                                                    |   |                 |    |   |
| Operating income                                        |   |                 | 12,988  |   |
| Finance costs                                           |   |                 | (14,180 | ) |
|                                                    |   |                 |    |   |
| Loss from discontinued operations before income taxes   |   |                 | (1,192  | ) |
| Other loss                                              |   |                 | (30     | ) |
| Provision for income taxes                              |   |                 | (21,838 | ) |
| Gain on disposal on net assets                          |   |                 | 191,201 |   |
|                                                    |   |                 |    |   |
| PROFIT FOR THE PERIOD FROM DISCONTINUED OPERATIONS      |   | $                    | 168,141 |   |
| Earnings per share                                      |   |                 |    |   |
|                                                    |   |                 |    |   |
| Basic earnings per share from discontinued operations   |   | $                    | 1.16    |   |
|                                                    |   |                 |    |   |
| Diluted earnings per share from discontinued operations |   | $                    | 1.13    |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

| The results of HES are presented below:                                      |   | From April 1, 2014  |    |
|------------------------------------------------------------------------------|--------|---------------------|---------|
|                                                                         |   | to November 5, 2014 |    |
| Sales                                                                        |   | $                   | 4,355   |   |
| Cost of sales                                                                |   |                | – |   |
| Gross margin                                                                 |   |                | 4,355   |   |
|                                                                         |   |                |    |   |
| Expenses                                                                     |   |                |    |   |
| Administrative and operating expenses                                        |   |                | 8,729   |   |
| Operating loss                                                               |   |                | (4,374  | ) |
| Finance costs                                                                |   |                | (3,100  | ) |
| Loss from discontinued operations before the undernoted                      |   |                | (7,474  | ) |
| Change in fair value of derivative instruments                               |   |                | (225    | ) |
| Other loss                                                                   |   |                | (148    | ) |
| 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 | ) |
| LOSS FOR THE PERIOD FROM DISCONTINUED OPERATIONS                             |   | $                   | (35,468 | ) |
|                                                                         |   |                |    |   |
| Loss per share                                                               |   |                |    |   |
| Basic and diluted loss per share from discontinued operations                |   | $                   | (0.22   | ) |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 12. | INVESTMENTS |
|-----|-------------|

| (a) | As at March 31, 2016, Just Energy has $589 (2015 – $3,167) in a promissory note that was issued 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | On August 10, 2012, Just Energy, through a subsidiary, acquired an interest in ecobee, 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, 2016, Just Energy owns approximately 10% of ecobee. This investment is not measured at fair value because it cannot be determined reliably. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | NON-CONTROLLING INTEREST |
|-----|--------------------------|

|                                                |   | For theyear endedMarch 31, 2016 |    |   | For theyear endedMarch 31, 2015 |   |
|-----------------------------------------------------|--------|---------------------------------|---------|--------|---------------------------------|--------|
| Profit (loss) allocated to non-controlling interest |   |                            |    |   |                            |   |
| Just Ventures (a)                                   |   | $                               | 17,890  |   |                            | $      | 6,415 |   |
| Amigo Power LLC (b)                                 |   |                            | – |   |                            |   | (64 | ) |
| Hudson Solar Entities (c)                           |   |                            | – |   |                            |   | (3,270 | ) |

| (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 last fiscal year. The non-controlling interest balance has been reclassified to retained deficit. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 controlled 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 11. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                        |   | Just Ventures |    |   | Amigo  |   |    | Solar  |   |
|---------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
| Summarized financial information for 2016:  |   |          |    |   |   |   |    |   |   |
| Gross margin                                |   | $             | 78,774  |   |   | $      | – |   |   | $ | – |   |
| Selling and marketing expenses              |   |          | 42,994  |   |   |   | – |   |   |   | – |   |
| Profit from continuing operations           |   |          | 35,780  |   |   |   | – |   |   |   | – |   |
| Cash flows provided by operating activities |   |          | 35,780  |   |   |   | – |   |   |   | – |   |
| Cash flows used in financing activities     |   |          | (35,780 | )      |   |   | – |   |   |   | – |   |

|                                                  |   | 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 (loss) 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 (used in) financing activities |   |          | (12,830 | )      |   |   | – |   |   |   | 1,194 | 1 |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 14. | FINANCIAL INSTRUMENTS |
|-----|-----------------------|

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

|                                                                        |   | For the yearendedMarch 31, 2016 |    |   | For the yearendedMarch 31, 2015 |   |
|-----------------------------------------------------------------------------|--------|---------------------------------|---------|--------|---------------------------------|--------|
|                                                                        |   |                            |    |   |                            |   |
| Physical forward contracts and options (i)                                  |   | $                               | 23,901  |   |                            | $      | (434,755 | ) |
| Financial swap contracts and options (ii)                                   |   |                            | (39,095 | )      |                            |   | (201,734 | ) |
| Foreign exchange forward contracts                                          |   |                            | 4,401   |   |                            |   | (1,317 | ) |
| Share swap                                                                  |   |                            | 3,733   |   |                            |   | (5,372 | ) |
| Amortization of derivative financial instruments related to acquisitions    |   |                            | – |   |                            |   | (5,062 | ) |
| Liability associated with exchangeable shares and equity-based compensation |   |                            | 296     |   |                            |   | 204 |   |
| Eurobond conversion feature                                                 |   |                            | (15,380 | )      |                            |   | 10,444 |   |
| Other derivative options                                                    |   |                            | (659    | )      |                            |   | 2,392 |   |
| Change in fair value of derivative instruments                              |   | $                               | (22,803 | )      |                            | $      | (635,204 | ) |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                       |   | Other financial assets(current) |    |   | Other financial assets(non-current) |   |    | Other financial liabilities(current) |   |   | Other financial liabilities(non-current) |   |
|--------------------------------------------|--------|---------------------------------|---------|--------|-------------------------------------|--------|---------|--------------------------------------|--------|--------|------------------------------------------|--------|
|                                       |   |                            |    |   |                                |   |    |                                 |   |   |                                     |   |
| Physical forward contracts and options (i) |   | $                               | 1,109   |   |                                | $      | 1,752   |                                 |   | $      | 276,211                                  |   |   | $ | 149,478 |   |
| Financial swap contracts and options (ii)  |   |                            | 1,269   |   |                                |   | 1,269   |                                 |   |   | 151,371                                  |   |   |   | 100,915 |   |
| Foreign exchange forward contracts         |   |                            | 2,496   |   |                                |   | – |                                 |   |   | –                                  |   |   |   | 470 |   |
| Share swap                                 |   |                            | – |   |                                |   | – |                                 |   |   | –                                  |   |   |   | 13,818 |   |
| Eurobond conversion feature                |   |                            | – |   |                                |   | – |                                 |   |   | –                                  |   |   |   | 22,271 |   |
| Other derivative options                   |   |                            | 116     |   |                                |   | 363     |                                 |   |   | 280                                      |   |   |   | – |   |
| As at March 31, 2016                       |   | $                               | 4,990   |   |                                | $      | 3,384   |                                 |   | $      | 427,862                                  |   |   | $ | 286,952 |   |

|                                       |   | 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 |   |

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

|   | · | Electricity contracts with a total remaining volume of 36,750,592 MWh, a weighted average price of $49.82 and expiry dates up to December 31, 2021. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Natural gas contracts with a total remaining volume of 67,316,524 GJs, a weighted average price of $3.42 and expiry dates up to March 31, 2021. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Renewable Energy Certificates (“REC”) and emission-reduction credit contracts with a total remaining volume of 7,884,014 MWh and 1,050,000 tonnes, respectively, a weighted average price of $20.62/REC and $3.42/tonne, respectively, and expiry dates up to December 31, 2028. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Electricity generation capacity contracts with a total remaining volume of 6,931 MWCap, a weighted average price of $7,228.41/MWCap and expiry dates up to October 31, 2020. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

|   | · | Electricity contracts with a total remaining volume of 25,246,677 MWh, an average price of $40.56 and expiry dates up to December 31, 2021. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Natural gas contracts with a total remaining volume of 133,614,906 GJs, an average price of $3.78/GJ and expiry dates up to March 31, 2021. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Electricity generation capacity contracts with a total remaining volume of 485 MWCap, a weighted average price of $3,588.84/MWCap and expiry dates up to October 31, 2018. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                             |   | Level 1 |    |   | Level 2 |   |    | Level 3 |   |   | Total    |   |
|----------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|----------|--------|
| Derivative financial assets      |   | $       | – |   |    | $      | – |    |   | $      | 8,374    |   |   | $ | 8,374 |   |
| Derivative financial liabilities |   |    | – |   |    |   | (68,209 | )       |   |   | (646,605 | )      |   |   | (714,814 | ) |
| Total net derivative liabilities |   | $       | – |   |    | $      | (68,209 | )       |   | $      | (638,231 | )      |   | $ | (706,440 | ) |

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

|   | (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%. |
|--------|-------|-----------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                       |   | March 31, 2016 |     |   | March 31, 2015 |   |
|----------------------------|--------|----------------|----------|--------|----------------|--------|
| Balance, beginning of year |   | $              | (623,924 | )      |           | $      | 67,166 |   |
| Total losses               |   |           | (252,062 | )      |           |   | (336,308 | ) |
| Purchases                  |   |           | (116,916 | )      |           |   | (347,062 | ) |
| Sales                      |   |           | 2,717    |   |           |   | 46,662 |   |
| Settlements                |   |           | 351,954  |   |           |   | (54,382 | ) |
| Balance, end of year       |   | $              | (638,231 | )      |           | $      | (623,924 | ) |

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

|   | (i) | the $321 million, $100 million and US$150 million convertible debentures, which are fair valued based on market value; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the fair value of the 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 |
|--------|-----|-------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

|             |   | March 31, 2016 |    |   | March 31, 2015 |   |
|------------------|--------|----------------|---------|--------|----------------|--------|
|             |   |           |    |   |           |   |
| Current          |   | $              | 104,275 |   |           | $      | 146,044 |   |
| 1–30 days  |   |           | 33,984  |   |           |   | 40,911 |   |
| 31–60 days |   |           | 13,129  |   |           |   | 11,116 |   |
| 61–90 days |   |           | 6,603   |   |           |   | 6,140 |   |
| Over 91 days     |   |           | 48,382  |   |           |   | 46,277 |   |
|             |   | $              | 206,373 |   |           | $      | 250,488 |   |

|                                    |   | March 31, 2016 |    |   | March 31, 2015 |   |
|-----------------------------------------|--------|----------------|---------|--------|----------------|--------|
|                                    |   |           |    |   |           |   |
| Balance, beginning of year              |   | $              | 58,314  |   |           | $      | 60,997 |   |
| Allowance reclassified as held for sale |   |           | – |   |           |   | (1,282 | ) |
| Provision for doubtful accounts         |   |           | 68,531  |   |           |   | 62,077 |   |
| Bad debts written off                   |   |           | (60,304 | )      |           |   | (60,375 | ) |
| Other                                   |   |           | (7,752  | )      |           |   | (3,103 | ) |
| Balance, end of year                    |   | $              | 58,789  |   |           | $      | 58,314 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|   | (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 |   | $               | 458,922   |   |                   | $      | 458,922   |             |   | $      | 458,922         |   |   | $               | –   |   |              | $      | – |   |   | $ | – |   |
| Long-term debt*          |   |            | 660,543   |   |                   |   | 696,221   |             |   |   | –         |   |   |            | 501,416   |   |              |   | 194,805 |   |   |   | – |   |
| Derivative instruments   |   |            | 714,814   |   |                   |   | 3,808,888 |             |   |   | 2,099,984       |   |   |            | 1,442,238 |   |              |   | 231,227 |   |   |   | 35,439 |   |
|                     |   | $               | 1,834,279 |   |                   | $      | 4,964,031 |             |   | $      | 2,558,906       |   |   | $               | 1,943,654 |   |              | $      | 426,032 |   |   | $ | 35,439 |   |

|                     |   | 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 debt           |   |            | 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 |   |

|              |   | Less than 1 year |   |   | 1–3 years |   |   | 4–5 years |   |   | More than 5 years |   |
|-------------------|--------|------------------|--------|--------|-----------------|--------|--------|-----------------|--------|--------|-------------------|--------|
| Interest Payments |   | $                | 42,586 |   |            | $      | 43,570 |            |   | $      | 4,875             |   |   |   | – |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

| 15. | ACCUMULATED OTHER COMPREHENSIVE INCOME |
|-----|----------------------------------------|

|                                                                                 |        | Foreigncurrencytranslationadjustments |    |
|--------------------------------------------------------------------------------------|-------------|---------------------------------------|---------|
| Balance, beginning of year                                                           |        | $                                     | 56,393  |   |
| Other comprehensive loss to be reclassified to profit or loss in subsequent periods: |        |                                  |    |   |
| Unrealized foreign currency translation adjustment                                   |        |                                  | (7,485  | ) |
| Balance, end of year                                                                 |        | $                                     | 48,908  |   |
|                                                                                 |        |                                  |    |   |
|                                                                                 |        |                                  |    |   |
| For the year ended March 31, 2015                                                    |        |                                  |    |   |
|                                                                                 | Foreign     |                                  |
|                                                                                 | currency    |                                  |
|                                                                                 | translation |                                  |
|                                                                                 |        | adjustments                           |    |
| Balance, beginning of year                                                           |        | $                                     | 71,997  |   |
| Other comprehensive loss to be reclassified to profit or loss in subsequent periods: |        |                                  |    |   |
| Unrealized foreign currency translation adjustment                                   |        |                                  | (13,139 | ) |
| Realized loss on translation of foreign operations sold                              |        |                                  | (2,465  | ) |
| Balance, end of year                                                                 |        | $                                     | 56,393  |   |

| 16. | SHAREHOLDERS’ CAPITAL |
|-----|-----------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| Issued and outstanding       |   | Year endedMarch 31, 2016 |        |   | Year endedMarch 31, 2015 |   |
|------------------------------|--------|--------------------------|-------------|--------|--------------------------|--------|
|                         |   | Shares                   |        |   | Amount                   |   |   | Shares |   |   | Amount |   |
|                         |   |                     |        |   |                     |   |   |   |   |   |   |   |
| Balance, beginning of year   |   |                     | 146,559,176 |   |                     | $      | 1,063,423 |   |   |   | 143,751,476 |   |   | $ | 1,033,557 |   |
| Share-based awards exercised |   |                     | 624,602     |   |                     |   | 6,011 |   |   |   | 2,203,869 |   |   |   | 26,272 |   |
| Dividend reinvestment plan   |   |                     | –     |   |                     |   | – |   |   |   | 603,831 |   |   |   | 3,594 |   |
| Balance, end of year         |   |                     | 147,183,778 |   |                     | $      | 1,069,434 |   |   |   | 146,559,176 |   |   | $ | 1,063,423 |   |

| 17. | SHARE-BASED COMPENSATION PLANS |
|-----|--------------------------------|

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

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

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| RSGs available for grant                  |   | 2016   |      |   | 2015   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Balance, beginning of year                |   |   | 28,024    |   |   |   | 1,067,060 |   |
| Add: Increase in RSGs available for grant |   |   | 5,000,000 |   |   |   | – |   |
| Less: Granted                             |   |   | (592,084  | )      |   |   | (1,039,036 | ) |
| Add: Cancelled/forfeited                  |   |   | 155,372   |   |   |   | – |   |
| Balance, end of year                      |   |   | 4,591,312 |   |   |   | 28,024 |   |

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

| PBGs available for grant   |   | 2016   |      |   | 2015   |   |
|----------------------------|--------|--------|-----------|--------|--------|--------|
| Balance, beginning of year |   |   | 3,106,896 |   |   |   | 3,570,784 |   |
| Less: Granted              |   |   | (371,100  | )      |   |   | (665,973 | ) |
| Add: Cancelled/forfeited   |   |   | 106,613   |   |   |   | 202,085 |   |
| Balance, end of year       |   |   | 2,842,409 |   |   |   | 3,106,896 |   |

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

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| DSGs available for grant   |   | 2016   |    |   | 2015   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
| Balance, beginning of year |   |   | 178,136 |   |   |   | 200,470 |   |
| Less: Granted              |   |   | (30,706 | )      |   |   | (22,334 | ) |
| Balance, end of year       |   |   | 147,430 |   |   |   | 178,136 |   |

| 18. | LONG-TERM DEBT AND FINANCING |
|-----|------------------------------|

|                                    |   | March 31, 2016 |    |   | March 31, 2015 |   |
|-----------------------------------------|--------|----------------|---------|--------|----------------|--------|
| Credit facility (a)                     |   | $              | – |   |           | $      | – |   |
| Less: Debt issue costs (a)              |   |           | (2,980  | )      |           |   | – |   |
| Senior unsecured note (b)               |   |           | 80,000  |   |           |   | 105,000 |   |
| Less: Debt issue costs (b)              |   |           | (3,706  | )      |           |   | (5,051 | ) |
| $330 million convertible debentures (c) |   |           | 311,028 |   |           |   | 310,083 |   |
| $100 million convertible debentures (d) |   |           | 93,637  |   |           |   | 91,445 |   |
| US$150 million convertible bonds (e)    |   |           | 182,564 |   |           |   | 175,003 |   |
| Capital leases (f)                      |   |           | – |   |           |   | 23 |   |
|                                    |   |           | 660,543 |   |           |   | 676,503 |   |
| Less: Current portion                   |   |           | – |   |           |   | (23 | ) |
|                                    |   | $              | 660,543 |   |           | $      | 676,480 |   |

|                                    |   | Less than 1 year |    |   | 1–3 years |   |    | 4–5 years |   |   | More than 5 years |   |   | Total  |    |
|-----------------------------------------|--------|------------------|---------|--------|-----------------|--------|---------|-----------------|--------|--------|-------------------|--------|--------|--------|---------|
| Senior unsecured note (b)               |   | $                | – |   |            | $      | 80,000  |            |   | $      | –           |   |   | $      | – |   |   | $ | 80,000 |   |
| $330 million convertible debentures (c) |   |             | – |   |            |   | 321,416 |            |   |   | –           |   |   |   | – |   |   |   | 321,416 |   |
| $100 million convertible debentures (d) |   |             | – |   |            |   | 100,000 |            |   |   | –           |   |   |   | – |   |   |   | 100,000 |   |
| US$150 million convertible bonds (e)    |   |             | – |   |            |   | – |            |   |   | 194,805           |   |   |   | – |   |   |   | 194,805 |   |
|                                    |   | $                | – |   |            | $      | 501,416 |            |   | $      | 194,805           |   |   | $      | – |   |   | $ | 696,221 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                    |   | 2016   |    |   | 2015   |   |
|-----------------------------------------|--------|--------|---------|--------|--------|--------|
| Credit facility (a)                     |   | $      | 6,832   |   |   | $      | 13,982 |   |
| Senior unsecured note (b)               |   |   | 14,311  |   |   |   | 11,443 |   |
| $330 million convertible debentures (c) |   |   | 27,464  |   |   |   | 26,832 |   |
| $100 million convertible debentures (d) |   |   | 7,942   |   |   |   | 7,764 |   |
| US$150 million convertible bonds (e)    |   |   | 15,991  |   |   |   | 13,651 |   |
| Capital lease interest (f)              |   |   | – |   |   |   | 8 |   |
|                                    |   | $      | 72,540  |   |   | $      | 73,680 |   |

| (a) | As at March 31, 2016, Just Energy has a credit facility of $277.5 million. The current syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (US), L.P., Canadian Imperial Bank of Commerce, National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches and Canadian Western Bank. The term of the credit facility expires on September 1, 2018. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | On March 31, 2016, Just Energy early-redeemed $25 million of the original $105 million principal on its senior unsecured note resulting in a balance outstanding of $80 million. The senior unsecured note bears interest at 9.75% and matures in June 2018. The senior unsecured note is subject to certain financial and other covenants and as of March 31, 2016, all of the covenants have been met. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                        |   | Year endedMarch 31, 2016 |      |   | Year endedMarch 31, 2015 |   |
|-----------------------------|--------|--------------------------|-----------|--------|--------------------------|--------|
| Sales                       |   | $                        | 3,650,836 |   |                     | $      | 3,643,501 |   |
| Gross margin                |   |                     | 652,419   |   |                     |   | 576,919 |   |
| Finance costs               |   |                     | 72,543    |   |                     |   | 73,680 |   |
| Profit (loss) for the year  |   |                     | 72,397    |   |                     |   | (540,028 | ) |
| Non-cash financing costs    |   |                     | 14,752    |   |                     |   | 15,609 |   |
| Share-based compensation    |   |                     | 5,345     |   |                     |   | 7,110 |   |
| Income tax paid (recovered) |   |                     | 965       |   |                     |   | 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, 2016, interest expense amounted to $27,465. 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 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| (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 $5,215 and has shown these costs net of the $150 million convertible bonds. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| (f) | The Company, through its subsidiaries, leased certain computer and office equipment and software.  These financing arrangements bear interest at a rate of 9% and matured during the prior fiscal year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | INCOME TAXES |
|-----|--------------|

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

|                                                                                      |   | 2016   |    |   | 2015   |   |
|-------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Tax recognized in profit or loss                                                          |   | $      | 13,890  |   |   | $      | 8,856 |   |
| Current tax expense                                                                       |   |   | 13,890  |   |   |   | 8,856 |   |
|                                                                                      |   |   |    |   |   |   |   |   |
| Deferred tax expense                                                                      |   |   |    |   |   |   |   |   |
| Origination and reversal of temporary differences                                         |   | $      | 5,867   |   |   | $      | (236,104 | ) |
| Expense (benefit) arising from a previously unrecognized tax loss or temporary difference |   |   | (20,075 | )      |   |   | 198,359 |   |
| Deferred tax benefit                                                                      |   |   | (14,208 | )      |   |   | (37,745 | ) |
| Recovery of income taxes                                                                  |   | $      | (318    | )      |   | $      | (28,889 | ) |

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

|                                                                                     |   | 2016   |    |   | 2015   |   |
|------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Income (loss) before income taxes from continuing operations                             |   | $      | 82,176  |   |   | $      | (605,266 | ) |
| Combined statutory Canadian federal and provincial income tax rate                       |   |   | 26.50%  |   |   |   | 26.50% |   |
| Income tax expense (benefit) based on statutory rate                                     |   | $      | 21,777  |   |   | $      | (160,395 | ) |
|                                                                                     |   |   |    |   |   |   |   |   |
| Increase (decrease) in income taxes resulting from:                                      |   |   |    |   |   |   |   |   |
| Cost (benefit) of mark to market loss and other temporary differences not recognized     |   | $      | (20,075 | )      |   |   | 198,359 |   |
| Variance between combined Canadian tax rate and the tax rate applicable to U.S. earnings |   |   | 9,080   |   |   |   | (66,345 | ) |
| Other permanent items                                                                    |   |   | (11,100 | )      |   |   | (508 | ) |
| Total income tax benefit                                                                 |   | $      | (318    | )      |   | $      | (28,889 | ) |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

|                                               |   | 2016   |    |   | 2015   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Mark to market losses on derivative instruments    |   | $      | 51,142  |   |   | $      | 52,053 |   |
| Tax losses and excess of tax basis over book basis |   |   | 14,894  |   |   |   | 7,362 |   |
| Partnership loss deferred for tax purposes         |   |   | 143     |   |   |   | 117 |   |
| Total deferred tax asset                           |   |   | 66,179  |   |   |   | 59,532 |   |
| Offset of deferred taxes                           |   |   | (26,594 | )      |   |   | (34,154 | ) |
| Net deferred tax asset                             |   | $      | 39,585  |   |   | $      | 25,378 |   |
|                                               |   |   |    |   |   |   |   |   |
| Partnership income deferred for tax purposes       |   | $      | (22,449 | )      |   | $      | (23,483 | ) |
| Mark to market gains on derivative instruments     |   |   | (665    | )      |   |   | (413 | ) |
| Book to tax differences on other assets            |   |   | (848    | )      |   |   | (959 | ) |
| Convertible debentures                             |   |   | (2,634  | )      |   |   | (9,303 | ) |
| Total deferred tax liability                       |   |   | (26,596 | )      |   |   | (34,158 | ) |
| Offset of deferred taxes                           |   |   | 26,594  |   |   |   | 34,154 |   |
| Net deferred tax liability                         |   | $      | (2      | )      |   | $      | (4 | ) |

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

|                                                    |   | Balance April 1, 2015 |    |   | Recognized in profit or loss |   |    | Disposal |   |   | Recognized in OCI |   |   | Foreign exchange impact |    |   | Balance March 31, 2016 |   |
|---------------------------------------------------------|--------|-----------------------|---------|--------|------------------------------|--------|---------|----------|--------|--------|-------------------|--------|--------|-------------------------|---------|--------|------------------------|--------|
| Partnership income deferred for tax                     |   | $                     | (23,367 | )      |                         | $      | 1,061   |     |   | $      | –           |   |   | $                       | – |   |                   | $      | – |   |   | $ | (22,306 | ) |
| Book to tax differences – customer contracts      |   |                  | (5,139  | )      |                         |   | – |     |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | (5,139 | ) |
| Book to tax differences on other assets                 |   |                  | 11,537  |   |                         |   | 7,644   |     |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | 19,181 |   |
| Mark to market gains (losses) on derivative instruments |   |                  | 51,646  |   |                         |   | (1,165  | )        |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | 50,481 |   |
| Convertible debentures                                  |   |                  | (9,303  | )      |                         |   | 6,669   |     |   |   | –           |   |   |                    | – |   |                   |   | – |   |   |   | (2,634 | ) |
|                                                    |   | $                     | 25,374  |   |                         | $      | 14,209  |     |   | $      | –           |   |   | $                       | – |   |                   | $      | – |   |   | $ | 39,583 |   |
|                                                    |   |                  |    |   |                         |   |    |     |   |   |              |   |   |                    |    |   |                   |   |   |   |   |   |   |   |
|                                                    |   |                  |    |   |                         |   |    |     |   |   |              |   |   |                    |    |   |                   |   |   |   |   |   |   |   |
|                                                    |   | 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 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 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

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

|                                               |   | 2016   |    |   | 2015   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Losses available for carryforward                  |   | $      | 48,560  |   |   | $      | 71,441 |   |
| Mark to market on losses on derivative instruments |   |   | 200,074 |   |   |   | 189,950 |   |
| Excess of tax over book basis                      |   |   | 6,666   |   |   |   | 6,726 |   |
| Excess of tax over book – customer contracts |   |   | – |   |   |   | 2,894 |   |

|                      |   | 2016   |    |
|---------------------------|--------|--------|---------|
| 2028                      |   | $      | – |   |
| 2029                      |   |   | – |   |
| After 2030 and thereafter |   |   | 122,010 |   |
| Total                     |   | $      | 122,010 |   |

| 20. | PROVISIONS |
|-----|------------|

|                                         |   | 2016   |    |   | 2015   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Cost                                         |   |   |    |   |   |   |
| Balance, beginning of year                   |   | $      | 19,206  |   |   | $      | 6,812 |   |
| Discontinued operations                      |   |   | – |   |   |   | (558 | ) |
| Provisions made during the year              |   |   | 2,292   |   |   |   | 16,233 |   |
| Provisions reversed and used during the year |   |   | (3,976  | )      |   |   | (4,177 | ) |
| Unwinding of discount                        |   |   | (10     | )      |   |   | – |   |
| Foreign exchange impact                      |   |   | 477     |   |   |   | 896 |   |
| Balance, end of year                         |   | $      | 17,989  |   |   | $      | 19,206 |   |
|                                         |   |   |    |   |   |   |   |   |
| Current                                      |   |   | 13,573  |   |   |   | 14,899 |   |
| Non-current                                  |   |   | 4,416   |   |   |   | 4,307 |   |
|                                         |   | $      | 17,989  |   |   | $      | 19,206 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 21. | OTHER EXPENSES |
|-----|----------------|

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

|                                          |   | For theyear endedMarch 31, 2016 |    |   | For theyear endedMarch 31, 2015 |   |
|-----------------------------------------------|--------|---------------------------------|---------|--------|---------------------------------|--------|
| Amortization of electricity contracts         |   | $                               | – |   |                            | $      | 7,292 |   |
| Amortization of other intangible assets       |   |                            | 17,063  |   |                            |   | 34,522 |   |
| Amortization of property, plant and equipment |   |                            | 3,606   |   |                            |   | 3,579 |   |
| Bad debt expense                              |   |                            | 68,531  |   |                            |   | 62,077 |   |
| Share-based compensation                      |   |                            | 5,348   |   |                            |   | 7,120 |   |
|                                          |   | $                               | 94,548  |   |                            | $      | 114,590 |   |

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

|                          |   | For the year endedMarch 31, 2016 |      |   | For the year endedMarch 31, 2015 |   |
|-------------------------------|--------|---------------------------------------|-----------|--------|---------------------------------------|--------|
| Amortization                  |   | $                                     | 2,543     |   |                                  | $      | 1,398 |   |
| Direct energy costs and other |   |                                  | 3,401,029 |   |                                  |   | 3,294,473 |   |
|                          |   | $                                     | 3,403,572 |   |                                  |   | 3,295,871 |   |

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

|                                  | For the    |           |    | For the    |           |
|---------------------------------------|------------|----------------|---------|------------|----------------|
|                                  | year ended |           |    | year ended |           |
|                                  |       | March 31, 2016 |    |       | March 31, 2015 |   |
| Amortization of electricity contracts |       | $              | – |       |           | $ | 5,016 |   |

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

|                            |   | For the        |    |           | For the    |   |
|---------------------------------|--------|----------------|---------|----------------|------------|--------|
|                            |   | year ended     |    |           | year ended |   |
|                            |   | March 31, 2016 |    | March 31, 2015 |       |
| Wages, salaries and commissions |   | $              | 222,910 |           |       | $      | 202,119 |   |
| Benefits                        |   |           | 29,246  |           |       |   | 28,750 |   |
|                            |   | $              | 252,156 |           |       | $      | 230,869 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 22. | REPORTABLE BUSINESS SEGMENTS |
|-----|------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                                     |   | Consumer division |      |   | Commercial division |   |      | Home Services |   |   | Commercial Solar |   |   | Consolidated   |          |
|----------------------------------------------------------|--------|-------------------|-----------|--------|---------------------|--------|-----------|--------------------|--------|--------|-----------------------|--------|--------|----------------|---------------|
|                                                     |   |              |      |   |                |   |      |               |   |   |                  |   |   |           |          |
| Sales                                                    |   | $                 | 2,177,538 |   |                | $      | 1,928,322 |               |   | $      | –               |   |   | $              | –       |   |   | $ | 4,105,860 |   |
| Gross margin                                             |   |              | 538,646   |   |                |   | 163,642   |               |   |   | –               |   |   |           | –       |   |   |   | 702,288 |   |
| Amortization of property, plant  and equipment |   |              | 3,378     |   |                |   | 228       |               |   |   | –               |   |   | – ­ |          |   |   | 3,606 |   |
| Amortization of intangible assets                        |   |              | 13,691    |   |                |   | 3,372     |               |   |   | –               |   |   |           | –       |   |   |   | 17,063 |   |
| Administrative expenses                                  |   |              | 130,253   |   |                |   | 40,077    |               |   |   | –               |   |   |           | –       |   |   |   | 170,330 |   |
| Selling and marketing expenses                           |   |              | 163,153   |   |                |   | 94,196    |               |   |   | –               |   |   |           | –       |   |   |   | 257,349 |   |
| Other operating expenses                                 |   |              | 63,880    |   |                |   | 9,999     |               |   |   | –               |   |   |           | –       |   |   |   | 73,879 |   |
| Operating profit for the year                            |   |              | 164,291   |   |                |   | 15,770    |               |   | $      | –               |   |   |           | –­ |   |   |   | 180,061 |   |
| Finance costs                                            |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |           | –       |   |   |   | (72,540 | ) |
| Change in fair value of derivative instruments           |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |           | –       |   |   |   | (22,803 | ) |
| Other expense                                            |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |           | –       |   |   |   | (2,542 | ) |
| Recovery of income taxes                                 |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |           | –       |   |   |   | (318 | ) |
| Profit (loss) from continued operations                  |   | $                 | –   |   |                | $      | –   |               |   | $      | –               |   |   | $              | –       |   |   | $ | 82,494 |   |
| Profit (loss) for the year                               |   | $                 | –   |   |                | $      | –   |               |   | $      | –               |   |   | $              | –       |   |   | $ | 82,494 |   |
| Capital expenditures                                     |   | $                 | 7,062     |   |                | $      | 5,953     |               |   | $      | –               |   |   | $              | –       |   |   | $ | 13,015 |   |
| Total goodwill                                           |   | $                 | 143,061   |   |                | $      | 137,452   |               |   | $      | –               |   |   | $              | –       |   |   | $ | 280,513 |   |
| Total assets                                             |   | $                 | 477,836   |   |                | $      | 769,599   |               |   | $      | –               |   |   | $              | –       |   |   | $ | 1,247,435 |   |
| Total liabilities                                        |   | $                 | 1,375,355 |   |                | $      | 523,167   |               |   | $      | –               |   |   | $              | –       |   |   | $ | 1,898,522 |   |

|                                                     |   | Consumer division |      |   | Commercial division |   |      | 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                                            |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |         | – |   |   |   | (73,680 | ) |
| Change in fair value of derivative instruments           |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |         | – |   |   |   | (635,204 | ) |
| Other loss                                               |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |         | – |   |   |   | (2,396 | ) |
| Recovery of income taxes                                 |   |              | –   |   |                |   | –   |               |   |   | –               |   |   |         | – |   |   |   | (28,889 | ) |
| Loss from continuing operations                          |   | $                 | –   |   |                | $      | –   |               |   | $      | –               |   |   | $            | – |   |   | $ | (576,377 | ) |
| Discontinued operations                                  |   |              | –   |   |                |   | –   |               |   |   | 168,141               |   |   |         | (35,468 | ) |   |   | 132,673 |   |
| Profit (loss) for the year                               |   | $                 | –   |   |                | $      | –   |               |   | $      | 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                                             |   | $                 | 741,491   |   |                | $      | 556,950   |               |   | $      | –               |   |   | $            | – |   |   | $ | 1,298,441 |   |
| Total liabilities                                        |   | $                 | 1,355,605 |   |                | $      | 581,658   |               |   | $      | –               |   |   | $            | – |   |   | $ | 1,937,263 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|                                                     | For the year |           | For the year |           |
|----------------------------------------------------------|--------------|----------------|--------------|----------------|
|                                                     | ended        |           | ended        |           |
|                                                     |         | March 31, 2016 |         | March 31, 2015 |   |
| Canada                                                   |         | $              | 533,078      |           |   | $ | 685,700 |   |
| United States                                            |         |           | 3,120,617    |           |   |   | 2,977,578 |   |
| United Kingdom                                           |         |           | 452,165      |           |   |   | 232,662 |   |
| Total sales per consolidated statements of income (loss) |         | $              | 4,105,860    |           |   | $ | 3,895,940 |   |

|           |   |   | As at March 31, 2016 |   |   | As at March 31, 2015 |    |
|----------------|--------|--------|----------------------|--------|--------|----------------------|---------|
| Canada         |   | $      | 194,236              |   |   | $                    | 194,318 |   |
| United States  |   |   | 175,758              |   |   |                 | 177,358 |   |
| United Kingdom |   |   | 924                  |   |   |                 | 650     |   |
| Total          |   | $      | 370,918              |   |   | $                    | 372,326 |   |

| 23. | IMPAIRMENT TESTING OF GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE LIVES |
|-----|----------------------------------------------------------------------------|

|     |   | Consumer division |    |   | Commercial division |   |    | Total  |   |
|----------|--------|-------------------|---------|--------|---------------------|--------|---------|--------|--------|
|     |   | 2016              |    |   | 2015                |   |    | 2016   |   |   | 2015 |   |   | 2016 |   |   | 2015 |   |
|     |   |              |    |   |                |   |    |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill |   | $                 | 143,061 |   |                | $      | 140,869 |   |   | $ | 137,452 |   |   | $ | 136,899 |   |   | $ | 280,513 |   |   | $ | 277,768 |   |
| Brand    |   |              | 16,104  |   |                |   | 15,706  |   |   |   | 14,319 |   |   |   | 13,966 |   |   |   | 30,423 |   |   |   | 29,672 |   |
|     |   | $                 | 159,165 |   |                | $      | 156,575 |   |   | $ | 151,771 |   |   | $ | 150,865 |   |   | $ | 310,936 |   |   | $ | 307,440 |   |

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

|   | · | 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 |
|--------|--------|----------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 24. | EARNINGS (LOSS) PER SHARE |
|-----|---------------------------|

|                                                                                   |   | For the year endedMarch 31,2016 |        |   | For the year endedMarch 31,2015 |   |
|----------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|
| BASIC EARNINGS (LOSS) PER SHARE                                                        |   |                                 |        |   |                                 |   |
| Earnings (loss) from continuing operations available to shareholders                   |   | $                                    | 64,604      |   |                                 | $      | (582,728 | ) |
| Earnings (loss) available to shareholders                                              |   |                                 | 64,604      |   |                                 |   | (446,785 | ) |
| Basic shares outstanding                                                               |   |                                 | 146,866,817 |   |                                 |   | 145,326,685 |   |
| Basic earnings (loss) per share from continuing operations available to shareholders   |   | $                                    | 0.44        |   |                                 | $      | (4.01 | ) |
| Basic earnings (loss) per share available to shareholders                              |   | $                                    | 0.44        |   |                                 | $      | (3.07 | ) |
|                                                                                   |   |                                 |        |   |                                 |   |   |   |
| DILUTED EARNINGS (LOSS) PER SHARE                                                      |   |                                 |        |   |                                 |   |   |   |
| Earnings (loss) from continuing operations available to shareholders                   |   | $                                    | 64,604      |   |                                 | $      | (582,728 | ) |
| Earnings (loss) available to shareholders                                              |   |                                 | 64,604      |   |                                 |   | (446,785 | ) |
| Adjustment for dilutive impact of convertible debentures                               |   |                                 | 49,284      | 1      |                                 |   | 32,771 | 1 |
| Adjusted earnings (loss) from continuing operations available to shareholders          |   | $                                    | 113,888     |   |                                 | $      | (549,957 | ) |
| Adjusted earnings (loss) available to shareholders                                     |   | $                                    | 113,888     |   |                                 | $      | (414,014 | ) |
|                                                                                   |   |                                 |        |   |                                 |   |   |   |
| Basic shares outstanding                                                               |   |                                 | 146,866,817 |   |                                 |   | 145,326,685 |   |
| Dilutive effect of:                                                                    |   |                                 |        |   |                                 |   |   |   |
| Restricted share grants                                                                |   |                                 | 3,167,073   |   |                                 |   | 3,067,822 | 1 |
| Deferred share grants                                                                  |   |                                 | 126,701     |   |                                 |   | 165,277 | 1 |
| Convertible debentures                                                                 |   |                                 | 39,933,526  | 1      |                                 |   | 39,929,189 | 1 |
| Shares outstanding on a diluted basis                                                  |   |                                 | 190,094,117 |   |                                 |   | 188,488,973 |   |
| Diluted earnings (loss) per share from continuing operations available to shareholders |   | $                                    | 0.43        |   |                                 | $      | (4.01 | ) |
| Diluted earnings (loss) per share available to shareholders                            |   | $                                    | 0.43        |   |                                 | $      | (3.07 | ) |

| 25. | 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. |
|--------|-------|-----------------------------------------------------------------------------------------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 26. | RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL REMUNERATION |
|-----|----------------------------------------------------------------------|

|                     |   | 2016   |   |   | 2015   |   |
|--------------------------|--------|--------|--------|--------|--------|--------|
|                     |   |   |   |   |   |   |
| Salaries and benefits    |   | $      | 6,599  |   |   | $      | 6,747 |   |
| Share-based compensation |   |   | 4,024  |   |   |   | 2,371 |   |
|                     |   | $      | 10,623 |   |   | $      | 9,118 |   |

| 27. | DIVIDENDS PAID |
|-----|----------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 28. | COMMITMENTS AND GUARANTEES |
|-----|----------------------------|

|                                    |   | Less than 1 year |      |   | 1–3 years |   |      | 4–5 years |   |   | More than 5 years |   |   | Total  |   |
|-----------------------------------------|--------|------------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|--------|-------------------|--------|--------|--------|--------|
| Premises and equipment leasing          |   | $                | 6,216     |   |            | $      | 9,565     |            |   | $      | 6,493             |   |   | $      | 8,013  |   |   | $ | 30,287 |   |
| Long-term gas and electricity contracts |   |             | 2,099,984 |   |            |   | 1,442,238 |            |   |   | 231,227           |   |   |   | 35,439 |   |   |   | 3,808,888 |   |
|                                    |   | $                | 2,106,200 |   |            | $      | 1,451,803 |            |   | $      | 237,720           |   |   | $      | 43,452 |   |   | $ | 3,839,175 |   |

| (a) | Surety bonds and letters of credit |
|-----|------------------------------------|

| (b) | Officers and directors |
|-----|------------------------|

| (c) | Operations |
|-----|------------|

----

|  (in thousands of Canadian dollars, except where indicated and per share amounts) |
|----------------------------------------------------------------------------------------|

| 29. | ADJUSTMENTS REQUIRED TO REFLECT NET CASH RECEIPTS FROM GAS SALES |
|-----|------------------------------------------------------------------|

|                                   |   | 2016   |    |   | 2015   |   |
|----------------------------------------|--------|--------|---------|--------|--------|--------|
| Changes in:                            |   |   |    |   |   |   |
| Accrued gas receivables                |   | $      | 31,593  |   |   | $      | 2,713 |   |
| Gas delivered in excess of consumption |   |   | (5,162  | )      |   |   | (983 | ) |
| Accrued gas payable                    |   |   | (17,263 | )      |   |   | (5,799 | ) |
| Deferred revenue                       |   |   | 5,727   |   |   |   | 1,371 |   |
|                                   |   | $      | 14,895  |   |   |   | (2,698 | ) |

| 30. | CHANGES IN NON-CASH WORKING CAPITAL |
|-----|-------------------------------------|

|                                      |   | 2016   |    |   | 2015   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   |   |    |   |   |   |
| Accounts receivable and unbilled revenues |   | $      | 109,135 |   |   | $      | (95,662 | ) |
| Gas in storage                            |   |   | 2,219   |   |   |   | (2,331 | ) |
| Prepaid expenses and deposits             |   |   | (39,846 | )      |   |   | (27,058 | ) |
| Trade and other payables and provisions   |   |   | (52,798 | )      |   |   | 80,593 |   |
|                                      |   | $      | 18,710  |   |   | $      | (44,458 | ) |