Insider Trading

This policy establishes procedures which are designed: (i) to permit the disclosure of information about Just Energy Group Inc. and its affiliated entities (together the “Company”) to the public in an informative, timely and broadly disseminated manner, (ii) to ensure that non-publicly disclosed information remains confidential, and (iii) to ensure that trading of the Company's securities by directors, officers and employees of the Company remains in compliance with applicable securities laws and the self imposed trading restrictions already established by the Company. The implementation of these policies and procedures is important to develop sound disclosure practices and to maintain investor confidence, as well as complying with securities laws and the TSX's rules on disclosure and trading.

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JUST ENERGY GROUP INC. (the “Company” or “JE”)
SCHEDULE OF 2013 BLACK OUT PERIODS

 Q1 IV
  Q1  Q2  Q3
 Jan  Feb  Mar  Apr  May  Jun  Jul  Aug  Sept  Oct Nov
 Dec
 8  11
17  20
9  12
8  11


  1. Black out period commences at the start of each quarter and ends at the completion of the 1st trading day after the release of quarterly or year end financial statements. See the above shaded periods. Only the Executive Chair or the CEO of JE may grant an exemption.
  2. Trading period commences at the start of the 1st trading day after the release of year end and quarterly financial statements and ends on the last trading day of a quarter. See the above non - shaded periods. During 2013, Year End and Quarterly financial statements will be released on February 7th; May 16th; August 8th and November 7th based on the present schedule for quarterly meetings. To ensure there are no undisclosed material facts which have not been publicly disclosed during the open or the above non - shaded periods, all insiders must first obtain the consent of the Executive Chair or the CEO of JE before purchasing or selling publicly listed securities of JE including common shares or convertible debentures.
  3. The above rules are subject to the expansion of black out periods to prohibit the trading in the above referenced TSX listed securities with respect to the existence of undisclosed material events – i.e. an acquisition, subdivision, increase in amount of dividends and other undisclosed material events which, if a matter of public record, could have a significant effect on the market value of publicly listed securities or convertible debentures of JE.
  4. The above rules do not apply to: (a) the grant or exercise of options of JE for common shares of JE, (b) the exchange of RSGs or DSGs in each case for common shares of JE or (c) the conversion of convertible debentures of JE for common shares of JE. The rules will however apply to common shares of JE issued: (a) on the exercise of JE options, (b) on the exchange of RSGs, (c) on the exchange of DSGs, and (d) on the conversion of convertible debentures of JE.
  5. For insiders of JE under applicable securities and TSX rules, insider reports will need to be filed with respect to the acquisition/disposition of all securities of JE within 5 calendar days of a transaction.

If you have any questions with respect to the application of the above Policy, please call either Bob Donaldson at 416-367-2452 or Jonah Davids at 416-367-2574.