Glossary of Terms

ABC T-Service

Agent, billing and colle ction system. Under this system, the LDC bills customers for the price of gas agreed upon between the ABM and its customers.

ABMs

Agents/Brokers/Marketers such as Just Energy Corp. ("JE Corp"). ABMs are market aggregators meaning that they aggregate downstream customers into groups.

Administration Agreement

The administration agreement between the Fund and JE Corp (as Administrator), dated April 30, 2001, as amended.

Administrator

JE Corp in its capacity as administrator of the Fund pursuant to the Administration Agreement.

Affiliate

The meaning ascribed thereto in the OBCA.

Amalgamation of April 30, 2001

The amalgamation pursuant to the provisions of the OBCA on April 30, 2001 of JE Corp and JE Corp Acquisitions Inc. as one corporation under the name “Just Energy Corp.”.

Amalgamation of July 1, 2002

The amalgamation pursuant to the provisions of the OBCA on July 1, 2002 of Electrico and JE Corp as one corporation under the name "Just Energy Corp.".

B.C. Licence

Licence # A-3-04 issued April 29, 2004 by the British Columbia Utilities Commission to permit Just Energy (B.C.) Limited Partnership to market natural gas to commercial consumers in the Province of British Columbia.

Book-Entry Only System

The book-based system administered by CDS.

CDS

The Canadian Depository for Securities Limited.

Class A Preference Shares

The Class A preference shares in the capital of JE Corp.

Class B Preference Shares

The Class B preference shares in the capital of JE Corp.

Common Shares

The common shares in the capital of JE Corp.

Coral Energy

Coral Energy Canada Inc., an affiliate of Shell Oil Company.

Declaration of Trust

The amended and restated declaration of trust dated as of the 29th day of June 2004 for the Fund.

Electric Licence

Renewal Licence Number ER-2000-0017 issued by the OEB to Electrico on September 27, 2000 authorizing Electrico to serve as an electricity marketer in the Province of Ontario until September 26, 2005 as amended by a decision and order of the OEB dated July 10, 2002 so that, based on the Amalgamation of July 31, 2002, OESC is now named as the holder of the Electric License.

Electrico

Ontario Electric Savings Corporation, a corporation incorporated under the OBCA on February 15, 1999 and amalgamated with OESC pursuant to the Amalgamation of July 1, 2002.

Electricity Supplier

A person who is an electricity producer and electricity supply aggregator.

Energy Consumers’ Bill of Rights

The bill of rights contained in Part V.1. of the Ontario Energy Board Act, 1998 and Ontario Regulation 200/02 entitled “Consumer Protection” issued thereunder.

Energy Contracts

Fixed Price Contracts and Retail Electricity Contracts.

Exchangeco

JE Corp Exchange Inc., a corporation incorporated under the OBCA on February 13, 2001.

Exchangeco Common Shares

The common shares in the capital of Exchangeco.

Exchangeco Note Indenture

The note indenture dated April 30, 2001 providing for the issuance of Exchangeco Notes made between Exchangeco and the Exchangeco Note Trustee.

Exchangeco Note Trustee

Computershare Trust Company of Canada.

Exchangeco Notes

The 13% unsecured notes of Exchangeco issued by Exchangeco to the Fund from time to time pursuant to the Exchangeco Note Indenture.

Exchangeco Exchange Rights

The rights granted by the Fund to Exchangeco pursuant to the JE Corp Shareholders' Agreement entitling Exchangeco to acquire Units in order to fulfil its obligations under the Shareholder Exchange Rights and to satisfy the purchase price for such Units by the issuance of Exchangeco Notes to the Fund.

Exchangeco Extraordinary Resolution

A resolution passed by the holders of not less than 66 2/3% of the principal amount of Exchangeco Notes outstanding, either in person or by proxy at a meeting of holders of Exchangeco Notes called for the purposes of approving such resolution, or approval in writing by the holders of not less than 66 2/3% of the principal amount of Exchangeco Notes then outstanding.

Extraordinary Resolution

A resolution passed by the holders of not less than 66 2/3% of the principal amount of JE Corp Notes outstanding, either in person or by proxy, at a meeting of holders of JE Corp Notes called for the purpose of approving such resolution, or approval in writing by the holders of not less than 66 2/3% of the principal amount of JE Corp Notes then outstanding.

Fixed Price Contracts

The name under which OESC markets the fixed price, long term contracts for a customer's natural gas requirements utilizing the ABC T-Service arrangement or similar arrangements in other jurisdictions where JE Corp or one of its Affiliates markets natural gas.

Fund

Just Energy Income Fund, a trust established under the laws of the Province of Ontario and governed by the Declaration of Trust.

Gas Supplier

A person who is a natural gas producer or natural gas supply aggregator.

GJ

Gigajoules (one billion joules). A joule is a measurement of energy, with one gigajoule being equal to 0.95 million British thermal units or 26.53 m3 of natural gas.British thermal units or 26.53 m3 of natural gas.

Illinois Licence

The Certificate of Service Authority # 03-0720 issued by the Illinois Commerce Commission on December 17, 2003 to permit Just Energy Illinois Corp. to market natural gas to residential and small commercial gas customers in the service areas of Nicor Gas Company, North Shore Gas Company and Peoples Light and Gas Company.

Independent Commission Agent

A person who serves in the capacity of an independent contractor to solicit contracts for the supply of natural gas and/or electricity to residential, small to mid-size commercial and small industrial customers.

kWh

A kilowatt hour, the standard commercial unit of electric energy, with one kilowatt hour being the amount of energy consumed by ten 100 watt light bulbs burning for one hour.

Large Volume User

An electricity consumer who consumes more than 250,000 kWh of electricity per year.

LDC

Local distribution company, the natural gas or electricity distributor for a geographic franchise area.

m³

A cubic meter or 0.03769 GJs.

Manitoba Licence

Licence No. 0383 issued by the Manitoba Public Utilities Board on October 30, 2003 to permit Just Energy Manitoba L.P. to participate as a broker in the Province of Manitoba.

Marketing Codes

The OEB Code of Conduct and the Energy Consumers’ Bill of Rights and other similar codes, regulations and rules in force in jurisdictions where JE Corp or an Affiliate thereof markets natural gas or electricity.

MEU

A municipal electric utility.

Natural Gas Licence

Renewal Licence Number GM-2004-0226 issued by the OEB to OESC on May 12, 2004 authorizing JE Corp to serve as a gas marketer in the Province of Ontario to May 11, 2009.

NEB

The National Energy Board, a federal regulatory body which regulates, inter alia, the distribution of natural gas between provinces of Canada.

Note Indenture

The note indenture dated April 30, 2001 providing for the issuance of JE Corp Notes between JE Corp and the Note Trustee.

Note Trustee

Computershare Trust Company of Canada.

OBCA

The Business Corporations Act (Ontario), as amended from time to time, including the regulations promulgated thereunder.

OEB

The Ontario Energy Board, a regulatory body which regulates, inter alia , the distribution and marketing of natural gas and electricity in the Province of Ontario.

OEB Codes of Conduct

The Code of Conduct for Gas Marketers enacted pursuant to a Rule made under Part III of the Energy Board Act, 1998 (Ontario) and/or the Code of Conduct for Electricity Retailers, as applicable.

JE Corp or the Company

Just Energy Corp., the corporation created by the Amalgamation of July 1, 2002.

JE Corp Notes

The 13% unsecured, subordinated notes of JE Corp issued by JE Corp pursuant to the Note Indenture.

JE Corp Shareholders' Agreement

The shareholders' agreement dated April 30, 2001 among the Fund, JE Corp, the shareholders and former shareholders of JE Corp and Exchangeco.

Preference Shares

The Class A Preference Shares and the Class B Preference Shares.

RCE

A residential customer equivalent which is a unit of measurement equivalent to a customer using, as regards natural gas, 2,815 m3 (or 106 GJ's) of natural gas on an annual basis and, as regards electricity, 10,000 kWh of electricity on an annual basis, which represents respectively the approximate amount of gas and electricity used by a typical household.

Retail Electricity Contracts

Any and all fixed term price protection contracts for retail electricity supply between a consumer of electricity and OESC.

Security Agreement

The agreement between Coral Energy and JE Corp dated September 26, 2001 as amended.

Shareholder Exchange Rights

The rights granted by Exchangeco to the holders of Preference Shares pursuant to the JE Corp Shareholders' Agreement entitling the holders thereof to require Exchangeco to purchase their Preference Shares and to satisfy the purchase price for such Preference Shares by the transfer of Units to them.

Special Management Incentive Program

The bonus which each of the holders of Class A Preference Shares is entitled to receive, on a quarterly basis, equal to the amount he would have received had he been a holder of record on the record date for all distributions made on Units in respect of such quarter of a number of Units equivalent to the number of Class A Preference held by him.

Special Resolution

a resolution passed by a majority of not less than 66 2/3% of the votes cast, either in person or by proxy, at a meeting of Unitholders, called for the purpose of approving such resolution, or approved in writing by the holders of not less than 66 2/3% of the Units entitled to be voted on such resolution.

Tax Act

The Income Tax Act (Canada) and the regulations thereunder.

Trustee

Montreal Trust Company, trustee pursuant to the Declaration Trust.

TSX

The Toronto Stock Exchange.

Unitholders

The holders from time to time of Units and includes, while the Units are registered in the Book-Entry Only System, the beneficial owners of Units.

Units

The units of the Fund, each unit representing an equal undivided beneficial interest therein.

WACOG

For any period, an LDC's weighted average cost of gas for such period, which is generally derived by an LDC from weighting its gas volumes by the gas prices it has had to pay under specific gas contracts to produce one average price for its gas supply portfolio.

All dollar amounts herein are in Canadian dollars, unless otherwise stated.