The Toronto Stock Exchange (the “TSE”) issued Timely Disclosure Guidelines for Listed Companies (including Income Trusts) on May 23, 1997 (the “Guidelines”) to assist listed companies in formulating corporate policies regarding (a) the timely disclosure of material information, (b) the need to maintain material information confidential and (c) restrictions on trading by insiders and employees.  The Guidelines are based upon a cornerstone policy of the TSE and applicable securities legislation that “all persons investing in securities of listed companies ,including income trusts, have equal access to information that may effect their investment decisions”.  The Guidelines encourage listed companies to develop corporate disclosure, trading and confidentiality policies to govern employees and insiders.  Improper disclosure of material information or improper trading by employees and other insiders could be detrimental to the Fund.  Accordingly, the directors of Just Energy Corp. (“JE Corp”) have approved this Policy Statement to guide employees and other insiders of the Fund and JE Corp with respect to the disclosure of information concerning the Fund and JE Corp and trading in units of the Fund.

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JUST ENERGY INCOME FUND

SCHEDULE OF 2010 BLACK OUT PERIODS

Q4 F10

Q1 F11

Q2 F11

Q3 F11

Jan

Feb

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

17

18

26

27

18

19

18

19

1.  Black out period commences at the start of each quarter and ends at the completion of the 4th trading day after the release of quarterly or year end financial statements. See the above shaded periods.  Only the Executive Chair or CEO may grant an exemption.
2.  Trading period commences at the start of the 5th 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 2010, Year End and Quarterly financial statements will be released on February 11th; May 20th; August 12th and November 9th 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 before selling or purchasing or selling Units of the Fund or Exchangeable Shares or Convertible Debentures of JustEnergy Exchange Corp. (“JEEC”).
   
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 distributions and other material events which, if a matter of public record, could have a significant effect in the market value of Units of the Fund or Exchangeable Shares or Convertible Debentures of JEEC.
   

4. The above rules do not apply to: (a) the exchange of Class A Preference Shares of Just Energy Corp. (“JEC”) for Units of the Fund, (b) the grant nor exercise of options of JEC for Units of the Fund, (c) the exchange of UARs or DUGs in each case for Units of the Fund, (d) the exchange of Exchangeable Shares of JEEC for Units of the Fund nor (e) the conversion of Convertible Debentures of JEEC for Exchangeable Shares of JEEC and the subsequent exchange thereof for Units of the Fund. The rules will however apply to Units of the Fund issued: (a) on the exchange of Class A Preference Shares of JEC, (b) on the exercise of JEC options, (c) on the exchange of UARs, (d) on the exchange of DUGs, and (e) on the exchange of Exchangeable Shares of JEEC.

5. The declaration of a special distribution may result in the issuance of promissory notes to the holders of the securities of JEC, the Fund and JEEC described in 4 above. While the above rules will not apply to the exchange of the promissory notes, they will apply to Units of the Fund or Exchangeable Shares of JEEC issued on the exchange thereof. 

6. For insiders of the Fund under applicable securities and TSX rules, insider reports will need to be filed with respect to the acquisition/disposition of all securities of the Fund and JEEC including the issue and exchange of promissory notes.