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Just Energy Entities

NOTE TO STAKEHOLDERS REGARDING BANKRUPTCY FILINGS OF THE FOLLOWING CANADIAN EXCLUDED ENTITIES:
i) 12175592 Canada Inc., ii) JEAS Holdings L.P., iii) Just Holdings L.P., iv) Just Ventures GP Corp., and v) Just Ventures L.P., (collectively, the "Canadian Excluded Entities")

Upon closing of the Transaction on December 16, 2022 and pursuant to the Approval and Vesting Order issued by the Ontario Superior Court of Justice on November 3, 2022, Just Energy Group Inc. and the other Acquired Entities (the "JEGI Group") ceased to be Applicants in these CCAA Proceedings and continue to operate the business in the normal course under the ownership of Pacific Investment Management Company LLC ("PIMCO"). The Canadian Excluded Entities were assigned into bankruptcy complete the wind-down of the Canadian Excluded Entities' estates.

All documents relating to the bankruptcies of the Canadian Excluded Entities can be found on the "Bankruptcy" tab of the Monitor's website.

For clarity, please note that the bankruptcies of the Canadian Excluded Entities, which were assigned into bankruptcy in Ontario on October 18 and October 19, 2023, are not related in any way to the on-going business of Just Energy Group Inc. and the JEGI Group.

NOTE TO STAKEHOLDERS REGARDING U.S. CHAPTER 7 FILINGS OF THE FOLLOWING U.S. EXCLUDED ENTITIES:
i) 11368 LC, ii) American Home Energy Services Corp, iii) Drag Marketing LLC, iv) Just Energy Connecticut Corp, v) Just Solar Holdings Corp, and, vi) Just Ventures LLC (collectively, the "U.S. Excluded Entities")

Upon closing of the Transaction on December 16, 2022 and pursuant to the Approval and Vesting Order recognized by the U.S. Court in the Chapter 15 Proceedings, Just Energy Group Inc. and the other Acquired Entities (the "JEGI Group") ceased to be Applicants in these CCAA Proceedings and continue to operate the business in the normal course under the ownership of Pacific Investment Management Company LLC ("PIMCO"). The U.S. Excluded Entities filed for bankruptcy in order to complete the wind-down of the U.S. Excluded Entities' estates.

For clarity, please note that the Chapter 7 bankruptcies of the U.S. Excluded Entities filed in Texas on October 20, 2023 are not related in any way to the on-going business of Just Energy Group Inc. and the JEGI Group.

Bankruptcy of Canadian Excluded Entities

On October 18, 2023, 12175592 Canada Inc., filed an assignment pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c.-3). FTI Consulting Canada Inc., was appointed as trustee of the bankrupt estates; subject to affirmation by the creditors at the First Meeting of Creditors which will be held virtual on Monday, October 30, 2023, at 11:00 AM. The First Meeting of Creditors can be attended via telephone conference, 1-866-840-8976 or 1-587-319-2925. The meeting passcode is 566 251 391#.

On October 19, 2023, JEAS Holdings L.P., Just Holdings L.P., Just Ventures GP Corp., and Just Ventures L.P., filed assignments pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3). FTI Consulting Canada Inc., was appointed as trustee of the bankrupt estates; subject to affirmation by the creditors at the First Meeting of Creditors which will be held virtual on Monday, October 30, 2023 starting at 11:15 AM. The First Meeting of Creditors can be attended via telephone conference, 1-866-840-8976 or 1-587-319-2925. The meeting passcode is 566 251 391#.

Initial Order

On March 9, 2021, Just Energy Group Inc., Just Energy Corp., Ontario Energy Commodities Inc., Universal Energy Corporation, Just Energy Finance Canada ULC, Hudson Energy Canada Corp., Just Management Corp., Just Energy Finance Holding Inc., 11929747 Canada Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp., Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy Limited, Just Solar Holdings Corp., and Just Energy (Finance) Hungary ZRT. (together, the "Applicants" or the "Just Energy Group") sought and obtained an order (as amended from time to time, the ("Initial Order")) from the Ontario Superior Court of Justice (the "Canadian Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"). The Initial Order provides, among other things, a stay of proceedings (the "Stay Period") which may be extended by the Court from time to time. Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the "Monitor").

All materials filed in the U.S. Chapter 15 Proceedings, including the First Day Orders as they are signed and uploaded, are available on the website of the U.S. Debtors' Claims and Noticing Agent, Omni Agent Solutions case website: Omni Agent Solutions

Stay Period

In an Order dated January 25, 2024 the Canadian Court extended the Stay Period to September 30, 2024.

Reverse Vesting Order and the Transaction

On November 3, 2022, the Canadian Court issued an order (the "Approval and Vesting Order"), inter alia:

a) approving the transaction agreement (as amended, the "Transaction Agreement") dated August 4, 2022 between Just Energy and LVS III SPE XV LP, TOCU XVII LLC, HVS XVI LLC, OC II LVS XIV LP, OC III LFE I LP and CBHT Energy I LLC (collectively, the "Sponsor") and the transactions contemplated therein (collectively, the "Transaction");
b) Adding 14487893 Canada Inc. and 11368, LLC (collectively, the "Residual Cos.") as Applicants to these CCAA proceedings;
c) vesting in and to the Residual Cos., as applicable, all of the right, title and interest of the Just Energy Entities not listed on Schedule 2.2(f) of the Transaction Agreement (the "Acquired Entities") in and to the Excluded Assets, the Excluded Contracts and the Excluded Liabilities (each as defined in the Transaction Agreement);
d) discharging Claims and Encumbrances, other than the Permitted Encumbrances, against the Acquired Entities and the Retained Assets (as defined in the Approval and Vesting Order);
e) authorizing and directing Just Energy (U.S.) Corp. ("JEUS") to issue the Purchased Interests (as defined in the Transaction Agreement), and vesting all of the right, title and interest in and to the Purchased Interests absolutely and exclusively in and to the Sponsor, free and clear of any Encumbrances;
f) authorizing and directing Just Energy to file the Articles of Reorganization (as defined in the Transaction Agreement); and,
g) terminating and cancelling or redeeming the Subject Interests (as defined in the Approval and Vesting Order) for no consideration.

The Transaction closed on December 16, 2022, and the closing date steps set out in the Transaction Agreement and Reverse Vesting Order took effect. As previously disclosed by the Just Energy Entities and the Monitor, the Transaction does not provide for any recoveries to unsecured creditors.

A copy of the Approval and Vesting Order can be obtained under the Court Orders section of this website.

Upon closing of the Transaction and pursuant to the Approval and Vesting Order recognized by the U.S. Court in the Chapter 15 Proceedings, the Acquired Entities ceased to be Applicants in these CCAA Proceedings and the Chapter 15 Proceedings.

Current Status of CCAA Proceedings

The remaining Applicants in the CCAA Proceedings include 14487893 Canada Inc., and 11368, LLC (collectively, the "ResidualCos.", which hold all Excluded Assets and Excluded Liabilities of the Just Energy Entities, as defined in Section 2.2 and 2.4 of the Transaction Agreement, respectively) and the Excluded Entities including 12175592 Canada Inc., Drag Marketing LLC, Just Solar Holdings Corp., Just Energy Connecticut Corp., and Just Energy (Finance) Hungary ZRT.

On November 3, 2022, the Canadian Court granted the Monitor's Enhanced Powers & Other Relief Order (the "MEP Order"), which authorizes and empowers, but does not require, the Monitor to, among other things:

a) exercise any powers which may be properly exercised by any board of directors of the ResidualCos.;
b) cause the ResidualCos. to perform such other functions or duties as the Monitor considers necessary or desirable in order to facilitate or assist the winding-down or liquidation of the ResidualCos., or any other related activities, including in connection with terminating these CCAA proceedings;
c) exercise any shareholder, partnership, joint venture or other rights of any of the ResidualCos.;
d) assign any of the ResidualCos., or cause any of the ResidualCos. to be assigned, into bankruptcy, and the Monitor shall hereby be entitled but not obligated to act as a trustee of the ResidualCos. in any such bankruptcy; and,
e) cause the dissolution or winding-up of any of the ResidualCos.

As outlined in the Thirteenth Report of the Monitor and pursuant to the MEP Order, the Monitor and its advisors intend to use the Stay Period to continue to oversee the winding-down of the remaining Applicants and their interests, which may include assigning certain Applicants into bankruptcy.

Claims Process

On September 15, 2021, Canadian Court issued an order (the "Claims Procedure Order"). The Claims Procedure Order commences a claims procedure (the "Claims Process") for the purpose of identifying and determining all Claims against the Just Energy Entities and their respective Directors and Officers. Pursuant to the Claims Procedure Order, Omni Agent Solutions was appointed Claims Agent (the "Claims Agent") for the Claims Process.

Please note that the Claims Bar Date was November 1, 2021, and that the SISP Approval Order suspended the ongoing claims review, claims determination and dispute resolution processes as of August 18, 2022, subject to certain exceptions, pending further Order of the Canadian Court.

Please refer to the Claims Procedure section of this website for additional information regarding the Claims Process.

As noted in Paragraph 36 of the Twelfth Report of the Monitor, the Transaction does not provide for any recoveries to General Unsecured Creditors.

Further details relating to this matter may be accessed by using the menu to the left, or contacting the Monitor using the information below:
Phone: 1-416-649-8127
Toll Free: 1-844-669-6340
Fax: 1-416-649-8101
General Email Inquiries: justenergy@fticonsulting.com
Claims Procedure Inquiries: claims.justenergy@fticonsulting.com

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