Ms. Rebecca MacDonald reports

JUST ENERGY GROUP INC. NORMAL COURSE ISSUER BID-COMMON SHARES

The Toronto Stock Exchange has accepted a notice filed by Just Energy Group Inc. of its intention to make a normal course issuer bid to purchase its common shares.

The notice provides that Just Energy may, during the 12-month period commencing Feb. 14, 2013, and ending Feb. 13, 2014, purchase on the Toronto Stock Exchange as well as alternative trading systems up to 10 million shares in total, being 7.4 per cent of the public float of shares. The aggregate number of shares that Just Energy may purchase during any trading day will not exceed 107,182 shares, being approximately 25 per cent of the average daily trading volume of the shares based on the trading volume on the TSX for the most recently completed six calendar months preceding the date of the notice of intention (that is, 428,730 shares), subject to Just Energy's ability to make block purchases through the facilities of the TSX in accordance with the TSX rules. Any shares purchased pursuant to this normal course issuer bid will be cancelled by Just Energy. The price that Just Energy will pay for any shares will be the market price at the time of acquisition. The actual number of shares, which may be purchased, and the timing of any such purchases will be determined by Just Energy. At Feb. 4, 2013, there were 141,283,767 shares of Just Energy outstanding.

Just Energy purchased 84,100 shares ($11.33 average share price) pursuant to its previous NCIB, which terminated on Dec. 15, 2012.

Just Energy's management believes that the shares have been trading in a price range, which does not adequately reflect their value in relation to Just Energy's business and its future business prospects. Depending upon future price movements and other factors, Just Energy believes that Just Energy's outstanding shares represent an attractive investment and a desirable use of a portion of its available funds.

Executive chair Rebecca MacDonald stated: "It is management's view that the volatile trading following the announcement of our dividend reduction from $1.24 annually per share (10.333 cents per month) to 84 cents annually per share (seven cents per month) may create an opportunity to acquire shares at a price, which we believe to be significantly less than fair value. A normal course issuer bid allows us to do so on an efficient basis."

"Based on future growth and a future annual 84-cent dividend commencing with the monthly payment on April 30, 2013, we believe that our share price is and may remain undervalued. We believe Just Energy will be able to continue to show growth during the foreseeable future and continue to believe our growth will meet or exceed our corporate objectives," stated chief executive officer Ken Hartwick. "Because of the financial performance of the business and the reduced dividend, we will generate sufficient funds both to support future growth, to repay our debt as it matures improving our balance sheet and utilize remaining funds to institute a share buyback program."

We seek Safe Harbor.