INVESTOR PRESENTATION Q1 2017

Transcription

1 INVESTOR PRESENTATION Q1 2017

2 FORWARD-LOOKING STATEMENTS AND NON-IFRS MEASURES This presentation does not constitute a prospectus or an offer, solicitation or recommendation for the subscription, purchase or sale of securities in any jurisdiction and does not and will not form part of any securities subscription, purchase or sale contract. Neither this presentation nor anything contained herein shall form the basis of or may be relied upon in connection with any contract or commitment whatsoever. Securities of the Trust have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless they are registered or exempt from registration under such act. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") including, without limitation, statements relating to non-ifrs financial measures; the confidence of Management and the Board; the Trust's outlook, strategy, and ability to execute its business objectives; future payments owed to the Company; the electricity, natural gas and solar industries; governmental regulatory regimes; acquisitions and strategic partnerships; marketing channels; customers and customer growth; hedging strategies; risk management; market risk; credit risk; off-balance sheet arrangements; related party-transactions; liquidity and capital resources; critical accounting estimates; ICFR; potential transactions; results of operations; financial position or cash flows; expenses and distributions to Unitholders. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All forward-looking statements reflect the Trust's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forwardlooking statements. All of the Trust's forward-looking statements are qualified by (i) the assumptions that are stated or inherent in such forward-looking statements, and (ii) the risks described in the section entitled "Financial Instruments and Risk Management" in the most recent MD&A and in the sections entitled "Risk Factors" and "Forward-Looking Statements" in the annual information form of the Trust for the fiscal year ended December 31, 2016, dated March 16, 2017, which is available on SEDAR under the Trust's issuer profile at and on the Trust's website at Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Although the Trust has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws. NON-IFRS MEASURES Statements throughout this presentation make reference to EBITDA, Adjusted EBITDA, Distributable Cash, Total Distributions, Payout Ratio, Adjusted Working Capital, Total Cash and Availability and Maintenance Capital Expenditures which are non-ifrs financial measures commonly used by financial analysts in evaluating the financial performance of companies, including companies in the energy industry. Accordingly, Management believes these non-ifrs financial measures may be useful metrics for evaluating the Trust's financial performance as they are measures that Management uses internally to assess performance, in addition to IFRS measures. As there is no generally accepted method of calculating these non-ifrs financial measures, these terms as used herein are not necessarily comparable to similarly titled measures of other companies. These non-ifrs financial measures have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, net income (loss), cash flow provided from (used in) operating activities or other data prepared in accordance with IFRS. Additionally, there may be certain items included or excluded from these non-ifrs financial measures that are significant in assessing the Trust's operating results and liquidity. All figures in this presentation are presented in U.S. Dollars and are reflective of information as at the end of the first quarter, March 31, 2017, unless otherwise noted. 2

3 CRIUS: A DIVERSIFIED ENERGY COMPANY OFFERING VALUE-ADDED ENERGY PRODUCTS THAT DISRUPT THE TRADITIONAL UTILITY DISTRIBUTION MODEL: ELECTRICITY AND NATURAL GAS IN DEREGULATED MARKETS SERVING OVER 1 MILLION CUSTOMERS BEST IN CLASS RISK MANAGEMENT SOLAR IN STATES WITH FAVORABLE MARKET DYNAMICS INSTALLED 20,000+ SOLAR SYSTEMS* VERTICALLY INTEGRATED CAPABILITY *Includes installations completed by Verengo Solar Inc. ( Verengo ). Acquisition of Verengo expected to close in 1H

4 INDUSTRY DYNAMICS CREATE OPPORTUNITIES TRADITIONAL UTILITIES: REGULATED PRODUCT OFFERINGS, OFTEN DISLOCATED FROM MARKET CONDITIONS INCENTIVIZED BY INFRASTRUCTURE SPENDING AND GRID RELIABILITY INCREASING PENETRATION OF SOLAR AND ENERGY EFFICIENCY PRODUCTS INCREASING CUSTOMER AWARENESS AND ENGAGEMENT CRIUS ENERGY: BROAD RANGE OF ENERGY PRODUCTS OFFERED (FIXED, VARIABLE, GREEN, BUNDLED, ETC); FLEXIBLE TO CHANGE WITH MARKET CONDITIONS CUSTOMER-CENTRIC BUSINESS MODEL STRATEGY TO ENHANCE CUSTOMER LIFETIME VALUE THROUGH SOLAR AND ENERGY EFFICIENCY PRODUCTS SOLAR PROVIDERS: UNCERTAINTY IN HIGHLY LEVERED, RETAINED VALUE BUSINESS MODEL HIGH COST-TO-ACQUIRE CUSTOMERS HIGH CANCELLATION RATES CRIUS ENERGY: HIGH VALUE, CASH FLOW POSITIVE ORIGINATION AND INSTALLATION MANAGEMENT BUSINESS MODEL 20+ YEAR CUSTOMER RELATIONSHIP TO MONETIZE THROUGH BALANCING POWER, CROSS-SELLING, O&M FEES AND WARRANTIES LOW COST LEAD GENERATION VIA ~100,000 NEW ENERGY CUSTOMERS ADDED EACH QUARTER MILLION CURRENT AND FORMER CUSTOMERS BUNDLED PRODUCT REDUCES CUSTOMER CANCELLATION RATES CONVERGENCE OF RETAIL ENERGY AND SOLAR EXPECTED TO DELIVER POWERFUL SYNERGIES 4

5 CRIUS: AT A GLANCE REVENUE 4 year CAGR of 14% ADJUSTED EBITDA 4 year CAGR of 24% $60.8 M $62.3 M $743.8 M $740.3 M $52.6 M $600.5 M $686.3 M $32.2 M $38.5 M $507.1 M LTM LTM DISTRIBUTABLE CASH PAYOUT RATIO 4 year CAGR of 13% Positive trend $38.9 M $34.7 M $36.8 M 146% $26.8 M $28.6 M 99% 58% 58% 62% LTM LTM ELECTRICITY & NATURAL GAS* 4 year CAGR of 17% 819, , , ,000 1,003,000 SOLAR Installed MW, Cumulative Q Q *Measured in Residential Customer Equivalents or RCEs. An RCE is a unit of measure used by the energy industry to denote the typical annual commodity consumption by a single-family residential customer. A single RCE represents 100 MMBtu of natural gas or 10 MWh of electricity. 5

6 CURRENT SERVICE AREA LARGE ADDRESSABLE MARKET: DEREGULATED ENERGY Active markets Pending markets U.S. AU INTL. 100 Million+ eligible customers 27% penetration 10 Million+ eligible customers <15% penetration 35 Countries with energy choice 44% Deregulation worldwide CRIUS IS ACTIVE IN 19 MARKETS IN THE U.S. AND AUSTRALIA U.S. SOLAR ENERGY 74M owner-occupied homes <1% penetration U.S. Source: U.S. Census Bureau; DNV GL Research; AU Source: Click Energy Intl. Source: World s International Energy Consumption, Energy Central; U.S. Solar Source: U.S. Census Bureau; SEIA.org Australia customers enrolled through a partnership with Click Energy, who is responsible for all energy procurement and operations. Crius is responsible for sales and marketing only. 6

7 DIVERSIFIED GO-TO-MARKET STRATEGY EXCLUSIVE PARTNERSHIPS NETWORK MARKETING 20,000 + INDEPENDENT CONTRACTORS LEADING RESIDENTIAL GREEN ENERGY BRAND PRIVATE LABEL ACCESS TO OVER 18 MILLION PARTNER SUBSCRIBERS WHITE LABEL OFFERINGS MARKETED UNDER TRUSTED BRANDS DIRECT MARKETING TRADITIONAL SALES & MARKETING, ONLINE & DIGITAL, RESIDENTIAL & COMMERCIAL BROKERAGE, MUNICIPAL AGGREGATIONS DIVERSIFIED CHANNEL STRATEGY AND LOW CUSTOMER ACQUISITION COST PROVIDE A COMPETITIVE ADVANTAGE 7

8 CRIUS AS CONSOLIDATOR M&A SINCE IPO, ADDED OVER 325,000 CUSTOMERS THROUGH M&A PLUS RESIDENTIAL SOLAR PLATFORM: DEREGULATED ENERGY April ,000 customers in NY & PA June ,000 customers in 5 NE states April ,000 customers in TX, NJ & PA February ,000 customers in IL, NY, OH &TX SOLAR ENERGY September 2016 proprietary technology platform Expected 1H 2017 proven track record 20,000+ installations POTENTIAL UPSIDE FROM ONGOING M&A ACTIVITY IS ADDITIVE TO ORGANIC GROWTH In addition to the above transactions, Crius also successfully acquired small customer portfolios from PNE in February 2013 and Gulf Energy in June

9 BUSINESS UPDATE 12% CONTINUED DISTRIBUTION INCREASES Recent annualized increase of $ per Unit; total annualized distribution of $ per Unit Distributions on Units for April - June 2017 paid at $ per Unit Represents a 2% increase LTM payout ratio remains below 70% Further increases expected in 2017 EXTENDED AND EXPANDED RELATIONSHIP Five-year extension of existing agreement to sell electricity and natural gas through Comcast Energy Rewards brand Five-year strategic agreement to jointly offer electricity, natural gas and solar products through an Integrated Energy Platform to service providers across the U.S. Rise Broadband on-boarded as first IEP service provider selling to their customer base of several hundred thousand customers Crius directly owning and servicing all existing and future customer relationships EXPANDED RESIDENTIAL SOLAR CAPABILITIES Acquisition of Verengo and SunEdison assets expand Crius solar capabilities to include sales, installation and financing Solar sales expected to increase with new technology platform for 3rd party lead generation and sales. Additional installation and financing capabilities expected to drive a higher margin contribution from each solar system sold Purchase price of US $1.5 million (SunEdison) and $11.9 million (Verengo) represent a significant discount on premium assets 9

10 CRIUS-COMCAST INTEGRATED ENERGY PLATFORM

11 INTEGRATED ENERGY COMBINES ENERGY SAVING DEVICES, ENERGY MANAGEMENT, ELECTRICITY, NATURAL GAS, SOLAR AND PREDICTIVE BILLING DELIVERING COMPETITIVE WHOLE-HOME ENERGY SERVICE RELATIONSHIPS ROOFTOP SOLAR ENERGY MANAGEMENT ENERGY RETAIL DEMAND RESPONSE CONNECTED ENERGY SAVING DEVICES PREDICTIVE BILLING 11

12 CRIUS-COMCAST INTEGRATED ENERGY PLATFORM PARTNERSHIP ACCELERATES CUSTOMER GROWTH INITIAL 2015 PARTNERSHIP: Delivered long-term value to customers with energy services through a private label energy brand Energy Rewards EXPANDED STRATEGIC RELATIONSHIP: 5-year strategic agreement to jointly offer an Integrated Energy Platform (IEP) through Comcast and to service providers across the U.S Formally launching in the latter half of 2017 Leverages existing assets from both Crius and Comcast including technology and resources extending Xfinity Home into energy Delivers service provider customers with a holistic home energy solution that combines, smart devices, energy management, electricity, natural gas and solar WHOELSALE PARTNER MODEL: Open platform allows new service provider partners to market and sell under the Energy Rewards IEP, providing scale to program Rise Broadband on-boarded as first IEP service provider selling to their customer base of several hundred thousand customers 12

13 CRIUS SOLAR

14 SOLAR ENERGY: A STRONG VALUE PROPOSITION COST OF SOLAR & RETAIL ELECTRICITY ( ) c/kwh EXPECTED COST OF SOLAR & RETAIL ELECTRICITY ( ) c/kwh ITC STEP DOWN Present Day Solar U.S. Retail Electricity Solar U.S. Retail Electricity Note: All data represents U.S. national averages. Source: U.S. Energy Information Administration for retail electricity cost forecast: Bloomberg New Energy Finance. GTM Research. U.S. Census Bureau data, and management expectations for solar cost forecast. 14

15 SOLAR ENERGY: A GROWING MARKET Estimated households for which solar would be cheaper than retail 88 Million Estimated households for which solar would be cheaper than retail 35 Million Cumulative residential solar installs 0.9 Million Cumulative residential solar installs 4.3 Million E Source: GTM Research, US Census Bureau and management estimates. Includes US Only. 15

16 OUR SOLAR HISTORY Partners with SolarCity -- the nation s #1 solar provider -- to offer its residential solar energy products 2015 Launched co-branded solar offering with Sungevity to improve value and enhance customer experience U.S. Investment Tax Credit (ITC) Extended Acquired residential solar energy assets from SunEdison; established strategic partnerships with solar financiers Announced planned acquisition of solar energy installation capabilities from Verengo Solar Launched Crius Solar, our flagship solar energy brand 60 MW+ SOLD QUICKLY RAMPED TO TOP VOLUME PRODUCING SOLAR RESELLER; WORKED TO ENHANCE RETURNS ACROSS VALUE CHAIN 16

17 SALES STRATEGY UTILIZE FIRST- AND THIRD-PARTY MODEL TO OPTIMIZE VOLUME AND COST-TO-ACQUIRE SELLING PARTNERS RETAIL ENERGY active & inactive DIRECT MARKETING PARTNERS 17

18 FINANCE STRATEGY BEST-IN-CLASS FINANCING PARTNERS* *List of financing partners represents current and potential future partners for Crius Solar 18

19 INSTALLATION STRATEGY UTILIZE FIRST- AND THIRD-PARTY MODEL TO OPTIMIZE COSTS AND CUSTOMER EXPERIENCE FIRST PARTY INSTALLS: THIRD PARTY INSTALLS: Design best customer experience Service high-value customers Scale up and down quickly as needed *Subject to Verengo acquisition closing. 19

20 CRIUS SOLAR MARKETS FULL-SERVICE MARKETS REPRESENT 74% OF EXISTING RESIDENTIAL RETAIL ENERGY BASE Active markets Expected new markets active within one year 20

21 LEAD STRATEGY LEVERAGE RETAIL ENERGY PLATFORM Connecticut Online Rate Board: CRIUS BRAND LOWER RATE OFFERED SUBJECT TO SOLAR CONSULTATION Launched December 2016 Market-low, 4-month rate with a required solar consultation Exceptional savings starts solar conversation Customers that don t choose solar renew on retail energy product 21

22 PRODUCT STRATEGY REDUCING CUSTOMER CANCELLATION RATES DELIVERING SOLAR SAVINGS IMMEDIATELY THROUGH RETAIL ENERGY Launched December 2016 Day One solar rate Minimize breakage 22

23 PRODUCT STRATEGY DIFFERENTIATION THROUGH INNOVATION Launched January 2017 Whole home solution Drives greater savings for customer Leverages energy expertise Demand Response-ready 23

24 LEVERAGE EXISTING RESOURCES AND EXPERTISE WIFI THERMOSTATS Bundles and separate purchases Enable efficiency and demand response Create increased customer stickiness SMART METERS Full Texas deployment Access to granular customer usage data MONTHLY ENERGY SCORECARDS Predictive analytics with detailed weather data DEMAND RESPONSE LEADER 3+ Years Experience 3,300 Active Smart Thermostats in Texas 60,000 Voluntary Participants Significant energy-saving tool 24

25 FINANCIALS

26 FINANCIAL METRICS Q Q FY 2016 FY 2015 FY 2014 Revenue ($M) $177.4 $180.8 $743.8 $686.3 $600.5 Gross Margin ($M) $37.1 $40.2 $158.5 $163.7 $128.9 Gross Margin (% of revenue) 20.9% 22.2% 21.3% 23.9% 21.5% Selling Expenses ($M) $4.9 $7.2 $28.8 $38.9 $35.3 G&A Expenses ($M)* $17.7 $20.0 $68.9 $72.2 $55.1 Adjusted EBITDA ($M) (see pg. 32) $14.5 $13.0 $60.8 $52.6 $38.5 Distributable Cash ($M) (see pg. 33) $7.7 $9.8 $38.9 $34.7 $28.6 Payout Ratio (%) 75% 58% 58% 58% 99% Cash and Cash Equivalents ($M) $9.1 $9.5 $10.9 $11.2 $14.3 Total Cash and Availability ($M) $37.5 $22.8 $49.9 $42.9 $46.3 Adjusted Working Capital ($M)** $(11.5) $(22.7) $(13.4) $(9.1) $7.9 Embedded Margin ($M)*** $304.2 $288.8 $299.7 $278.3 $247.5 ADJUSTED EBITDA & DISTRIBUTABLE CASH *General & Administrative expense has been adjusted to exclude a legal reserve charge of $6.5 million related to pending litigation and regulatory matters, and associated legal fees incurred in the first quarter of 2017 of $2.5 million, and a loss on sale of the Viridian assets and associated expenses of $7.3 M for FY2016. **Adjusted Working Capital is defined as current assets less current liabilities excluding unrealized gains and losses on derivatives. ***Embedded margin represents a five year non-discounted measure of managements estimate of future electricity and natural gas margins based on forecasted volumes and unit margins for existing customers with appropriate assumptions for customer attrition and renewals. Embedded margin is not intended to take into account expenses such as selling, general and administrative or financing costs necessary to realize the gross margins. It is only calculated for existing customers and does not factor future customer additions. Embedded margin is a non-ifrs measure. 26

27 GROSS MARGIN TRENDS Gross Margin ($M) $159.3 $154.1 $ Gross Margin ($/RCE, per year) $219 $223 $ Gross Margins flattened in 2016 reflecting margin pressures offset by volumetric growth of the portfolio Going forward, expect volumetric growth to offset lower unit margins Historically achieved average annual Gross Margin per RCE within $175-$225 range Unit margins trending lower as a result of: Skew to longer-term, lower margin, commercial customers Margin pressure due to low wholesale price environment Growth in commercial customers expected to continue to drive annual gross margin per RCE towards $150 over next two years Positive trends in lower average attrition, lower costs to serve and lower costs to acquire provide an offsetting impact to lower gross margins per RCE MARGIN PRESSURES OFFSET BY VOLUMETRIC GROWTH, HIGHER CUSTOMER LIFETIME VALUE, SCALE BENEFITS & LOWER COSTS 27

28 LOWER COSTS COST TO SERVE (Fixed G&A per RCE, deregulated energy) $90 $85 $80 $72 $70 $60 $56 $56 $49 $50 $40 $30 $20 $10 $ LTM COST TO ACQUIRE (Upfront selling expense per RCE, deregulated energy) $50 $47 $45 $40 $37 $34 $35 $30 $25 $21 $20 $15 $15 $10 $5 $ LTM Achieved reduction in fixed costs of $36/RCE from Driven by: Operating leverage improved as fixed costs are spread over an almost 40% larger customer base Restructuring of Viridian sales channel achieved ~$11M annual savings in fixed G&A Various workforce rationalizations focused on making operations more efficient Cost to acquire reduced by $19/RCE from 2015, reflecting channel mix for new sales Combined reduction of $55/RCE since 2015 and expect scale benefits to drive further reductions over the next two years SCALE BENEFITS, FOCUS ON COST CONTROL AND CHANNEL MIX OFFSET MARGIN PRESSURE 28

29 BALANCED RISK PORTFOLIO Strong and diversified electricity and natural gas customer base Other income streams including solar and fee revenue provide further diversification CONTRACT TYPE 20% Strength CUSTOMER SEGMENT 65% REVENUE EXPOSURE 24% Diversification COMMODITY / GEOGRAPHY 6% 1% 7% 16% 20% 80% 35% 76% 50% Variable Residential Credit Check Mid-Atlantic Electric New York - Electric Fixed Commercial Utility-Guaranteed New England - Electric Midwest - Electric Texas - Electric Natural Gas Mid-Atlantic (PJM) represents all or parts of DE, IL, IN, KY, MD, MI, NC, NJ, OH, PA, TN, VA, WV and DC. New York (NY-ISO) represents NY exclusively. New England (ISO-NE) represents all or parts of CT, MA, ME, NH, RI and VT. Midwest (MISO) represents all or parts of AK, IA, IL, IN, KY, LA, MI, MN, MO, MS, MT, ND, SD, WI, and Manitoba, Canada. Texas (ERCOT) represents TX exclusively. 29

30 WHY OWN CRIUS? HIGH GROWTH Demonstrated track record of organic and acquisitive growth Significant upside potential from Comcast partnership and solar Diversified channel strategy and synergy from integrated retail energy and solar businesses provide competitive advantages Large and growing addressable markets SUFFICIENT CAPITAL TO GROW Low customer acquisition cost $37.5 million of cash availability Low long-term debt level Unit Price at Units Outstanding Market Capitalization Annual Distribution Yield KWH.UN Toronto Stock Exchange Management/Board Ownership C$ M C$447M C$0.79 / unit 7.1% ~ 7% STABLE AND GROWING DISTRIBUTION Distribution increased 12% since the beginning of 2016 Board and management committed to increasing distributions 2% per quarter through 2017 Sustainable payout ratio of 62% for the last twelve months Total return over 40% since January 1, 2016 Management/Board Exposure reflects interests held by Management and the Trust Board, including approximately 2 million phantom unit rights (PURs) that are subject to performance targets. 30

31 APPENDIX

32 ADJUSTED EBITDA Q Net (loss) income and total comprehensive (loss) income $(26.2) $44.4 Excluding the impacts of: Finance costs $2.3 $10.3 Provision for (benefit from) income taxes $0.2 $1.8 Depreciation and amortization $17.7 $39.5 EBITDA $(6.0) $96.0 Excluding the impacts of: Unit-based compensation $2.6 $4.9 Distributions to non-controlling interest - $5.7 Change in fair value of derivative instruments $8.3 $(46.1) Change in fair value of warrants $0.6 $(0.3) Change in fair value of non-controlling interest - $(6.7) Loss on sale of Viridian assets and related charges - $7.3 Legal reserve and associated legal fees $9.0 - Adjusted EBITDA $14.5 $

33 DISTRIBUTABLE CASH AND PAYOUT RATIO Q Cash flows from operating activities $(8.2) $41.0 Changes in operating assets and liabilities $(14.2) $(20.6) Cash flows from operating activities excluding changes in operating assets and liabilities $6.0 $61.6 Finance costs included in financing activities $(2.3) $(10.5) Maintenance capital expenditures (1) $(0.9) $(10.7) Unit-based compensation payments $(4.1) $(1.5) Legal reserve and associated legal fees $9.0 - Distributable Cash $7.7 $38.9 Total Distributions $5.8 $22.6 Payout Ratio 75.3% 58.1% Maintenance capital expenditures consisted of cash flows used in investing activities from the Consolidated Statement of Cash Flows, adjusted to exclude cash flows used in investing activities relating to acquisitions. 33

34 THE RIGHT TEAM TO DELIVER Michael Fallquist Chief Executive Officer & Director Successful executive and entrepreneur who founded Viridian Energy in 2009 and led the IPO for Crius Energy (parent of Viridian Energy) on the Toronto Stock Exchange in 2012 Formerly served as Chief Operating Officer of Commerce Energy and in various roles at Macquarie Group in the U.S. and Australia Winner of 2012 Ernst & Young Entrepreneur of the Year Award (NY region Cleantech category) Graduate of Colgate University (BA, Economics) and Cornell University (MBA) Roop Bhullar Chief Financial Officer Over 11 years of financial leadership in the retail energy industry, both in the U.S. and internationally Track record of success raising equity and debt capital Formerly with Just Energy, Universal Energy, Commerce Energy, King Country Energy Graduate of University of Waikato (BMS/LLB Hons) and UCLA (MBA) Chaitu Parikh Chief Operating Officer Over 17 years of operational growth in the retail energy industry Leader in business strategy and multi-location operations Successful track record in leading mergers & acquisitions Former President and CEO of MXEnergy Christian McArthur Executive Vice President, Energy Supply and Solar Leader in energy trading, risk management, customer analytics and forecasting with over 14 years of expertise in retail energy Formerly led retail supply procurement at Just Energy, oversaw expansion growth from Canadian market to current international footprint Led 2 strategic solar acquisitions and launched Crius Solar, a vertically integrated solar and retail energy company Graduate of Queens University (BASc Engineering Physics) and University of Waterloo (MASc Electrical Engineering) 34

35 CRIUS BOARD OF DIRECTORS David Kerr Chairman, Independent Director CEO, Thorium Power Canada Inc. Founder, Algonquin Power Income Fund James Ajello Independent Director Chairman of U.S. Department of Energy s Environmental Management Advisory Board Executive VP, CFO, Treasurer & Chief Risk Officer of Hawaiian Electric Industries, Inc. Former Senior VP of Business Development and Senior VP & GM of Commercial and Industrial Marketing President of ReliantEnergy Solutions, LLC Brian Burden Independent Director Former CFO, TransAlta Corp. Former CFO, Molson Coors Robert Huggard Independent Director President of Lindaura Consulting Former President, Direct Energy Canada Former President, Direct Energy Home and Business Services Daniel Sullivan Independent Director Michael Fallquist Director & CEO Director, Ontario Teachers Pension Plan Director, Allied Properties Real Estate Investment Trust Former Consul General for Canada in New York Founded Crius Energy, Viridian Energy and forged initial strategic partnerships Commerce Energy, Macquarie Group 10 years in the retail energy industry 35

36 CONTACT INFORMATION Michael Fallquist Roop Bhullar Kelly Castledine Chief Executive Officer Chief Financial Officer Investor Relations