INVESTOR PRESENTATION Q4 AND YEAR END 2016

Transcription

1 INVESTOR PRESENTATION Q4 AND YEAR END 2016

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 ) that involve substantial known and unknown risks and uncertainties, most of which are beyond the control of Crius Energy Trust (the Trust ), including, without limitation, statements pertaining to customer revenues and margins, customer additions and renewals, customer consumption levels, distributable cash, revenue, payout ratio, cash availability, embedded margin, adjusted EBITDA, gross margin, selling expenses, general and administrative expenses, public float, current yield, annualized distribution, sufficiency of capital, stability of distributions, market penetration, cost-effective growth strategies, growth forecasts, risk management, accretiveness of post-ipo transactions, and treatment under governmental regulatory regimes and expected opening of energy markets. A statement may be considered a forward-looking statement when it uses what the Trust knows or expects today to make a statement about the future. Forward-looking statements may be identified by words such as anticipate, assume, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target, will or other similar expressions. Statements that are not historical facts may be considered forward-looking statements and may involve estimates, assumptions and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. While these statements are based on current expectations, forward-looking statements inherently involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, impact of weather, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition, growth of the U.S. energy industry, dependence on certain suppliers, financial performance, and other business and economic conditions. Additional information on these factors and other factors that could affect the Trust's operations, financial results or distribution levels are described in the annual information form of the Trust for the fiscal year ended December 31, 2016, dated March 16, 2017, which can be accessed on SEDAR under the Trust s issuer profile at No assurance can be given that the expectations set forth in this presentation will ultimately prove to be accurate and, accordingly, such forward-looking statements should not be unduly relied upon. It is not possible for Management to predict new factors that may emerge from time to time, or to assess in advance the impact of each such factor on the Trust s business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in forward-looking statements. These forward-looking statements are given only as of the date of this presentation and the Trust does not assume any obligation to update or revise any forward-looking statement to reflect new events or circumstances, except as may be expressly required by applicable securities laws. NON-IFRS MEASURES Statements throughout this presentation may make reference to EBITDA, Adjusted EBITDA, Distributable Cash and payout ratio, 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 EBITDA, Adjusted EBITDA, Distributable Cash and payout ratio 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 EBITDA, Adjusted EBITDA, Distributable Cash and payout ratio, these terms as used herein are not necessarily comparable to similarly titled measures of other companies. EBITDA, Adjusted EBITDA, Distributable Cash and payout ratio have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, net (loss) income or other data prepared in accordance with IFRS. EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA adjusted to exclude any change in the fair value of derivative instruments, change in fair value of non-controlling interest, change in fair value of warrant liability, unit-based compensation, goodwill impairment and distributions to non-controlling interest. The items excluded from EBITDA and Adjusted EBITDA are significant in assessing the Trust's operating results and liquidity. See the section entitled "Reconciliation of Net (Loss) and Comprehensive (Loss) to EBITDA and Adjusted EBITDA" in the management's discussion and analysis of the Trust to which such financial information relates for a reconciliation of EBITDA and Adjusted EBITDA to net loss and comprehensive loss as calculated under IFRS for the relevant periods, the most directly comparable measure in the Trust's consolidated financial statements. See the section entitled "Distributable Cash and Payout Ratio" in the management's discussion and analysis of the Trust to which such financial information relates for a reconciliation of Distributable Cash to cash flows provided by (used in) operating activities as calculated under IFRS, the most directly comparable measure in the Trust's consolidated financial statements. Other financial data has been prepared in accordance with IFRS. All figures in this presentation are presented in U.S. Dollars and are reflective of information as at the end of the fourth quarter, December 31, 2016, 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 ~ 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% $743.8 M ADJUSTED EBITDA 4 year CAGR of 24% $52.6 M $60.8 M $600.5 M $686.3 M $32.2 M $38.5 M $507.1 M DISTRIBUTABLE CASH PAYOUT RATIO 4 year CAGR of 13% Positive trend $38.9 M 146% $34.7 M $26.8 M $28.6 M 99% 58% 58% ELECTRICITY & NATURAL GAS* 4 year CAGR of 17% 819, ,000 SOLAR Installed MW, Cumulative , , *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 21 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 22,000 + INDEPENDENT CONTRACTORS LEADING RESIDENTIAL GREEN ENERGY BRAND PRIVATE LABEL ACCESS TO 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 SINCE IPO, ADDED OVER 325,000 CUSTOMERS PLUS RESIDENTIAL SOLAR PLATFORM: DEREGULATED ENERGY April ,000 customers in NY & PA June ,000 customers 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 10% FIFTH DISTRIBUTION INCREASE SINCE JAN 2016 Recent annualized increase of $ per Unit; total annualized distribution of $0.773 per Unit Distributions on Units for January - March 2017 paid at $ per Unit Represents a 2% increase 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. On-boarding Rise Broadband 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 SOLAR

11 STRONG SOLAR ENERGY CUSTOMER VALUE PROPOSITION SOLAR ENERGY DELIVERS: Immediate Savings Particularly with $0 down options Long-Term Savings 20-year hedge on electricity rates 30+ year system life means free energy for a decade+ Environmental Benefits Contribute to carbon emissions reduction Tax Benefits Federal ITC: 30% tax credit State rebates and incentives Property Appreciation Solar homes sell for $15,000 more* *U.S. Department of Energy's Lawrence Berkeley National Laboratory Report 11

12 SOLAR VALUE CHAIN LEAD SALE APPROVAL INSTALL OPERATE SYSTEM FORMER PARTNERSHIP MODEL CRIUS CAPABILITY PARTNER TECHNOLOGY PLATFORM & FINANCING PRODUCTS POST-ACQUISITIONS SUNEDISON-ACQUIRED CAPABILITY VERENGO INSTALLATION CAPABILITY *Subject to Verengo acquisition closing. 12

13 LEAD STRATEGY: LEVERAGE RETAIL ENERGY PLATFORM LEAD Launched December 2016 Market-low, 4-month rate with a required solar consultation Exceptional savings starts solar conversation Customers that don t proceed with solar renew on retail product 13

14 SALES STRATEGY: OPTIMIZE FUNNEL, INCREASE VALUE SALE MAINTAIN INDUSTRY-LOW SELLING COSTS RETAIL ENERGY active & inactive DIRECT MARKETING PARTNERS POTENTIAL SELLING PARTNERS 14

15 PRODUCT STRATEGY: REDUCING CUSTOMER CANCELLATION RATES SALE DELIVERING SOLAR SAVINGS IMMEDIATELY THROUGH RETAIL ENERGY Launched December 2016 Day One solar rate Minimize breakage 15

16 PRODUCT STRATEGY: DIFFERENTIATION THROUGH INNOVATION SALE Launched January 2017 Whole home solution Drives greater savings for customer Leverages energy expertise Demand Response-ready 16

17 LEVERAGE EXISTING RESOURCES AND EXPERTISE SALE 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 17

18 FINANCE STRATEGY: BETTER VALUE THROUGH BROKERING APPROVAL MAINTAIN BEST CUSTOMER VALUE AT LOWEST ECONOMIC RISK TO CRIUS 18

19 INSTALLATION STRATEGY INSTALL DRIVE INDUSTRY-LEADING CUSTOMER EXPERIENCE AND POSITIVE CASH FLOW 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* *Expected new markets active within one year. 20

21 FINANCIALS

22 FINANCIAL METRICS Q Q FY 2016 FY 2015 FY 2014 Revenue ($M) $171.4 $147.5 $743.8 $686.3 $600.5 Gross Margin ($M) $37.5 $35.5 $158.5 $163.7 $128.9 Gross Margin (% of revenue) 21.9% 24.0% 21.3% 23.9% 21.5% Selling Expenses ($M) $6.6 $9.8 $28.8 $38.9 $35.3 G&A Expenses ($M) $17.3 $17.3 $76.2 $72.2 $55.1 Adjusted EBITDA ($M) $13.6 $8.4 $60.8 $52.6 $38.5 Distributable Cash ($M) $9.2 $9.0 $38.9 $34.7 $28.6 Payout Ratio (%) 62% 66% 58% 58% 99% Cash and Cash Equivalents ($M) $10.9 $11.2 $10.9 $11.2 $14.3 Total Cash and Availability ($M) $49.9 $42.9 $49.9 $42.9 $46.3 Adjusted Working Capital ($M)* $(13.4) $(9.1) $(13.4) $(9.1) $7.9 Embedded Margin ($M)** $299.7 $278.3 $299.7 $278.3 $247.5 ADJUSTED EBITDA & DISTRIBUTABLE CASH *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. 22

23 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 23

24 LOWER COSTS $90 $80 $70 $60 $50 $40 $30 $20 $10 $- COST TO SERVE (Fixed G&A per RCE, deregulated energy) $56 $72 $85 $56 $ Q annualized COST TO ACQUIRE (Upfront selling expense per RCE, deregulated energy) $50 $47 $45 $40 $37 $34 $35 $30 $25 $21 $20 $15 $10 $5 $ Achieved reduction in fixed costs of $29/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 $13/RCE from 2015, reflecting channel mix for new sales Combined reduction of $42/RCE from 2014 to 2016 and expect scale benefits to drive further reductions of ~$10 to $25/RCE over the next two years SCALE BENEFITS, FOCUS ON COST CONTROL AND CHANNEL MIX OFFSET MARGIN PRESSURE 24

25 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 63% REVENUE EXPOSURE 23% Diversification COMMODITY / GEOGRAPHY 6% 1% 7% 14% 18% 80% 37% 77% 53% 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. 25

26 WHY OWN CRIUS? HIGH GROWTH Demonstrated track record of organic and acquisitive growth Significant upside 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 $49.9 million of cash availability No long-term debt KWH.UN Toronto Stock Exchange Unit Price at Units Outstanding Market Capitalization Annual Distribution Yield Management/Board Ownership C$ M C$399M C$0.77 / unit 7.8% ~ 7% STABLE AND GROWING DISTRIBUTION Distribution increased 10% since the beginning of 2016 Board and management committed to increasing distributions 2% per quarter through 2017 Sustainable payout ratio of 58% in 2016 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. 26

27 APPENDIX

28 ADJUSTED EBITDA Q Net (loss) income and total comprehensive (loss) income $20.6 $44.4 Excluding the impacts of: Finance costs $1.9 $10.3 Provision for (benefit from) income taxes $2.4 $1.8 Depreciation and amortization $9.4 $39.5 EBITDA $34.3 $96.0 Excluding the impacts of: Unit-based compensation $0.7 $4.9 Distributions to non-controlling interest - $5.7 Change in fair value of derivative instruments $(21.3) $(46.1) Change in fair value of warrants $(0.1) $(0.3) Change in fair value of non-controlling interest - $(6.7) Loss on sale of Viridian assets and related charges - $7.3 Adjusted EBITDA $13.6 $

29 DISTRIBUTABLE CASH AND PAYOUT RATIO Q Cash flows from operating activities $15.2 $41.0 Changes in operating assets and liabilities $2.2 $(20.6) Cash flows from operating activities excluding changes in operating assets and liabilities $13.0 $61.6 Finance costs included in financing activities $(2.3) $(10.5) Maintenance capital expenditures (1) $(1.2) $(10.7) Unit-based compensation payments $(0.3) $(1.5) Distributable Cash $9.2 $38.9 Total Distributions $5.7 $22.6 Payout Ratio 62.0% 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. 29

30 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) 30

31 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 31

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