MANAGEMENT'S DISCUSSION AND ANALYSIS CRIUS ENERGY TRUST

MANAGEMENT'S DISCUSSION AND ANALYSIS CRIUS ENERGY TRUST

MANAGEMENT'S DISCUSSION AND ANALYSIS CRIUS ENERGY TRUST

- 1 - MANAGEMENT'S DISCUSSION AND ANALYSIS CRIUS ENERGY TRUST May 15, 2018 This management's discussion and analysis ("MD&A") of Crius Energy Trust (the "Trust") dated May 15, 2018 has been prepared with all information available up to and including May 15, 2018. This MD&A should be read in conjunction with the Trust's unaudited interim condensed consolidated financial statements and accompanying notes as at and for the three months ended March 31, 2018, and the Trust's audited consolidated financial statements and accompanying notes and MD&A for the yearendedDecember 31,2017.TheTrust'sfinancialstatementsandotherdisclosuredocuments,includingt heannualinformation form of the Trust for the fiscal year ended December 31, 2017, dated March 8, 2018, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") under the Trust's issuer profile at www.sedar.com and on the Trust's website at www.criusenergytrust.ca.

The Units (as defined herein) are listed for trading on the Toronto Stock Exchange ("TSX") under the symbol "KWH.UN".

TheTrustpreparesitsconsolidatedfinancialstatementsinaccordancewithInternati onalFinancialReportingStandards("IFRS"), as issued by the International Accounting Standards Board. The consolidated financial statements of the Trust are presented in United States dollars, which is the functional currency of the Trust. All figures within this MD&Aare presented in United States dollars unless otherwise indicated. Certain totals, subtotals and percentages may not reconcile due to rounding. Certain information contained in this MD&A constitutes non-IFRS financial measures and/or forward-looking statements (as defined herein).

Investors are cautioned to read the sections entitled "Non-IFRS Financial Measures" and "Forward-Looking Statements" at the end of this MD&A. Certain key terms and abbreviations used in this MD&Aare defined in the section entitled "Key Terms and Abbreviations" below.

Overview of the Trust The Trust is an unincorporated, open-ended limited purpose trust established under the laws of the Province of Ontario on September 7, 2012, for the purpose of providing investors with a distribution-producing investment in the operating business of Crius Energy (as defined herein). The Trust has held, since the completion of the Remaining LLC Acquisition (as defined herein) in June 2016, a 100% interest in the operating business of Crius Energy, a comprehensive energy solutions partner that provides electricity, natural gas and solar products to approximately 1.4 million residential and commercial customers as at March 31, 2018.

- 2 - Overview of the Business Crius Energy is a comprehensive energy solutions partner that provides innovative electricity, natural gas and solar products to residential and commercial customers through exclusive partnerships, direct-to-consumer, and broker marketing channels. Our unique brands offer consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility. The Company's growth is achieved organically with customers acquired through our diversified marketing channels and through accretive acquisitions.

The Company currently sells energy products in 19 states and the District of Columbia in the United States with plans to continue expanding its geographic reach.

The Company's revenues are earned primarily from electricity and natural gas sales, and are recognized based on customer consumption. Seasonal variability of customer usage of electricity and natural gas may cause the Company's revenues and gross margins to fluctuate. In general, electricity consumption is highest during the summer months of July and August due to cooling demand and, to a lesser extent, during the winter months of January and February due to heating demand. Heating demand also influences natural gas consumption, which is typically highest between the months of November and March.

The Company's revenues may also fluctuate based on retail rates charged to customers, customer growth and customer attrition. The Company also receives various other customer fees that are not tied to customer consumption.

In addition, the Company receives revenues from originating and installing solar systems, primarily based on the generating capacity of the solar systems it sells. Solar revenues are recognized upon certain milestones related to the installation of the solar systems. The Company procures its electricity, natural gas and hedging requirements in various wholesale energy markets, including physical and financial markets, using both short-term and long-term contracts. For electricity and natural gas, the Company procures its wholesale energy requirements at various utility load zones for electricity and city gates for natural gas, based on the energy usage and geographic location of our customers.

The Company manages its exposure to short-term and long-term movements in wholesale energy prices by hedging using derivative instruments. These derivative instruments are principally physical forward contracts and financial fixed-for-floating swaps, whereby the Company agrees to take physical delivery or cash settle the difference between the floating price and the fixed price on a notional quantity of electricity or natural gas for a specified timeframe, at a specified location. The Company remains subject to commodity risk for any volumetric differences between the actual quantities used by its customers and the forecasted quantities upon which such hedging instruments are based.

The Company's gross margin is primarily derived from the difference between the revenues received from its electricity and natural gas customers and the cost of sales paid to its energy and non-energy suppliers, together with its gross margin from the origination and installation of solar products. The Company also incurs selling expenses through a mixture of upfront and residual-based payments. Such selling costs are either recognized as expenses in the period incurred, pursuant to the applicable contractual arrangements in place, or recognized over the term of the customer to which they relate.

In addition, the Company incurs general, administrative, financing and other expenses to operate its business.

Key Terms and Abbreviations "Adjusted EBITDA" means EBITDA adjusted to exclude certain non-operating and non-cash items. See the section entitled "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA" in this MD&A for a reconciliation of EBITDA and AdjustedEBITDAtonetincome(loss)ascalculatedunderIFRS,themostdirectlycompara blemeasureintheTrust'sconsolidated financial statements. Adjusted EBITDA is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"Adjusted Working Capital" means current assets less current liabilities, excluding unrealized gains and losses on derivatives.

See section entitled "Adjusted Working Capital" in this MD&A for a reconciliation of Adjusted Working Capital to the Trust's consolidated balance sheet as prepared under IFRS. Adjusted Working Capital is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A. "Administrator" means Crius Energy Administrator Inc., or such other party as may be appointed as administrator of the Trust from time to time.

"Board" means the board of directors of Crius Energy Administrator Inc., the administrator for and on behalf of the Trust.

- 3 - "Customer" refers to an RCE (see definition of RCE below). "Cooling Degree Days" means the number of degrees that a day's average temperature is above 65 degrees Fahrenheit (18 degrees Celsius), which is the temperature above which buildings need to be cooled. "Deferred Trust Units" or "DTUs" means the deferred trust units of the Trust issued pursuant to the DTUP (see definition of DTUP below). "Deferred Trust Unit Plan" or "DTUP" means the deferred trust unit plan of the Trust adopted by the Trust on January 6, 2016 as amended, supplemented or restated from time to time.

"Distributable Cash" means the amount of cash flow available to the Trust to meet its distribution obligations. See the section entitled "Distributable Cash and Distributions" in this MD&A 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. Distributable Cash is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"EBITDA" means earnings before interest, taxes, depreciation and amortization.

EBITDA is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A. "Embedded Margin" represents a five-year non-discounted measure of Management's estimate of future electricity and natural gasgrossmarginsbasedonforecastedvolumesandunitmarginsforexistingcustomerswi thappropriateassumptionsforcustomer 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. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"Heating Degree Days" means the number of degrees that a day's average temperature is below 65 degrees Fahrenheit (18 degrees Celsius), which is the temperature below which buildings need to be heated. "kWh" means kilowatt hour and is a measurement of volume of electricity. "LLC Units" means the membership units of Crius Energy, LLC. "Maintenance Capital Expenditures" consist of capital expenditures included within cash flows used in investing activities fromtheConsolidatedStatementofCashFlows,adjustedtoexcludecashflowsusedininv estingactivitiesrelatingtoacquisitions. Maintenance Capital Expenditures is a non-IFRS financial measure.

Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"Macquarie Energy" means Macquarie Energy LLC. "MMBtu" means one million British Thermal Units and is a measurement of volume of natural gas. "MWh" means Megawatt hour and is a measurement of volume of electricity. "MW" means Megawatt and is a measurement of capacity of electricity. "Payout Ratio" means the proportion of Distributable Cash paid out as distributions to Unitholders over a defined period, expressed as a percentage. See the section entitled "Distributable Cash and Distributions" in this MD&A for the calculation of Payout Ratio. Payout Ratio is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"Phantom Unit Rights" or "PURs" means cash-settled phantom unit rights granted under the PURP (see definition of PURP below). "Phantom Unit Rights Plan" or "PURP" means the phantom unit rights plan of the Company adopted by the Company on November 13, 2012, as amended, supplemented or restated from time to time.

- 4 - "RCE" or "Residential Customer Equivalent" is an industry-standard unit of measurement of energy consumption per annum equivalent to 10 MWh (or 10,000 kWh) in the case of the electricity and 100 MMBtu in the case of natural gas. The Company has estimated the number of RCEs in accordance with conventions adopted by the Company, in accordance with industry standards, based on information available regarding customers and their historical usage and are subject to adjustment based on updated available information.

"Remaining LLC Acquisition" means the acquisition by Crius Energy Trust, directly or indirectly of all of the remaining LLC Units of the Crius Energy, LLC not already owned by Crius Energy Trust, which closed in June 2016. "SunEdison" means SunEdison Inc. "Total Cash and Availability" means the sum of cash and cash equivalents and any excess availability that is available to the Trust under its credit facilities. Total Cash and Availability is a non-IFRS financial measure. Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A.

"Total Distributions" means the total distributions made to Unitholders, including both distributions to Unitholders of the Trust aswellas,fortheapplicableperiods,distributionstonon-controllinginterest.Tot alDistributionsisanon-IFRSfinancialmeasure.

Refer to section entitled "Non-IFRS Financial Measures" at the end of this MD&A. "Unitholder" means a holder of Units. "Units" means the trust units of the Trust that are listed for trading on the TSX under the symbol "KWH.UN". "USG&E Acquisition" means the acquisition by the Trust of U.S. Gas & Electric, Inc. in July 2017. "USG&E" means U.S. Gas & Electric, Inc.

"Verengo" means Verengo, Inc. Unless the context indicates otherwise, references in this MD&A to "volume", "usage" and "consumption" refer to MWh in the case of electricity and MMBtu in the case of natural gas. Throughout this MD&A, for purposes of convenience, references to (i) the "Trust", the "Company", "Crius Energy", "we" or "our" refer to Crius Energy Trust and its subsidiaries, and (ii) "Management" refer to the management of the Trust and its subsidiaries.

Q1 2018 HIGHLIGHTS Financial Highlights • Revenue of $321.8 million in the first quarter of 2018, representing a 81.4% increase from $177.4 million in the first quarter of 2017.

• Gross margin of 18.6% of total revenue for the first quarter of 2018, representing a decrease from gross margin of 20.9% in the first quarter of 2017. • Adjusted EBITDA of $19.8 million in the first quarter of 2018, representing an increase from $14.5 million achieved in the first quarter of 2017. During the quarter, the deregulated energy business contributed $22.2 million in Adjusted EBITDA - or $23.2 million, after normalizing for $1.0 million in one-time general and administrative expenses as described below - compared to $16.9 million in the prior comparable period, which was offset by negative contribution from the solar business of $2.3 million, which was in line with the negative contribution of $2.4 million in the prior comparable period.

• Net income of $4.3 million in the first quarter of 2018, compared to a net loss of $26.3 million in the first quarter of 2017. • Distributable Cash of $3.7 million in the first quarter of 2018, representing a decrease from $7.7 million for the first quarter of 2017. The Payout Ratio for the last twelve months was 77.7%.

• Cash flows from operating activities of $20.8 million in the first quarter of 2018, compared to negative $8.2 million in the first quarter of 2017.

- 5 - Operational Highlights • Net customer attrition of 21,000 customers in the first quarter of 2018, with Crius Energy's customer count totaling 1,389,000 customers at the end of the quarter. Added 155,000 customers including 140,000 organically from sales and marketing channels and 15,000 through acquisition. Organic gross adds represented a decrease from the average in the prior four quarters of 167,500, due to a focus on higher-margin residential and small commercial customers resulting in a reduced contribution from the large commercial and municipal aggregation channels which were strong contributors to gross adds over the prior four quarters.

Gross customer drops in the first quarter of 176,000 customers were higher than the average in the prior four quarters of 148,000. The increased number of customer drops reflects both the expanded size of the portfolio as a result of the acquisition of USG&E, as well as elevated end-of-term large commercial non-renewals in the quarter. • Continued positive results from the integration of the USG&E business Based on integration activities achieved in the first quarter of 2018, of the previously communicated $10-12 million in expected cost synergies, the Company expects to achieve an annualized run-rate of $10 million in cost synergies by the end of the second quarter of 2018, approximately half of which are expected to be realized in the latter half of 2018, net of integration costs.

The Company plans to enter into a renegotiated consolidated credit facility in the second quarter of 2018, which as previously communicated is expected to benefit synergies to Distributable Cash through improved pricing and trading terms. Growth and Corporate Highlights • Held our 3rd annual Analyst Day on January 30, 2018 Revised capital allocation strategy to focus on growth initiatives by re-prioritizing the uses of cash flow (in order of priority): (1) growth initiatives; (2) Unit repurchases; (3) debt reduction; and (4) distribution growth. Growth initiatives to focus on accretive acquisitions and higher-margin organic growth including residential and small commercial customer segments.

Announced portfolio optimization initiative expected to increase short-term customer attrition while creating long-term customer portfolio value through enhanced margins and improved retention. • Positive resolution of legal and regulatory matters During the first quarter of 2018, the Company successfully achieved resolution and settlement of the previously- announced legal and regulatory matters. The Company maintains a legal reserve of $9.2 million for its remaining net exposure relating to these matters, which is expected to be paid out over the next 18 months.

Q1 2018 DISCUSSION The first quarter of 2018 was highlighted by 37.3% quarter-over-quarter growth in Adjusted EBITDA, with the improvement largely driven by the acquisition of USG&E in the third quarter of last year.

Management is pleased with the $22.2 million Adjusted EBITDA contribution of the deregulated energy business, particularly given the impact of certain one-time costs detailedbelowandthechallengingweatherconditionsexperiencedinJanuary2018,wit hextremecoldtemperaturesandvolatility in wholesale energy prices. While the weather event did impact our results, which is reflected in lower electric unit margins realized in the quarter, Management view the overall financial performance of the deregulated energy business in these volatile conditions as a testament to the Company's industry-leading risk management capabilities and diverse customer portfolio.

Revenues increased 81.4% in the first quarter of 2018 to $321.8 million from $177.4 million in the prior comparable period primarily due to the addition of customers associated with the acquisition of USG&E, and increased customer usage due to temperatures being approximately 12% cooler than in the prior comparable period, as measured in Heating Degree Days. Additionally, solar revenues increased from $0.3 million in the first quarter of 2017 to $3.1 million in the first quarter of 2018, following the ramp-up in sales and marketing activities as the Company integrated the assets acquired from Verengo and SunEdison.

- 6 - Gross margin for the first quarter of 2018 was $59.8 million, an increase from $37.1 million of gross margin in the first quarter of 2017, primarily driven by the incremental gross margin from the USG&E business. As a percentage of total revenue, gross margin was 18.6% in the first quarter of 2018, a decrease from 20.9% in the prior comparable quarter, with the period-over- period decrease being impacted by the above-mentioned weather conditions compounded by the commencement of service during the quarter of a large municipal aggregation of approximately 134,000 customers in Massachusetts, partially offset by the addition of the higher-margin USG&E customer portfolio.

Adjusted EBITDA in the first quarter of 2018 was $19.8 million, a 37.3% increase from the $14.5 million reported in the first quarter of 2017, with the increase driven by the contribution from the USG&E business. In the first quarter of 2018, Adjusted EBITDAresults were comprised of a $22.2 million contribution from the deregulated energy business and a negative $2.3 million contribution from the solar business. The deregulated energy contribution was adversely impacted by $1.0 million in one-time generalandadministrativeexpensesassociatedwithaBoard-initiatedinternalproce sstoevaluatestrategiestoenhanceUnitholder value (refer to the "Outlook" section of this MD&A for further details) and the proxy process for the annual and special meeting of Unitholders scheduled to be held on May 29, 2018.

Normalizing for these items, Adjusted EBITDA from the deregulated energy business would have been $23.2 million for the first quarter of 2018, representing 37% growth on the prior comparable period contribution of $16.9 million. Additionally, Adjusted EBITDA was negatively impacted by a net $1.2 million in the quarter due to certain accounting impacts including the impact of the implementation of the new IFRS-15 accounting standard, which came into effect on January 1, 2018, and are more fully described in the Gross Margin and Selling Expenses sections of the "Discussion of Operations" in this MD&A.

Net income in the first quarter of 2018 was $4.3 million, an increase from a net loss of $26.3 million in the first quarter of 2017, with the year-over-year increase impacted by an increased tax benefit of $29.1 million including the recognition of previously unrecognized deferred tax assets. Management is pleased to report a positive resolution and settlement of the previously announced legal and regulatory matters for which the Company established a legal reserve in the first half of 2017. As of the date of this MD&A, the legal reserve for any remaining net exposures to the Company is $9.2 million, which is expected to be paid over the next 18 months.

Distributable Cash was $3.7 million in the first quarter of 2018 compared to $7.7 million in the first quarter of 2017. Total Distributions paid in the first quarter of 2018 were $9.2 million, compared to $5.8 million in the first quarter of 2017. The period- over-period decrease in Distributable Cash of $4.0 million was impacted by $3.2 million in increased wholesale electric capacity costs resulting from the implementation of the new IFRS-15 accounting standard in the current quarter which is a seasonal timing impact only and will reverse in the upcoming quarters, plus $8.0 million in increased upfront selling costs compared to the prior comparable quarter reflecting the channel mix of new sales in the quarter with increased contribution from residential customer- focused direct-to-consumer marketing channels which have higher upfront costs to acquire.

Upfront selling costs averaged $66 per customer in the first quarter of 2018, compared to $8 per customer in the prior comparable quarter. The Company expects to benefit in future quarters from these increased upfront selling cost investments which are focused on higher-margin residential customers. The increase in Total Distributions paid is attributable to increases in the number of Units outstanding and increase in the amount distributions per Unit compared to the first quarter of 2017. The Payout Ratio for the trailing twelve months ending March 31, 2018 is 77.7%, compared to 63.8% for the year ended December 31, 2017, with the increase attributable to the above- mentioned items.

Cash flows provided by operating activities were $20.8 million in the first quarter of 2018, an increase from negative $8.2 million in the first quarter of 2017, with the year-over-year increase primarily attributable to improved Adjusted EBTIDA performance and changes in operating assets and liabilities. As at March 31, 2018, Crius Energy had 1,389,000 customers, representing a net customer decline of 21,000 or 1.5% in the quarter, an improvement over the prior quarter decline of 36,000 or 2.5% in customers. The gross additions of 155,000 customers, including 140,000 organically from sales and marketing channels and 15,000 through acquisition, were lower than the average in the prior four quarters of 167,500, due to a reduced contribution from the large commercial and municipal aggregation channels which were strong contributors to gross customer adds over the prior four quarters.

This reflects Management's intentional focus on higher-margin residential and small commercial segments and a more disciplined approach to ensuring customer growth is at acceptable target margins. Gross customer drops in the first quarter of 2018 totaled 176,000 customers compared to the average in the prior four quarters of 148,000. The increased number of customer drops reflects the expanded size of the portfolio as a result of the acquisition of USG&E, as well as elevated end-of-term non-renewals in the large commercial segment in the quarter and initial steps taken to implement portfolio optimization initiatives.

Despite the net 1.5% decline in customers during the quarter, the Embedded Margin in the portfolio increased by an estimated $6.7 million or 2.9% per customer in the quarter,

- 7 - benefiting from the customer adds being from higher-margin direct-to-consumer residential and small commercial channels, as compared to customer drops, which were driven by a large number of end-of-term large commercial and municipal aggregations, where the Company was not able to renew customers at acceptable target margins. At March 31, 2018, the Trust had Total Cash and Availability of $50.0 million, consisting of $22.6 million of cash and cash equivalents, and $27.4 million available under the Company's credit facilities. This compares to the Total Cash and Availability asatDecember 31,2017of$49.4million,consistingofcashandcashequivalentsof$18.2millionand$3 1.2millionofavailability under the credit facility.

The Company has $50.3 million in long-term debt, consisting of a $6.3 million subordinated, forgivable term loan with the Connecticut Department of Economic and Community Development at an annual interest rate of 2.0%, and a subordinated promissory note with certain shareholders of USG&E related to the acquisition in the net amount, after post- closing working capital adjustments of $44.0 million at an annual interest rate of 9.5%. Crius Energy ended the quarter with net debt of $87.8 million, representing a conservative leverage ratio of 1.3x based on net debt to last twelve months Adjusted EBTIDA.

The increased performance of the deregulated energy business in the first quarter of 2018 and significant progress made towards integrating USG&E and delivering on our targeted acquisition synergies highlight the Company's successful organic and acquisition growth strategy and scalable operating platform. OUTLOOK Management are pleased with the consistent historical financial performance of the deregulated energy business and continue to see long-term opportunities to grow the business both organically and through accretive acquisitions.After an extensive review of strategies to enhance Unitholder value, Management have decided to focus on the deregulated energy business and have engaged a third-party advisor to explore strategic alternatives for the solar business.

Management expect to announce a definitive path forward for the solar business by the time we announce our results for the second quarter of 2018. The decision to focus on the deregulated energy business is the culmination of an internal process, supported by a third-party advisor, initiated by the Board in the third quarter of 2017 to evaluate strategies to increase Unitholder value which included, but was not limited to, the sale of the business, transformational acquisitions, business optimization, dual-listing in the U.S. markets, a leveraged recapitalization and capital allocation changes.

Through this internal process, the Board and Management ultimately determined that focused execution in our deregulated energy business, aimed at increasing profitability through cost reduction and high-margin growth, will best position the Company to deliver strong Unitholder returns. The themes presented at our Analyst Day in January 2018 are consistent with, and reinforced by, the decision to focus on our deregulated energy business. In particular, we announced: • Our focus on increasing profitability through margin growth and cost reduction, including the realization of synergies from the USG&E acquisition.

• A revised capital allocation strategy re-prioritizing the use of our excess cash flow in the following order: (1) growth initiatives; (2) Unit repurchases; (3) debt reduction; and (4) distribution growth. • The stabilization of long-term gross margins as a result of focus on higher-margin growth in the residential and commercial customer segments and our portfolio optimization initiatives. ManagementispleasedwithitscontinuedprogressontheintegrationoftheUSG&Eacquis ition,withadualfocusonachievement of cost synergy targets and expansion of the USG&E direct-to-consumer sales channels. We expect to achieve an annualized run-rate of $10 million in cost synergies by the end of the second quarter of 2018, approximately half of which are expected to be realized in the latter half of 2018, net of integration costs.

The Company will further benefit from the consolidation of the Crius Energy and USG&E credit facilities which is expected to be completed during the second quarter of 2018 and, as previously communicated, is expected to positively impact Distributable Cash by $2-3 million annually through improved pricing and trading terms.

As a result of Management’s decision to focus on the deregulated energy business, Management are targeting incremental cost reductions which will bring total annual cost savings to $20-25 million including the previously announced USG&E synergies. The incremental cost reductions will result from internal restructuring that will take place over the next 18 months. The Company will provide more disclosure regarding the proposed cost reductions including expected costs and timeline to achieve and timeline of the planned incremental cost reductions by the time we announce our results for the second quarter of 2018.

- 8 - However, while the above changes are expected to drive long-term value for our Unitholders, there are several short-term considerations that are expected to negatively impact 2018 financial and operating results. First, Management are forecasting a moderation in net customer growth rates in 2018 as compared to prior years, due to a focus on higher-margin sales and portfolio optimization initiatives. • Focusonhigher-marginsales: Managementareinvestinginhigh-margingrowthintheresidentialandsmallcommercial customer segments, and de-emphasizing the large commercial customer segment due to the competitive environment which has reduced margins significantly.

Our focus on higher-margin sales is expected to increase near-term attrition as we enroll and renew fewer lower-margin large commercial customers as compared to prior years. • Portfolio optimization: Portfolio optimization is intended to increase margin and reduce attrition over the long-term as customers will receive differentiated products and service levels based on expected customer lifetime value. Portfolio optimization is expected to increase near-term attrition as customers below internal customer lifetime value thresholds will be returned to the utility upon product expiration if we are unsuccessful at enrolling them on products that meet or exceed our internal return thresholds.

While the forecasted moderation in customer growth rates is expected to negatively impact 2018 full year financial and operating results, Management believe these changes will ultimately enhance performance in 2019 and beyond. This was highlighted in our first quarter of 2018 results where net customer count declined by 21,000 customers, or 1.5%, however Embedded Margin of the portfolio increased by an estimated $6.7 million or 2.9% per customer. Second, our solar business had a larger than forecasted negative impact on Adjusted EBITDA in the first quarter of 2018 and is expected to continue to negatively impact financial results through the third quarter of 2018 when we expect to conclude our strategic review.

The solar business continues to improve each month with positive trends in appointments, gross sales and installations which highlights the value of the investments made in the business over the past several years. Management is confident that the solar business has long-term potential and the assets acquired by Crius Energy provide a strong platform to compete in the residential solar market. However, solar industry volatility, potential for continued investment required by Crius Energy, and distraction from the deregulated energy business are all factors that contributed to Management's decision to engage a third-party advisor to explore strategic alternatives for the solar business.

Third, Management expect first half of 2018 results to be impacted by up to $3.0 million in one-time costs, inclusive of the $1.0 million costs incurred in the first quarter related to the internal process initiated by the Board in September 2017 to evaluate strategies to increase Unitholder value and the proxy process for the annual and special meeting of Unitholders scheduled to be held on May 29, 2018. To facilitate growth in the high-margin residential customer segment, we are focused on expanding the USG&E direct-to- consumer sales channels, supporting the relaunch of Comcast, the launch of CREDO Mobile on the Energy RewardsTM Integrated Energy Platform ("IEP") and the expansion of Fairpoint Communications to additional markets following its acquisition by Consolidated Communications Holdings, Inc.

in 2017, as well as continuing to add new exclusive partners to the Energy RewardsTM IEP. The Energy RewardsTM IEP strategy was designed to increase value from our strategic partnership channel as itincreasesspeed-to-marketfornewpartners,reducesthecostforCriusEnergytoon-b oardnewpartnersandincreasesoperational efficiency for serving customers going forward. CREDO Mobile successfully started enrolling customers in May 2018 and Comcast remains on track to begin relaunch marketing in the second quarter.

Management and the Board are confident that the decision to focus on our deregulated energy business will best position the Company to deliver strong total Unitholder returns over the long-term. Following the conclusion of the internal process described above, the Board and Management will start purchasing Units under its Normal Course Issuer Bid program given the significant accretion from repurchasing units, sufficient debt capacity available as well as our conviction that the current Unit price does not reflect the Company’s intrinsic value. The Company intends to fund the Unit purchases through available debt and will continue to use operating cash flows to fund growth initiatives and maintain Unitholder distributions at current levels.

- 9 - Selected Consolidated Financial and Operational Data The following selected historical financial information has been derived from the unaudited interim condensed consolidated financial statements of the Trust as at and for the three month period ended March 31, 2018 and 2017 and the audited consolidated financial statements of the Trust as at and for the year ended December 31, 2017. The operating data has been prepared by Management based on the Company's records. Statement of Income (Loss) Highlights (in millions) Three months ended March 31, 2018 Three months ended March 31, 2017 Revenue $ 321.8 $177.4 Cost of sales .

262.0 140.3 Gross margin . 59.8 37.1 Expenses Selling expenses . 12.1 4.9 General and administrative . 27.9 26.7 Unit-based compensation ( 0.2) 2.6 Depreciation and amortization . 13.1 17.7 Operating income (loss . 6.9 (14.8) Other (expenses) income Finance costs ( 5.8) (2.3) Change in fair value of derivative instruments ( 26.3) (8.3) Change in fair value of warrants . 0.6 (0.7) Loss before income taxes ( 24.6) (26.1) (Benefit from) provision for income taxes ( 28.9) 0.2 Net income (loss $ 4.3 $(26.3) EBITDA(1) ( 5.7) (6.1) Adjusted EBITDA(1) $ 19.8 $14.5 Note: (1) EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, net income (loss) or other data prepared in accordance with IFRS.

See "Non IFRS Financial Measures". The following table is a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated.

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in millions) Three months ended March 31, 2018 Three months ended March 31, 2017 Net income (loss $ 4.3 $(26.3) Excluding the impacts of: Finance costs . 5.8 2.3 (Benefit from) provision for income taxes ( 28.9) 0.2 Depreciation and amortization . 13.1 17.7 EBITDA ( 5.7) (6.1) Excluding the impacts of: Unit-based compensation ( 0.2) 2.6 Change in fair value of derivative instruments . 26.3 8.3 Change in fair value of warrants ( 0.6) 0.7 Legal reserve and associated legal fees — 9.0 Adjusted EBITDA $ 19.8 $14.5

- 10 - Statement of Financial Position Highlights (in millions) As at March 31, 2018 As at December 31, 2017 Current assets $ 228.9 $227.7 Total assets .

586.3 567.0 Current liabilities . 243.0 236.5 Long-term liabilities . 87.6 81.8 Unitholders' equity . 255.7 248.7 Statement of Cash Flows Highlights (in millions) Three months ended March 31, 2018 Three months ended March 31, 2017 Cash flows provided by (used in) operating activities $ 20.8 $(8.2) Cash flows used in investing activities ( 5.4) (3.9) Cash flows (used in) provided by financing activities ( 10.8) 10.3 Cash and cash equivalents at beginning of period . 18.2 10.9 Cash and cash equivalents at end of period . 22.6 9.1 Operational Highlights Three months ended March 31, 2018 Three months ended March 31, 2017 Electricity Volumes (MWh .

2,457,000 1,786,000 Revenue ($ million . 250.5 162.5 Gross margin ($ million . 29.9 31.4 Gross margin ($/MWh . 12.19 17.60 Gross margin as a % of revenue . 12.0% 19.3% Natural gas Volumes (MMBtu . 9,497,000 2,533,000 Revenue ($ million . 66.1 13.0 Gross margin ($ million . 27.0 3.8 Gross margin ($/MMBtu . 2.84 1.52 Gross margin as a % of revenue . 40.8% 29.4% Customer Aggregation The following table summarizes the Company's gross additions and drops in electricity and natural gas customers from both organic growth and acquisitions activity during the quarter ended March 31, 2018, and over the prior trailing four quarters.

- 11 - Customer Aggregation (in customers)(1) Opening Customer Count Customer Adds Customer Drops Net Change Closing Customer Count Electricity 919,000 153,000 (126,000) 27,000 946,000 Natural Gas 63,000 3,000 (9,000) (6,000) 57,000 Quarter ended March 31, 2017 982,000 156,000 (135,000) 21,000 1,003,000 Net Change % of Opening Customer Count 2.1% Electricity 946,000 169,000 (141,000) 28,000 974,000 Natural Gas 57,000 3,000 (6,000) (3,000) 54,000 Quarter ended June 30, 2017 1,003,000 172,000 (147,000) 25,000 1,028,000 Net Change % of Opening Customer Count 2.5% Electricity 974,000 396,000 (112,000) 284,000 1,258,000 Natural Gas 54,000 151,000 (17,000) 134,000 188,000 Quarter ended September 30, 2017 1,028,000 547,000 (129,000) 418,000 1,446,000 Net Change % of Opening Customer Count 40.7% Electricity 1,258,000 131,000 (167,000) (36,000) 1,222,000 Natural Gas 188,000 14,000 (14,000) — 188,000 Quarter ended December 31, 2017 1,446,000 145,000 (181,000) (36,000) 1,410,000 Net Change % of Opening Customer Count (2.5)% Electricity 1,222,000 138,000 (152,000) (14,000) 1,208,000 Natural Gas 188,000 17,000 (24,000) (7,000) 181,000 Quarter ended March 31, 2018 1,410,000 155,000 (176,000) (21,000) 1,389,000 Net Change % of Opening Customer Count (1.5)% Note: (1) Customer counts in the above table refer to RCEs or residential customer equivalents, an industry standard unit of measurement of consumption per annum equivalent to 10 MWh (or 10,000 kWh) in the case of electricity, and 100 MMBtu in the case of natural gas.

We have estimated the number of RCEs in accordance with industry conventions based on information available regarding customers and their historical usage and are subject to adjustment based on updated available information. Customer adds and customer drops do not always reflect a customer's service commencement date or service end date due to time lags following the customer's enrolment date and termination request date.

(2) Customer Adds in the quarter ended September 30, 2017 include 350,000 RCEs acquired from USG&E in July 2017, comprising 216,000 electricity customers and 134,000 natural gas customers. Solar system sales and installations The following table summarizes the Company's solar systems sold and solar systems installed over the three months ended March 31, 2018, as well as the prior quarters ended December 31, 2017, September 30, 2017 and June 30, 2017. The sales and installations relate only to sales and installations under the current integrated solar business model, and exclude any installations pursuant to the prior legacy reseller business model.

Solar Systems Sold and Installed(1) (by number and in MW of generating capacity) Systems MW Quarter ended June 30, 2017 Gross Sales . 258 1.8 Installations . 35 0.2 Quarter ended September 30, 2017 Gross Sales . 179 1.4 Installations . 30 0.2 Quarter ended December 31, 2017 Gross Sales . 131 0.9 Installations . 71 0.5 Quarter ended March 31, 2018 Gross Sales . 175 1.3 Installations . 38 0.3 Note: (1) Gross sales of solar systems in the above table represent gross sales only and we expect a certain portion of these sales to be cancelled by the customer prior to installation. Additionally, there is a time lag between gross sales and the installation of the solar systems, which may vary based on numerous factors.

(2) The above table does not include solar system installations related to the Verengo solar business.

- 12 - Summary of Quarterly Results (in millions) Quarter ended March 31, Quarter ended December 31, Quarter ended September 30, Quarter ended June 30, Quarter ended March 31, Quarter ended December 31, Quarter ended September 30, Quarter ended June 30, 2018 2017 2017 2017 2017 2016 2016 2016 Revenue $ 321.8 $248.5 $269.9 $180.2 $177.4 $171.4 $222.6 $169.0 Cost of sales . 262.0 193.7 214.9 143.0 140.3 133.9 174.8 135.9 Gross margin . 59.8 54.8 55.0 37.2 37.1 37.5 47.8 33.1 Expenses Selling expenses .

12.1 11.2 12.2 6.1 4.9 6.6 8.4 6.6 General and administrative . 27.9 26.0 24.8 24.9 26.7 17.3 26.1 12.9 Unit-based compensation ( 0.2) 0.1 1.0 2.1 2.6 0.7 1.5 1.1 Depreciation and amortization . 13.1 12.0 14.3 14.3 17.7 9.4 10.6 10.1 Operating income (loss . 6.9 5.5 2.7 (10.2) (14.8) 3.5 1.2 2.4 Other (expenses) income Finance costs ( 5.8) (5.2) (5.5) (2.4) (2.3) (1.9) (3.1) (2.6) Distributions to non-controlling interest ( 2.2) Change in fair value of derivative instruments ( 26.3) 32.2 7.1 (0.8) (8.3) 21.3 (5.3) 37.4 Change in fair value of warrants . 0.6 0.3 0.4 (0.4) (0.7) 0.1 — — Change in fair value of non-controlling interest — 7.7 (Loss) income before income taxes ( 24.6) 32.8 4.7 (13.8) (26.1) 23.0 (7.2) 42.7 (Benefit from) provision for income taxes (28.9) (3.2) (20.3) 0.8 0.2 2.4 (1.6) 2.4 Net income (loss $ 4.3 $36.0 $25.0 $(14.6) $(26.3) $20.6 $(5.6) $40.3 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Net income (loss $ 4.3 $36.0 $25.0 $(14.6) $(26.3) $20.6 $(5.6) $40.3 Excluding the impacts of: Finance costs .

5.8 5.2 5.5 2.4 2.3 1.9 3.1 2.6 (Benefit from) provision for income taxes ( 28.9) (3.2) (20.3) 0.8 0.2 2.4 (1.6) 2.4 Depreciation and amortization . 13.1 12.0 14.3 14.3 17.7 9.4 10.6 10.1 EBITDA ( 5.7) 50.0 24.5 2.9 (6.1) 34.3 6.5 55.4 Excluding the impacts of: Unit-based compensation ( 0.2) 0.1 1.0 2.1 2.6 0.7 1.5 1.1 Distributions to non-controlling interest — 2.2 Change in fair value of derivative instruments. 26.3 (32.2) (7.1) 0.8 8.3 (21.3) 5.3 (37.4) Change in fair value of warrants ( 0.6) (0.3) (0.4) 0.4 0.7 (0.1) — — Change in fair value of non-controlling interest ( 7.7) Loss on sale of Viridian assets and related charges — 7.3 — Legal reserve and associated legal fees — 0.4 0.3 7.9 9.0 — Adjusted EBITDA $ 19.8 $18.0 $18.3 $14.1 $14.5 $13.6 $20.6 $13.6 Distributable Cash and Payout Ratio Cash flows from operating activities $ 20.8 $14.8 $5.3 $1.3 $(8.2) $15.2 $19.2 $7.1 Adjusted to .

.

Exclude: Changes in select operating assets and liabilities ( 9.5) 4.8 13.7 13.6 19.1 (2.5) 0.6 6.7 Include: Finance costs - included in financing activities . . (5.8) (5.0) (5.3) (2.7) (2.3) (2.3) (3.1) (2.5) Include: Maintenance Capital Expenditures - included in investing activities . . (1.8) (1.6) (0.5) (0.8) (0.9) (1.2) (6.1) (2.0) Distributable Cash $ 3.7 $13.0 $13.2 $11.4 $7.7 $9.2 $10.6 $9.3 Distributions to non-controlling interest — 3.4 Distributions to Unitholders . 9.2 8.9 8.2 5.8 5.8 5.7 5.6 2.2 Total Distributions $ 9.2 $8.9 $8.2 $5.8 $5.8 $5.7 $5.6 $5.6 Payout Ratio . 248.6% 68.5% 62.1% 50.9% 75.3% 62.0% 52.8% 60.2%

- 13 - Discussion of Operations For the three months ended March 31, 2018 and 2017 Revenue For the three month period ended March 31, 2018, revenue was $321.8 million, representing an increase of 81.4% from $177.4 million for the three month period ended March 31, 2017. The period-over-period revenue was higher primarily due to revenues associated with the acquisition of USG&E at the beginning of the third quarter of 2017. Electricity Electricity revenue for the three month period ended March 31, 2018 was $250.5 million, representing an increase of 54.2% from $162.5 million for the three month period ended March 31, 2017, primarily as a result of a 12.1% higher average retail rate per unit, and a 37.6% increase in volume.

Electricity volumes for the three month period ended March 31, 2018 were 2,457,000 MWh representing an increase of 37.6% from 1,786,000 MWh for the three month period ended March 31, 2017, with the increase being primarily due to higher average customers associated with the acquisition of USG&E as well as higher usage per customer as a result of the winter temperatures in the first quarter of 2018 being approximately 12% lower than the prior comparable period as measured in Heating Degree Days.

Natural Gas Natural gas revenue for the three month period ended March 31, 2018 was $66.1 million, representing an increase of 406.8% from $13.0 million for the three month period ended March 31, 2017, primarily as a result of a 274.9% increase in volume and 35.1% higher average retail rates per unit. Natural gas volumes for the three month period ended March 31, 2018 were 9,497,000 MMBtu, representing an increase of 274.9% from 2,533,000 MMBtu for the three month period ended March 31, 2017, with the increase primarily due to higher average customers associated with the acquisition of USG&E as well as higher usage per customer as a result of the winter temperatures in the first quarter of 2018 being approximately 12% lower than the prior comparable period as measured in Heating Degree Days.

Solar Revenue Solar revenue for the three month period ended March 31, 2018 was $3.1 million, representing an increase from revenues of $0.3 million in the three month period ended March 31, 2017, reflecting sales growth following the transition from the legacy reseller model. Fee Revenue Feerevenue,consistingofvariouscustomerfeesaswellascommunitysolarrevenues,fo rthethreemonthperiodendedMarch 31, 2018 was $2.1 million, compared to $1.6 million for the three month period ended March 31, 2017, with the increase primarily attributable to community solar revenues of $0.4 million.

Gross Margin For the three month period ended March 31, 2018, gross margin was $59.8 million, representing an increase of 61.7% from $37.1 million for the three month period ended March 31, 2017.

Gross margin for the three month period ended March 31, 2018 was 18.6% of total revenue, representing a decrease from 20.9% of total revenue for the three month period ended March 31, 2017. The period-over-period increases in gross margin are attributable to the addition of the customer portfolio acquired from USG&E at the beginning of the third quarter of 2017.The lower period-over-period gross margins as a percentage of revenue was impacted by the challenging weather conditions experienced in January 2018, with extreme cold temperatures and volatility in wholesale energy prices, which was compounded by the commencement of service at the beginning of the first quarter of 2018 of a large municipal aggregation of approximately 134,000 customers in Massachusetts, partially offset by the addition of the higher- margin USG&E portfolio.Additionally, gross margins were adversely impacted by $3.2 million in the current quarter by a change in accounting associated with the implementation of the new IFRS-15 accounting standard, as detailed below.