TSXgroup

July 3, 2009

Just Energy Exchange Corp. (the "Company") - An application has been granted for the original listing in the Industrial category of: (i) up to of 19,380,493 exchangeable shares, series 1 (the "Exchangeable Shares") of the Company, of which 16,923,490 are issued and outstanding, and 2,457,003 are reserved for issuance; and (ii) $90,000,000 aggregate principal amount of 6.0% convertible unsecured subordinated debentures (the "Debentures") of the Company, all of which are outstanding. The Company is a subsidiary of Just Energy Income Fund (the "Fund") (Symbol: JE.UN).

Listing of the Exchangeable Shares and Debentures will become effective at 5:01 p.m. on Friday, July 3, 2009. The Exchangeable Shares and Debentures will be posted for trading at opening on Monday, July 6, 2009.

The listing results from the recently effected plan of arrangement involving the Fund and Universal Energy Group Ltd. ("Universal Energy") (Symbol: UEG), among others. Pursuant to the arrangement, each shareholder of Universal Energy is entitled to receive 0.58 of an Exchangeable Share of the Company for each Universal Energy common share held and the Company expressly assumed all of the covenants and obligations of Universal Energy under Universal Energy's 6.0% convertible unsecured subordinated debentures (Symbol: UEG.DB). A total of 4,348,314 Exchangeable Shares issued under the arrangement were subsequently exchanged for a total of 4,348,314 trust units of the Fund in accordance with elections made by certain Universal Energy shareholders.

Please see elsewhere in today's TSX Bulletins for further information regarding the delisting of the common shares and 6.0% convertible unsecured subordinated debentures of Universal Energy.

Reference should be made to the information circular and proxy statement of Universal Energy dated May 21, 2009, prepared in connection with the arrangement. Capitalized terms not otherwise defined are as defined in the circular.

Exchangeable Shares

Stock Symbol: JEX
CUSIP: 48214A 10 8
Trading Currency: CDN

Each Exchangeable Share is exchangeable for one trust unit of the Fund at any time at the option of the holder for no additional consideration. The Exchangeable Shares will also pay a monthly dividend equal to 66 2/3% of the monthly distribution paid on a trust unit of the Fund.

Except as required by applicable law, the holders of the Exchangeable Shares will not be entitled as such to receive notice of or attend any meeting of the shareholders of the Company or to vote at any such meeting. Holders of Exchangeable Shares will have the right to notice of and to one vote for each Exchangeable Share held at meetings of Fund unitholders in the manner to be provided in the Voting and Exchange Trust Agreement.

Designated Market Maker: Independent Trading Group

Other Markets: None

Head Office Address: 6345 Dixie Road, Suite 200
Mississauga, Ontario
L5P 2E6

Email Address: khartwick@justenergy.com

Website Address: www.je-un.ca

Head Office Telephone Number: (905) 795-3557

Fax Number: (905) 670-9462

Investor Relations: Ken Hartwick
Tel: (905) 795-3557
Email: khartwick@justenergy.com

Incorporation: The Company was incorporated under the Canada Business Corporations Act on April 17, 2009.

Fiscal Year End: March 31

Chief Financial Officer: Beth Summers

Corporate Secretary: Bob Donaldson

Nature of Business: The Company sells natural gas and electricity to residential, small to mid-size commercial and small industrial customers in Canada and the United States, sells long-term water heater rental programs to Ontario residential customers and operates an ethanol manufacturing facility in Belle Plaine, Saskatchewan.

Transfer Agent & Registrar: Computershare Investor Services Inc.

Debentures

The following is a summary of some of the principal provisions of the Debentures:

Stock Symbol: JEX.DB
CUSIP: 48214A AA 6
Currency: CDN

Transfer Agent and Registrar: Computershare Trust Company of Canada

The Debentures will be quoted and traded on an accrued interest basis, i.e. all bids, offers and trades of the Debentures will reflect only the principal portion of the Debentures and will not reflect accrued interest. Accrued interest must be reflected in the seller's and buyer's settlement amount, and must be reflected on the confirmation with clients. Interest will be computed on the basis of a 365-day year.

The Debentures, which are issuable in the minimum principal amount of $1,000 each, will be quoted based on $100 principal amounts with all trades being made in multiples of $1,000. For example, an order to buy $5,000 principal amount will be given as an order to buy 5,000. An order to sell $20,000 principal amount will be shown as an order to sell 20,000. An order for 1,500, for example, is not acceptable since all trades must be made in multiples of $1,000. The minimum trading unit of Debentures is $1,000 and a board lot of Debentures is $1,000.

The Debentures will trade in the "book-entry" system of CDS Clearing and Depository Services Inc. and no individual certificates will be issued.

The Company expressly assumed all of the covenants and obligations of Universal Energy under the trust indenture dated as of October 2, 2007 between Universal Energy and Computershare Trust Company of Canada, in its capacity as trustee under the indenture, and the Universal Energy 6.0% convertible unsecured subordinated debentures issued thereunder, in accordance with the provisions of the indenture. The Debentures are convertible into Exchangeable Shares of the Company at $36.63 per Exchangeable Share or approximately 27.3 Exchangeable Shares per $1,000 principal amount of Debentures. For further information regarding the Debentures, please see Toronto Stock Exchange Bulletin #2007-1386 dated September 28, 2007.

The payment of interest on the Debentures for each of the respective periods will include the accrued interest under the former 6.0% convertible unsecured subordinated debentures of Universal Energy.