Just Energy Group Inc. (Canada) T.JE

Phone call from Beth Summers

[tesh]

Just got off the phone with CFO, Beth Summers (returned my call within 24 hours). She advised me that ARC did not even speak with mgmt before issuing their report. She stated that they clearly did not understand JE's calculation of cash flow from operations or the cumulative impact of the requirement to mark to market JE's derivatives on JE's balance sheet (among other things). She did acknowledge that they probably need to relook at how they describe the more confusing items on their financial statements and will be taking a hard look at doing so for the Q1 fiscal 2013 report.