Crius Energy Trust, the result of the merger of Regional Energy Holdings Inc. and

Public Power LLC, is among the largest independent energy retailers in the United

States. The combined entity engages in the sale of energy in 10 U.S. states and the

District of Columbia and natural gas in four states. The resulting combination of the

sales platforms have created an extensive multi-channel platform, with channels

targeting exclusive marketing partnerships, network marketing, and telemarketing. As

at June 30, 2012, Crius Energy had 495,600 customers.

95% Electricity; 5% Natural Gas

JE-T

February, and 28.1% in March). We are looking for a more normalized operating

environment starting in Q2/13: we expect April and half of May to remain in the

vicinity of exit rates experienced in March. Based on 23.5% gross margin

assumption, KWH's 2013 payout ratio is 89%. We estimate that a 75k RCE

customer-centric acquisition in 2013 could decrease the trust's 2014 payout

last quarter). We believe the acceleration in customer adds is due to the

stronger-than-expected ramp-up of the Exclusive Marketing channel (expected to

accelerate further as FTR fully ramps up). We have therefore increased our RCE

organic adds projections to 676k (from 658k) for 2013 and 775k (from 745k) for

believe Q4/12 and Q1/13 results are indicative of the trust's earnings power.

Moving forward, we are confident in the trust's ability to: (1) gradually pass

through recent spikes in prices, (2) add RCEs organically, (3) execute accretive

and strategic acquisition, and (4) improve risk management practices.

14May13: C$6.98

1-Year ROR: 57.6% Yield (Current): 14. 3 % Risk: High