INVESTOR PRESENTATION May 2016

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INVESTOR PRESENTATION

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2 CRIUS ENERGY | INVESTOR PRESENTATION | 5.12.16

FORWARD-LOOKING STATEMENTS AND NON-IFRS MEASURES

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, implied market capitalization, sufficiency of capital, stability of distributions, market penetration, cost-effective growth strategies, risk management, accretiveness of post-IPO transactions and treatment under governmental regulatory regimes. 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, 2015, dated March 15, 2016, which can be accessed on SEDAR under the Trust’s issuer profile at www.sedar.com.

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 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-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 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.

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CRIUS: A DIVERSIFIED ENERGY COMPANY

SCALE &

DIVERSITY

SERVES 900,000+ CUSTOMERS IN 20 U.S. MARKETS, PLUS AUSTRALIA;

LOW RISK PROFILE

ESSENTIAL

PRODUCTS

ELECTRICITY, NATURAL GAS, AND SOLAR ENERGY

UNIQUE

GO-TO-MARKET STRATEGY

DIFFERENTIATED SALES & MARKETING MODEL WITH 3 POWERFUL CHANNELS,

AND A FAMILY OF BRANDS

ADDRESSABLE MARKET:

100 MILLION +

U.S. CUSTOMERS IN DEREGULATED ENERGY STATES, 27% PENETRATION

1% PENETRATION

73 MILLION + OWNER-OCCUPIED U.S. HOUSEHOLDS

6 MILLION +

DEREGULATED, SERVICEABLE METERS, <15% PENETRATION

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WHY OWN CRIUS?

GROWTH

• Proven track record of growth

– Completed six accretive acquisitions since IPO in 2012 – 5-year CAGR of 17% in energy customers

– 17.2 MW of solar generating capacity installed since September

2013

• Robust growth forecasted through FY 2018

– Energy customers expected to grow at 16% CAGR over 3 years – Solar installations expected to grow at 18% CAGR over 3 years – Strategic focus on growing customer base and increasing

customer lifetime value

– Growth upside from accretive acquisitions

STABILITY

• Large and diversified customer portfolio underpins stable

and growing cash flows

• Best-in-class risk management expertise locks in margin

• Low payout ratio

– 58% for Q1 2016

– Distribution increased 4% since the beginning of 2016

• Strong balance sheet

– $22.8 million of cash availability – Embedded margin of $288.8 million – No long-term debt

KWH.UN

Toronto Stock Exchange

Total return over

75% since

January 1, 2015

C$9.12

16.7M

C$153M

$272M

C$0.728 / unit

8.7%

~ 6%

Unit Price at 5.11.16 Units Outstanding Market Capitalization

Implied Market Capitalization Annual Distribution

Yield

Management Ownership

Market capitalization of the private operating business, Crius Energy, LLC, is implied using the Crius Energy Trust Unit price, grossed up for its 43.1% ownership interest in Crius Energy LLC, and an exchange rate of C$1.33 per US$.

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CRIUS AT A GLANCE

ADJUSTED EBITDA

REVENUE

3 year CAGR of 28% 3 year CAGR of 16% 3 year CAGR of 15%

CUSTOMERS

SOLAR SALES

Q1 2016

FY 2015

FY2014

Revenue

_$180.8M

_$686.3M

_$600.5M

Adjusted EBITDA

_$13.0M

_$52.6M

_$38.5M

Distributable Cash

_$9.8M

_$34.7M

_$28.6M

Payout Ratio

_58.2%

_99.3%

Cash Availability

_$22.8M

_$42.9M

_$46.3M

Long-term Debt

_$0

Embedded Margin

_$288.8M

_$279.5M

_$247.5M

Installed MW, Cumulative $32.2 M $38.5 M $52.6 M _{$51.3 M} 2013 2014 2015 LTM 615,000 569,000 819,000 916,000 2013 2014 2015 Q1 2016 0.5 5.8 14.9 17.2 2013 2014 2015 Q1 2016 $507.1 M $600.5 M $686.3 M $698.8 M 2013 2014 2015 LTM

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GO-TO-MARKET STRATEGY

NETWORK

MARKETING

22,000 +

INDEPENDENT SELLERS

LEADING GREEN

ENERGY BRAND

STRATEGIC

PARTNERSHIPS

18 MILLION

EXISTING SUBSCRIBERS

“WHITE LABEL” OFFERINGS

WITH TRUSTED BRANDS

DIRECT

MARKETING

TRADITIONAL SALES &

MARKETING, ONLINE &

DIGITAL, RESIDENTIAL &

COMMERCIAL BROKERAGE,

MUNICIPAL AGGREGATIONS

ABILITY TO ACQUIRE HIGH-VALUE CUSTOMERS AT A LOWER COST VIA MULTIPLE BRANDS

AND CHANNELS

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VALUE PROPOSITION

• Crius offers value-added energy products that disrupt the traditional utility

distribution model

–

Structure: Fixed-rate, variable-rate, term length

–

Features: Renewable energy, perks, loyalty rewards

–

Convenience: Bundled, energy-related products & services

Residential & Small Commercial Large Commercial Solar

Upfront Cost-to Acquire $25-$100 N/A $1.5K-$3K

Annual Residual Selling Cost $0-$70 $5-$35 $0

Upfront Margin N/A N/A $3.5K-$5.5K

Annual Margin $100-$250 $50-$100 $50-$150

Initial Contract Term Up to 3 years Up to 5 years 20+ years

CUSTOMER ECONOMICS

The numbers in the table above represent management estimates and are indicative ranges only that reflect varying cost-to-acquire and margin and term assumptions across our distribution channels, customer segments and product offerings and are consistent with revenue and commissions recognition in Crius Energy Trust’s financial statements and do not include G&A costs to service customers.

ACCELERATED PAYBACK PERIOD DRIVEN BY LOW CUSTOMER ACQUISITION COSTS

AND HIGH RETURN

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OUR PATH TO UNITHOLDER VALUE

ACCELERATE

CUSTOMER

GROWTH

INCREASE

CUSTOMER

LIFETIME VALUE

+

SCALABLE

PLATFORM

+

–

Established proven risk

management processes

–

Improved operations

–

Invested in technology

–

16% CAGR forecasted

over next three years

–

Additional upside from

mergers and acquisitions

–

Increase CLV to $500

over next three years

through retention and

bundling

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BUSINESS UPDATE

ACQUISITION OF CUSTOMERS FROM KONA ENERGY

– Acquired 75,000 electricity customers from Kona for $7.0 million in Q1 2016

– Negotiated $5.0 million of pricing improvements from Macquarie Energy – Customers served with minimal incremental operating expenses and further

diversifies the portfolio with longer-term, fixed rate commercial accounts

CONTINUED GROWTH OF THE COMCAST PARTNERSHIP

– Actively selling electricity and/or natural gas in 5 states, representing

53% of eligible Comcast subscribers

– Licensing or soon to be providing service in 7 additional states

including CT, DE, GA, MD, MA, MI and NH

– On track to access full Comcast deregulated footprint by YE 2016

% Access to Comcast Subscriber Base

SECOND DISTRIBUTION INCREASE YTD

– Annualized increase of $0.0143 per Unit; total annualized distribution of

$0.7283 per Unit

– Distributions on Units for the months of April - June 2016 paid at $0.0607

per Unit

– Represents a 2% increase over the previous annualized distribution rate of

$0.714 per Unit

4%

DISTRIBUTION INCREASE SINCE

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INCOME STATEMENT

ADJUSTED EBITDA & DISTRIBUTABLE CASH

Q1 2016

Q1 2015

FY 2015

FY 2014

FY 2013

Revenue

$180.8

$168.3

$686.3

$600.5

$507.1

Gross Margin ($M)

$40.2

$163.7

$128.9

$103.4

Gross Margin (% of revenue)

22.2%

23.9%

21.5%

20.4%

Selling Expenses ($M)

$7.2

$9.9

$38.9

$35.3

$28.0

G&A Expenses ($M)

$20.0

$15.9

$72.2

$55.1

$43.2

Adjusted EBITDA ($M)

$13.0

$14.4

$52.6

$38.5

$32.2

Distributable Cash ($M)

$9.8

$8.8

$34.7

$28.6

$26.8

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BALANCE SHEET

OPERATING METRICS

Q1 2016

FY 2015

FY 2014

FY 2013

Cash and Cash Equivalents ($M)

$9.5

$11.2

$14.3

$15.3

Total Cash and Availability ($M)

$22.8

$42.9

$46.3

$27.5

Adjusted Working Capital ($M)*

$(22.7)

$(9.2)

$7.9

$13.8

Q1 2016

Q1 2015

FY 2015

FY 2014

FY 2013

Electricity Volumes (MWh)

_1,744,000

_1,264,000

_6,395,000

_{4,780,000 5,113,000}

Natural Gas Volumes (MMBtu)

_2,595,000

_3,238,000

_5,959,000

_{6,601,000 4,658,000}

Solar Systems Installed (MW)

_2.3

_1.8

_9.1

_5.3

_0.5

Electric Unit Margins ($/MWh)

_$18.79

_$22.37

_$21.97

_$22.16

_$18.27

Natural Gas Unit Margins ($/MMBtu)

_$1.58

_$2.73

_$2.54

_$1.99

_$1.04

Upfront Cost to Acquire ($/Customer)

_$31.00

_$41.00

_$34.00

_$47.00

_$37.00

Residual Commissions (% of Revenue)

_1.9%

_2.9%

_3.1%

_3.3%

_2.8%

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EMBEDDED MARGIN

Mar

2015

Dec

2015

Embedded Margin

$288.8 M

$278.3 M

Electricity and Natural Gas

Customers

916,000

819,000

Solar Embedded Margin

_{$1.1 M}

Embedded Margin per

Electricity and Natural Gas

Customer

$314

$340

Embedded margin represents: (1) for electricity and natural gas customers: 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; and (2) for solar customers: a fifteen year discounted measure of managements estimate of future solar residual payments based on solar sales less expected cancelations, system sizes and appropriate assumptions for customer attrition and non-payment. 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.

• Embedded margin per customer is expected to increase due to reduced attrition, and

cross-selling additional products

500 450 400 350 300 250 200 150 100 50 $330 $500 RETENTION ADDITIONAL PRODUCTS EMBEDDED MARGIN

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PORTFOLIO DIVERSIFICATION

Customer Segment

Contract Type

Commodity / Geography

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, TX and Manitoba, Canada. Texas (ERCOT) represents TX exclusively.

Commercial Residential

Fixed

Variable Mid-Atlantic - Electric New England - Electric

Texas - Electric

New York - Electric

Midwest - Electric Natural Gas 58% 42% 21% 79% 7% 9% 16% 19% 48% 1%

• Electricity and natural gas portfolio is diverse

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CONSISTENT GROSS MARGINS

–

Consistent gross margins achieved historically in all commodity

price environments

$25.42 $2.04 $179 _$184 $223 $155 $178 $203 $50 $100 $150 $200 $250 2010 2011 2012 2013 2014 2015

Gross Margin per RCE vs. PJM West and NYMEX Henry Hub

GM per RCE

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WHY OWN CRIUS?

GROWTH

• Proven track record of growth

– Completed six accretive acquisitions since IPO in 2012 – 5-year CAGR of 17% in energy customers

– 17.2 MW of solar generating capacity installed since September

2013

• Robust growth forecasted through FY 2018

– Energy customers expected to grow at 16% CAGR over 3 years – Solar installations expected to grow at 18% CAGR over 3 years – Strategic focus on growing customer base and increasing

customer lifetime value

– Growth upside from accretive acquisitions

STABILITY

• Large and diversified customer portfolio underpins stable

and growing cash flows

• Best-in-class risk management expertise locks in margin

• Low payout ratio

– 58% for Q1 2016

– Distribution increased 4% since the beginning of 2016

• Strong balance sheet

– $22.8 million of cash availability – Embedded margin of $288.8 million – No long-term debt

KWH.UN

Toronto Stock Exchange

Total return over

75% since

January 1, 2015

C$9.12

16.7M

C$153M

$272M

C$0.728 / unit

8.7%

~ 6%

Unit Price at 5.11.16 Units Outstanding Market Capitalization

Implied Market Capitalization Annual Distribution

Yield

Management Ownership

Market capitalization of the private operating business, Crius Energy, LLC, is implied using the Crius Energy Trust Unit price, grossed up for its 43.1% ownership interest in Crius Energy LLC, and an exchange rate of C$1.33 per US$.

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Q1 2016

LTM

Cash flows from operating activities

$(0.6)

$29.4

Changes in operating assets and liabilities

$(14.9)

$(25.2)

Cash flows from operating activities excluding changes in operating assets

and liabilities

$14.3

$54.6

Finance costs included in financing activities

$(2.5)

$(9.7)

Maintenance capital expenditures(1)

$(1.4)

$(8.5)

Unit-based compensation payments

$(0.6)

Distributable Cash

$9.8

$35.8

Distributions to non-controlling interest

$3.6

$13.6

Distributions to Unitholders

$2.1

$7.6

Total distributions

$5.7

$21.2

Payout ratio

58%

59%

DISTRIBUTABLE CASH AND PAYOUT RATIO

(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.

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EXPERIENCED EXECUTIVE TEAM

Michael Fallquist

Chief Executive Officer

• 10 years in the retail energy industry

• Founded Crius Energy, Viridian Energy and forged initial strategic partnerships • Formerly with Commerce Energy, Macquarie Group

Roop Bhullar

Chief Financial Officer

• Formerly with Commerce Energy, King Country Energy

Chaitu Parikh

Chief Operating Officer

• 16 years in the retail energy industry • Former President and CEO of MXEnergy

Cami Boehme

Chief Strategy Officer

• 16 years experience in branding, marketing and strategy across verticals • Former SVP with Regional Energy Holdings

Barbara Clay

Chief Legal Officer

• 16 years in compliance, law and governance in highly regulated industries • 9 years in private practice representing energy, communication and financial

industry clients for M&A, joint ventures, and complex contract matters

Rob Cantrell

Executive Vice President, Sales

• 20+ years of sales leadership

• Former President and Chief Operating Officer for TriEagle Energy

Pat McCamley

Executive Vice President, Corporate Development

• 20 years of corporate and business development leadership • Formerly with Skyline Partners, Siemens, Convergys

Christian McArthur

Executive Vice President, Energy Pricing and Supply

• 10 years in the retail energy industry • Former SVP with Just Energy

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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

• Former CFO, TransAlta Corp. • Former CFO, Molson Coors

Robert Huggard

• President of Lindaura Consulting

• Former President, Direct Energy Canada

• Former President, Direct Energy Home and Business Services

Daniel Sullivan

• Director, Ontario Teachers’ Pension Plan

• Director, Allied Properties Real Estate Investment Trust

• Former Consul General for Canada in New York

Michael Fallquist

Director & CEO

• Founded Crius Energy, Viridian Energy and forged initial strategic partnerships • Commerce Energy, Macquarie Group

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WHERE WE OPERATE

CRIUS IS ACTIVE IN

20 U.S. MARKETS,

AND AUSTRALIA

Australia: turn-key and limited risk partnership with industry-leading retail energy supplier, who is responsible for all energy procurement and operations. Crius is responsible for sales and marketing only.

Comcast (Electric) in DE, MD, NH

Comcast (Natural Gas) in MD, MA

Viridian (Natural Gas) in MA, AUS

Viridian (Electric) in NH, AUS

CURRENTLY LICENSING:

NEWLY LICENSED:

Comcast (Electric) in MA

Comcast (Natural Gas) in GA, MI

Viridian (Natural Gas) in MI

Public Power (Electric) in MA

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ACQUISITIONS

February 2013

$75 / RCE

April 2014

$120 / RCE

June 2014

$87 / RCE

February 2015

$96 / RCE

June 2015

$100 / RCE

December 2015

$97 / RCE

SUCCESSFUL TRACK RECORD

–

Highly fragmented market

–

Crius has the capital required to grow

–

Minimal additional operating cost resulting from scalability of platform

SIGNIFICANT OPPORTUNITY

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Michael Fallquist

Roop Bhullar

Kelly Castledine

Chief Executive Officer 203.663.7545

[email protected]

Chief Financial Officer 203.883.9900 [email protected] Investor Relations 416.644.1753 [email protected]