Strictly Confidential Project Strive Presentation to the Fantasy

Strictly Confidential Project Strive Presentation to the Fantasy Board of Directors Acquisition Analysis 15 November 2008

Target Overview ØFounded in 2000 Just Energy Inc. Ø#1 Energy Drink producer ØStrongest brand name in energy drinks ØThrive: 70+% of category sales ØFirst company to mass market energy drinks ØExcellent retail store distribution ØTotal Sales last year: over 2 Billion üTremendous energy drink sales growth üProjecting sales of over 4 Billion in two years ØNumerous, High-Quality Production Facilities

Industry Overview Energy Drinks Ø 3 billion in sales last year ØEnergy Drink Booming Market Growth üSales estimated to have grown at least 50% per year since 2002 üThrive’s push largely responsible for growth üRapid growth attracting entry of major beverage companies

Industry Overview (cont=d) Energy Drinks ØMarket growth is fueled by üLifestyle image üTrend consciousness ØThrive and Emerge are Top Two Brands ü “Bom Dia” recent entrant from Pure. Bev üIncreasingly significant presence, especially in the West üNumerous smaller labels compete ØLarge Convenience Chains are Primary Outlet

Current Competitive Trends Energy Drinks ØWide-Scale attempts to establish consumer use ØConsumer choice driven by brand image ØNew Entrants spending to introduce ØDeep Pocket, test market advertising to determine size of market opportunity ØGrowing Private Label interest ØHealthy trend niche: “energy plus”

Energy Drink Opportunity Competitive Advantages of Just Energy ØFirst Mover Advantage üAbility to set price and quality standards üSpends less to place in retail and sustain #1 position üBrand is synonymous with the product ØGood Geographic, Manufacturing & Distribution Plan = Economic Advantage ØJust Energy Brand Leadership and Credibility Position

Transaction Rationale Project Strive ØStrengthens our position in energy drinks üIncreases access to shelf space with large customers üExpands production capacity üGives Fantasy control of the leading brand name üCombination of Emerge and Thrive allows more leeway to set market pricing ØComplements Fantasy’s stable of beverages

Transaction Rationale (cont=d) Project Strive ØBetter positioned to battle Pure’s recent entry ØProduces a company more able to battle the Major Beverage Companies (e. g. , Coca-Cola, Nestle) for a greater share of overall beverage consumption üBuilds a superior platform for innovation üEnergy is high growth segment ØGenerates Significant Efficiencies ü 60 M in annual cost savings from combining facilities