ENI.UN Energy Income Fund

Artemis Investment Management Limited ("Artemis"), the trustee and manager of the Energy Income Fund (TSX – ENI.UN) ("the Fund"), is pleased to announce that the Fund will engage in derivative trading as part of its new investment strategy, as outlined in the information circular dated February 12, 2024, which is intended to commence on or after September 15, 2024.

As part of its derivatives trading strategy, the Fund will engage in the purchase and sale of call and put options. Call options grant the holder the right to buy a stock at a predetermined price, while put options provide the right to sell a stock at a specified price, both within a designated timeframe. The Fund plans to utilize these derivatives for both "hedging" and "non-hedging" purposes. Hedging will be employed to mitigate exposure to fluctuations in securities prices, while non-hedging activities will serve as substitute investments for stocks, aiming to generate additional income.

With respect to the sale of any derivatives, the Fund will restrict its activities to selling covered call options on stocks for which it owns the underlying assets, thereby limiting downside risks. In the case of selling put options, the Fund will reserve a corresponding cash amount to potentially purchase the stock, further minimizing financial risks. The Fund will only use derivatives in accordance with the requirements of the securities regulations.

As per the risk management procedures of Artemis, the Fund’s investment in any derivative position must not exceed 10% of the Net Asset Value of the Fund, and total derivative exposure must not exceed 25% of the Net Asset Value of the Fund.

For further information, please contact Artemis Investment Management’s investor relations line at (416) 934-7455 or visit our website at www.artemisfunds.ca.

Cautionary Statements

Certain statements in this press release are “forward-looking” within the meaning of applicable Canadian securities laws, including but not limited to statements about the redemption offer and matters relating thereto. Forward‐looking statements are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “in the event”, “if”, “believes”, “asserts”, “position”, “intends”, “envisages”, “assumes”, “recommends”, “estimates”, “approximate”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this news release include statements with respect to the completion and payment of the redemptions set out herein. Forward‐looking statements are necessarily based upon the current belief, opinions and expectations of the Fund that, while considered reasonable by the Fund, are inherently subject to significant risks and uncertainties that could cause the outcome to differ materially from current expectations. Such risks and uncertainties include, among others, litigation, business, economic, competitive, political and social uncertainties and other contingencies. In this news release, forward-looking statements include, among other things, statements with respect to derivatives trading generating additional income. Artemis and the Fund disclaim any obligation to update these forward-looking statements other than as required by applicable securities laws.

Many factors could cause the Fund's actual results to differ materially from those expressed or implied in the forward‐looking statements. These factors include, among others, uncertainties related to the investment outcomes associated with trading derivatives as well as other risk factors set out under the heading “Risk” in the Fund’s Annual Report for the year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca. Investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.