An anonymous director reports

ENERGY INCOME FUND ANNOUNCES PRIVATE PLACEMENT AND A SPECIAL MEETING ON DECEMBER 13, 2023

Artemis Investment Management Ltd., the trustee and manager of Energy Income Fund., has arranged a non-brokered private placement opportunity through the issuance of up to 2,298,851 units at a price per unit of $1.74 for gross proceeds of up to approximately $4-million. The subscription price reflects the fund's net asset value per unit of $1.74 as of Oct. 5, 2023.

The intended use of proceeds from the private placement is to purchase additional investments, both in new and existing fund positions.

The private placement is subject to approval of the Toronto Stock Exchange, and all the units of the fund issued pursuant to the private placement will be subject to a four-month hold period from the date of issuance. The private placement is expected to close in early November, 2023.

The fund also announces that it, along with Artemis, has decided to call a special meeting on Dec. 13, 2023. At the special meeting, unitholders of the fund will be requested to vote to approve the following amendments to the declaration of trust (which is available on the fund's SEDAR+ profile), subject to applicable regulatory approvals and consents that may be required:

1. Amend the fund's investment strategy and objectives so that the fund will be also be permitted to invest in any United States-listed company in addition to the existing permitted asset classes;
2. Amend the management fee payable to Artemis to 2 per cent of average net asset value of the fund per year plus applicable taxes; further, Artemis would be eligible to receive a performance fee of 20 per cent above an 8-per-cent hurdle rate on the fund's returns; in consideration of these amended and new fees, the fund will cap the fund's total expense ratio at 2.5 per cent (excluding performance fee, extraordinary expenses and taxes) of the fund's average net asset value of the fund per year (for comparison, as of Dec. 31, 2022, the combined management and trading expense ratio of the fund was 4.61 per cent).

Notice of the special meeting and information circular will be provided to unitholders during November, 2023.

We seek Safe Harbor.