Ninepoint Partners

Ninepoint Energy Strategies' Weekly Update: so what does all this mean???

Feel euphoric when you fill up at the pump! The ETF series of the Ninepoint Energy Fund trades under the ticker "NNRG." Disclaimer: bit.ly/2ukaOCr All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 2/28/2026. Where applicable, all figures are annualized and based on monthly returns since inception. Inception date is 4/16/2004. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund. In each taxation year, the Fund will distribute to its investors a sufficient amount of the Fund’s net income and net realized capital gains so that the Fund will not pay any income tax. The net income and the net realized capital gains of the Fund will be distributed annually in December. The Fund is generally exposed to the following risks: Active management risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Energy risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk. Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 2/28/2026 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

There is no return to normal on oil any time soon. Published yesterday in the @FT, @ea_amrita, Founder and Director of Market Intelligence at Energy Aspects, explains that even if the conflict in the Middle East ends soon, a return to the old status quo is unlikely. The US-Iran conflict has caused an oil market supply shock, with over 10 million barrels per day of crude flows through the Strait of Hormuz disrupted. This unprecedented event has triggered extreme price swings and forced governments worldwide to take emergency action. Amrita explores why security of supply is now a top priority, especially for Asian economies that rely on the region for nearly half their crude imports. The article highlights the urgent need for new strategies to manage risk and ensure stability in a rapidly changing market. Read the full analysis to understand how governments and market participants are reshaping their strategies in response to these unprecedented supply risks: ow.ly/5w2l50YsgYO #EnergyAspects #MiddleEast #Oil

We’re pleased to announce the filing of a preliminary prospectus for nine new single-stock ETFs, expanding our Ninepoint HighShares ETF lineup and introducing our first Ninepoint CoreShares ETF. Highlights: -Nine new ETFs: Including the launch of the Ninepoint Constellation Software CoreShares ETF -Expanded company lineup: Adds exposure to U.S. companies for the first time, alongside additional Canadian names across technology, resources, industrials and other sectors -New CoreShares structure: The Constellation Software CoreShares ETF will provide unlevered single-stock exposure with monthly income distributions -Competitive pricing: 0.29% management fee, among the lowest in the single-stock ETF category Read the full press release here: ninepoint.com/about-ninepoin…

If the Strait of Hormuz remains "closed" (🚢 down ~84%) I believe WTI could reach $100/bbl by Wednesday and make all-time highs 1-2 weeks thereafter. Every day the situation gets exponentially worse. We are positioned in oil producers and a $100/$110 WTI call spread accordingly.

I've now spoken to 4 of my favourite global energy advisors. To summarize, as one said, "this is the big one." The closure of the Strait of Hormuz was never thought possible, but here we are. The gravity is so huge most cannot comprehend it...yet. Complacency = opportunity.

If the Strait remains closed we are losing ~450MM Bbls per month. That exceeds the entirety of the US Strategic Petroleum Reserve. This is not some small supply interruption...this is historic in magnitude and consequence.

We are experiencing the largest loss of oil supply in history (3X bigger than the 1973 Arab oil embargo). The level of complacency to me is staggering. Prior playbooks do not apply!

“More Canadian oil production means a higher quality of living for all of us” Our oil and natural gas industry contributes tens-of-billions annually to government revenues — which helps fund our day-to-day social programs like healthcare and education. ⁦@ericnuttall⁩

Ninepoint Partners Announces February Cash Distributions for Ninepoint ETFs - ninepoint.com/about-ninepoin… Disclaimer: bit.ly/2ukaOCr Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy. The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund's performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Are we entering a multi-year bull market in energy? @ericnuttall shares his perspectives with Adriano Starinieri of the Passive Income Investing podcast. Watch the full conversation: youtu.be/p-i6YB08R0k #EnergyMarkets #oil #oott #OilAndGas #Investing #IncomeInvesting #CanadianInvestors #ETFs #Commodities #PortfolioStrategyDisclaimer: bit.ly/2ukaOCr

Bloc Québécois MP Simard: “ I’m just not convinced that it is in the public interest to build oil and gas infrastructure” Response: “With respect Mr. Simard, where do you think your Province’s $17 billion per year in transfer payments come from? It’s funded from this sector.”

“Honestly, I’m staggered that as a citizen I need to explain why it is important to champion the most important sector of the Canadian economy. The reasons for that should be abundantly obvious.”

Highlights from my testimony to the House of Commons’ Standing Committee on Natural Resources - opening statement

From megatrends to energy transition challenges — @ericnuttall, Senior Portfolio Manager of Ninepoint Energy Strategies, once again joined global experts at this year’s IEA-IEF-OPEC Symposium on Energy Outlooks in Riyadh. A must-attend for anyone tracking energy market shifts. #Energy #GlobalEnergy #EnergyMarkets #EnergyOutlooks #OilAndGas #EnergyTransition #IEA #IEF #OPEC #EnergyLeadership #EnergyPolicy #EnergySecurity #GlobalMarkets #MacroEnergy #EnergyConference #Riyadh #SaudiArabia #ThoughtLeadership #EnergyInvesting #EnergyRealism Disclaimer: bit.ly/2ukaOCr

We are very proud to share that the Ninepoint Energy Fund has received the FundGrade A+® Award from Fundata Canada for the fifth consecutive year. This recognition reflects the Fund’s consistent risk-adjusted performance in 2025 and underscores the expertise and disciplined approach of Senior Portfolio Manager, @ericnuttall and the entire investment team. Their ongoing commitment to delivering strong outcomes for investors continues to distinguish the Ninepoint Energy Fund in the marketplace. Thank you to our investors and partners for your continued confidence and support. Learn more: lnkd.in/edhsnFUa Disclaimer: bit.ly/2ukaOCr

Ninepoint Partners Announces January Cash Distributions for Ninepoint ETFs - ninepoint.com/about-ninepoin… Disclaimer: bit.ly/2ukaOCr Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy. The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund's performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

We believe we are on the cusp of a multi-year bull market for oil. Hear why (plus our bullish views on natural gas) in an abridged 20 minute video we recorded for our clients: