ECA Marcellus Trust I — Q3 2026 Earnings Summary

Financial Performance:

• The Trust announced a quarterly distribution of $0.021 per unit for the quarter ended September 30, 2026.
• The Trustee withheld approximately $90,000 from this quarter's distribution to build a cash reserve.
• Since Q1 2019, the Trustee has withheld cash reserves, initially targeting $1.8 million and increasing the target to approximately $3.8 million in November 2021.
• From Q1 2019 through Q4 2022, the withholding amount was the greater of $90,000 or 10% of funds available for distribution; the initial $1.8 million target was achieved in the quarter ended December 31, 2022.
• The Trustee plans to continue withholding $90,000 per quarter until the total cash reserve reaches approximately $3.8 million.
• Distributions are expected to fluctuate based on proceeds from natural gas production, commodity prices, and administrative expenses.

Guidance and Future Outlook:

• The distribution is expected to be paid on or before November 30, 2026, to holders of record as of November 23, 2026.
• The Trustee may increase or decrease the targeted cash reserve amount and the withholding rate at any time without advance notice to unitholders.
• Any cash reserved in excess of future known, anticipated, or contingent liabilities will eventually be distributed to unitholders, including interest earned on the funds.
• Future distributions are subject to volatility in commodity prices and production levels, which are beyond the control of the Trust or Greylock Energy LLC.
• Low natural gas prices could reduce proceeds and result in no distributions to unitholders in certain periods.

Business Segments and Product Lines:

• The Trust owns royalty interests in natural gas properties located in the Marcellus Shale formation in Greene County, Pennsylvania.
• These properties are held by Greylock Energy LLC and its wholly owned subsidiaries.
• The Trust receives proceeds attributable to Greylock's interest in the sale of production from these properties.

Risks and Challenges:

• Distributions are directly affected by the volatility of commodity prices, which are subject to factors beyond the control of the Trust or Greylock.
• Low natural gas prices reduce proceeds and the cash available for distribution.
• Actual results may differ materially from forward-looking statements due to differences in actual cash receipts, Trust expenses, and reserves for future expenses.
• Investments are subject to risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2025.

Management Commentary and Tone:

• The Trustee maintains a conservative approach by building a cash reserve to cover future known, anticipated, or contingent expenses or liabilities.
• The Trustee retains the discretion to adjust reserve targets and withholding rates at any time without notice.

Other Key Points:

• The press release serves as a qualified notice to nominees and brokers regarding withholding tax obligations under Section 1446 and Section 1441 of the Internal Revenue Code.
• Withholding tax on income effectively connected to a U.S. trade or business (ECI) allocated to non-U.S. persons is made at the highest marginal rate.
• Withholding tax on fixed, determinable, annual, periodic income from U.S. sources allocated to non-U.S. persons is made at a 30% rate unless reduced by treaty.
• A transferee of units is required to withhold 10% of the amount realized on the sale or exchange of units unless specific certifications or exceptions apply.
• Neither Greylock nor the Trustee intends to update any forward-looking statements included in the release.