Tortoise Announces Distribution Increase and Continuation of Share Repurchase Program for TYG and NTG

Distribution Amounts and Dates Declared for:
Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)

Tortoise today announced that the Board approved an increase to quarterly distributions for TYG and NTG and reauthorized a share repurchase program for these funds. The distribution increase of 5.0% for TYG and 6.5% for NTG is a product of the share repurchase programs completed in December and reflects the investment team’s positive long-term outlook for the energy infrastructure sector. Furthermore, TYG continues its strategic shift, positioning for the future of energy and toward a target portfolio of ~40% renewables and power infrastructure.

Distribution Amounts and Dates

TYG, NTG, TTP, TPZ and TEAF today declared the following distributions:

The TYG, NTG and TTP distributions are payable on February 26, 2021 to shareholders of record on February 19, 2021. TPZ is expected to continue to declare distributions monthly, with the February distribution payable on February 26, 2021 to shareholders of record on February 19, 2021. TEAF monthly distributions are payable on March 31, 2021, April 30, 2021 and May 28, 2021 to shareholders of record on the respective dates of March 24, 2021, April 23, 2021 and May 21, 2021. Management and the Board will continue to consider annual NAV performance, portfolio distribution growth and results of share repurchase programs, among other elements, in determining future changes to distribution amounts.

Share Repurchase Program (TYG and NTG)

As part of the Board’s desire to continue its ongoing commitment to enhancing shareholder value, the Board reauthorized a share repurchase program effective through February 28, 2022. Under the share repurchase program, each fund may repurchase up to 10% of its outstanding shares in open-market transactions at such times and in such amounts as management reasonably believes may enhance shareholder value.

Repurchase activity, including the number of shares purchased, the average purchase price and the average discount to net asset value, will be disclosed in the funds' financial reports to shareholders. The share repurchase program will follow Rule 10b-18 requirements, and there is no assurance that the funds will repurchase shares in any amount.

Given the benefit of providing transparency through timely data updates, FAQs and podcasts utilizing the funds’ website, management has decided to discontinue producing financial reports for the first and third fiscal quarters. The funds will continue to issue semi-annual and annual reports as required. Timely and important information is updated regularly on the funds’ website at www.TortoiseEcofin.com .

For book purposes, the source of distributions for TYG and NTG is estimated to be 100% return of capital, and the source of distributions for TEAF is estimated to be approximately 90 to 100% ordinary income, with the remainder as return of capital.

You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of these distributions or from the terms of TTP’s or TPZ’s distribution policy.

TTP and TPZ estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s and TPZ’s investment performance and should not be confused with “yield” or “income.”

TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TTP and TPZ report are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com .

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.TortoiseEcofin.com .

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

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Maggie Zastrow
(913) 981-1020
info@tortoiseadvisors.com