Tortoise Announces Distribution Amounts and Dates for Closed-End Funds Including Distribution Increase 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)

LEAWOOD, KS / ACCESSWIRE / May 10, 2021 / Tortoise today announced that, due to continued NAV growth and a constructive outlook for the energy infrastructure sector, the Board approved an increase to quarterly distributions for TYG of 7.9% and NTG of 9.1%. Distributions for Tortoise closed-end funds are detailed below.

As previously disclosed, TYG and NTG continue to transition their distribution policies to shift to a NAV-based distribution. Distribution amounts are generally expected to fall in the range of 5% to 7% of trailing average NAV. The NAV-based distributions for TYG and NTG align with the goal of maximizing NAV and provides the portfolio management team the flexibility to own investments with the most compelling total return potential across a broader set of energy infrastructure companies. Net cash flow not distributed can be used to fund share repurchases, reinvest in portfolio securities or reduce leverage.

The TYG, NTG and TTP distributions are payable on May 28, 2021 to shareholders of record on May 21, 2021. TPZ is expected to continue to declare distributions monthly, with the May distribution payable on May 28, 2021 to shareholders of record on May 21, 2021. TEAF monthly distributions are payable on June 30, 2021, July 30, 2021 and August 31, 2021 to shareholders of record on the respective dates of June 23, 2021, July 23, 2021 and August 24, 2021.

Additionally, an update on TEAF's direct investments, portfolio asset allocation, structure types and impact statistics as of April 30, 2021 are provided on the company website here. On a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund's inception through April 30, 2021.Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.

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. For tax purposes, the characterization will not be made until determination of earnings and profits after year end.

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.

Contact Information

For more information contact Maggie Zastrow at (913) 981-1020 or [email protected].

SOURCE: Tortoise