TortoiseEcofin Announces Distribution Amounts and Dates for Closed-End Funds Including Further Increases 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 Energy Independence Fund, Inc. (NYSE: NDP)

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)

TortoiseEcofin and the Board of its closed-end funds today announced a fourth consecutive and noteworthy increase to quarterly distributions for TYG and NTG of 23.3% and 48.1%, respectively. As previously announced, TTP, NDP and TPZ have adopted managed distribution policies and those distribution amounts will be reviewed in February 2022, in accordance with their policies.

“The distribution increases for TYG and NTG are due to steady NAV growth and a refueling in demand within the energy infrastructure sector. The increases raise the distributions of both funds to levels in accordance with their distribution policies,” said Matt Sallee, President – Tortoise. “In alignment with the energy evolution taking place across the globe, TYG continues its strategic shift, positioning for the future of energy growth and toward a target portfolio of ~40% renewables and power infrastructure. Furthermore, we see tremendous opportunity and exceptional yields in midstream energy infrastructure, where NTG primarily invests, and we intend to pass that income to shareholders.”

Tortoise closed-end funds distribution details are as follows:

TYG, NTG, TTP and NDP quarterly distributions are payable on November 30, 2021, to shareholders of record on November 23, 2021. TPZ is expected to continue to declare distributions monthly, with the November distribution payable on November 30, 2021, to shareholders of record on November 23, 2021.

2021 Tax Characterization Information

For tax purposes, 80 to 100% of TYG and NTG’s 2021 distributions are expected to be characterized as qualified dividend income, with the remainder as return of capital; 0 to 10% of TTP and NDP’s 2021 distributions are expected to be characterized as dividend income, with the remainder as return of capital; and 40 to 60% of TPZ’s 2021 distributions are expected to be characterized as dividend income with the remainder as return of capital. A final determination of the characterization will be made in January 2022, and you will receive a form 1099-DIV for each fund in which you are invested.

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 NDP is estimated to be approximately 10 to 20% 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.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior living. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. For additional information, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors) (“TCA”) is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., and Tortoise Power and Energy Infrastructure Fund, Inc.

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

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.

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 TCA 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 TCA do not assume a duty to update this forward-looking statement.

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