TortoiseEcofin Closed-End Funds Implement Several Measures to Increase Shareholder Value

Distribution dates and amounts announced for TYG, NTG, TTP, NDP, TPZ and TEAF

• TTP and NDP update following termination of proposed merger
  • TTP increases and NDP reinstates quarterly distributions
  • Both funds adopt a managed distribution policy
  • Operating expenses capped through expense reimbursement
• TPZ adopts a managed distribution policy and increases distribution
• TYG and NTG increase distributions for third consecutive quarter

TortoiseEcofin and the Board of the closed-end funds announce several actions to improve shareholder value for its closed-end funds:

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)

Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)

TTP and NDP Status Update

Following the proposal to merge the two funds, management and the Board concluded that TTP and NDP will remain separate funds, each continuing to be managed under their existing strategies.

NDP invests primarily in North American energy companies that engage in exploration and production of crude oil, natural gas and related essential commodities, while TTP invests primarily in pipeline companies that transport these products. The management team and the Board maintain full conviction in the energy sector and believe it will continue to be essential to our everyday needs. They also believe that the companies in which the funds invest will meaningfully contribute in the energy transition with new projects and by repurposing existing assets to support cleaner energy sources. Learn more from the portfolio managers in these short videos: TTP, NDP.

The Board also approved an increase to TTP’s quarterly distribution by 131.3% and to reinstate a quarterly distribution for NDP. Additionally, TTP and NDP adopted managed distribution policies resulting in a NAV-based distribution, similar to the NAV-based distribution policies previously announced for TYG and NTG. The annualized distribution rate will be reviewed on a semi-annual basis in February and August each year and is expected to equal at least 6% of the average NAV per share for the previous fiscal semi-annual period.

NAV-based distributions 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. This formulaic and disciplined approach decouples distribution decisions from distributable cash flow and tracks NAV performance. Net cash flow not distributed can be used to fund share repurchases, reinvest in portfolio securities or reduce leverage.

Tortoise Capital Advisors, L.L.C., the adviser to TTP and NDP, has voluntarily agreed, effective September 1, 2021, to reimburse each fund for their Operating Expenses in order to ensure that Operating Expenses do not exceed 1.35% of average daily managed assets for each fund. In its sole discretion and at any time, the funds’ adviser may elect to extend, terminate or modify its temporary expense reimbursement upon written notice.

TPZ Distribution

The Board approved the adoption of a managed distribution policy and an increase of 20.0% to the monthly distribution for TPZ. The annualized distribution rate will be reviewed on a semi-annual basis in February and August each year and is expected to equal at least 5% of the average NAV per share for the previous fiscal semi-annual period.

TYG and NTG Distributions Increase

In line with the funds’ NAV-based distribution polices that were introduced in July 2020 with the goal of maximizing NAV, the Board approved an increase to TYG and NTG distributions for the third consecutive quarter. TYG and NTG quarterly distributions for the third fiscal quarter increased by 7.4% and 6.9%, respectively. Distribution amounts are generally expected to fall in the range of 5% to 7% of trailing average NAV. Net cash flow not distributed can be used to fund share repurchases, reinvest in portfolio securities or reduce leverage.

TEAF will maintain its current distribution and the Board will review once the fund achieves its long-term portfolio allocation targets.

Distributions Amounts and Dates

TYG, NTG, TTP and NDP quarterly distributions are payable on August 31, 2021 to shareholders of record on August 24, 2021. TPZ is expected to continue to declare distributions monthly, with the August distribution payable on August 31, 2021 to shareholders of record on August 24, 2021. TEAF monthly distributions are payable on September 30, 2021, October 29, 2021 and November 30, 2021 to shareholders of record on the respective dates of September 23, 2021, October 22, 2021 and November 23, 2021.

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 and 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.

Operating Expenses excludes taxes, leverage/borrowing costs, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses.

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., Tortoise Power and Energy Infrastructure Fund, Inc. and Ecofin Sustainable and Social Impact Term Fund. Ecofin Advisors Limited is a sub-adviser to Ecofin Sustainable and Social Impact Term Fund.

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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