5/01/2020 TYG NTG TTP NDP Energy

Tortoise Announces Completion of Reverse Stock Splits for Certain Closed-End Funds

FOR IMMEDIATE RELEASE

LEAWOOD, KS – May 1, 2020 – Tortoise announced that the previously disclosed reverse stock splits, for closed-end funds TYG, NTG, TTP and NDP as outlined below, were executed today prior to the open of trading on the New York Stock Exchange (the “NYSE”). The funds’ common shares will begin trading on a split-adjusted basis under their current symbol, but with new CUSIP numbers, as listed below.

Symbol

Fund

Reverse stock split

New CUSIP

TYG

Tortoise Energy Infrastructure Corp.

1-for-4

89147L886

NTG

Tortoise Midstream Energy Fund, Inc.

1-for-10

89148B200

TTP

Tortoise Pipeline & Energy Fund, Inc.

1-for-4

89148H207

NDP

Tortoise Energy Independence Fund, Inc.

1-for-8

89148K200

As a result of the reverse stock splits, every four outstanding common shares of TYG were converted into one common share, every ten outstanding common shares of NTG were converted into one common share, every four outstanding common shares of TTP were converted into one common share, and every eight outstanding common shares of NDP were converted into one common share.

The reverse stock splits decreased the number of the funds’ shares of common stock outstanding and will potentially increase the market price per share by a proportional amount. Neither the funds’ portfolio holdings nor the total value of stockholders investments in the funds were affected as a result of the reverse stock splits. The intent of the reverse stock splits is to increase the market price per share of the funds and broaden the range of potential investors in shares of the funds’ common stock, thereby potentially improving the market for, and liquidity of, shares of the funds’ common stock.

No fractional shares were issued as a result of the reverse stock splits, except for registered stockholders participating in the funds’ dividend reinvestment programs. Any fractional shares resulting from the reverse stock splits were aggregated and will be sold on the NYSE by the funds’ transfer agent and the proceeds will be distributed pro rata among stockholders who would otherwise have received fractional shares in the reverse stock splits. The reverse stock splits did not impact any stockholder’s ownership in the funds or voting power, except for minimal effects resulting from the treatment of fractional shares.

Please contact Computershare Trust Company, N.A., the funds’ transfer agent and the exchange agent for the reverse stock splits, for further information at 800-546-5141.

About Tortoise Energy Infrastructure Corp.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio of master limited partnership investments in the energy infrastructure sector.  Tortoise Energy Infrastructure Corp.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.

About Tortoise Midstream Energy Fund, Inc.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a portfolio of midstream energy entities that own and operate a network of pipeline and energy-related logistical infrastructure assets with an emphasis on those that transport, gather, process and store natural gas and natural gas liquids (NGLs). Tortoise Midstream Energy Fund, Inc.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.

About Tortoise Pipeline & Energy Fund, Inc.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions.  TTP invests primarily in equity securities of pipeline companies that transport natural gas, natural gas liquids (NGLs), crude oil and refined products and, to a lesser extent, in other energy infrastructure companies.

About Tortoise Energy Independence Fund, Inc.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions.  NDP invests primarily in North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids.

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.

Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc. and Tortoise Energy Independence Fund, Inc.

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 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.

Contact information
For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseadvisors.com