FOR IMMEDIATE RELEASE

LEAWOOD, KS – August 05, 2020 – TTP, TPZ and TEAF declared the following distributions: 

The Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) quarterly distribution is payable on August 31, 2020 to stockholders of record on August 24, 2020.

The Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) August monthly distribution is payable on August 31, 2020 to shareholders of record on August 24, 2020.

The Tortoise Essential Assets Income Term Fund (NYSE: TEAF) monthly distributions are payable on September 30, 2020, October 30, 2020 and November 30, 2020 to stockholders of record on the respective dates of September 23, 2020, October 23, 2020 and November 23, 2020.

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. TTP and TPZ will each send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The source of distributions for TEAF is estimated to be approximately 80-90% 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.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Pipeline & Energy Fund, Inc., Tortoise Power and Energy Infrastructure 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.tortoiseadvisors.com.

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

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 info@tortoiseadvisors.com.