OVERLAND PARK, Kan. – Dec. 5, 2024 – Tortoise Capital Advisors, L.L.C. (Tortoise Capital) a fund manager focused on energy investing, today announced it received shareholder approval of two strategic fund merger proposals involving closed-end funds and the conversion to an actively managed ETF. These changes align with the firm’s commitment to providing innovative investment solutions that are intended to enhance shareholder value and operational efficiency. Subject to the satisfaction of certain customary closing conditions, Tortoise Capital expects the mergers and ETF conversion to become effective, and trading of the merged funds will cease, before the market opens on Dec. 23, 2024.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG) will merge, with TYG emerging as the continuing fund, with combined total assets under management (AUM) on a pro forma basis of $1.1 billion as of Nov. 29, 2024. TYG will retain its original investment strategy and objective, becoming Tortoise Capital’s flagship closed-end fund solution for investors seeking this structure.

Tortoise Capital is announcing a change in the frequency of TYG distributions from quarterly to monthly. The monthly distribution declared by TYG will be $0.365 per share, which represents a 40% increase. The distributions are payable on Dec. 31, 2024, Jan. 31, 2025, and Feb. 28, 2025, to shareholders of record on the respective dates of Dec. 24, 2024, Jan. 24, 2025, and Feb. 21, 2025. The source of distributions is estimated to be approximately 0% to 20% ordinary income, with the remainder as return of capital. NTG’s final distribution of $0.53 per share is payable on Dec. 13, 2024 to shareholders of record on Dec. 6, 2024.

Additionally, Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP), and Tortoise Energy Independence Fund, Inc. (NYSE: NDP), will each merge with a newly formed series of an actively managed ETF, with TPZ as the surviving strategy. The ETF will adopt TPZ’s prior closed-end fund accounting and performance history. The ETF will maintain TPZ's focus on uncovering high quality opportunities and capture growth in the energy sector while providing a high level of current income and access to the U.S. energy sector. The combined assets of the three funds transitioning to the ETF, including leverage, totaled $358 million on a pro forma basis as of Nov. 29, 2024. TTP’s and NDP’s final distributions of $0.175 and $0.255 per share, respectively, are payable on Dec. 13, 2024 to shareholders of record on Dec. 6, 2024.

The mergers of the closed-end funds and the ETF conversion were previously approved by the funds’ board of directors.

“These strategic initiatives reflect our commitment to delivering value and flexibility to our shareholders. By merging TYG and NTG, we are solidifying TYG as our flagship closed-end fund solution for long-term investors,” said Tom Florence, CEO of Tortoise Capital. “Simultaneously, the merger and conversion of TPZ, TTP, and NDP into an actively managed ETF provides a modernized structure that enhances liquidity, reduces inefficiencies, and offers access to high-quality opportunities in the energy sector.” He added, “These actions also align with the board’s continued commitment to shareholder value through thoughtful initiatives tailored to modern demands.”

About Tortoise Capital

With approximately $8.8 billion in assets under management as of Oct. 31, 2024, Tortoise Capital’s record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.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 (SEC). 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.

IMPORTANT INFORMATION

Tortoise Capital Advisors, L.L.C. is the investment adviser to Tortoise Energy Infrastructure Corp. (TYG), Tortoise Midstream Energy Fund, Inc. (NTG), Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ), Tortoise Pipeline & Energy Fund, Inc. (TTP), and Tortoise Energy Independence Fund, Inc. (NDP).

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