9/27/2010 NTG

Tortoise MLP Fund, Inc. Announces Expected Increase in Initial Distribution, Provides an Update on Investment of Proceeds and Establishes Credit Facility

LEAWOOD, Kan. – Sept. 27, 2010 – Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that it has fully invested its initial public offering proceeds ahead of schedule and expects to increase its initial distribution payable on Nov. 30, 2010 from the prior declaration of $0.21 per share to a distribution of not less than $0.36 per share. This increased fourth quarter distribution is expected to be declared on or before Nov. 8, 2010, and the final determination will be based on the earned distributable cash flow as a result of continued investment activity and fund expenses. A distribution of $0.36 per share does not reflect full investment of the anticipated leverage proceeds and represents an annualized yield of approximately 5.76 percent on the $25 public offering price.

The fund reiterates its expectation of paying a first quarter 2011 distribution of not less than a 6.5 percent annualized yield on a $25.00 public offering price ($0.40625 per quarter), following full investment of the anticipated leverage proceeds.

Investment of Proceeds

The fund has met its investment targets ahead of schedule because it has invested a significant amount of the IPO proceeds in direct investments and direct block transactions, with the remaining portfolio invested through open market purchases. The portfolio holdings and weightings are consistent with the fund's target portfolio of at least 70 percent of the fund's total assets invested in natural gas infrastructure MLPs, with a focus on the midstream sector. Following full investment, the fund will provide further detail on the portfolio through a press release and subsequent conference call.

"We are pleased with the quality and pace of our investment activities," said Tortoise Capital Advisors' Managing Director, Terry Matlack. "NTG focuses on natural gas infrastructure MLPs, which own and operate a resilient network of pipelines, storage, and processing assets. Additionally, we believe these MLPs provide attractive distribution growth potential related in part to the substantial infrastructure build-out needed to support the development of the domestic natural gas shale basins."

Credit Facility

On Sept. 24, 2010, the fund entered into a $60 million credit facility maturing Sept. 23, 2011. Under the terms of the credit facility, Bank of America Merrill Lynch serves as a lender and the lead arranger on behalf of other lenders participating in the credit facility. The credit facility has a variable annual interest rate equal to the one-month LIBOR plus 1.25 percent and a non-usage fee equal to an annual rate of 0.20 percent of the difference between the total credit facility commitment and the average outstanding balance at the end of each day.

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund's investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions paid to stockholders. The fund seeks to achieve its investment objective by investing primarily in energy infrastructure master limited partnership (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs.

About Tortoise Capital Advisors, LLC

Tortoise is an investment manager specializing in managing portfolios of MLPs and other energy companies. As of Aug. 31, 2010, the adviser had approximately $4.8 billion of assets under management in six NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.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.

Forward-Looking Statement

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 fund 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 fund and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

Contact information

Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (866) 362-9331, pkearney@tortoiseadvisors.com