10/29/2010 NTG

Tortoise MLP Fund, Inc. Receives Final Funding from Private Offerings of Senior Notes and Mandatory Redeemable Preferred Shares

LEAWOOD, Kan., Oct 29, 2010 (BUSINESS WIRE) -- Tortoise MLP Fund, Inc. (NYSE: NTG) today announced it has received the remaining funding from its private placement of senior unsecured notes (Senior Notes) and Mandatory Redeemable Preferred Shares (MRP Shares).

The company received remaining funding of approximately $77 million for Senior Notes and $30 million for MRP Shares. An initial funding of approximately $153 million for Senior Notes and $60 million for MRP Shares occurred on Oct. 7, 2010. The proceeds from the offerings will be used primarily to make new portfolio investments and for general corporate purposes.

For more detailed NTG leverage information, please visit http://tygd.client.shareholder.com/asset-leverage.cfm?Symbol=NTG.

About Tortoise Capital Advisors, LLC

Tortoise is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of Sept. 30, 2010, the adviser had approximately $5.2 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 Company and Tortoise Capital Advisors believe 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 Company'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 Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

SOURCE: Tortoise Capital Advisors, LLC

Tortoise Capital Advisors, LLCPam Kearney, 866-362-9331Investor Relationspkearney@tortoiseadvisors.com

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