Tortoise Announces 2019 Closed-End Fund Tax Characterization of Distributions and Release of Combined Annual Report

LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise today announced the tax characterization of 2019 distributions paid to common stockholders of:

Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)

2019 Tax Characterization of Distributions
	TYG	NTG	TTP	NDP	TPZ	TEAF
Qualified Dividend Income	21%	0%	0%	0%	11%	26%
Ordinary Dividend Income	0%	0%	0%	0%	63%	25%
Return of Capital	79%	100%	100%	100%	19%	49%
Long-Term Capital Gain	N/A	N/A	0%	0%	7%	0%

Additional information regarding the tax characterization of the 2019 distributions is available at www.tortoiseadvisors.com. A copy of the information is also available upon request by calling [phone].

Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.

Annual Report

The adviser also announced today the release of the combined 2019 annual stockholders' report including all of these funds.

The annual report is available online at www.tortoiseadvisors.com. Please call [phone] or email [e-mail] to request a hard copy of this report free of charge.

About Tortoise

Tortoise invests in essential assets – those real 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.

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.