Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of March 31, 2020 for TYG, NTG, TTP, NDP, TPZ and TEAF

Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF. Additionally, Tortoise has published a special podcast with leverage and coverage updates as of Mar. 31, 2020 for these closed-end funds. The podcast is available [url="]here[/url].





Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $715.3 million and its unaudited net asset value was $170.6 million, or $3.17 per share.





As of Mar. 31, 2020, the company was not in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). On a pro-forma basis, which assumes cash and receivables are used to pay down leverage, the company was in compliance with the 1940 Act coverage ratios. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	267.8		$	4.98
Cash and Cash Equivalents			401.2			7.47
Receivable for Investments Sold			0.9			0.01
Deferred Tax Asset			41.2			0.77
Other Assets			4.2			0.08
Total Assets			715.3			13.31
Senior Notes			300.0			5.58
Preferred Stock			165.0			3.07
Total Leverage			465.0			8.65
Payable for Investments Purchased			0.8			0.02
Other Liabilities			9.3			0.17
Current Tax Liability			69.6			1.30
Net Assets		$	170.6		$	3.17

53.73 million common shares currently outstanding.





Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $435.8 million and its unaudited net asset value was $69.4 million, or $1.10 per share.





As of Mar. 31, 2020, the company was not in compliance with its asset coverage ratios under the 1940 Act. On a pro-forma basis, which assumes cash and receivables are used to pay down leverage, the company was in compliance with the 1940 Act coverage ratios. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	146.4		$	2.32
Cash and Cash Equivalents			284.2			4.50
Receivable for Investments Sold			3.6			0.06
Other Assets			1.6			0.02
Total Assets			435.8			6.90
Senior Notes			187.0			2.96
Preferred Stock			132.0			2.09
Total Leverage			319.0			5.05
Other Liabilities			5.8			0.09
Current Tax Liability			41.6			0.66
Net Assets		$	69.4		$	1.10

63.21 million common shares currently outstanding.





Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $78.9 million and its unaudited net asset value was $33.7 million, or $3.37 per share.





As of Mar. 31, 2020, the company was not in compliance with its asset coverage ratios under the 1940 Act. On a pro-forma basis, which assumes cash and receivables are used to pay down leverage, the company was in compliance with the 1940 Act coverage ratios. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	49.4		$	4.93
Cash and Cash Equivalents			28.9			2.88
Other Assets			0.6			0.06
Total Assets			78.9			7.87
Senior Notes			28.0			2.79
Preferred Stock			16.0			1.60
Total Leverage			44.0			4.39
Other Liabilities			1.2			0.11
Net Assets		$	33.7		$	3.37

10.02 million common shares currently outstanding.





Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $27.1 million and its unaudited net asset value was $22.5 million, or $1.52 per share.





As of Mar. 31, 2020, the company was in compliance with its asset coverage ratios under the 1940 Act. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	26.5		$	1.79
Cash and Cash Equivalents			0.4			0.03
Other Assets			0.2			0.01
Total Assets			27.1			1.83
Credit Facility Borrowings			4.1			0.28
Other Liabilities			0.5			0.03
Net Assets		$	22.5		$	1.52

14.77 million common shares currently outstanding.





Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $86.4 million and its unaudited net asset value was $61.5 million, or $8.84 per share.





As of Mar. 31, 2020, the company was in compliance with its asset coverage ratios under the 1940 Act. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	84.7		$	12.19
Cash and Cash Equivalents			0.5			0.07
Other Assets			1.2			0.17
Total Assets			86.4			12.43
Credit Facility Borrowings			24.0			3.45
Other Liabilities			0.9			0.14
Net Assets		$	61.5		$	8.84

6.95 million common shares currently outstanding.





Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of Mar. 31, 2020, the company’s unaudited total assets were approximately $188.7 million and its unaudited net asset value was $170.6 million, or $12.64 per share.





As of Mar. 31, 2020, the company was in compliance with its asset coverage ratios under the 1940 Act. For more information on the company’s coverage ratios, please refer to the leverage summary web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





Set forth below is a summary of the company’s unaudited balance sheet at Mar. 31, 2020.





Unaudited balance sheet

		(in Millions)			Per Share
Investments		$	182.4		$	13.52
Cash and Cash Equivalents			1.7			0.13
Receivable for Investments Sold			1.4			0.10
Other Assets			3.2			0.24
Total Assets			188.7			13.99
Credit Facility Borrowings			15.4			1.14
Payable for Investments Purchased			1.6			0.12
Other Liabilities			1.1			0.09
Net Assets		$	170.6		$	12.64

13.49 million common shares currently outstanding.





The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at [url="]https%3A%2F%2Fcef.tortoiseadvisors.com[/url].





About Tortoise Energy Infrastructure Corp.





Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.





About Tortoise Midstream Energy Fund, Inc.





Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a portfolio of midstream energy entities that own and operate a network of pipeline and energy-related logistical infrastructure assets with an emphasis on those that transport, gather, process and store natural gas and natural gas liquids (NGLs). Tortoise Midstream Energy Fund, Inc.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.





About Tortoise Pipeline & Energy Fund, Inc.





Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions. TTP invests primarily in equity securities of pipeline companies that transport natural gas, natural gas liquids (NGLs), crude oil and refined products and, to a lesser extent, in other energy infrastructure companies.





About Tortoise Energy Independence Fund, Inc.





Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions. NDP invests primarily in North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids.





About Tortoise Power and Energy Infrastructure Fund, Inc.





Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) invests in a portfolio of fixed income and equity securities issued by power and energy infrastructure companies. TPZ’s objective is to provide stockholders a high level of current income, with a secondary objective of capital appreciation.





About Tortoise Essential Assets Income Term Fund





Tortoise Essential Assets Income Term Fund (NYSE: TEAF) is a non-diversified, closed-end management investment company that seeks to provide a high level of total return with an emphasis on current distributions. TEAF provides investors access to a combination of public and direct investments in essential assets that are making an impact on clients and communities.





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 [url="]tortoiseadvisors.com[/url].





Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Tortoise Advisors UK Limited is a subadvisor to Tortoise Essential Assets Income Term Fund.





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.

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