Market Overview

Tortoise Pipeline & Energy Fund, Inc. Provides Section 19(a) Notice

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This notice provides stockholders of Tortoise Pipeline & Energy Fund,
Inc. (NYSE:TTP) with information regarding the distribution paid on
Aug. 31, 2018 and cumulative distributions paid fiscal year-to-date.

The following table sets forth the estimated amounts of the current
distribution, payable Aug. 31, 2018 and the cumulative distributions
paid this fiscal year to date from the following sources: net investment
income, net realized short-term capital gains, net realized long-term
capital gains and return of capital. All amounts are expressed per
common share.

Estimated Sources of Distributions

 
   

 

 

($) Current
Distribution

   

 

% Breakdown
of the Current
Distribution

   

 

($) Total Cumulative
Distributions for the
Fiscal
Year to Date

   

% Breakdown of the
Total Cumulative
Distributions for the
Fiscal
Year to Date

Net Investment Income 0.0000 0 % 0.0000 0 %
Net Realized Short-Term Capital Gains 0.0000 0 % 0.0000 0 %
Net Realized Long-Term Capital Gains 0.0000 0 % 0.0000 0 %
Return of Capital 0.4075 100 % 1.2225 100 %
Total (per common share) 0.4075 100 % 1.2225 100 %
 
Average annual total return (in relation to NAV) for the 5 years
ending on 7/31/2018
-0.75 %
Annualized current distribution rate expressed as a percentage of
NAV as of 7/31/2018
8.22 %
 
Cumulative total return (in relation to NAV) for the fiscal year
through 7/31/2018
10.49 %
Cumulative fiscal year distributions as a percentage of NAV as of
7/31/2018
6.16 %
 

You should not draw any conclusions about TTP's investment performance
from the amount of this distribution or from the terms of TTP's
distribution policy.

TTP estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of your distribution may be
a return of capital. A return of capital may occur, for example, when
some or all of the money that you invested in TTP is paid back to you. A
return of capital distribution does not necessarily reflect TTP's
investment performance and should not be confused with "yield" or
"income."

The amounts and sources of distributions reported are only estimates and
are not being provided for tax reporting purposes. The actual amounts
and sources of the amounts for tax reporting purposes will depend upon
TTP's investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. TTP will send you a
Form 1099-DIV for the calendar year that will tell you how to report
these distributions for federal income tax purposes.

Energy Value Chain Conference Call

Tortoise will host a conference call on Oct. 24, 2018 at 3 p.m. Central
to discuss the energy sector and provide an update on the energy value
chain and Tortoise's investment outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #21460 (available through Nov. 26, 2018)

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

Tortoise specializes in essential assets and income. Tortoise invests in
assets and services that serve essential needs in society and can also
serve essential client needs, such as diversification and income.
Tortoise's energy investing expertise across the energy value chain,
including infrastructure and MLPs, dates back more than 15 years.
Through a variety of investment vehicles, Tortoise provides access to a
wide range of client solutions, focused on their evolving needs. For
more information, please visit www.tortoiseadvisors.com.

Tortoise Capital Advisors is the Adviser to the Tortoise Pipeline &
Energy Fund, Inc.

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 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 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
this forward-looking statement.

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