Market Overview

Tortoise Makes Distributions Announcements for its Closed-End Funds

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Following the quarterly review of the funds with management and the Board of Directors, Tortoise is today announcing that each of TYG, NTG and NDP are temporarily suspending quarterly distributions through the end of the calendar year, TTP is reducing quarterly distributions, and TEAF is reducing monthly distributions. In June, TPZ will begin to declare distributions monthly and will continue to pay declared distributions monthly. For more information, a Q&A document is available here.

"The past couple of months have been unprecedented," said CEO of Tortoise's closed-end funds, Brad Adams. "The significant impact on energy demand from "stay at home" policies due to COVID-19, along with actions by Saudi Arabia and Russia in early March to increase oil supply, created an extremely difficult market environment for the oil sector. We think it is in the best long-term interest of the funds and their stockholders to temporarily suspend quarterly distributions for TYG, NTG and NDP through the end of the calendar year, and direct the distributable cash flow ("DCF") of the funds towards growing the net asset value. We know how important distributions are to stockholders, and we plan to reinstate distributions at what we believe will be sustainable levels when there is a clearer view on the overall economy and energy demand becomes more certain."

TYG, NTG, and NDP currently estimate total DCF per share for the next twelve months of approximately $2.10, $2.70 and $0.35, respectively. NDP's estimated DCF does not include any option income over the period. These estimates are for information purposes only, and can change materially depending on a number of factors. The Board of Directors will review DCF on a monthly basis, and more frequently as conditions warrant.

Tortoise has also determined it prudent to reduce the quarterly distribution for TTP to $0.16, and the monthly distributions for TEAF to $0.075. In June, TPZ will begin to declare and pay distributions on a monthly basis. Currently, management expects the TPZ monthly distributions to be reduced to $0.05. Although the market volatility and drawdown was less impactful to these funds, TTP and TPZ reduced their leverage utilization, and they each experienced distribution reductions from portfolio companies during the quarter.

The TTP quarterly distribution is payable on May 29, 2020 to stockholders of record on May 22, 2020. The TEAF monthly distributions are payable on June 30, 2020, July 31, 2020 and August 31, 2020 to stockholders of record on the respective dates of June 23, 2020, July 24, 2020 and August 24, 2020. TPZ and TEAF have previously declared distributions of $0.125 per share and $0.1085 per share, respectively, payable on May 29, 2020.

For book purposes, the source of distributions for TEAF is estimated to be approximately 80-90% ordinary income, with the remainder as return of capital. For tax purposes, the characterization will not be made until determination of earnings and profits after year end.

You should not draw any conclusions about TTP's investment performance from the amount of these distributions 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 the distribution may be 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."

TTP will report the sources for its distribution at the time of the payment in the Section 19(a) Notice. The amounts and sources of distributions TTP reports 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.

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 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.

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