Tortoise Essential Assets Income Term Fund (NYSE: TEAF) Announces Initial Distribution Schedule and Amounts

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today declared
its initial monthly distributions of $0.1085 per month payable as set
forth below. On an annualized basis, these amounts achieve the fund’s
distribution rate target and represent a 6.51% distribution rate on its
$20.00 public offering price.

The Tortoise Essential Assets Income Fund seeks to provide a high level
of total return with an emphasis on current distributions. The fund is
intended to provide investors with differentiated access to a unique
portfolio of public securities and uncorrelated direct investments in
income-generating essential asset investments in social infrastructure,
sustainable infrastructure and energy infrastructure.

“We are pleased that we have achieved full investment of the IPO
proceeds and leverage as planned,” said Managing Director and Closed-End
Fund CEO, Brad Adams. “We are now focused on making direct investments
and we are very pleased that TEAF is already making an impact in
communities and for our investors.”

For book purposes, TEAF’s source of distributions are estimated to be
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.

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, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements, other than statements
of historical fact, included herein are “forward-looking statements.”
Although the fund 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 fund and Tortoise
Capital Advisors do not assume a duty to update this forward-looking
statement.

Contacts

Tortoise
Pam Kearney, Investor and Public Relations, (866)
362-9331, pkearney@tortoiseadvisors.com