Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of May 31, 2019 for TYG, NTG, TTP, NDP, TPZ and TEAF

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ
and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $2.1 billion and its unaudited net asset value was $1.2
billion, or $22.76 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 367 percent, and its coverage ratio for preferred
shares was 279 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $1.5 billion and its unaudited net asset value was $886.3
million, or $14.02 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 358 percent, and its coverage ratio for preferred
shares was 268 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $222.7 million and its unaudited net asset value was
$157.1 million, or $15.68 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 467 percent, and its coverage ratio for preferred
shares was 349 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $123.2 million and its unaudited net asset value was
$87.7 million, or $5.94 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 354 percent. For more
information on calculation of coverage ratios, please refer to the
company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
today announced that as of May 31, 2019, the company’s unaudited total
assets were approximately $197.7 million and its unaudited net asset
value was $139.8 million, or $20.11 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 347 percent. For more
information on calculation of coverage ratios, please refer to the
company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $288.0 million and its unaudited net asset value was
$255.5 million, or $18.94 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
For more information on calculation of coverage ratios, please refer to
the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent
month-end can be found on each fund’s portfolio web page at https://cef.tortoiseadvisors.com.

Essential Assets Conference Call

Tortoise will host a conference call on July 24, 2019 at 3 p.m. Central
to discuss the essential asset sectors and provide an update on
Tortoise’s outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #41354 (available through Aug. 24, 2019)

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 tortoiseadvisors.com.

Tortoise Capital Advisors, LLC 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 Credit Strategies, LLC and
Tortoise Advisors UK Limited are subadvisors 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.

Contacts

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