Tortoise Capital Plans Merger of Two Closed-End Funds and Strategic Review of Ecofin Sustainable and Social Impact Term Fund

OVERLAND PARK, Kan., Sept. 5, 2024-Tortoise Capital Advisors, L.L.C., a fund manager focused on traditional energy and power infrastructure investing, today announced plans to merge two of its closed-end funds.

The board of directors of each of Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG) have approved the merger of NTG into TYG, with TYG as the surviving company. TYG invests in energy infrastructure companies and is positioned to benefit from growing energy demand and accelerated efforts to reduce global CO2 emissions from energy consumption. The combined assets of the two funds, including leverage, totaled $914.4 million as of Aug. 31, 2024. Tortoise Capital Advisors, the manager of NTG and TYG, would continue to manage the combined fund with the same investment team. Subject to and upon completion of the merger, the board of TYG also approved a 40% increase in distributions, which will be paid monthly versus quarterly.

In addition, Tortoise Capital intends to conduct a strategic review of the investment strategy of its closed-end fund Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF), including the impact of blending private and public investments in a closed-end fund. TEAF provides investors access to a combination of public and private investments in essential assets. TEAF had total assets, including leverage, of $229.0 million as of Aug. 31, 2024.

"As part of our product restructuring, we are evaluating our entire fund lineup and are making changes that are in the best interest of fund shareholders," said Tom Florence, CEO of Tortoise Capital Advisors. "We have been disappointed with TEAF's performance and its discount to NAV and aim to correct the issue."

Tortoise Capital intends to complete the merger of NTG into TYG during the fourth quarter of 2024, subject to requisite fund shareholder and regulatory approvals.

Last month, Tortoise Capital announced plans to merge three of its closed-end funds into a newly formed actively managed exchange-traded fund (ETF), Tortoise Power and Energy Infrastructure ETF. In July the company announced a strategic restructuring including the sale of its Ecofin Advisors Limited business and its private credit business to focus on traditional energy and power infrastructure investing. The sale of the private credit business to 503 Capital Partners, LLC was completed on July 31, 2024 and the sale of Ecofin Advisors Limited is expected to close on Sept. 30, 2024.

About Tortoise Capital

With approximately $8 billion in assets under management as of July 31, 2024, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.

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 (SEC). 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.

IMPORTANT INFORMATION

In connection with the proposed merger discussed in this press release, NTG and TYG expect to file with the SEC solicitation materials inthe form of a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn, and the joint proxy statement/prospectus will not be distributed to fund shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the joint proxy statement/prospectus and any other relevant documents when they become available because they will contain important information about the proposed merger. Once filed, copies of the joint proxy statement/prospectus and other materials will be available free of charge on the SEC's website at www.sec.gov.

This press release is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, Tortoise Capital Advisors, NTG, TYG and certain of their respective directors, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from fund shareholders in connection with the proposed merger discussed in this press release. Information about the directors and officers of NTG and TYG may be found in their annual reports previously filed with the SEC.

Tortoise Capital Advisors, L.L.C. is the investment adviser to Tortoise Energy Infrastructure Corp. (TYG), Tortoise Midstream Energy Fund, Inc. (NTG), and Ecofin Sustainable and Social Impact Term Fund (TEAF) with Ecofin Advisors Limited as TEAF's sub-adviser.

The annual and semi-annual reports of NTG, TYG and TEAF and other regulatory filings with the SEC are accessible at www.sec.gov and at https://cef.tortoiseadvisors.com/. The information contained on the funds' website is not a part of this press release.

Media Contacts:

Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
[email protected]
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