Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, NDP, TPZ, TEAF - Seite 2

The Board has authorized a share repurchase of up to $35 million in TYG and $25 million in NTG, for 2020. The Board also intends to consider the benefits, as well as the risks, to shareholders of merging TYG and NTG, although there is no guarantee that a merger will be pursued.

The TYG, NTG, TTP and NDP quarterly distributions are payable on Feb. 28, 2020 to stockholders of record on Feb. 21, 2020.

The TPZ and TEAF monthly distributions are payable on March 31, 2020, April 30, 2020 and May 29, 2020 to stockholders of record on the respective dates of March 24, 2020, April 23, 2020 and May 22, 2020.

For book purposes, the source of distributions for TYG and NTG are estimated to be 100% return of capital. The source of distributions for NDP is estimated to be approximately 80-90% ordinary income, with the remainder as return of capital, and the source of distributions for TEAF is estimated to be approximately 50-60% 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 or TPZ’s investment performance from the amount of these distributions or from the terms of TTP’s or TPZ’s distribution policy.

TTP and TPZ estimate that they have distributed more than their 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 and TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s and TPZ’s investment performance and should not be confused with “yield” or “income.”

TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TTP and TPZ report 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 and TPZ’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations. TTP and TPZ will each send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.