Tortoise Announces Reverse Stock Splits for Certain Closed-End Funds

Tortoise announced that the funds’ Board of Directors has approved reverse stock splits for TYG, NTG, TTP and NDP as outlined below. The funds anticipate completing the reverse stock splits prior to the open of trading on the New York Stock Exchange (the “NYSE”) on May 1, 2020 for common stockholders of record as of the close of business on April 30, 2020.

The funds’ common shares are expected to begin trading on a split-adjusted basis when the market opens on May 1, 2020. Common shares of TYG, NTG, TTP and NDP will continue to trade on the NYSE under their current symbol, but will trade under new CUSIP numbers, as listed below.

Symbol	Fund	Reverse stock split	Old CUSIP	New CUSIP
TYG	Tortoise Energy Infrastructure Corp.	1-for-4	89147L100	89147L886
NTG	Tortoise Midstream Energy Fund, Inc.	1-for-10	89148B101	89148B200
TTP	Tortoise Pipeline & Energy Fund, Inc.	1-for-4	89148H108	89148H207
NDP	Tortoise Energy Independence Fund, Inc.	1-for-8	89148K101	89148K200

As a result of the reverse stock splits, every four outstanding common shares of TYG will be converted into one common share, every ten outstanding common shares of NTG will be converted into one common share, every four outstanding common shares of TTP will be converted into one common share, and every eight outstanding common shares of NDP will be converted into one common share.

The reverse stock splits will decrease the number of the funds’ shares of common stock outstanding and potentially increase the market price per share by a proportional amount. Neither the funds’ portfolio holdings nor the total value of stockholders investments in the funds will be affected as a result of the reverse stock splits. The reverse stock splits are intended to increase the market price per share of the funds and broaden the range of potential investors in shares of the funds’ common stock, thereby potentially improving the market for, and liquidity of, shares of the funds’ common stock.