Tortoise Exploring Alternatives with Mariner

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Investments, LLC has announced that it, along with its majority
owner Mariner Holdings, has decided to explore strategic alternatives
for Mariner’s majority stake in Tortoise.

The partnership, which dates back to 2009, has been beneficial to both
companies. Tortoise believes that a recapitalization could further its
growth. There are no expected changes to the team, process or investment
approach. Both firms are committed to finding a partner with a strong
cultural and team fit. Tortoise has established a number of growth
platforms and the team is enthused about the opportunities to accelerate
growth.

Tortoise does not have a defined timeline for the exploration of
strategic alternatives and is not confirming that the evaluation will
result in any strategic alternative being announced or consummated.
Tortoise does not intend to discuss or disclose further developments
during this process unless and until its Board of Directors has approved
a specific action or otherwise determined that further disclosure is
appropriate.

About Tortoise

Tortoise is a leader in essential assets and income investing. Through
its registered advisers, Tortoise provides investors access to
differentiated active and passive investment solutions and market
insights and had $20.2 billion assets under advisement as of May 31,
2017. Tortoise is indirectly majority owned by Mariner Holdings, LLC,
which had more than $40 billion in assets across wealth and asset
management as of March 31, 2017.

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 Fund and Tortoise
Capital Advisors believe 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 any forward-looking
statement. There is no assurance that any transaction will be completed.

Contacts

Zito Partners
Deborah Kostroun
(201) 403 8185
[email protected]