Tortoise Index Solutions Announces Index Updates for Third Quarter 2017 and Methodology Changes

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Index Solutions today announced upcoming additions and
deletions to its indices as part of its regular quarterly rebalancing
for the third quarter of 2017. Following the close of trading on Sept.
15, 2017, the indices will be rebalanced and as a result, the following
changes will become effective.

The full constituent list can be viewed at http://www.tortoiseindexsolutions.com/tmlp/constituents.

The full constituent lists can be viewed at http://www.tortoiseindexsolutions.com/tnap/constituents.

The full constituent list can be viewed at http://www.tortoiseindexsolutions.com/tnep/constituents.

The full constituent list can be viewed at http://www.tortoiseindexsolutions.com/tblue/constituents.

Changes to Methodology

To help achieve the objective of maintaining a diverse and investable
asset class universe, we are updating the methodology governing the
maximum weight of individual constituents within Tortoise MLP Index®
(TMLP) and Tortoise North American Pipeline IndexSM (TNAP).

In response to the evolving landscape of the energy sector, Tortoise is
modifying its methodology to cap the aggregate weight of MLP limited
partners (LPs) and their affiliated general partners (GPs) to a combined
7.5% weight. The cap of affiliated LPs and GPs will be done
conditionally based on the share of the GP’s cash flow that is derived
from the affiliated LP. As a conditional threshold, the GP must derive
greater than 50% of its cash flow from its affiliated LP within the
index. Should the affiliated GP and LP meet this cash flow threshold and
the aggregate weight of those names exceed 7.5% at the reference date as
a result of market cap, the weight in excess of 7.5% will be reallocated
across the index to all other constituents with weights below the 7.5%
threshold, pro rata based on market cap. This methodology will be
implemented as part of the quarterly rebalance on the third Friday of
each March, June, September and December. The maximum weight of 7.5% for
individual constituents remains intact.

The list of companies and the respective indices that could be affected
by this methodology change are listed below:

Special Rebalances

Tortoise has added language regarding special rebalances to all of its
index methodologies. Special rebalances are generally triggered by
corporate events such as a merger between two or more constituents. When
applicable, a merger resulting in the absorption of one constituent by
another will cause the newly combined entity to replace the absorbed
entity. In this instance, a constituent will be deleted from an index if
it is being absorbed by a non-constituent entity. Special rebalances
will be implemented on a case-by-case basis and could occur between
quarterly rebalances as they are likely event-driven.

About Tortoise Index Solutions

Tortoise Index Solutions, LLC provides research-driven indices that can
be used as a realistic basis for exchange-traded products and thought
leadership in the universe of essential assets. Its indices are intended
to fill a void in the market and provide benchmarks and investible asset
class universes for use by investment professionals, research analysts
and industry executives to analyze relative performance, as well as to
provide a basis for passively managed exchange-traded products. Tortoise
Index Solutions, LLC is part of the Tortoise Investments family, which
had approximately $19.9 billion of assets under advisement through its
family of registered advisers as of Aug. 31, 2017. For more information
about Tortoise Index Solutions, LLC visit www.tortoiseindexsolutions.com
or www.tortoiseinvest.com.

About Tortoise MLP Index®

The Tortoise MLP Index is a float-adjusted, capitalization weighted
index of energy master limited partnerships (MLPs). The index is
comprised of publicly traded companies organized in the form of limited
partnerships or limited liability companies engaged in transportation,
production, processing and/or storage of energy commodities.

About Tortoise North American Pipeline IndexSM

The Tortoise North American Pipeline Index is a float-adjusted,
capitalization weighted index of pipeline companies that are organized
and have their principal place of business in the United States or
Canada. A pipeline company is defined as a company that either 1) has
been assigned a standard industrial classification (“SIC”) system code
that indicates the company operates in the energy pipeline industry or
2) has at least 50% of its assets, cash flow or revenue associated with
the operation or ownership of energy pipelines. Pipeline companies
engage in the business of transporting natural gas, crude oil and
refined products, storing, gathering and processing such gas, oil and
products and local gas distribution. The index includes pipeline
companies structured as corporations, limited liability companies and
master limited partnerships (MLPs).

About Tortoise North American Oil & Gas Producers IndexSM

The Tortoise North American Oil & Gas Producers Indexis
a float-adjusted, capitalization weighted index of North American energy
companies primarily engaged in the production of crude oil, condensate,
natural gas or natural gas liquids (NGLs). The index includes
exploration and production companies structured as corporations, limited
liability companies, and master limited partnerships, but excludes
United States royalty trusts.

About Tortoise Water IndexSM

The Tortoise Water Index is a float-adjusted, modified market
capitalization-weighted index comprised of companies that are materially
engaged in the water infrastructure or water management industries.
Water infrastructure companies’ principal business is providing public
water distribution or supporting water distribution infrastructure via
equipment or engineering and construction. Water management companies’
primary business is providing technologies or products that manage or
facilitate water distribution and usage, including the fields of water
efficiency, water treatment and irrigation.

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.

The Tortoise indices are the exclusive property of Tortoise Index
Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of
S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP
Index®, Tortoise North American Pipeline IndexSM , Tortoise
North American Oil and Gas Producers IndexSM , and the
Tortoise Water IndexSM (the “Indices”). The Indices are not
sponsored by S&P Dow Jones Indices or its affiliates or its third party
licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices
will not be liable for any errors or omission in calculating the
Indices. “Calculated by S&P Dow Jones Indices” and its related stylized
mark(s) are service marks of S&P Dow Jones Indices and have been
licensed for use by Tortoise Index Solutions, LLC and its affiliates.
S&P® is a registered trademark of Standard & Poor’s Financial Services
LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”).

No portion of this publication may be reproduced in any format or by any
means including electronically or mechanically, by photocopying, or by
any other form or manner whatsoever, without the prior written consent
of Tortoise Index Solutions, LLC.

Contacts

Tortoise Index Solutions, LLC
Pam Kearney, 844-872-1562
Investor
and Media Relations
[email protected]