Tortoise MLP & Pipeline Fund Not Expected To Distribute Capital Gains in 2017

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Capital Advisors today announced it does not expect a 2017
capital gains distribution from its Tortoise MLP & Pipeline Fund (TORIX,
TORTX, TORCX).

“While we are pleased with the recent rebound in energy market
performance and have an optimistic long-term view of the sector,” said
Ed Russell, a senior managing director at Tortoise, “we do not
anticipate the fund realizing enough gains to require a capital gains
distribution.”

This information is being provided for tax planning purposes.

About Tortoise MLP & Pipeline Fund

The Tortoise MLP & Pipeline Fund focuses on the large and diverse North
American pipeline universe. The fund invests primarily in MLP and
pipeline companies that own and operate a network of asset systems that
transport, store, distribute, gather and/or process crude oil, refined
petroleum products (including biodiesel and ethanol), natural gas or
natural gas liquids.

The fund is designed to provide: access to the sizable pipeline network
of one of the world's largest consumers of energy, efficient tax
flow-through structure, one 1099 (no K-1s), no unrelated business
taxable income (UBTI) and IRA and tax-exempt suitability.

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C., a registered investment adviser
specializing in essential assets investing (the “Adviser”), serves as
our investment adviser. Essential assets are those that are
indispensable and necessary to the functioning of our economy and our
society as a whole, such as education, healthcare, infrastructure and
energy. As of Aug. 31, 2017, the adviser had approximately $15.6 billion
of assets under management in listed closed-end funds, mutual funds,
private funds and separate accounts. For more information, visit www.tortoiseadvisors.com.

Disclosures

The fund’s investment objective, risks, charges and expenses must
be considered carefully before investing. The summary and statutory
prospectus contains this and other important information about the fund
and may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting
www.tortoiseadvisors.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. The
fund is non-diversified, meaning it may concentrate its assets in fewer
individual holdings than a diversified fund. Therefore, the fund is more
exposed to individual stock volatility than a diversified fund.
Investing in specific sectors such as energy infrastructure may involve
greater risk and volatility than less concentrated investments. Risks
include, but are not limited to, risks associated with companies owning
and/or operating pipelines and complementary assets, as well as Master
Limited Partnerships (MLPs), MLP affiliates, capital markets, terrorism,
natural disasters, climate change, operating, regulatory, environmental,
supply and demand, and price volatility risks. The tax benefits received
by an investor investing in the fund differs from that of a direct
investment in an MLP by an investor. The value of the fund’s investment
in an MLP will depend largely on the MLP’s treatment as a partnership
for U.S. federal income tax purposes. If the MLP is deemed to be a
corporation then its income would be subject to federal taxation,
reducing the amount of cash available for distribution to the fund which
could result in a reduction of the fund’s value. Investments in non-U.S.
companies (including Canadian issuers) involve risk not ordinarily
associated with investments in securities and instruments of U.S.
issuers, including risks related to political, social and economic
developments abroad, differences between U.S. and foreign regulatory and
accounting requirements, tax risk and market practices, as well as
fluctuations in foreign currencies. The fund invests in small and
mid-cap companies, which involve additional risks such as limited
liquidity and greater volatility than larger companies. Investments in
debt securities typically decrease in value when interest rates rise.
This risk is usually greater for longer term debt securities. Investment
in lower-rated and non-rated securities presents a greater risk of loss
to principal and interest than higher-rated securities. The fund may
also write call options which may limit the fund’s ability to profit
from increases in the market value of a security, but cause it to retain
the risk of loss should the price of the security decline.

Nothing contained on this communication constitutes tax, legal, or
investment advice. Investors must consult their tax advisor or legal
counsel for advice and information concerning their particular situation.

Quasar Distributors, LLC, Distributor

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.

Forward-looking statement

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 company 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 company’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
company and Tortoise Capital Advisors do not assume a duty to update
this forward-looking statement.

Contacts

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor
and Public Relations
[email protected]