Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Sept. 30, 2017

October 2, 2017

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that
as of Sept. 30, 2017, the company’s unaudited total assets were
approximately $278.3 million and its unaudited net asset value was
$208.2 million, or $20.79 per share.

As of Sept. 30, 2017, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 535 percent, and its coverage ratio for preferred
shares was 408 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at
Sept. 30, 2017 and a summary of its top 10 holdings.

Unaudited balance sheet

(in Millions)	Per Share
Investments	$277.6	$ 27.71
Cash and Cash Equivalents	0.2	0.02
Receivable for Investments Sold	0.0	0.00
Other Assets	0.5	0.05
Total Assets	278.3	27.78
Credit Facility Borrowings	17.5	1.75
Senior Notes	34.0	3.39
Preferred Stock	16.0	1.60
Total Leverage	67.5	6.74
Payable for Investments Purchased	0.3	0.03
Other Liabilities	2.3	0.22
Net Assets	$208.2	$ 20.79
10.02 million common shares currently outstanding.

Top 10 holdings (as of Sept. 30, 2017)

Name	Ticker	Market Value (in Millions)	% of Investment Securities(1)
Enbridge Inc.	ENB	$ 24.1	8.7%
TransCanada Corporation	TRP	21.7	7.8%
Plains GP Holdings, L.P.	PAGP	20.0	7.2%
ONEOK, Inc.	OKE	18.6	6.7%
Enbridge Energy Management, L.L.C.	EEQ	14.5	5.2%
Targa Resources Corp.	TRGP	13.3	4.8%
Energy Transfer Partners, L.P.	ETP	12.4	4.5%
The Williams Companies, Inc.	WMB	12.3	4.4%
Tallgrass Energy GP LP	TEGP	11.3	4.1%
SemGroup Corporation	SEMG	11.0	4.0%
Total	$ 159.2	57.4%

(1) Percent of Investments and Cash Equivalents.

4th Quarter Conference Call
Tortoise will host its fourth
quarter conference call on Oct. 25, 2017 at 3 p.m. Central to discuss
the energy sector and provide an update on the energy value chain and
Tortoise’s investment outlook.

Toll Free Dial-In Number: (877) 407-9210
Toll Free Dial-In Number
(International): (201) 689-8049
Replay Number: (877) 481-4010
Replay
ID: 10195 (available through Nov. 25, 2017)

About Tortoise Pipeline & Energy Fund, Inc.
Tortoise
Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified,
closed-end management investment company that seeks to obtain a high
level of total return with an emphasis on current distributions. TTP
invests primarily in equity securities of pipeline companies that
transport natural gas, natural gas liquids (NGLs), crude oil and refined
products and, to a lesser extent, in other energy infrastructure
companies.

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.

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
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 any forward-looking
statement.